Crestwood Equity Partners LP is on track to achieve its 2021 planned guidance and reduce debt after a strong operating quarter, particularly in the Bakken Shale, where higher commodity prices led to double-digit volume growth year/year. The Houston-based midstreamer also closed on one of several strategic transactions aimed at simplifying the corporate structure. The deals…
Earnings
Articles from Earnings
NOV Forecasting Oilfield Business Rebound as E&P Customers Get Back to Work, Restock Equipment
Houston-based NOV Inc. faced challenging conditions for its rig equipment and technology in the first quarter, but as activity in North America and overseas improves, business should improve going forward, CEO Clay Williams said Wednesday. Williams, who held court to discuss the first quarter during an hour-long conference call, said the latest results reflected the…
Range Gets Boost from Natural Gas, NGL Pricing
Range Resources Corp. got a boost from improved commodity pricing in 1Q2021, including a 44% rise in natural gas prices and a 77% increase in natural gas liquids (NGL) prices. The Appalachian Basin pure-play on Tuesday reported an average realized natural gas price of $2.58/Mcf compared to $1.74/Mcf a year ago. Range also reported an…
Precision’s U.S., Canada Contract Drilling Escalating Quickly as Outlook ‘Substantially improved’
U.S. drilling activity has improved “a little faster than we expected,” with more customers opting to activate rigs using natural gas and blended gas systems, Precision Drilling Corp. CEO Kevin Neveu said last week. Sharing a microphone with his management team, Neveu held court last Thursday to discuss the Calgary-based operator’s performance in the first…
BP Proves Natural Gas, Oil Still Reign as Profits Triple on Henry Hub, Brent Prices
With natural gas and oil trading crushing it in the first quarter, BP plc proved that even as it transitions to net zero emissions, it’s still a major fossil fuel producer, with rising global demand likely to accelerate profits through the year. The London-based operator, which now prefers to be tagged as an “integrated energy…
Latin American Outlook Improving for Oil and Natural Gas Activity, Say OFS Giants
The outlook for oil and gas exploration and production (E&P) in Latin America is improving as demand and prices strengthen, according to the first quarter earnings reports by the top three oilfield services (OFS) titans. Schlumberger Ltd, Halliburton Co. and Baker Hughes Co. each reported sequential revenue increases from the region, with management teams forecasting…
Energy Majors, E&P Earnings Seen Riding Tailwinds from Natural Gas, Liquids Pricing
First quarter earnings for the energy majors and a slew of big U.S. independents will take the spotlight this week, with financial leverage likely to be on the minds of investors and analysts. For the energy majors, BP plc is set to release its results on Tuesday. Equinor ASA, Repsol SA and Royal Dutch Shell…
Schlumberger’s North American Land Activity Accelerates, with Momentum Building Overseas
Schlumberger Ltd.’s management team on Friday said it returned to form in the first quarter, with the expectation global oil and natural gas activity could return to pre-pandemic levels by 2022. CEO Olivier Le Peuch held court during a conference call from Houston, where he shared an optimistic vision for the world’s No. 1 oilfield…
Valero Makes Case for U.S. Carbon Tax as Renewable Diesel, CCS Options Grow
Valero Energy Corp., whose renewable fuels arm is expanding, signaled Thursday that the most efficient way to reduce U.S. emissions could be via a carbon tax. The San Antonio-based global refining giant’s management team shared a microphone to discuss first quarter performance and the outlook for the year. Valero has plenty of skin in the…
Kinder Morgan Nudges Spending Higher After Scoring Higher Natural Gas Prices in Texas Freeze
The performance of the Kinder Morgan Inc. (KMI) natural gas pipeline and storage assets during Winter Storm Uri drove a roughly $1.7 billion year/year earnings increase for the first quarter, leading it to raise full-year profit forecasts. CEO Steven Kean said KMI took several actions prior to and during February’s historic freeze to ensure the…