Earnings

Gulfport Energy Corp. said Thursday that it remains dedicated to “capital discipline” and “conservative leverage” in 2016, announcing a plan to cut this year’s budget by up to 43% from 2015 levels and highlighting a strategy that would once again limit its activities to only the Utica Shale’s dry gas window.

Houston-based Noble Energy Inc. relied on the lowest operating costs in eight years and improved efficiencies to overcome the commodity price upheaval in the final three months of 2015, which resulted in unexpected profits on an adjusted basis for the quarter.

Weatherford International plc, working overtime to overcome a string of poor quarterly performances, this year expects to generate cash flow well above forecasts after reining in costs and bringing in more cash than it spent in 2015 for the first time in five years.

National Fuel Gas Co. continued to curtail natural gas production in its fiscal year (FY) 1Q2016, saying during its earnings call on Friday that it would scale back further by dropping a rig in the Marcellus Shale and delay its Northern Access pipeline expansion project until next year.

In a sign of just how grim the commodity price environment has become — and how long it’s expected to last — ConocoPhillips cut its quarterly dividend for the first time in at least 25 years on Thursday, while also dropping 10 rigs and slashing capital expenditures (capex) for 2016 as it looks to maintain its balance sheet without racking up additional debt.

National Oilwell Varco Inc. (NOV), which provides drilling support services worldwide, is bracing for further deterioration this year as customers cannibalize equipment and delay picking up orders, with a recovery not predicted before 2017.

Although 2015 was marked largely by cost-cutting, workforce reductions and steep losses for Consol Energy Inc., the company finished the year with a more durable balance sheet, improving liquidity and cash flow, while also surpassing 1 Bcfe/d of production in the fourth quarter.

Reduced U.S. land fleet expenses lifted Helmerich & Payne (H&P) above Wall Street expectations in the latest period, and with a firm backlog of rig contracts and flexibility to reduce costs further, management said it is poised for a return to business as usual. As to when that may be, however, remains a question.

Eclipse Resources Corp. revealed Thursday that “substantially lower commodity prices” led to a 58% writedown of its proved reserves as of Dec. 31 compared to 2014 year-end reported values.