Earnings

The recent legal and regulatory setbacks for a handful of U.S. pipeline companies, as well as the uncertain outlook in oil and natural gas demand from Covid-19, may come more sharply into view as midstream second quarter earnings are unveiled. “Earnings season is about much more than the quarterly results, and this go-round will be…

Natural gas and oil operators may prefer to talk about 2021 than second quarter performance as earnings season begins, with low commodity prices and Covid-19 literally sucking the energy out of the room. Halliburton Co. kicked off earnings season for the oilfield services (OFS) sector on Monday, with the deluge of results to follow from…

California Resources Corp. (CRC), the state’s largest producer, last week in its delayed Form 10-Q filing for 1Q2020 to the Securities and Exchange Commission (SEC) said it had taken a $1.7 billion impairment charge. Net losses for the quarter totaled $1.79 billion, (minus $36.43/share), compared with a $67 million loss (minus $1.38) for the same…

Tulsa-based Williams, which operates more than 30,000 miles of natural gas pipelines across the onshore and into the deepwater Gulf of Mexico, said demand remains solid in the face of the coronavirus pandemic and the economic disruption it imposed beginning in March.

Denver-based Liberty Oilfield Services Inc. is expecting to see “very little” completions activity through the rest of the year across North America as Covid-19 continues to consume energy demand.

Oil and natural gas development began to fall off a cliff in March from Covid-19 and the poorly timed price war, but initial earnings results for the first quarter point to an even sharper downturn through June, at a minimum.

Gulfport Energy Corp. plans to slash spending to the bone this year and cut annual production in the process as it wrestles with low natural gas prices and a restive shareholder pushing to shake up the board.

Portland, OR-based NW Natural expects to increase by up to 2% overall utility distribution supplies to renewable natural gas (RNG) this year in Oregon and obtain regulatory approval in Washington to offer the alternative fuel as an option.

Weaker commodity prices made a dent in Enable Midstream Partners LP’s revenues to close out 2019, but the Oklahoma City-based midstreamer persevered in part on the strength of record-high annual natural gas gathering, processing and transportation volumes.