Earnings

Matador Reports Record Permian Natural Gas, Oil Production and Accelerates Well Completions

Matador Reports Record Permian Natural Gas, Oil Production and Accelerates Well Completions

Matador Resources Co. reported record natural gas, oil and total oil equivalent production during the second quarter, driven by “better-than-expected” performance of 13 new wells in the New Mexico portion of the Permian Basin, according to CEO Joseph Foran. Natural gas production rose 23% sequentially to about 239.1 MMcf/d, while oil output was up 28%…

August 23, 2021
Mexico ECA LNG Development Advancing to 2024 Start Date

Mexico ECA LNG Development Advancing to 2024 Start Date

San Diego-based Sempra is advancing plans to expand the Energia Costa Azul (ECA) liquefied natural gas (LNG) export project in Mexico, CEO Jeffrey Martin said during a recent earnings call. Subsidiaries Sempra LNG and Infraestructura Energética Nova (IEnova) late last year sanctioned the 3.25 million metric ton/year (mmty) ECA LNG Phase 1 liquefaction project. The…

August 10, 2021
Ecopetrol Shows Strong Permian Results, Rebound from Colombia Disruptions

Ecopetrol Shows Strong Permian Results, Rebound from Colombia Disruptions

Colombia’s Ecopetrol SA saw its production take a hit in the second quarter because of social unrest in the country but management foresees a strong recovery this year. Ecopetrol was also boosted in the second quarter by its joint venture (JV) with Occidental Petroleum Corp. in the Permian Basin’s Midland formation in West Texas. “Social…

August 9, 2021
CNRL Continues Montney Development, Eyes Big Emissions Cuts

CNRL Continues Montney Development, Eyes Big Emissions Cuts

After achieving profits that more than replaced losses incurred in the economic shock inflicted by the Covid-19 virus pandemic, Canadian Natural Resources Ltd. (CNRL) has announced a C$275 million ($220 million) budget increase for this year. The corporate budget increase by 8.5% to C$3.48 billion ($2.78 billion) has a green tinge. Around C$45 million ($36…

August 9, 2021
Pembina Bets on Growth Through CCUS, LNG and Pipeline Partnerships

Pembina Bets on Growth Through CCUS, LNG and Pipeline Partnerships

Pembina Pipeline Corp. laid the foundation for potential future growth by securing three partnerships, described as “significant and transformational,” during the first six months of this year. Among the partnerships is a venture with TC Energy Corp. called Alberta Carbon Grid into carbon capture, utilization and storage (CCUS). The Calgary-based pipeline companies proposed building a…

August 9, 2021
Marathon Oil Inching Up Lower 48 Production to Year’s End, but Capex Holding Steady

Marathon Oil Inching Up Lower 48 Production to Year’s End, but Capex Holding Steady

Marathon Oil Corp. CEO Lee Tillman promised investors during a quarterly conference call on Thursday that higher oil and natural gas prices would not move the company to increase capital spending this year. The Houston-based super independent, which has set a 2021 capital expenditure (capex) budget of $1 billion, generated $422 million of free cash…

August 9, 2021
Continental Execs Urge Discipline from Lower 48 Producers Amid High Oil, Natural Gas Prices

Continental Execs Urge Discipline from Lower 48 Producers Amid High Oil, Natural Gas Prices

Lower 48 exploration and production firms must stay disciplined amid current high oil and natural gas prices, Continental Resources Inc. management said recently. “While we remain bullish on commodity prices, given the volatility of price cycles and potential impact of, and government reaction to, the Covid variants, we continue to believe it is inappropriate for…

August 6, 2021
Sempra CEO Says LNG Construction Costs Rising, while Tellurian Looking to Boost Haynesville Output

Sempra CEO Says LNG Construction Costs Rising, while Tellurian Looking to Boost Haynesville Output

Rising construction costs are likely to give brownfield liquefied natural gas (LNG) projects an extra advantage over greenfield sites as planned developments move toward sanction, Sempra CEO Jeff Martin said Thursday. “Greenfield projects tend to have a little bit of a higher per-unit cost than brownfield projects, Martin said during the 2Q2021 earnings call. “This…

August 6, 2021
Canada’s Tamarack Valley Logs Improvements on Higher Output, Stronger Prices

Canada’s Tamarack Valley Logs Improvements on Higher Output, Stronger Prices

Increased production and prices of all commodities propelled an improved performance by Canadian independent Tamarack Valley Energy Ltd. during the first six months of this year. As the Covid-19 pandemic faded, Tamarack oil and natural gas liquids production jumped by 37% to average 18,751 b/d during January through June this year. Natural gas output grew…

August 6, 2021
Oxy Looks to Ramp Permian Carbon Capture by Early 2024, Consider More JVs in Lower 48

Oxy Looks to Ramp Permian Carbon Capture by Early 2024, Consider More JVs in Lower 48

The world’s largest direct air capture (DAC) facility, designed to zap up to 1 million metric tons/year of carbon dioxide (CO2) emissions from the Permian Basin, is tracking to start up by early 2024, Occidental Petroleum Corp. CEO Vicki Hollub said Wednesday. Oxy, as it is better known, issued its second quarter results on Wednesday.…

August 6, 2021
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