Earnings

Seneca Reports Big Jump in Natural Gas Production From New Pennsylvania Assets

Seneca Reports Big Jump in Natural Gas Production From New Pennsylvania Assets

Seneca Resources Co. LLC’s acquisition of the Royal Dutch Shell plc Pennsylvania assets last year helped drive a significant gain in fiscal second quarter production volumes.  Seneca last July closed on a deal to acquire 450,000 net acres across the state including 350 producing Marcellus and Utica shale wells in Tioga County. Seneca, a subsidiary…

May 11, 2021
Goodrich Ramping Haynesville Natural Gas Production on High Prices, Productive Wells

Goodrich Ramping Haynesville Natural Gas Production on High Prices, Productive Wells

Goodrich Petroleum Corp. plans to ramp up natural gas production in the resurgent Haynesville Shale this year, citing strong commodity pricing and high productivity from recently completed wells in northwestern Louisiana. “The core of the Haynesville continues to offer low development and lifting costs, top-tier cash margins and returns on invested capital, as well as…

May 7, 2021
IEnova Reports Growth in Mexico Natural Gas Business as Fundamentals Remain Strong

IEnova Reports Growth in Mexico Natural Gas Business as Fundamentals Remain Strong

Infraestructura Energética Nova (IEnova) reported growth in volumes and revenue from its natural gas business in Mexico during the first quarter and expects the trend to continue, management said during an earnings call last week. CEO Tania Ortiz Mena told analysts last Thursday that the Energía Costa Azul (ECA) liquefied natural gas (LNG) export project…

May 4, 2021
H&P Looking to Raise FlexRig Prices as E&Ps Push Demand for Super-Specs

H&P Looking to Raise FlexRig Prices as E&Ps Push Demand for Super-Specs

Global oilfield technology specialist Helmerich & Payne Inc. (H&P) is making “good progress” in deploying digital technology solutions and revamping commercial models for the industry, but there’s still work to be done, CEO John Lindsay said last week. Lindsay and CFO Mark W. Smith shared a microphone to discuss the fiscal 2Q2021 results and the…

May 4, 2021
Aramco CEO Touts Positive Signs for Increasing Oil, Gas Demand as Global Economies Recover

Aramco CEO Touts Positive Signs for Increasing Oil, Gas Demand as Global Economies Recover

As the global economy awakens from the coronavirus-induced slumber, Saudi Arabia Oil Co., aka Aramco, is springing back as well, reporting its first quarter profits jumped 30% from a year ago, sharply surpassing expectations. “Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming,”…

May 4, 2021
ConocoPhillips Bounces Back Along with Oil Demand, February Spike in Natural Gas Prices

ConocoPhillips Bounces Back Along with Oil Demand, February Spike in Natural Gas Prices

ConocoPhillips’ 1Q2021 profit marked its first amid the coronavirus pandemic and reflected both a recovery in global oil demand and a winter surge in domestic natural gas prices. The Houston-based energy giant in the first quarter also closed its $9.7 billion acquisition of Concho Resources Inc., forming a Permian Basin powerhouse that will rival the…

May 4, 2021
Equinor Bumps Marcellus Production as Overall Output Declines

Equinor Bumps Marcellus Production as Overall Output Declines

Equinor ASA’s U.S. natural gas production ticked up in the first quarter, driven by activity in the Appalachian Basin, offsetting a drop in the Norwegian major’s overall output. The company logged 236,300 boe/d from its Marcellus Shale in 1Q2021, compared to 207,000 boe/d reported in the previous quarter and 186,600 boe/d in 1Q2020. Total Marcellus…

May 4, 2021
Pemex Natural Gas Flaring Up 50% in First Quarter as Production Remains Flat

Pemex Natural Gas Flaring Up 50% in First Quarter as Production Remains Flat

Mexico’s Petróleos Mexicanos (Pemex) reported a steep rise in the flaring and venting of its natural gas in its first quarter earnings call. Natural gas production was 3.70 Bcf/d in the first quarter of 2021, down slightly compared to the 3.71 Bcf/d reported in 1Q2020. But natural gas flaring shot up to 712 MMcf/d, from…

May 3, 2021
Ovintiv Moves to Streamline Costs, Debt by Focusing on Anadarko, Montney and Permian

Ovintiv Moves to Streamline Costs, Debt by Focusing on Anadarko, Montney and Permian

Denver-based Ovintiv Inc. streamlined the business during 1Q2021 to focus only on the Anadarko, Montney and Permian basins as it eyes slashing debt to appease restless investors. With long-held but neglected shale properties in Canada’s Duvernay and the South Texas Eagle Ford sold off, the independent has accelerated a $4.5 billion total debt target timeline…

May 3, 2021
CNX Still Sees Utica Shale in Longer-Term Growth Plan

CNX Still Sees Utica Shale in Longer-Term Growth Plan

CNX Resources Corp. got a lift from stronger first quarter commodity prices as it continued executing on a broader seven-year plan it laid out in 2020. The company said free cash flow (FCF), up for the fifth consecutive quarter, came in at $101 million. It has also increased its full-year FCF guidance to $450 million…

April 30, 2021
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