Earnings

An uptick in global offshore development, combined with expansion of natural gas opportunities overseas, bode well for SLB Ltd. to improve activity in 2023, CEO Olivier Le Peuch said Friday.  All signs point in a positive direction, Le Peuch said, after the world’s No. 1 oilfield services (OFS) operator closed out a “remarkable year.” He…

Nearly a year after receiving federal approval, Kinder Morgan Inc. has sanctioned the 2 Bcf/d Evangeline Pass pipeline project that would feed Venture Global LNG Inc.’s Plaquemines LNG export facility. In a call with investors on Wednesday to discuss 3Q2022 earnings, CEO Steven Kean said Kinder is moving forward with the $678 million Evangeline Pass…

Houston-based Patterson-UTI Energy Inc. expects to record net income of $100 million-plus for 4Q2022, a sharp turnaround from year-ago losses as Lower 48 drilling expands. The oilfield services company, which previewed earnings on Wednesday, had reported net losses for the fourth quarter of 2021. “In contract drilling, average rig revenue per day benefited primarily from…

Onshore oilfield services provider Cactus Inc. has clinched a $621 million agreement to acquire FlexSteel Technologies Holdings Inc., giving it oomph to build out pipeline technologies used during a well’s lifecycle. Houston-based Cactus designs, manufactures, sells and rents a range of wellhead and pressure control equipment primarily for onshore unconventional oil and gas wells throughout…

Colombia’s Ecopetrol SA kept adding oil and gas production in the third quarter. In an earnings call last month, CEO Felipe Bayón cited deepwater gas discoveries in the Caribbean in the Gorgon-2 with partner Shell plc, and another find by subsidiary Hocol SA in Cordoba department. He said this reiterates “Colombia’s potential for gas, the…

Argentina’s YPF SA is aiming to sanction an LNG export project by the end of 2023, according to CFO Alejandro Lew. Lew and CEO Pablo Iuliano hosted a call earlier this month to discuss the 51% state-owned oil and gas company’s third-quarter results. YPF and Malaysian national oil company Petronas signed a memorandum of understanding…

With LNG exports seen driving U.S. natural gas demand growth over the coming years, Devon Energy Corp. is positioning itself to capitalize on premium global gas prices, management said Wednesday.  In a call to discuss the Lower 48 producer’s third quarter earnings, CEO Rick Muncrief highlighted a partnership with Delfin Midstream Inc. that would see…

With oil and natural gas development rising, Tulsa-based driller Helmerich & Payne Inc. (H&P) is on course to achieve the best economic returns in eight years, CEO John Lindsay said recently.  “We are beginning to recognize economic returns at levels that we have not experienced since 2014,” Lindsay said during the fiscal fourth quarter quarter…

California regulators have issued a $1 million citation to Southern California Edison (SCE) for its involvement in the Easy Fire that occurred in October 2019 in Simi Valley. California Public Utilities Commission (CPUC) staff said SCE violated regulations for failing to install and maintain its 66 kV conductor and insulator adequately and safely in order…