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…
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Articles from Earnings
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…
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…
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…
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…
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…
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…
Xcel Says Natural Gas to Remain Key in Lower Carbon Energy Strategy to 2050
Moving toward its goal of 100% carbon-free electricity to customers by 2050, Minneapolis-based Xcel Energy Inc. said it still plans to incorporate more natural gas into its U.S. energy mix. Xcel released its sustainability report ahead of 2Q2020 results, which were issued on Thursday. CEO Ben Fowke said the utility is stepping up its capital…
Antero, CNX Sticking to Appalachian Plans as Little Seen Changing for Natural Gas Prices in 2020
Appalachian pure-plays Antero Resources Corp. and CNX Resources Corp. said Thursday their activity would remain subdued through most of the year as they work to implement plans crafted by Covid-19’s impacts on energy markets. CNX, which announced both liquids and dry gas production shut-ins in April in response to low commodity prices, has yet to…
TC Energy Pushes Back Tula-Villa de Reyes In-Service Date to 2021
TC Energy Corp. expects the phased entrance into service of the 886 MMcf/d Tula-Villa de Reyes pipeline in Mexico to occur in the first half of 2021. The delayed pipeline has been further held back by coronavirus contingency measures, which have impeded granting work authorizations because of administrative closures, executives said Thursday during a second…