EQT Corp., which on Thursday reported a larger year/year loss for the third quarter, said that it expects a pair of 2021 deals to lower its firm gas transportation costs by about 5 cents/Mcfe going forward. In one deal, EQT reached an agreement to sell down up to 525 million Dth/d firm transportation capacity on…
Earnings
Articles from Earnings
Range Resources Not Chasing Natural Gas Production Growth Despite Stronger Prices
Range Resources Corp., one of the largest natural gas producers in the Appalachian Basin, has no plans to increase drilling activity despite prices trading at their highest levels in years. “Our key strategic objectives continue to emphasize free cash flow generation, balance sheet strength and ultimately returning capital to shareholders — all of those are…
Shell Fails to Gain from High Natural Gas Prices in 3Q, and Faces Investor Call to Split Up
Royal Dutch Shell plc CEO Ben van Beurden came out swinging on Thursday against activist calls to break up the company to improve financial and environmental performance. Van Beurden and CFO Jessica Uhl helmed a conference call to discuss the third quarter results. Shell’s strategy has come under fire from climate activists and courts, but…
Liberty Oilfield Activity, Prices Rising, but ‘Serious Supply Chain Issues’ Impact 3Q
An uptick in North American oil and natural gas activity, brought about because of the tight global commodity markets, has “bolstered demand” for Liberty Oilfield Services Inc.’s completions services and set it up for a strong 2022, CEO Chris Wright said Wednesday. With heightened demand to drill, more customers today also are looking for “modern,…
NOV’s Global Oil, Gas Orders Surpass Shipments, but Covid ‘Disruptions’ Stymie Supply Chain
Surging oil and natural gas prices drove higher global demand for NOV Inc.’s oilfield services in the third quarter as orders eclipsed shipments, but “pandemic-related supply chain issues” pressured some projects, CEO Clay Williams said Wednesday. Williams and his management team discussed the Houston-based operator’s third quarter performance and the outlook ahead during a conference…
Crestwood Expanding in Williston, Permian with $1.8B Oasis Midstream Takeover
Crestwood Equity Partners LP said Tuesday it has agreed to pay $1.8 billion in equity and cash, including debt, for Oasis Midstream Partners LP, expanding its foothold in two of the Lower 48’s prized oil basins. The deal expands Crestwood’s midstream footprint in the Williston Basin and the Permian Basin’s Delaware sub-basin. The firms said…
Latin America Oil, Natural Gas Activity Rebounding as Market Tightens
Oil and natural gas activity in Latin America is resurgent after a severe pandemic-driven downturn, according to the CEOs of three oilfield services giants. The chief executives of Halliburton Co., Schlumberger Ltd. and Baker Hughes Co. each cited a substantially improved outlook for the region in their third-quarter earnings calls last week. Halliburton reported a…
Chart Industries Hit by Supply Chain Woes, but Demand Remains Strong for Oil, Natural Gas Products
Chart Industries Inc. wrestled with inflationary pressures and operational challenges during the third quarter that weighed on results, but the company stressed that it continues to see “broad-based” demand for its products. Chart engineers and manufactures equipment, including systems to liquefy hydrocarbons, hydrogen and helium. Like other industrial companies, supply chain, labor and logistics challenges…
Valero Says Gasoline Sales Near Pre-Pandemic Levels, Natural Gas-to-Oil Switching Imminent
Management of refining giant Valero Energy Corp. painted a bullish picture for oil products demand on Thursday, citing low inventories and surging global natural gas prices among factors boosting healthy crack spreads for U.S. refineries. “Refining margins were supported by strong recovery in product demand coupled with product inventories falling to low levels during the…
Schlumberger Sees E&P Activity Climbing as Oil, Natural Gas Investments Accelerate
The global oil and natural gas upcycle has begun, with more capital spending set to flow into the onshore and offshore heading into 2022, Schlumberger Ltd. CEO Olivier Le Peuch said Friday. The head of the world’s largest oilfield services (OFS) company shared a bullish view of the energy markets during a third-quarter conference call…