Enterprise Products Partners LP executives said the company emerged from the depths of 2020 relatively unscathed, producing profits and upbeat about both the year ahead and long-term prospects. The executives during a conference call Wednesday to discuss fourth quarter and full-year 2020 results, noted they are optimistic despite the change of power in Washington, DC,…
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Articles from Earnings
In Wake of Earnings Slump, ExxonMobil Critics Call for Greater Change
Agitated by activist investors, ExxonMobil this week promised substantial new investments to combat the effects of climate change and announced the election of a new director as part of what it called a broader board “refreshment.” However, activist investor Engine No. 1 LLC said the changes were insufficient. The San Francisco firm said it stood…
MPLX’s 2021 Capex Lower, Preparing for Long Post-Covid Recovery
The Marcellus Shale and Permian Basin remain growth areas for MPLX LP, but the operator plans to put more of an emphasis on “strict” capital and cost discipline going forward as uncertainty regarding the Covid-19 pandemic lingers. CEO Michael Hennigan said the midstream giant is targeting only $800 million in growth capital spending in 2021,…
Under Pressure, ExxonMobil Ups Ante Against Global Warming, Promises to Contain Overall Costs
ExxonMobil on Tuesday pledged $3 billion to lower emissions in a bid to bolster its environmental record even as it slashed overall capital spending and vowed to safeguard its dividend. Executives, while declining to directly address a news report that ExxonMobil and fellow supermajor Chevron Corp. had discussed a potential tie-up, also said they continue…
BP ‘Greening,’ as Oil, Natural Gas Alternatives Evolve, Says Looney
BP plc CEO Bernard Looney is juggling dozens of balls as the supermajor ramps up oil and natural gas projects worldwide, but the focus long term, he said Tuesday, is centered on ways to expand the opportunities toward a low carbon future. Speaking from London during a webcast to discuss quarterly results, Looney said last…
ConocoPhillips Sees ‘External Pressures’ Mounting for Energy Industry as Biden Presidency Begins
The Lower 48 will again factor heavily into ConocoPhillips’ operating plans this year despite what the company’s chief executive said are “external pressures” facing the industry as the Biden administration appears ready to more actively regulate oil and natural gas operations. Meanwhile, the world’s largest independent continues grappling with a global economy weakened by the…
Chevron CEO Cautious on Biden Climate Actions, but ‘Onerous’ Conditions May Push Investments Overseas
Chevron Corp. CEO Mike Wirth on Friday was optimistic that the supermajor could navigate near-term under a potential cap on federal leasing in the United States but he warned that if conditions were to deteriorate, “we have other places to take our dollars.” Wirth helmed a conference call with CFO Pierre Breber on Friday to…
CNX Reports Record-Breaking Fourth Quarter Despite Pandemic
Despite a volatile year marred by the Covid-19 pandemic, CNX Resources Corp. said it finished strong, delivering on a more cautious approach implemented early in 2020 when the virus spread across the world and weighed on energy demand. “2020 marked the most successful year we’ve seen as an” exploration and production company, “and frankly, as…
Hess Sees ‘Very Large’ Pent-Up Bakken Potential as Production Beats Expectations
Hess Corp. executives see the Bakken Shale continuing to drive significant cash flow for almost another decade, despite a moratorium on federal oil and natural gas leasing by the Biden administration. CEO John Hess told investors on Wednesday only 2% of the company’s Bakken acreage is on federal lands. The exploration and production (E&P) company…
‘Greater Visibility’ for Stronger E&P Activity by Private, Public Operators, says RPC Chief
Oil and gas supply and demand appears now to be heading in opposite directions, setting the stage for a potential upcycle in the industry, RPC Inc. CEO Richard A. Hubble said Wednesday. Hubble, who runs the Atlanta-based oilfield services (OFS) giant, discussed the fourth quarter performance and outlook for 2021 during a conference call. RPC…