Earnings

Schlumberger Ltd., the No. 1 oilfield services (OFS) operator in the world, is forecasting a sharp pullback in U.S. and Canadian onshore activity this year, while domestic offshore and overseas activity are on an upward trajectory.

The second quarter earnings season is likely to offer few surprises, as U.S. producers continue to preach capital discipline and pull the reins on developing assets in a low-priced, constrained environment, particularly in the Permian and Appalachian basins.

As it continues to transform into an oil-focused producer, Chesapeake Energy Corp. plans to run only three rigs on its natural gas assets in the second half of the year, following gains during the first quarter on newly acquired Eagle Ford Shale properties and record-setting results in the Powder River Basin (PRB).

After a nearly three-year regulatory process and strong opposition by environmental groups, Williams may move forward with the Northeast Supply Enhancement (NESE) project, a large expansion of Transcontinental Gas Pipe Line (Transco), federal regulators said Friday.

With two major natural gas takeaway projects totaling 4 Bcf/d of capacity already in the works in the Permian Basin, Kinder Morgan Inc. (KMI) management on Wednesday indicated that a third transportation system out of the prolific play is being considered after the company reported volumes growth of 10% or more for the fifth quarter in a row.

CNX Resources Corp. signaled a cautious approach for its operations this year, laying out a flexible plan for “minimum” activity that could increase if the natural gas outlook improves. The company also said Tuesday it successfully killed an unruly Utica Shale well in southwest Pennsylvania.

Exploration and production (E&P) customers of RPC Inc., which provides a broad range of services, including pressure pumping, began calling the company early in January to say they were reevaluating their budgets because of concern about oil prices, CEO Rick Hubbell said last week.

Whiting Petroleum Corp. said it plans to ramp up production in the fourth quarter in order to meet its production goal for the year, but isn’t currently planning to add to its five-rig drilling program in 2019, as it continues developing assets it acquired last quarter that are “looking like a winner.”

Halliburton Co.’s operating income slumped 9% sequentially in the third quarter on a “softening” market for North American completions, but beyond the holidays, as customers reload budgets, the market should improve, CEO Jeff Miller said Monday.