Calfrac Well Services Ltd. is projecting steady utilization of 15 completion fleets across the United States and Canada for the rest of this year, management said. “Even with the constructive long-term outlook for the United States pressure pumping industry, the company expects to navigate any potential activity reduction in its natural gas concentrated regions by…
Earnings
Articles from Earnings

Paramount Focusing on Efficiencies, Bringing Online Fifth Walking Rig
Paramount Resources Ltd. has set its sights on finishing its fifth walking rig after higher natural gas and oil prices more than doubled 2022 earnings. The independent reports earnings in Canadian dollars (C$1.00/US 75 cents). The Calgary firm’s 2023 budget enables subsidiary Fox Drilling to finish building the high-tech rig for $16.8 million. The program…

Canadian Natural’s ‘Drill-to-Fill’ Strategy Results in Record ‘22 Natural Gas Production
Calgary-based independent Canadian Natural Resources Ltd. made a strategic decision to ramp up its substantial natural gas portfolio last year, which resulted in a 23% increase in output year/year. “For North American operations, 2022 annual natural gas production was 2.08 Bcf/d, versus the 1.68 Bcf/d for 2021, up almost 395 MMcf/d,” said President Tim McKay…

Ovintiv Directing More Capital to Oily Permian, Less to Natural Gas Plays Until Fundamentals Improve
Mark Ovintiv Inc. as yet another North American producer expecting to pull back the reins on natural gas development this year. The Denver-based explorer is reducing development “in response to weaker short term North American natural gas fundamentals,” CEO Brendan McCracken said during the recent quarterly conference call. Executives of other U.S.-based producers during 4Q2022…

Targa Continues to Build Out Natural Gas Infrastructure, Pursue Acquisitions To Meet Enduring Demand
Targa Resources Corp. is bullishly pushing forward with expansion projects in the prolific Permian Basin, citing expectations for robust global oil and natural gas demand long term The Houston-based company expects momentum to push through 2023, a year in which global oil demand is projected by the International Energy Agency to grow and foundations are…

Mexico’s Pemex Posts Disappointing Results, but Natural Gas Output Points Up
Amid record profits across the globe for oil and gas giants, Mexico’s national oil company Petróleos Mexicanos, aka Pemex, posted yet another loss in the fourth quarter of 2022. The company reported a fourth-quarter net loss of 172.4 billion pesos ($9.4 billion) after a 52- billion peso loss in the third quarter. In 4Q2021, Pemex…

Southwestern to Curb Activity in Response to Weaker Natural Gas Market
Southwestern Energy Co. said Friday it would drop drilling rigs this year in the Appalachian Basin and Haynesville Shale, joining other natural gas-focused producers that have announced plans to curb activity in response to falling prices. “Given near-term market conditions, we have proactively moderated activity, resulting in slightly lower expected production for 2023, and have…

Diamondback to Hold Permian Production Steady, Sees ‘Tight’ Natural Gas Takeaway
Diamondback Energy Inc. has no plans to accelerate oil production growth despite signs of impending tightness in the global market, according to management. CEO Travis Stice hosted a conference call to discuss the Permian Basin pure-play’s fourth quarter and full-year 2022 results. “I don’t think the macro conditions are dictating any kind of production growth…

Targa Forges Ahead with Permian Expansions, Citing Long-Term Natural Gas Demand
Targa Resources Corp. is bullishly pushing forward with expansion projects in the prolific Permian Basin, citing expectations for robust global oil and natural gas demand long term The Houston-based company expects momentum to push through 2023, a year in which global oil demand is projected by the International Energy Agency to grow and foundations are…

EQT Ready to Curb Activity if Natural Gas Prices Stay Lower for Longer
EQT Corp. continues to wait for antitrust regulators to clear its $5.2 billion acquisition of Tug Hill Inc.’s upstream and midstream assets in West Virginia, and management now expects to provide more details on the timing of the transaction around the middle of the year. The deal, which would add 800 MMcfe/d of production from…