Earnings

U.S. independent Hess Corp. said Wednesday it was moving forward with plans to ramp up drilling activity in the Bakken Shale amid continued commodity price strength. Hess plans to add a third rig in the Bakken in September, something it previously said it would consider if oil prices continued to improve. “We have been operating…

Crestwood Equity Partners LP expects the higher commodity prices that drove increased drilling and completion activity in the second quarter of 2021 to fuel even higher utilization of its assets in core areas for the remainder of the year. The Houston-based midstreamer’s gathering and processing (G&P) segment, which was hit hardest during last year’s Covid-induced…

Norwegian state player Equinor ASA logged lower overall U.S. oil and natural gas production in 2Q2021 primarily because of its recent Bakken Shale exit, but that decline was offset by growth in the gassy Marcellus Shale. Average daily equity production of liquids and gas was 391,000 boe/d in 2Q2021 compared with 405,000 boe/d in the…

Customers are craving the conventional and alternative energy technologies proffered by Houston’s NOV Inc., with the backlog sharply higher in the second quarter. However, CEO Clay Williams told investors Wednesday that “continuing supply chain challenges” and rising costs are a concern. Williams discussed the latest results and what he sees ahead during a wide ranging…

Mexico’s state oil company Petróleos Mexicanos (Pemex) posted a rare 14 billion-peso ($719 million) profit in the second quarter thanks to higher sales revenue. The oil giant had posted a $2 billion loss in the year-ago quarter.  Oil production rose to 1.736 million b/d in the second quarter compared with 1.673 million b/d in the…

The coal market is witnessing a resurgence in the United States as natural gas prices skyrocket and utilities turn to coal-powered generation, according to Alliance Resource Partners LP (ARLP) CEO Joseph Craft. “Commodity prices for each of our business segments have skyrocketed to levels not experienced in several years,” Craft said as second quarter earnings…

Appalachian pure-play Range Resources Corp. reported the highest natural gas liquids (NGL) premium to the Mont Belvieu, TX, benchmark in its history during the second quarter and recorded its best NGL price since 2014 as demand for fuels like ethane and propane has soared this year.  Range’s unhedged realized NGL price for the quarter was…

Precision Drilling Corp., whose operations extend across Canada, the Lower 48 and overseas, is running more rigs today than in the pre-pandemic days of 2019, with activations now underway, according to CEO Kevin Neveu. Speaking to investors during the 2Q2021 conference call, Neveu said the Calgary-based oilfield services giant delivered higher-than-expected revenue during 2Q2021.  In…

Increased production, improved prices and strong exports to the United States turned Canadian oilsands specialist Meg Energy Corp. profitable in the first half of 2021, reversing deep losses inflicted a year ago by the Covid-19 pandemic. The Calgary firm’s bitumen production in northeastern Alberta grew to a first-half 2021 average of 91,326 b/d from 83,622…