Earnings

Rising construction costs are likely to give brownfield liquefied natural gas (LNG) projects an extra advantage over greenfield sites as planned developments move toward sanction, Sempra CEO Jeff Martin said Thursday. “Greenfield projects tend to have a little bit of a higher per-unit cost than brownfield projects, Martin said during the 2Q2021 earnings call. “This…

Increased production and prices of all commodities propelled an improved performance by Canadian independent Tamarack Valley Energy Ltd. during the first six months of this year. As the Covid-19 pandemic faded, Tamarack oil and natural gas liquids production jumped by 37% to average 18,751 b/d during January through June this year. Natural gas output grew…

The world’s largest direct air capture (DAC) facility, designed to zap up to 1 million metric tons/year of carbon dioxide (CO2) emissions from the Permian Basin, is tracking to start up by early 2024, Occidental Petroleum Corp. CEO Vicki Hollub said Wednesday. Oxy, as it is better known, issued its second quarter results on Wednesday.…

EOG Resources Inc. increased oil and natural gas production during the second quarter. Still, the Houston-based independent’s executives, wary of the pandemic’s potential, said they had no immediate plans to further ramp up output. “We’re not going to grow until the market clearly needs the barrels,” President Ezra Yacob told analysts during a call Thursday…

Cheniere Energy Inc. reported record liquefied natural gas (LNG) exports from its terminals in Louisiana and Texas during the second quarter, when demand surpassed expectations as the global market tightened further.  The largest U.S. gas exporter loaded 139 cargoes, or 496 TBtu of LNG, in the second quarter. Results shattered a previous record of 133…

It’s already completed a big Lower 48 takeover this year, but Devon Energy Corp. isn’t ruling out making a bid on more oil and natural gas assets, the CEO said Wednesday. Over the last couple of weeks, rumors have swirled that Royal Dutch Shell plc may sell its Permian Basin portfolio, estimated to be worth…

U.S. midstream giant Energy Transfer LP said its natural gas storage and pipeline operation along with its natural gas liquids (NGL) business helped drive stronger second quarter 2021 earnings. The Dallas-based company also said a newly operational expansion project is boosting its transports of oil in the current quarter. Energy Transfer, whose pipelines held up…

Pioneer Natural Resources Co. will accelerate disbursing a variable dividend for shareholders amid a bullish commodity cycle and improved efficiencies across its one million acre-plus footprint in the Permian Basin, management said this week. “We are witnessing strong oil demand growth as the global macroeconomic environment continues to improve, with a corresponding improvement in commodity…

Houston-based Callon Petroleum Co. expects to control more than 110,000 net acres in the Permian Basin’s Delaware formation after clinching an estimated $788 million cash-and-stock deal to buy private explorer Primexx Energy Partners Ltd.  Primexx, headquartered in Dallas, has around 35,000 net acres in the Delaware sub-basin within Reeves County in West Texas. The partnership…