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360 Articles

Halliburton Doubles Operating Income

Halliburton Doubles Operating Income

Oilfield service giant Halliburton Company (NYSE: HAL) reported Q2 income from continuing operations of $511 million, or $0.58 per diluted share. This compares to reported income from continuing operations for the first quarter of 2018 of $46 million, or $0.05 per diluted share, and adjusted income from continuing operations for the first quarter of 2018 of $358 million, or $0.41[Read More…]

Baker Hughes 2Q: Orders Rose 15% Sequentially, 9% Annually

Baker Hughes 2Q: Orders Rose 15% Sequentially, 9% Annually

Financial Highlights Orders of $6.0 billion for the quarter, up 15% sequentially and up 9% year-over-year on a combined business basis Revenue of $5.5 billion for the quarter, up 3% sequentially and up 2% year-over-year on a combined business basis GAAP operating income of $78 million for the quarter, increased $119 million sequentially and increased $223 million year-over-year on a[Read More…]

July 20, 2018 - 5:53 pm 360 Articles, Closing Bell Story, Earnings
Schlumberger Sees Sequential Revenue Increase

Schlumberger Sees Sequential Revenue Increase

Schlumberger (NYSE: SLB) reported results for the second quarter of 2018 highlighted by sequential revenue increases and the mobilization of 29 new rigs for its international drilling business. The company also said it had removed one complete layer of its management and support structure. Financial Highlights Revenue of $8.3 billion increased 6% sequentially Pretax operating income of $1.1 billion increased[Read More…]

July 20, 2018 - 5:42 pm 360 Articles, Closing Bell Story, Earnings
BAM: It’s Earnings Season (Again) – Here are the Q2 2018 Oil & Gas Company Estimates

BAM: It’s Earnings Season (Again) – Here are the Q2 2018 Oil & Gas Company Estimates

Seems like just yesterday it was Q1 reporting season. But time accelerates quarterly in the public company universe and it’s already that time again. Schlumberger (ticker: SLB) reports tomorrow. EnerCom, Inc. has compiled second quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 115 E&P and 83 Oilfield Service companies in the EnerCom database.[Read More…]

Blackbird Energy Reports Record Quarter

Blackbird Energy Reports Record Quarter

Blackbird Energy, Inc. (TSX-V:BBI) announced that for the three months ended April 30,2018 the company achieved a record high of $6.4 million ($49.81/BOE) of petroleum and natural gas sales, a 94% increase year-over-year for Blackbird. Blackbird was only able to produce for 70% of the quarter thanks to unscheduled third-party downtime, but managed a three month average of 1,447 BOEPD.[Read More…]

June 27, 2018 - 3:04 pm 360 Articles, Closing Bell Story, Earnings
Steve Chazen’s Magnolia Assets: Q1 2018 Results

Steve Chazen’s Magnolia Assets: Q1 2018 Results

TPG Pace Energy Holdings Corp. (ticker: TPGE), an energy-focused special purpose acquisition entity led by former Occidental Petroleum Corporation CEO Steve Chazen, disclosed certain financial and operating results for the first quarter of 2018 for the Karnes County and Giddings Field assets (the Magnolia assets) that TPGE is under definitive agreements to acquire from affiliates of EnerVest, Ltd. The Magnolia[Read More…]

Rosehill Resources Produced More Than 18,000 BOEPD in April 2018

Rosehill Resources Produced More Than 18,000 BOEPD in April 2018

Rosehill cuts Loving County spud-to-TD time in half Rosehill Resources Inc. (ticker: ROSE) reported a net loss attributable to Rosehill of $1.3 million, or $(0.22) per share. Rosehill said this loss included an $18.2 million non-cash, pre-tax loss on commodity derivative instruments. For the quarter, Rosehill incurred capital costs of $96 million. Operations Rosehill grew average net first quarter production[Read More…]

May 15, 2018 - 5:13 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Goodrich Petroleum: Focused on Haynesville through 2019

Goodrich Petroleum: Focused on Haynesville through 2019

All CapEx in 2018 and 2019 focused on Haynesville Goodrich Petroleum Corporation (ticker: GDP) had a net loss of $5.3 million in the first quarter of 2018, or $(0.47) per share. Capital expenditures totaled $21 million in the quarter, of which $20.6 million was spent on D&C and $0.4 million on other expenditures, Goodrich said. All of Q1’s total capital[Read More…]

May 15, 2018 - 5:06 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Gulfport Energy Scores Big Gas Wells in the SCOOP

Gulfport Energy Scores Big Gas Wells in the SCOOP

Expects to fund all $780 million CapEx within cash flow in 2018 Gulfport Energy Corporation (ticker: GPOR) provided an update on two notable SCOOP well results. During its initial 30 days of production, the Lilly 3-15X10H cumulatively produced 395.5 MMcf of natural gas and 9.6 thousand barrels of oil. On a three-stream basis, the Lilly 3-15X10H produced at an average[Read More…]

May 15, 2018 - 4:59 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Lonestar Resources Hits 10 MBOEPD in April, Increases Full Year Guidance

Lonestar Resources Hits 10 MBOEPD in April, Increases Full Year Guidance

Texas-based E&P Lonestar Resources US Inc. (ticker: LONE) reported a net loss attributable to its common stockholders of $18.5 million, or ($0.75) per share in Q1 2018. The company produced 7,777 BOEPD on average in the quarter. CEO Frank D. Bracken, III, said, “In the first quarter, production increased by 48% and realized prices after hedging rose 24%, resulting in[Read More…]

May 14, 2018 - 3:25 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Courtesy of Extraction Oil & Gas, Inc.

Extraction Oil & Gas Targets Positive All-In Free Cashflow in 2H 2018

Extraction Oil & Gas, Inc. (ticker: XOG) reported a net loss of $52 million for Q1 2018, or $(0.32) per share. First quarter average net sales volumes were 68,874 BOEPD, including 36,052 BPD of crude oil, an increase of 106% year-over-year and 4% sequentially. During the quarter, Extraction reached total depth on 41 gross (27 net) wells with an average[Read More…]

WildHorse Resource Produced 52.4 MBOEPD in Q1

WildHorse Resource Produced 52.4 MBOEPD in Q1

WildHorse Resource Development Corporation (ticker: WRD) reported a net loss available to common stockholders of $123.2 million in Q1 2018, or $(1.24) per share. Net production was 52.4 MBOEPD for the quarter, consisting of 60% oil, 31% natural gas and 9% NGLs. The company said it realized 103% of WTI during Q1 2018. “In 2018, we are further optimizing our[Read More…]

Courtesy of HighPoint Resources

HighPoint Resources Drops Completion Time to 4.2 Days per Well; Wants to Bring Second Rig to Hereford

HighPoint Resources Corporation (ticker: HPR) reported a net income loss of $24.9 million, or $(0.20) per share for the first quarter of 2018. HighPoint produced 1.91 MMBoe in the quarter, which was at the midpoint of its guidance range of 1.8-2.0 MMBoe. Wattenberg For Q1 2018, the NE Wattenberg produced 20,845 BOEPD (59% oil), representing 47% growth over the first[Read More…]

May 10, 2018 - 3:27 pm 360 Articles, Closing Bell Story, E&P, Earnings, Fracing, Midstream
OXY’s New Mexico Permian Wells Coming in with IP-30s of 3,100 BOEPD

OXY’s New Mexico Permian Wells Coming in with IP-30s of 3,100 BOEPD

Occidental Petroleum Corporation (ticker: OXY) reported a core income of $708 million for the first quarter of 2018, or $0.92 per diluted share. Total average daily production volumes were 609,000 BOE for the first quarter of 2018, compared to 621,000 BOE in the fourth quarter of 2017. Permian average daily production volumes improved from the prior quarter by 18,000 BOE,[Read More…]

Cimarex Produced 206 MBOEPD in Q1, with 55% from the Permian

Cimarex Produced 206 MBOEPD in Q1, with 55% from the Permian

Cimarex running 13 rigs: 10 in the Permian, 3 Mid-Con Cimarex Energy Co. (ticker: XEC) reported first quarter 2018 net income of $186.3 million, or $1.96 per share. Total company production for the quarter came in at the high end of guidance, Cimarex said, averaging 206.1 MBOEPD, with oil production averaging 65,212 BPD. Cimarex invested $313 million in exploration and[Read More…]

May 9, 2018 - 5:54 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Bonanza Creek Energy Bumps XRL Type Curves by 35%

Bonanza Creek Energy Bumps XRL Type Curves by 35%

Bonanza Creek Energy, Inc. (ticker: BCEI) posted a net income of $13.9 million, or $0.68 per share for the first quarter of 2018. Last year, the company had a net loss of $94.3 million, or $(1.91) per diluted share – the net loss in Q1 2017 was driven by reorganization items of $89.0 million, Bonanza Creek said. Exceeding its original[Read More…]

May 9, 2018 - 5:49 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Courtesy of RSP Permian

Futures Curve with Severe Backwardation is Laughable: Papa

CDEV likes oil’s prospects and New Mexico well results Centennial Resource Development, Inc. (ticker: CDEV) reported a net income of $66.1 million, or $0.25 per share for Q1 2018. The company’s average daily net production was 54,069 BOEPD for the quarter. “We saw consistent well performance during the quarter, with the average well producing approximately 1,200 barrels of oil per[Read More…]

Sanchez Energy Produced 80.5 MBOEPD in Q1

Sanchez Energy Produced 80.5 MBOEPD in Q1

Sanchez Energy Corporation (ticker: SN) reported a net loss of $4.8 million for the first quarter 2018, or $(0.30) per share attributable to common stockholders. The quarter included $24.4 million in non-cash mark-to-market losses related to hedging activities, Sanchez said. Production Sanchez had production of ~7.3 MMBOE, or 80,572 BOEPD in Q1 2018. According to Sanchez, the company’s first quarter[Read More…]

May 9, 2018 - 2:39 pm 360 Articles, Closing Bell Story, E&P, Earnings, Fracing
Carrizo Oil & Gas Expects Production Near 60 MBOEPD in 2018

Carrizo Oil & Gas Expects Production Near 60 MBOEPD in 2018

Eagle Ford, Delaware drilling and completions are moving the needle Carrizo Oil & Gas, Inc. (ticker: CRZO) had a net income of $14.7 million, or $0.18 per share in Q1 2018. The company went above the high-end of its guidance range, producing 51,257 BOEPD in the quarter. Carrizo said that the increased production was due to its recent A&D activity.[Read More…]

Eclipse Resources Finds Its Marcellus Wells’ Decline Curve “Much Gentler” than Expected

Eclipse Resources Finds Its Marcellus Wells’ Decline Curve “Much Gentler” than Expected

Eclipse Resources Corporation (ticker: ECR) reported a net loss for Q1 2018 of $2.6 million, or $(0.01) per share. Average net daily production was 315.2 MMcfe/d, consisting of 72% natural gas and 28% liquids. The company had realized an average oil price, before the impact of cash settled derivatives, of $56.52 per barrel, a $6.39 per barrel discount to the[Read More…]

May 8, 2018 - 4:10 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Courtesy of Liberty Oilfield Services Inc.

Liberty Oilfield Services Grows Frac Fleet

Liberty Oilfield Services Inc. (ticker: LBRT) reported a net income of $54 million in Q1 2018 and the company deployed its frac fleets 20 and 21, under dedicated arrangements with existing customers in the quarter. For the first quarter of 2018, revenue grew 10% to $495 million from $449 million in the fourth quarter of 2017. Liberty said that Q1[Read More…]

Multi-Basin Contango Pushes Permian Action – Looking for Eight More Southern Del Wells

Multi-Basin Contango Pushes Permian Action – Looking for Eight More Southern Del Wells

Contango Oil & Gas Company (ticker: MCF) posted a net income of $0.9 million, or $0.04 per share for Q1 2018. Production for the first quarter of 2018 was approximately 4.5 Bcfe, or 50.0 MMcfe/d. President and CEO Allan D. Keel said, “We now have eight wells on production, with two more to come on in early July from the[Read More…]

May 7, 2018 - 5:26 pm 360 Articles, Closing Bell Story, E&P, Earnings, Fracing, Midstream
RSP Permian Earns $90 Million, Production Up 39%

RSP Permian Earns $90 Million, Production Up 39%

RSP Permian Inc. (ticker: RSPP) posted a Q1 2018 net income of $89.6 million, or $0.57 per diluted common share. Production for the quarter increased 39% to 62.8 MBOEPD (72% oil, 87% liquids) compared to Q1 2017. Drilling The company operated seven horizontal rigs and three full-time completion crews during the first quarter of 2018 (third crew added in late[Read More…]

Pioneer Selling Oil at Premium Pricing, Looks to Add 250-275 Wells to Production in 2018

Pioneer Selling Oil at Premium Pricing, Looks to Add 250-275 Wells to Production in 2018

Forecasts cashflow of approximately $3.2 billion at current strip prices for the remainder of 2018 – $66 per barrel for oil and $2.80 per Mcf for natural gas Running 20 Permian Hz rigs Pioneer Natural Resources Company (ticker: PXD) reported Q1 2018 net income of $178 million, or $1.04 per diluted share. Companywide production was 312 MBOEPD in the quarter,[Read More…]

Courtesy of WPX Energy

WPX Energy: Daily Production 76% Higher than Year Ago

WPX Energy, Inc. (ticker: WPX) reported a net loss of $119 million, or $(0.30) per common share for the first quarter of 2018. Production for the quarter reached 102.7 MBOEPD, a 6% sequential increase over Q4 2017 and 76% higher than Q1 2017. WPX had oil volumes of 65,800 BOPD. WPX completed 36 gross operated wells (34 net) in its[Read More…]

Courtesy of Chesapeake

Chesapeake “Reinvents the Utica”

Chesapeake Energy Corporation (ticker: CHK) reported net income available to common stockholders of $268 million, or $0.29 per share for Q1 of 2018. Chesapeake’s average daily production for the first quarter of 2018 was approximately 554,000 BOE, compared to approximately 528,000 BOE in Q1 2017. Chesapeake reported an average rig count of 15 in Q1 2018, with 77 gross wells[Read More…]

May 2, 2018 - 5:19 pm 360 Articles, Closing Bell Story, E&P, Earnings, Fracing
Permian Juggernaut Concho Resources Reports $835 Million Net Income for Q1

Permian Juggernaut Concho Resources Reports $835 Million Net Income for Q1

Producing 228 MBOEPD, Running 20 Rigs Concho Resources Inc. (ticker: CXO) bought home a net income of $835 million, or $5.58 per diluted share for Q1 2018. Last year at this reporting period, Concho had a net income of $650 million, or $4.37 per share. Additionally, the company said it has reduced its total debt by $320 million in Q1[Read More…]

Demand for Frac Sand is “Insatiable”: Hi-Crush CEO

Demand for Frac Sand is “Insatiable”: Hi-Crush CEO

Hi-Crush Partners LP (ticker: HCLP) reported a Q1 2018 net income of $53.1 million, or $0.59 per diluted share. Revenues for the quarter totaled $218.1 million on sales of 2,617,627 tons of frac sand. Capital expenditures in Q1 2018 were $11.9 million and the company estimates a full year CapEx of $35-$45 million. “We were successful in growing our financial[Read More…]

Noble Earns $554 Million in Q1

Noble Earns $554 Million in Q1

Noble Energy, Inc. (ticker: NBL) started off 2018 by reporting first quarter net income of $554 million, or $1.14 per share. Adjusted net income and adjusted net income per share attributable to Noble for the quarter was $172 million, or $0.35 per share. The company has poured $671 million into its upstream operations, with 75% deployed to U.S. onshore plays[Read More…]

Courtesy of Encana

Encana Sees 30% Growth within Cash Flow

Encana Corporation (ticker: ECA) opened 2018 with Q1 net earnings of $151 million. This compares to Q1 2017’s net earnings of $431 million. Cash generated from operating activities reached $381 million, which compares to $106 million in Q1 2017. Encana’s first quarter production totaled 324,400 BOEPD, of which the company’s core assets contributed 307,500 BOEPD. Total liquids production grew by[Read More…]