Earnings

EnLink Expects Permian, Oklahoma to Lead Natural Gas Supply Growth in 2023

EnLink Expects Permian, Oklahoma to Lead Natural Gas Supply Growth in 2023

Higher commodity prices are driving double-digit natural gas volume growth in the Permian Basin for EnLink Midstream LLC, but the turnaround in Oklahoma production is “perhaps the most impressive,” according to management. “The volume story out of Oklahoma continues to brighten as producers have responded to the improved pricing environment,” said EnLink COO Ben Lamb…

May 25, 2022
Latin American NOCs Post Lofty Q1 Profits, but Only Argentina’s YPF Boosting Production

Latin American NOCs Post Lofty Q1 Profits, but Only Argentina’s YPF Boosting Production

Latin America’s national oil companies (NOCs) posted quarterly profits that would delight any investor, but with the exception of Argentina this hasn’t so far translated into significant oil and gas production increases. The oilfield services firms touted strong growth from Latin American operations in the first quarter. Halliburton Co. reported first-quarter revenue from Latin America…

May 24, 2022
EnLink Sees Higher Natural Gas Prices Setting Up Substantial Production Growth in 2023

EnLink Sees Higher Natural Gas Prices Setting Up Substantial Production Growth in 2023

Higher commodity prices are driving double-digit natural gas volume growth in the Permian Basin for EnLink Midstream LLC, but the turnaround in Oklahoma production is “perhaps the most impressive,” according to management. “The volume story out of Oklahoma continues to brighten as producers have responded to the improved pricing environment,” said EnLink COO Ben Lamb…

May 24, 2022
Aramco Profits Soar 82% on Back of Global Oil, Natural Gas Recovery

Aramco Profits Soar 82% on Back of Global Oil, Natural Gas Recovery

Saudi Arabia’s state-owned oil and gas company is raising its capital spending, but whether it increases production is another story despite record profits in the first quarter. Unlike most of its oil and gas peers, Saudi Arabian Oil Co., aka Aramco, plans to increase this year’s capital expenditures to $40-50 billion from nearly $32 billion…

May 22, 2022
Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Laredo Petroleum Inc. has locked in pricing for most of its oilfield services operations through the rest of this year to counter inflation, but costs for the diesel fuel and chemicals needed to sustain them remain harder to predict. “We worked with our service partners to lock in 85% of expected drilling, completions, equipment and…

May 20, 2022
Calgary’s Headwater Riding Oil, Natural Gas Growth Wave, with Capital Jumping 59%

Calgary’s Headwater Riding Oil, Natural Gas Growth Wave, with Capital Jumping 59%

Headwater Exploration Inc. plans to boost its average daily output 33% by the end of this year, the Calgary-based independent said. “Our business continues to evolve with a very strong growth outlook for the foreseeable future,” management said in the earnings report for the first quarter. The producer reported 1Q2022 average output of 12,414 boe/d,…

May 20, 2022
Colombia’s Ecopetrol, Oxy Teaming Up On Deepwater Exploration as Natural Gas Takes Center Stage

Colombia’s Ecopetrol, Oxy Teaming Up On Deepwater Exploration as Natural Gas Takes Center Stage

Colombian national oil company Ecopetrol SA and a unit of Occidental Petroleum Corp. (Oxy) have signed a deal to jointly explore four deepwater areas in the Caribbean. Blocks COL 1, COL 2, COL 6 and COL 7 are located, on average, about 150 kilometers or 93 miles off Colombia’s northern coast. The companies, which also…

May 18, 2022
Centennial Eyeing 10-15% Permian Oil, Gas Production Growth in 2022

Centennial Eyeing 10-15% Permian Oil, Gas Production Growth in 2022

Denver-based Centennial Resource Development Inc., whose operations are focused on the Permian Basin, is sticking to its guidance of upping production by 10-15% this year. In an earnings call, CEO Sean Smith said the company was holding to its current two-rig program. “Should we want to add a third rig in the future because prices…

May 18, 2022
Crescent Point Cuts Drilling Times in Bakken, Kaybob Duvernay

Crescent Point Cuts Drilling Times in Bakken, Kaybob Duvernay

Crescent Point Energy Corp. improved the speed at which it drilled wells in the Bakken Shale in North Dakota and the Kaybob Duvernay formation in Alberta, the Calgary-based independent reported Thursday. “During first quarter 2022, Crescent Point commenced completion activities on its second fully operated multi-well pad in the Kaybob Duvernay, which it expects to…

May 18, 2022
Suncor Forecasts Lingering Rise in Commodity Prices, Pushes Back on Activist Investor

Suncor Forecasts Lingering Rise in Commodity Prices, Pushes Back on Activist Investor

While reporting a strong first three months to the year, Suncor Energy Inc. management made a vow to keep its refineries and service stations despite a request by an activist investor to sell the national network. “We think we have the best downstream business in North America, and we think it’s important that it stays…

May 17, 2022
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