Earnings

Weakened commodity prices and lower production volumes dragged EOG Resources Inc. into the red in the second quarter, as the super independent pulled back on drilling and slashed capital expenditures (capex) in response to the demand destruction created by the coronavirus pandemic. The Houston-based company, which works in the Lower 48, Trinidad and China, said…

E&P

Yet another round of losses in the oil patch saw the U.S. rig count slide four units to 247 for the week ended Friday (Aug. 7), according to updated numbers from Baker Hughes Co. (BKR). Total oil-directed rigs in the United States fell four units to 176, while natural gas-directed rigs held steady at 69.…

Earnings

Permian Basin heavyweight Pioneer Natural Resources Co. is raising its 2020 oil production guidance by 2.5%, but it is keeping most of the oil volumes curtailed during the second quarter offline until commodity prices improve, management said Wednesday. The Irving, TX-based independent curtailed about 7,000 b/d of net oil production during 2Q2020 and said it…

Earnings

Targa Resources Corp.’s gathering and processing (G&P) volumes in the Permian Basin held steady in the second quarter, despite shut-ins, as producers remained active, with volume growth expected to the end of the year. The Houston-based midstream operator noted strength in the Permian’s Midland sub-basin in West Texas, where natural gas inlet volumes advanced sequentially.…