Earnings

Pacific Northwest Utilities Step Lightly on Different Paths Through Pandemic

Pacific Northwest Utilities Step Lightly on Different Paths Through Pandemic

Two Pacific Northwest natural gas-plus utilities reported Friday their separate approaches to maintaining essential services in the midst of the Covid-19 lockdown.

May 13, 2020
Mixed Results for MDU Utilities, Construction Amidst Covid-19

Mixed Results for MDU Utilities, Construction Amidst Covid-19

While its diverse operations continued to thrive, earnings growth didn’t follow for Bismarck, ND-based MDU Resources Group in 1Q2020 as it shifted gears internally to confront the coronavirus, senior executives said Friday.

May 12, 2020
Energy Transfer Says U.S. Oil Consumption Has Bottomed, Growth Ahead

Energy Transfer Says U.S. Oil Consumption Has Bottomed, Growth Ahead

Energy Transfer LP (ET) has found new ways to store products and has reduced spending for the year as it navigates the historic oil price collapse, but management for the Dallas-based midstreamer said the market has reached a bottom with improvement and growth for the remainder of the year.

May 12, 2020
PDC Shutting in Up to 30% of Oil, Gas Volumes in May, Likely Longer

PDC Shutting in Up to 30% of Oil, Gas Volumes in May, Likely Longer

Denver-based PDC Energy Inc., which produced about 185,000 boe/d in 1Q2020 from the combined Wattenberg field in Colorado and the Permian Basin, is curtailing 20-30% of its oil and gas volumes this month, with additional curtailments likely in June and potentially longer, depending on the direction of prices.

May 11, 2020
Sempra Records Liabilities for Aliso Natural Gas Storage

Sempra Records Liabilities for Aliso Natural Gas Storage

Sempra Energy has revealed a one-time $72 million charge for litigation related to the 2015-16 methane leak at the Southern California Gas Co. (SoCalGas) Aliso Canyon Storage Field.

May 11, 2020
Continental Curtails 70% of Oil Production on Supply Glut, Coronavirus

Continental Curtails 70% of Oil Production on Supply Glut, Coronavirus

Continental Resources Inc., the biggest operator in the Bakken Shale, said it dramatically cut oil production and intends to reduce its rig count after posting a steep first quarter loss amid the cratering in oil prices.

May 11, 2020
Goodrich CEO Strikes Upbeat Tone on Natural Gas Price Outlook

Goodrich CEO Strikes Upbeat Tone on Natural Gas Price Outlook

Goodrich Petroleum Corp. tapered production in the first quarter and further lowered its capital expenditures (capex) for 2020 in response to low natural gas prices spurred by a mild winter and amplified by the coronavirus pandemic that took hold in March.

May 11, 2020
Ovintiv Keeping Eye on Natural Gas Prices as Shut-ins Reduce Output by 65,000 Boe/d

Ovintiv Keeping Eye on Natural Gas Prices as Shut-ins Reduce Output by 65,000 Boe/d

Denver-based Ovintiv Inc., whose broad oil and natural gas portfolio runs across the Permian and Anadarko basins and the Montney formation in Canada, is shelving some onshore work in the Eagle Ford, Bakken, Uinta and Duvernay formations, but it’s keeping a sharp eye on the direction of natural gas prices to determine when to boost activity.

May 11, 2020
New Fortress Energy Working Through LNG Surplus, But Eyeing Cheaper Supplies for Growth

New Fortress Energy Working Through LNG Surplus, But Eyeing Cheaper Supplies for Growth

New York City-based New Fortress Energy LLC (NFE) has more liquefied natural gas (LNG) supply than it needs for customers in the Carribean as the Covid-19 pandemic has cut into economic activity and use of the fuel for power generation across the region.

May 8, 2020
Comstock Hedging Props Up Haynesville Natural Gas Prices; CEO Sees ‘Healthier’ Supply Outlook

Comstock Hedging Props Up Haynesville Natural Gas Prices; CEO Sees ‘Healthier’ Supply Outlook

Comstock Resources Inc., which works in the Haynesville and Bakken shales, grew natural gas sales year/year and, thanks to hedging gains, better-than-average gas prices.

May 8, 2020