Earnings

Pinnacle West Builds Renewables Resources, but Natural Gas Still Seen as Solid Risk Management Tool

Pinnacle West Builds Renewables Resources, but Natural Gas Still Seen as Solid Risk Management Tool

Phoenix-based Pinnacle West has a long-range commitment to add more alternative fuels to its utility mix, but natural gas should remain a risk management tool, the management team said during the second quarter earnings call. CEO Jeff Guldner said the integrated resource plan (IRP) for utility Arizona Public Service Co. (APS) filed in June called…

August 10, 2020
Comstock Looking to Grab Natural Gas Price Advantage from Haynesville This Winter

Comstock Looking to Grab Natural Gas Price Advantage from Haynesville This Winter

Haynesville Shale giant Comstock Resources Inc. is changing its tune. After adopting a moratorium on bringing new wells online in the natural gas-rich play from April through June, some completion activity has now resumed in anticipation of a bump in prices this winter. CEO Jay Allison, during a conference call to discuss 2Q2020 results, said…

August 7, 2020
Sempra Bullish on Natural Gas Infrastructure Projects, Including Mexico LNG Export Facility

Sempra Bullish on Natural Gas Infrastructure Projects, Including Mexico LNG Export Facility

San Diego-based Sempra Energy executives remain confident that the Energía Costa Azul (ECA) liquefied natural gas (LNG) export project in Mexico’s Baja California will go ahead as planned despite the ongoing delay in receiving an export permit from the Mexican government. CEO Jeff Martin acknowledged during the second quarter call to discuss results that the…

August 6, 2020
Post-Bankruptcy, PG&E Seeking to Reinvent, Shed Debt

Post-Bankruptcy, PG&E Seeking to Reinvent, Shed Debt

PG&E Corp. and Pacific Gas and Electric Co. executives during the second quarter earnings call, the first in 18 months, illustrated the heavy lifting ahead to reduce debt, withstand another wildfire season and complete a reorganization in the aftermath of Chapter 11 bankruptcy. Interim CEO Bill Smith during the quarterly call touched on wildfire mitigation…

August 4, 2020
Diamondback Forecasting ‘Significant’ Free Cash Flow, Flat to Marginal Output Growth to Year’s End

Diamondback Forecasting ‘Significant’ Free Cash Flow, Flat to Marginal Output Growth to Year’s End

Permian Basin pure-play Diamondback Energy Inc. has brought all of its curtailed production back online and expects to generate free cash flow in the second half of the year, management said Tuesday. The company curtailed 5% of its oil output during the second quarter in response to a pandemic-induced global supply glut, “with zero wells…

August 4, 2020
BP Looking Beyond Petroleum — Again — as Low-Carbon Opportunities Beckon

BP Looking Beyond Petroleum — Again — as Low-Carbon Opportunities Beckon

BP plc turned the investor world on its head Tuesday with a revamped strategy to slash oil and natural gas production while pouring billions into low-carbon investments. CEO Bernard Looney, during a lengthy conference call with top executives, further outlined the strategy that he had first unveiled in February, to put the company on a…

August 4, 2020
Southwestern Focused on Dry Natural Gas Production as Prices Seen Increasing

Southwestern Focused on Dry Natural Gas Production as Prices Seen Increasing

Southwestern Energy Co. shifted toward producing more dry natural gas in the second quarter as it anticipates a rebound in prices as the winter nears.  The company had been focused on the wet gas window in West Virginia, but shifted more rigs to Northeast Pennsylvania with planned well counts now divided equally between the two…

August 3, 2020
ExxonMobil Slashing Permian Rig Count, Forecasting Global Oil Glut Extending ‘Well into 2021’

ExxonMobil Slashing Permian Rig Count, Forecasting Global Oil Glut Extending ‘Well into 2021’

A global oil supply glut and scant demand resulting from Covid-19 pushed ExxonMobil to a historic loss in the second quarter, with nearly every corner of its operations slammed. The quarterly loss of $1.1 billion (minus 26 cents/share) was the deepest in history as transportation and petrochemical demand reversed. During 2Q2019, profits were $3.1 billion…

July 31, 2020
Chevron Warns Pandemic Threatening Through September, but Common Ground in Election

Chevron Warns Pandemic Threatening Through September, but Common Ground in Election

Chevron Corp., savaged in the second quarter by the hurricane-force winds of Covid-19, warned Friday that the pandemic may choke profits through September.  The San Ramon, CA-based major posted an $8.3 billion loss (minus $4.44/share), compared with net profits a year earlier of $4.3 billion ($2.27). U.S. upstream operations lost $2.1 billion, versus year-ago earnings…

July 31, 2020
Column: Lozoya Case Can’t Hide Current Failures for Mexico’s Pemex

Column: Lozoya Case Can’t Hide Current Failures for Mexico’s Pemex

Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process. Prud’homme was central to the development of Cenagas, the nation’s natural gas pipeline operator, an entity formed in 2015 as part of…

July 31, 2020
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