Earnings

Ongoing Alberta bushfires prompted Calgary’s Keyera Corp. to close and evacuate six natural gas plants in the region as a precaution, but executives remain optimistic that the outages would not materially impact the business. Keyera closed the Brazeau River, Pembina North, Zeta Creek, Cynthia, Nordegg and Wapiti gas plants as it responds to wildfires across…

From the Midwest to the Pacific Coast, investor-owned utilities Black Hills Corp. and NW Natural have shored up renewable natural gas (RNG) and investments in the biofuel over the first three months of the year. Days before hosting the first quarter conference call, NW Natural Holdings Co. CEO David Anderson said the company opened its…

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…

Enbridge Inc. is advancing multiple expansion projects on its vast North American natural gas network ahead of expected growth in LNG and pipeline exports from the continent. During a call to discuss first quarter earnings, CEO Greg Ebel highlighted the recently announced acquisition of a 93.8% controlling interest in the Aitken Creek natural gas storage…

Higher natural gas costs resulting from colder weather, historically low natural gas storage levels and regional pipeline constraints nearly doubled Pacific Gas and Electric Corp.’s (PG&E) natural gas expenditures in the first quarter of the year. Total natural gas costs surged to $916 million, compared with $561 million in 1Q2022. Purchased natural gas costs increased…

Lower 48 heavyweights EOG Resources Inc. and Coterra Energy Inc. are reducing activity in their natural gas plays to deal with slipping commodity prices. However, the pullback does not dim the long-term bullish outlook, EOG CEO Ezra Yacob said. During the first quarter conference call, Yacob said the Houston-based independent is still “constructive on future…

Uniper SE recorded no losses in the first quarter related to replacing natural gas supplies that were cut off by Russia last year, and the company expects a “strong earnings recovery” after being bailed out by the German government in 2022.  The steep decline in global gas prices since last year has eased the costs…

Canada’s largest natural gas producer, Tourmaline Oil Corp., is aiming to maximize its exposure to volatile North American markets, such as California, as well as global LNG pricing, management said last Thursday. CEO Michael Rose hosted a conference call to discuss first quarter results for Calgary-based Tourmaline, which operates throughout the Western Canadian Sedimentary Basin.…

ConocoPhillips raised its full-year 2023 production forecast after achieving record output domestically and worldwide during the first three months of the year.  The company is targeting full-year 2023 production of 1.78-1.80 million boe/d, a 10,000 boe/d increase at the midpoint from previous guidance. This would be up from full-year production of 1.74 million boe/d recorded…