Earnings

SLB Ltd. expects the international offshore oil and natural gas industry to surge through this decade, CEO Olivier Le Peuch said Friday. The No. 1 oilfield services company saw its highest year/year revenue growth in three years in the second quarter of 2023, even amidst a cooling of activity in its North America exploration and…

Strong demand for industrial chemistry, from drilling fluids to additives that smooth pipeline flows for natural gas and oilfields, lit up first quarter earnings for CES Energy Solutions Corp. Improved results versus the same period last year resulted from “high levels of revenue underpinned by industry stabilization, and continued strong market share,” the oilfield services…

Brazilian national oil company Petróleo Brasileiro SA, aka Petrobras, managed to avoid expensive LNG imports during the first quarter amid historically high reservoir levels at the country’s hydroelectric dams. The majority state-owned firm sourced 63% of its gas supply from domestic production and 37% via pipeline imports from Bolivia during the first quarter. In 1Q2022,…

Executives at Argentina’s state oil and gas firm YPF SA in an earnings call acknowledged the difficult economic environment in the country but said upstream plans remained unchanged. Hydrocarbon production hit 511,000 boe/d in the first quarter of 2023, up 1% year/year. Shale oil and natural gas led the way, mainly from the Vaca Muerta…

Following a strong natural gas price environment in the first quarter, California Resources Corp. (CRC) CEO Francisco Leon said natural gas would “be absolutely needed” in the Golden State.  CRC was able to snag natural gas price realizations “approximately 630%” above the New York Mercantile Exchange (Nymex) index, Leon said during the quarterly conference call…

Premium European natural gas prices, Montney Shale drilling and a Saskatchewan asset sale supported a 34% jump in profits during the first quarter for Canada producer Vermilion Energy Inc. The Calgary-based explorer, which reports in Canadian dollars (C$1.00/73 cents), reported elevated prices for Dutch, German, French and Irish production, high enough to offset deeper cuts…

The embattled Mountain Valley Pipeline (MVP) has a shot at completion this year despite a recent setback in federal court, according to management of project sponsor Equitrans Midstream Corp. CEO Thomas Karam vented about MVP’s arduous regulatory journey during a conference call to review Equitrans’ first quarter earnings. The 303-mile pipeline would supply 2 Bcf/d…

Oneok Inc. is still targeting a final investment decision (FID) by mid-year on the proposed 2.8 Bcf/d Saguaro Connector natural gas pipeline, which would transport natural gas from the Waha hub in West Texas to the Mexico border. The pipeline, if sanctioned, would serve the Saguaro LNG export terminal proposed by Mexico Pacific Ltd. LLC…

Appalachian Basin pure-play EQT Corp. is equipped to weather the current downturn in natural gas prices and expects a tighter supply/demand balance later this year and into 2024, management said Thursday. CEO Toby Rice hosted a conference call to discuss the largest U.S. gas producer’s first quarter earnings. “While the current natural gas macro environment…