Earnings

Appalachian Pure-Plays Cabot, Range Staying in Maintenance Mode This Year

Appalachian Pure-Plays Cabot, Range Staying in Maintenance Mode This Year

Appalachian heavyweights Cabot Oil & Gas Corp. and Range Resources Corp. both plan to keep spending and production flat this year despite an improving outlook for natural gas.  “While a warmer start to the winter heating season and higher storage levels resulted in wider than anticipated differentials across the Appalachian Basin during the fourth quarter,…

February 26, 2021
Oxy, Partners Take Another Step to Advance Permian Carbon Capture Project

Oxy, Partners Take Another Step to Advance Permian Carbon Capture Project

Occidental Petroleum Corp.’s vision to yank carbon emissions from the atmosphere in its top development, the Permian Basin, took a giant step forward Tuesday with the first engineering phase given the green light. Australia’s Worley Ltd. was awarded the front-end engineering and design (FEED) for the first of four phases of the direct air capture…

February 26, 2021
TC Energy Looks to Complete Tula-Villa de Reyes Pipeline This Year

TC Energy Looks to Complete Tula-Villa de Reyes Pipeline This Year

TC Energy Corp. expects to complete construction of the 886 MMcf/d Tula-Villa de Reyes pipeline in Mexico during 2021. The construction timetable is subject to the “timely reopening of government agencies,” executives said last Thursday during a fourth quarter earnings call. Executives cited the coronavirus as impacting the project. Upon completion, TC plans to phase-in…

February 23, 2021
Haynesville-Focused Comstock ‘Hitting the Jackpot’ as Natural Gas Prices Skyrocket, Export Demand Improves

Haynesville-Focused Comstock ‘Hitting the Jackpot’ as Natural Gas Prices Skyrocket, Export Demand Improves

With natural gas prices up and exports climbing, Haynesville Shale-focused Comstock Resources Inc. is looking to have a “fabulous” 2021, CEO Jay Allison said last week. A conference call to discuss 4Q2020 performance and the outlook for 2021 was held in the midst of the deep freeze in Texas, which sent gas prices soaring.  Comstock…

February 22, 2021
EQT Shifting More Focus to West Virginia, With No Plans to Drill in Ohio This Year

EQT Shifting More Focus to West Virginia, With No Plans to Drill in Ohio This Year

EQT Corp. is planning more drilling and completion activity this year in West Virginia, where it will focus on lowering well costs in a state that’s home to a large chunk of its assets.  “I think when you step back and look at the assets that we have, about 40% of our leasehold is in…

February 19, 2021
Patterson-UTI ‘Increasingly Confident’ Rig Count Climbing, with  Texas E&Ps Moving to Dual-Fuel Equipment

Patterson-UTI ‘Increasingly Confident’ Rig Count Climbing, with Texas E&Ps Moving to Dual-Fuel Equipment

Drilling and completions expert Patterson UTI Corp. is running 70 rigs today across the Lower 48, up three from the January average, and more equipment is likely to ramp up in the months to come, CEO Andy Hendricks said Thursday. Hendricks, who discussed the outlook during a fourth quarter conference call, said the company’s rig…

February 5, 2021
Phillips 66 Eyeing Energy Transition, with Oil and Gas Recovery Hinging on Return to ‘Normal’

Phillips 66 Eyeing Energy Transition, with Oil and Gas Recovery Hinging on Return to ‘Normal’

Phillips 66 wants to exploit the technology base it has to advance a lower carbon business platform, while maintaining a strong balance sheet and returning value to shareholders. The Houston-based energy firm sharply reduced the 2021 capital expenditure (capex) budget to $1.7 billion, down from $3.1 billion last year. About $1.1 billion of sustaining capital…

February 4, 2021
Halliburton ‘Optimistic’ U.S. Land Activity to Climb as Oil Prices Strengthen, E&Ps Work to Sustain Production

Halliburton ‘Optimistic’ U.S. Land Activity to Climb as Oil Prices Strengthen, E&Ps Work to Sustain Production

Houston oilfield services giant Halliburton Co. kicked off the fourth quarter earnings season with positive news, as it takes advantage of a recovering U.S. land rig count and completions activity continues to rise. CEO Jeff Miller helmed a conference call on Tuesday with his management team, noting that the largest completions specialist in North America…

January 19, 2021
Ovintiv Facing Investor Ire to Improve Performance or Potential Board Upheaval

Ovintiv Facing Investor Ire to Improve Performance or Potential Board Upheaval

Denver-based Ovintiv Inc., whose onshore oil and gas portfolio stretches from Canada to Texas, could face a board shakeup if performance does not improve, shareholder Kimmeridge Energy Management Co. LLC warned on Thursday. The private equity, which has a 2.4% stake in the exploration and production (E&P) company, has launched a website and sent a…

January 15, 2021
California Resources Expecting No Significant Increase in Capex to Year’s End

California Resources Expecting No Significant Increase in Capex to Year’s End

California Resources Corp. (CRC) CEO Todd Stevens said the state’s largest independent is not planning any significant increase in capital investment in the fourth quarter after exiting bankruptcy last month.* CRC expects to add a renewable component to its traditional oil and gas business, Stevens said during the third quarter conference call.  “This has always…

November 10, 2020
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