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