Earnings

Hess Corp. saw net production from its acreage in the Bakken Shale increase to 194,000 boe/d in the second quarter compared with 140,000 boe/d in the prior-year quarter, with net oil output up 26% to 108,000 b/d. The New York City-based independent attributed the performance to increased wells online and improved well performance. Total second…

Tulsa-based Helmerich & Payne Inc. (H&P), which fabricates and operates a fleet of high-performance drilling rigs around the world, is aligning operations toward performance-based commercial models rather than the industry standard dayrates to build customer support, CEO John Lindsay said Wednesday. What historically were separate U.S. Land Operations and HP Technologies business segments have been…

Favorable weather and cost-saving measures have positioned DTE Energy Co. to achieve its previously announced earnings target of $1.25-1.30 billion this year, with several of the Detroit-based company’s businesses on track to come in on the higher end of projections despite the Covid-19 pandemic. “It is great to be part of such an amazing team…

Range Resources Corp. said lower processing and transportation costs helped to offset weaker pricing for natural gas liquids (NGL) and other energy commodities during the second quarter, putting the Fort Worth, TX-based independent producer on track to spend at or below its 2020 capital budget. Range dropped $99 million on drilling and completions activity during…

  A solid oil and gas trading performance, lifted by a tax change to assist the Norwegian oil industry through the Covid-19 crisis, lifted Equinor ASA during the second quarter, possibly setting it apart from its peers as earnings are unveiled in the coming days. With their outlooks for oil and gas prices sharply lower,…

EQT Corp. said Monday it has returned the 1 Bcfe/d of Appalachian production to sales this month that was curtailed in May.  The company deferred the volumes as prices eroded from the coronavirus impact on demand.  EQT started bringing back the production earlier this month and said it has so far seen no issues with…

Global drilling behemoth Precision Drilling Corp. cut costs by double-digits and improved efficiencies across its operations during the second quarter, but there’s paltry visibility as uncertainties surrounding the impacts of Covid-19 remain a concern, management said. Even though revenue plunged by nearly half from a year ago to $47 million, the multi-talented operator is poised…

The oil and natural gas industry may be going through one of its most challenging periods in modern history from diminished global demand and an uncertain future, but Schlumberger Ltd. CEO Olivier Le Peuch said Friday it’s more than up to the task. During a Friday conference call to share second quarter results, the chief…

Houston-based Patterson-UTI Energy Inc. CEO Andy Hendricks on Thursday credited solid relationships with its exploration customers and “top tier performance” as Covid-19 decimated demand in helping to stem losses during the second quarter. The contract drilling specialist saw its earnings and revenue tumble, but shuttering facilities, laying off crews and stacking equipment improved the bottom…