Earnings

While some liquefied natural gas (LNG) and Mexican operations have been slowed, Sempra Energy’s U.S. utilities helped carry the energy infrastructure holding company to increased profits in 1Q2020.

TC Energy Corp. CEO Russell Girling said last Friday during a quarterly earnings call the company still expects the Keystone XL crude oil pipeline to enter service in 2023, even though a U.S. court in mid-April vacated the conduit’s nationwide water crossing permit.

Planned production curtailments and delayed well completions continue to grow in the Appalachian Basin as more exploration and production (E&P) companies are continuing to announce less activity in the face of Covid-19 and the corresponding slide in commodity prices.

Total SA on Tuesday highlighted the resilience of its liquefied natural gas (LNG) sales in the first quarter, which increased by nearly 30% year/year during a period that otherwise squeezed many facets of the supermajor’s operations.

Natural gas flows on TC Energy Corp.’s North American pipelines were largely unaffected by the Covid-19 pandemic during the first quarter, management said Friday.

California’s coronavirus lockdown has shone a spotlight on the state’s energy sector, and the eventual recovery to a new-normal economy will require a key role for clean energy, according to Edison International (EI) CEO Pedro Pizarro.

Tulsa-based rig specialist Helmerich & Payne (H&P) has decommissioned dozens of rigs and laid off close to 3,000 people, with the biggest impact felt on its Lower 48 operations, but Covid-19 is having one positive impact as customers look for social distancing solutions through automation and technology.

Fuel demand is slowly returning as social distancing measures from Covid-19 are eased, but while consumption may be edging higher, Phillips 66 plans to maintain the prudent approach to 2021, CEO Greg Garland said last week.

In the story “ConocoPhillips Increasing North America Oil Shut-ins; CEO Says E&P ”Growth Model is Broken,’” the total planned curtailments were incorrectly stated. The total shut-ins are 460,000 b/d, with the Surmount oilsands curtailment estimated at 100,000 b/d. NGI’s Shale Daily regrets the error.