Earnings

Goodrich Going Private in $480M Deal as Haynesville — and Natural Gas Prices — Heat Up

Goodrich Going Private in $480M Deal as Haynesville — and Natural Gas Prices — Heat Up

Publicly listed independent Goodrich Petroleum Corp. has agreed to be taken private by Paloma Partners VI Holdings LLC in a deal valued at roughly $480 million. Paloma, an affiliate of EnCap Energy Capital Fund XI LP, plans to launch a tender offer to acquire for $23/share in cash all of Goodrich’s outstanding common stock.  Goodrich…

November 22, 2021
Colombia’s Ecopetrol Upping Oil, Natural Gas Production, Increasing Capex

Colombia’s Ecopetrol Upping Oil, Natural Gas Production, Increasing Capex

Colombia’s state oil company Ecopetrol SA has recovered from a production blip in the second quarter and is upping capital expenditures (capex) for 2022 executives said during a recent conference call. Months of anti-government protests starting in late April hampered oil and gas activity in the country in the first half of this year. However,…

November 16, 2021
EOG’s Permian, Eagle Ford Production Ready to Supply Gulf Coast Export Projects

EOG’s Permian, Eagle Ford Production Ready to Supply Gulf Coast Export Projects

Houston-based EOG Resources Inc., one of the Lower 48’s biggest oil and natural gas producers, is looking to give back to shareholders instead of boosting volumes, with discipline still the mantra going into 2022. The independent delivered better-than-expected natural gas, oil and liquids production during 3Q2021, along with sharply higher profits, CEO Ezra Yacob said…

November 16, 2021
California Resources Pursues Ambitious 2045 Decarbonization Target

California Resources Pursues Ambitious 2045 Decarbonization Target

California Resources Corp. (CRC), whose operations span four oil and gas basins in the Golden State, last week unveiled an ambitious environmental, social and governance (ESG) goal for the company. As part of the 3Q2021 earnings call, CEO Mac McFarland said the company had set a “2045 full-scope net zero goal” targeting Scope 1 (direct)…

November 16, 2021
Meg Energy Boosting 2021 Oilsands Guidance on Stronger Prices, Rising Demand

Meg Energy Boosting 2021 Oilsands Guidance on Stronger Prices, Rising Demand

Alberta oilsands specialist Meg Energy Corp. has boosted its oilsands production guidance for the year on strengthening demand and prices. Production during 3Q2021 grew year/year to 91,506 b/d from 71,516 b/d. On the solid uptick Meg revised its 2021 average production guidance upward to 92,500-93,500 b/d from 91,000-93,000 b/d. “The third quarter was another strong…

November 15, 2021
Montney-Focused Arc Resources Speeding Up Activity as Commodity Prices Recover

Montney-Focused Arc Resources Speeding Up Activity as Commodity Prices Recover

Arc Resources Ltd. swiftly accelerated Montney Shale drilling following its C$8.1 billion ($6.5 billion) takeover of Seven Generations Energy Ltd. (7G) last winter, and it’s rewarding shareholders too. The Calgary-based exploration and production (E&P) company holds a Montney-focused portfolio in Alberta and British Columbia (BC) that is weighted 60% to natural gas and 40% to…

November 12, 2021
Keyera Riding Tailwinds on Rising Demand, Pricing for NGLs

Keyera Riding Tailwinds on Rising Demand, Pricing for NGLs

Strong demand and rising prices for natural gas liquids (NGL) led to a surge in profits and capacity growth in British Columbia (BC) during the third quarter, Calgary-based Keyera Corp. said. “With more tailwinds than we’ve seen in quite some time, we’re feeling encouraged and optimistic about the future,” said President Dean Segoguchi of the…

November 9, 2021
Brazil’s Petrobras Reports Surging Natural Gas Demand as Drought Limits Hydropower

Brazil’s Petrobras Reports Surging Natural Gas Demand as Drought Limits Hydropower

Brazilian national oil company Petróleo Brasileiro (Petrobras) reported a 43.5% year/year (y/y) increase in domestic natural gas sales volumes during the third quarter as severe drought limited hydroelectric output in the South American country. Gas sales totaled 89 MMm3/d, up from 62 MMm3/d in 3Q2020, management said in presenting the firm’s quarterly earnings. Petrobras relied…

November 2, 2021
Top-of-The-Line U.S. Drilling Equipment ‘Essentially Sold Out,’ Says Patterson-UTI Chief

Top-of-The-Line U.S. Drilling Equipment ‘Essentially Sold Out,’ Says Patterson-UTI Chief

With U.S. oil prices likely to remain above $70/bbl in the near term, expect to see a lot more Lower 48 drilling activity into 2022, according to Patterson-UTI Energy Inc.  CEO Andy Hendricks helmed a conference call to discuss third quarter results and the outlook for the Houston-based oilfield services operator. He said there’s little…

November 2, 2021
BP Gains on Natural Gas Trading, Forecasts Tight Supply Through Winter

BP Gains on Natural Gas Trading, Forecasts Tight Supply Through Winter

Global natural gas markets are likely to remain tight through the winter, with oil prices continuing to climb as well, BP plc executives predicted on Tuesday. CEO Bernard Looney was joined in a conference call by CFO Murray Auchincloss to discuss the London-based integrated energy major’s third quarter results and the near-term outlook.  “It was…

November 2, 2021
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