Earnings

Range Resources Corp. got a boost from improved commodity pricing in 1Q2021, including a 44% rise in natural gas prices and a 77% increase in natural gas liquids (NGL) prices. The Appalachian Basin pure-play on Tuesday reported an average realized natural gas price of $2.58/Mcf compared to $1.74/Mcf a year ago.  Range also reported an…

U.S. drilling activity has improved “a little faster than we expected,” with more customers opting to activate rigs using natural gas and blended gas systems, Precision Drilling Corp. CEO Kevin Neveu said last week.  Sharing a microphone with his management team, Neveu held court last Thursday to discuss the Calgary-based operator’s performance in the first…

Schlumberger Ltd.’s management team on Friday said it returned to form in the first quarter, with the expectation global oil and natural gas activity could return to pre-pandemic levels by 2022. CEO Olivier Le Peuch held court during a conference call from Houston, where he shared an optimistic vision for the world’s No. 1 oilfield…

Argentina’s state oil company Yacimientos Petrolíferos Fiscales SA (YPF)  plans to spend $1.5 billion to boost oil and gas production this year in Neuquén province, home to the giant Vaca Muerta formation. YPF “has come out to announce its big effort to all Argentines, an investment that will translate into an important increase in oil…

After working through a restructuring last year, California Resources Corp. (CRC) is looking to concentrate on reservoir management in core fields across the state, the CEO said Thursday. California’s largest exploration and production (E&P) company had a self-described soft landing after completing a Chapter 11 restructuring last year. Like most of the industry, last year’s…

Canadian independent Tourmaline Oil Corp. broke production records in 4Q2020 after a pair of acquisitions boosted its output. The independent which has assets in British Columbia and Alberta, said recently it exited the quarter producing more than 400,000 boe/d after acquiring smaller Canadian players Jupiter Resources Inc. and Modern Resources Inc. in December. The deals…

Operational disruptions from freezing weather in February, as well as softer-than-expected customer orders are set to weigh on first quarter results, NOV Inc. said Tuesday. The Houston-based oilfield technology giant said severe weather during February knocked out operations in Oklahoma and Texas, two of its biggest operating regions. In addition, there has been an underwhelming…

Ascent Resources Utica Holdings LLC, Ohio’s largest oil and natural gas producer, plans to cut spending this year and hold production flat to 2020 levels as the industry continues to take a more conservative financial approach.  The Ohio pure-play has issued 2021 capital guidance at a range of $550-600 million and intends to maintain production…

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,…