Earnings

Superior Energy Scuttles Forbes Merger as Covid-19 Slams Prices, Activity

Superior Energy Scuttles Forbes Merger as Covid-19 Slams Prices, Activity

Global completions specialist Superior Energy Services Inc. began the year with a merger in the works and plans to expand offshore and international services. Then Covid-19 happened.

May 21, 2020
Extraction, Highpoint Report Rocky Road Ahead in Colorado

Extraction, Highpoint Report Rocky Road Ahead in Colorado

A pair of Denver-based oil and gas producers said plummeting commodity prices weighed on first quarter earnings and muddied their 2020 outlooks, necessitating investment cuts.

May 18, 2020
WPX Building Raft of DUCs in Williston, Permian as Covid-19 Disrupts Demand

WPX Building Raft of DUCs in Williston, Permian as Covid-19 Disrupts Demand

To ensure its financial viability in uncertain times, WPX Energy Inc. is dropping rigs and crews in the Permian and Williston basins, as well as building a backlog of uncompleted wells to hold the line on costs until energy demand is higher.

May 18, 2020
Permian Pure-Play Ring Energy Shelving Activity Until ‘Turbulent Times’ Pass

Permian Pure-Play Ring Energy Shelving Activity Until ‘Turbulent Times’ Pass

Ring Energy Inc., whose drilling expertise is focused in the Permian Basin’s Northwest Shelf and Central Basin Platform, has joined its peers and suspended all operations pending an improved outlook for the energy industry.

May 18, 2020
U.S. Midstreamers Prepped for Lower Volumes, but See ‘Variability’ in E&P Responses

U.S. Midstreamers Prepped for Lower Volumes, but See ‘Variability’ in E&P Responses

Armed with major reductions in spending and a pause on some projects, Enable Midstream Partners LP, Targa Resources Corp. and DCP Midstream LP have joined companies up and down the energy supply chain in positioning themselves to emerge from the oil market decline and economic downturn on strong financial footing.

May 14, 2020
Pacific Northwest Utilities Step Lightly on Different Paths Through Pandemic

Pacific Northwest Utilities Step Lightly on Different Paths Through Pandemic

Two Pacific Northwest natural gas-plus utilities reported Friday their separate approaches to maintaining essential services in the midst of the Covid-19 lockdown.

May 13, 2020
Mixed Results for MDU Utilities, Construction Amidst Covid-19

Mixed Results for MDU Utilities, Construction Amidst Covid-19

While its diverse operations continued to thrive, earnings growth didn’t follow for Bismarck, ND-based MDU Resources Group in 1Q2020 as it shifted gears internally to confront the coronavirus, senior executives said Friday.

May 12, 2020
Energy Transfer Says U.S. Oil Consumption Has Bottomed, Growth Ahead

Energy Transfer Says U.S. Oil Consumption Has Bottomed, Growth Ahead

Energy Transfer LP (ET) has found new ways to store products and has reduced spending for the year as it navigates the historic oil price collapse, but management for the Dallas-based midstreamer said the market has reached a bottom with improvement and growth for the remainder of the year.

May 12, 2020
PDC Shutting in Up to 30% of Oil, Gas Volumes in May, Likely Longer

PDC Shutting in Up to 30% of Oil, Gas Volumes in May, Likely Longer

Denver-based PDC Energy Inc., which produced about 185,000 boe/d in 1Q2020 from the combined Wattenberg field in Colorado and the Permian Basin, is curtailing 20-30% of its oil and gas volumes this month, with additional curtailments likely in June and potentially longer, depending on the direction of prices.

May 11, 2020
Sempra Records Liabilities for Aliso Natural Gas Storage

Sempra Records Liabilities for Aliso Natural Gas Storage

Sempra Energy has revealed a one-time $72 million charge for litigation related to the 2015-16 methane leak at the Southern California Gas Co. (SoCalGas) Aliso Canyon Storage Field.

May 11, 2020
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