Earnings

Lower 48 natural gas-directed rigs are likely to retreat because of weak prices, Patterson-UTI Inc. CEO Andy Hendricks said Thursday. Hendricks held a conference call to share quarterly results and discuss the outlook for contract drilling services, the company’s forté. At the end of January, the company had 130 rigs on average working in the…

Canadian natural gas heavyweight Arc Resources Ltd. said Montney Shale growth – and higher prices – led to record growth in the fourth quarter. Higher gas prices, coupled with a strong marketing program, propelled profits in the final three months of 2022. With the outlook brighter, the corporate budget this year has been set at…

Enterprise Product Partners LP has $3.6 billion of assets scheduled to begin commercial operations this year to expand natural gas, liquids and crude oil systems across the United States, with almost $2 billion more rolling off the boards through 2025, executives said last week. Co-CEOs Jim Teague and Randy Fowler shared a microphone with the…

Equinor ASA expects European natural gas prices to slide by the middle of the decade as more LNG capacity comes online, but it plans to maintain production levels through 2030 as extreme supply volatility persists. After a year of record prices and volatility, helping stoke lofty revenues for Equinor, management said prices have started to…

Onshore exploration and production (E&P) in the Lower 48 has plateaued for the moment amid multiple constraints, while the international and offshore segments are gathering steam, according to NOV Inc. CEO Clay Williams. Williams hosted a conference call on Tuesday (Feb. 7) to discuss the Houston-based oilfield services company’s fourth-quarter and full-year 2022 earnings.  “After…

French supermajor TotalEnergies SE indicated Wednesday it would double-down on its LNG business, which CEO Patrick Pouyanné said would be a “pillar” of the company’s growth in the years ahead, along with its power generation operations. The two businesses, which have operated within the same segment for years, have been so instrumental to the company’s…

BP plc, one of the first majors committed to reducing oil and natural gas production in the transition to net-zero carbon, has reversed course to ensure global energy security. The goal to cut fossil fuels output to net-zero carbon by 2050 remains in place. However, Russia’s invasion of Ukraine and other global events have reduced…

Most of the top financial officers of oil and natural gas companies expect 2023 to bring increases to profitability as a result of post-Covid demand recovery and investors “warming to the industry,” according to a recent survey from BDO USA LLP. In the face of a potential economic downturn this year, energy companies are still…

Citing weaker natural gas prices amid robust production, National Fuel Gas Co. said it revised lower its earnings outlook for 2023. The Williamsville, NY-based company now projects earnings per share of $5.35-$5.75, a decrease of $1.10 per share from the midpoint of its prior guidance range. CEO David Bauer said in the company’s fiscal first…