Earnings

Natural Gas, Oil Industry Profits Forecast to Retreat in 2023 on Slower Demand, Economic Pull Back

Natural Gas, Oil Industry Profits Forecast to Retreat in 2023 on Slower Demand, Economic Pull Back

Global energy company earnings, which surged on stronger oil and natural gas prices, should ease in 2023 as the industry adjusts to slower demand growth and an economic slowdown, according to Moody’s Investors Service. “The pace of improvement in fundamental industry conditions will also decelerate after a strong post-lockdown rebound in earnings and credit quality…

September 21, 2022
Latin American National Oil Companies Booming, but Stymied by Politics

Latin American National Oil Companies Booming, but Stymied by Politics

National oil companies (NOCs) in Latin America enjoyed record profits in the second quarter on the back of high oil and gas prices, but they remain under pressure from governments facing economic crises. The high oil and gas price environment “has come with a downside which is that in the domestic market, it is very…

September 6, 2022
Callon Raising Natural Gas Price Exposure at HSC, Reducing Waha

Callon Raising Natural Gas Price Exposure at HSC, Reducing Waha

Recent Permian Basin natural gas pipeline marketing deals will reduce Callon Petroleum Corp.’s reliance on Waha Hub pricing, management of the Texas-focused independent said earlier this month. “These transactions will increase our pricing exposure to Gulf Coast gas pricing and provide additional flow assurance benefits,” CEO Joe Gatto told analysts during the second quarter earnings…

August 25, 2022
Brazil’s Petrobras Seeing Continued Drop in LNG Imports, Natural Gas Demand

Brazil’s Petrobras Seeing Continued Drop in LNG Imports, Natural Gas Demand

Brazilian national oil company Petróleo Brasileiro SA (Petrobras) saw falling natural gas demand and the need for fewer LNG cargoes for the second consecutive quarter as rainfall continued to replenish the nation’s reservoirs. Natural gas demand dropped to 56 million cubic meters/day (MMm3/d) in the second quarter, compared to 83 MMm3/d in the same period…

August 23, 2022
Denbury Craves Bigger CCUS ‘Pie’ with Democrats’ Climate, Spending Bill

Denbury Craves Bigger CCUS ‘Pie’ with Democrats’ Climate, Spending Bill

Broader tax breaks in the recently enacted Inflation Reduction Act of 2022 (IRA) will entice more sectors of the U.S. economy to embrace carbon sequestration, according to Denbury Inc. The independent, a carbon dioxide (CO2) pipeline and enhanced oil recovery specialist, is positioning itself for anticipated market growth, management said during the recent second quarter…

August 23, 2022
Murphy Oil Playing Game of Wells in Lower 48, GOM

Murphy Oil Playing Game of Wells in Lower 48, GOM

Houston-based independent Murphy Oil Corp.’s recent wells at its Eagle Ford Shale and Tupper Montney acreage in Western Canada are “exceeding production expectations,” management said earlier this month. The producer “continues to successfully execute a significant and intricate project in the Gulf of Mexico, while our onshore team has enhanced production volumes and accelerated returns…

August 23, 2022
SilverBow Targets 30% Production Growth, Cites Strong Eagle Ford Natural Gas Prices

SilverBow Targets 30% Production Growth, Cites Strong Eagle Ford Natural Gas Prices

SilverBow Resources Inc. expects to substantially grow its natural gas and liquids production this year and next and continues to enjoy “favorable basis pricing” in the Eagle Ford Shale, management said. SilverBow, which operates exclusively in the Eagle Ford and Austin Chalk formations, is targeting year/year production growth of 30% in both 2022 and 2023,…

August 19, 2022
Opal Fuels Expanding Renewable Natural Gas Capacity, Upping Sales

Opal Fuels Expanding Renewable Natural Gas Capacity, Upping Sales

Opal Fuels Inc., a vertically integrated waste-to-energy company focused on renewable natural gas (RNG), saw fuel sales jump in the first half of the year. During the first six months of the year the White Plains, NY-based company sold 14.3 million gasoline gallon equivalents (GGEs) of transportation fuel, of which 13.1 million GGEs were RNG.…

August 18, 2022
Argentina’s YPF Eyeing 50% Capex Increase as Vaca Muerta Shale Ramps Up

Argentina’s YPF Eyeing 50% Capex Increase as Vaca Muerta Shale Ramps Up

Argentine national oil company YPF SA has raised its capital expenditure (capex) forecast for full-year 2022, with a focus on developing the Vaca Muerta Shale formation. New CEO Pablo Iuliano and CFO Alejandro Lew hosted a conference call to discuss the 51% state-owned company’s second-quarter results. “Better-than-expected economic performance so far in 2022 enhanced our…

August 17, 2022
Aramco CEO Warns Oil and Gas Industry ‘Not Investing Enough’ as Profits Surge on High Prices

Aramco CEO Warns Oil and Gas Industry ‘Not Investing Enough’ as Profits Surge on High Prices

Underinvestment in oil and natural gas supply could threaten global energy security and decarbonization efforts over the coming years, according to the CEO of Saudi Arabia’s state-owned oil behemoth.  Saudi Arabian Oil Co. (Aramco) CEO Amin Nasser hosted a conference call to discuss the national oil company’s (NOC) record-breaking first-half results. “Oil demand is likely…

August 17, 2022
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