Southern Company, among the largest U.S. electric and natural gas distribution companies, said Thursday it had signed a deal to sell Sequent Energy Management, its wholesale gas trading and services business, in a move to reduce risk. The Atlanta-based firm disclosed the planned sale, expected to close in the third quarter, along with its first…
Earnings
Articles from Earnings
Liberty Sees Slowly Improving Fracture Market, E&Ps More ‘Comfortable’ with OFS Price Hikes
Denver-based Liberty Oilfield Services Inc. is reporting a “slowly improving market” in the Lower 48 for pressure pumping services, with customer conversations becoming more constructive, CEO Chris Wright said Wednesday. Speaking during the 1Q2021 conference call, Wright noted that the oilfield services (OFS) operator has doubled the size of its platform since the start of…
Whitecap Returns to Profitability on Canada Oil, Gas Acquisitions and Higher Prices
Improved prices for increased oil, natural gas and liquids volumes, achieved in part on corporate takeovers, fueled a return to profitability by Canadian producer Whitecap Resources Inc. in the first three months of this year. Whitecap oil production volumes grew year/year to 64,795 b/d from 56,631 b/d, with natural gas volumes hitting 129 MMcf/d from…
Shell Profits on Stronger Natural Gas, Liquids Prices, Growing Global Energy Demand
Royal Dutch Shell plc saw better-than-expected profits in the first quarter as global demand for oil and natural gas soared along with prices. CEO Ben van Beurden during a conference call to discuss quarterly performance, said Shell was in a “pole position to benefit from the economic recovery” after posting the strong start for the…
Total Reports Big Gains on 1Q Oil, Natural Gas Prices
A considerable jump in global oil and natural gas prices during the first quarter supported a big gain in profits for French supermajor Total SE. Commodity prices were strong during the period as the world continued recovering from Covid-19, while colder weather in the northern hemisphere helped drive natural gas demand. Total said average oil…
Hess Considering Adding Third Bakken Rig on Strong Oil Prices
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 Teams Up with Opal Fuels for Minnesota RNG Project
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 Reports Strong 1Q Results, Growing Activity in Bakken, Permian, Powder River
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…
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…