Earnings

Global petroleum demand should reach pre-pandemic levels by early 2022, putting Saudi Arabia’s state-owned oil company in a sweet spot as it boosts production, executives said Monday.  Saudi Arabian Oil Co., aka Aramco, saw a 288% jump in profits from a year ago as oil prices jumped. Petroleum consumption is rising as vaccination rates improve…

Management at U.S. independent Comstock Resources Inc., which has made its name as a Haynesville Shale natural gas giant, is increasingly bullish on the Bossier formation as part of its strategy. Of the 21 wells the Frisco, TX-based company turned to sales in 2Q2021, only two were Bossier wells, management said during the second quarter…

Colombia’s Ecopetrol SA saw its production take a hit in the second quarter because of social unrest in the country but management foresees a strong recovery this year. Ecopetrol was also boosted in the second quarter by its joint venture (JV) with Occidental Petroleum Corp. in the Permian Basin’s Midland formation in West Texas. “Social…

After achieving profits that more than replaced losses incurred in the economic shock inflicted by the Covid-19 virus pandemic, Canadian Natural Resources Ltd. (CNRL) has announced a C$275 million ($220 million) budget increase for this year. The corporate budget increase by 8.5% to C$3.48 billion ($2.78 billion) has a green tinge. Around C$45 million ($36…

Marathon Oil Corp. CEO Lee Tillman promised investors during a quarterly conference call on Thursday that higher oil and natural gas prices would not move the company to increase capital spending this year. The Houston-based super independent, which has set a 2021 capital expenditure (capex) budget of $1 billion, generated $422 million of free cash…

Robust growth in Texas has led San Diego-based Sempra to crank up its five-year capital expenditures (capex), while the California utility counterparts are doubling down on renewable natural gas (RNG). During a 2Q2021 earnings conference call, senior executives said the utility holding company showed “strong operational and financial results.” Southern California Gas Co. connected to…

Edison International (EI) CEO Pablo Pizarro last Thursday (July 29) previewed what could be a prolonged fight with California regulators over recovery of costs by utilities for supporting statewide efforts to curb the impacts of wildfires and climate change. During a 2Q2021 earnings conference call, Pizarro made it clear that EI utility subsidiary Southern California…

Seneca Resources Co. LLC is increasing drilling and completion activity in anticipation of two Appalachian pipeline expansions that are expected to come online by the end of the year. “For the remainder of the year, we are on track with our plans to ramp up production to fill Leidy South and capture premium winter pricing,”…

Bismarck, ND-based MDU Resources Group Inc. sees growth in its infrastructure businesses building natural gas pipelines and supplying construction services and materials as the Biden administration’s omnibus infrastructure bill is near a vote. The Biden administration’s “infrastructure proposals will provide additional multi-year opportunities to some of our core businesses, such as surface transportation improvements, renewable…