Earnings

Appalachia’s CNX Balks at Merger Talk, while Antero Concentrates on Cost Cutting

Appalachia’s CNX Balks at Merger Talk, while Antero Concentrates on Cost Cutting

Appalachian pure-play CNX Resources Corp. indicated Thursday that a merger with any of its peers is likely out of the question when measured against current performance and the value it’s likely to create in the coming years.  “You’re going to need to find someone who is not going to weaken or dilute our best in…

October 30, 2020
PG&E Turns a Profit, Looks for New Leadership Post-Restructuring

PG&E Turns a Profit, Looks for New Leadership Post-Restructuring

Fresh out of bankruptcy reorganization, PG&E Corp. and combination utility Pacific Gas & Electric Co. (PG&E) expect to have a new executive team in place by the end of this year, management said Thursday. Interim CEO Bill Smith discussed the restructuring process and responses to recent wildfires in Northern California during a 3Q2020 earnings conference…

October 30, 2020
Shell Capitalizing on Energy Transition, Growing Demand for Carbon-Neutral LNG

Shell Capitalizing on Energy Transition, Growing Demand for Carbon-Neutral LNG

Royal Dutch Shell plc CEO Ben van Beurden acknowledged Thursday there may be some pain associated with the share price in constricting oil and gas activities as it moves toward a carbon-free goal, but customers “increasingly” are embracing the global energy transition. Customers are calling for more carbon-neutral fuel, oil and natural gas, including for…

October 29, 2020
Liberty Oilfield Finds Opportunities with Haynesville Entry, OneStim Takeover

Liberty Oilfield Finds Opportunities with Haynesville Entry, OneStim Takeover

Denver-based Liberty Oilfield Services Inc. proved the contrarian during the third quarter, and it appeared to pay off, as it acquired a top-tier pressure pumping business, gained entry into the gassy Haynesville Shale, and un-furloughed all of the employees who were sent home last spring in anticipation of brighter days ahead. Revenue jumped 67% from…

October 29, 2020
Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Boosts Bakken Oil Production, but Maintaining Only One Rig Until WTI Prices Improve

Hess Corp. said net production from its acreage in the Bakken Shale increased substantially in the third quarter, and it expects the full-year 2020 total to exceed year-earlier levels as the company weathers the pandemic’s demand shocks. The New York City-based independent said Wednesday Bakken net production rose 21% from a year earlier to 198,000…

October 29, 2020
SoCal Edison Power Line Possibly Sparks California’s Silverardo Wildfire

SoCal Edison Power Line Possibly Sparks California’s Silverardo Wildfire

A Southern California Edison Co. (SCE) power line may have been involved in the start of a wildfire raging in a foothills portion of Orange County, officials at parent company Edison International (EI) said Tuesday. SCE earlier this week told state regulators the 11,000-acre Silverado Fire in Orange County was 5% contained, and there “was…

October 29, 2020
Matador Not Looking for Merger, but Any ‘Serious Offer’ Gets ‘Serious Consideration’

Matador Not Looking for Merger, but Any ‘Serious Offer’ Gets ‘Serious Consideration’

Dallas-based independent Matador Resources Co., in sync with its midstream affiliate, pulled out all stops in the third quarter by reducing costs at a record rate while it boosted its oil and natural gas production. The portfolio stretches across oil- and natural gas-rich basins of Louisiana and Texas, but operations primarily are directed to the…

October 28, 2020
Pemex Betting on Priority Fields as Oil, Gas Production Barely Budges in 3Q

Pemex Betting on Priority Fields as Oil, Gas Production Barely Budges in 3Q

Management at Mexico’s Petróleos Mexicanos (Pemex) thinks its strategy to focus on 20 new priority fields is starting to pay dividends, with 123,000 b/d of new production added from 15 producing areas by the end of September. Thirteen wells were drilled at the priority fields during the third quarter, and the company will complete and…

October 28, 2020
Concho’s Permian Costs Decline 27%, Production Lower Too

Concho’s Permian Costs Decline 27%, Production Lower Too

Permian Basin heavyweight Concho Resources Inc., now in a quiet period as the mega-merger with ConocoPhillips is readied, said its oil and gas production, along with profits, declined in the third quarter. Earlier this month, Houston-based ConocoPhillips clinched an all-stock takeover of Concho worth $9.7 billion. The Midland, TX-based independent is the fifth-largest producer in…

October 28, 2020
Enterprise Says Petchem Demand Robust, Forecasts Possible Oil Price Rebound Later in 2021

Enterprise Says Petchem Demand Robust, Forecasts Possible Oil Price Rebound Later in 2021

Midstream giant Enterprise Products Partners LP executives said Thursday demand for petrochemical products has stayed resilient through the coronavirus pandemic, and said oil prices could see a boost as early as next year. “The global economy is in the early stages of reopening from a self-imposed sudden stop due to Covid-19,” said Enterprise’s Jim Teague,…

October 28, 2020
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