Earnings

Hess Corp. is considering adding a third rig in the second half of 2021 in the Bakken Shale of North Dakota if oil prices remain strong, executives said during an earnings call. Adding a fourth rig in the future “would get output to 200,000 b/d and make the Bakken a $1 billion/year free cash flow…

NextEra Energy Inc. is diving into the renewable natural gas (RNG) game with plans to develop a landfill gas capture facility with fuels distributor Opal Fuels LLC. The utility, the self-described world’s largest producer of wind and solar energy, plans to work with Opal to replace an existing power generation facility with a new RNG…

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…

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 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…

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…

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…

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…

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…