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Earnings in Brief: Six E&Ps and a Sand Supplier Announce 2018 Wins, Losses - Oil & Gas 360

Earnings in Brief: Six E&Ps and a Sand Supplier Announce 2018 Wins, Losses

2018 Earnings season gets ready for a wrap As oil and gas earnings are getting ready for the wrap party, a group of middle market producers and a proppant company announced earnings in the past few days, with key points summarized in brief below. Mid-Con Energy Partners Mid-Con Energy Partners, LP (NASDAQ: MCEP) announced operating and financial results for the[Read More…]

Investment Opportunities in Shale and Conventional Oil

Investment Opportunities in Shale and Conventional Oil

Buyside investors can meet with oil company management teams at EnerCom Dallas EnerCom has brought together a full slate of exploration and production companies for its Texas-based oil and gas investment conference—EnerCom Dallas. The conference will feature senior management teams from oil and gas companies that are developing assets in the major North American shale plays as well as conventional plays in[Read More…]

The C-Suite Changes at Schlumberger

The C-Suite Changes at Schlumberger

Schlumberger (NYSE: SLB) has named Olivier Le Peuch as Chief Operating Officer effective immediately. Le Peuch will be responsible for the day-to-day management of all worldwide operations for the oilfield services company.  SLB CEO Paal Kibsgaard said Le Peuch is expected to grow all aspects of Schlumberger’s operations. Le Peuch had been EVP reservoir & infrastructure, managing the Cameron product[Read More…]

February 8, 2019 - 2:54 pm 360 Articles, Closing Bell Story, Oilfield Services, People
One Fifth of U.S. Frac Fleets Are Idled, Liberty Estimates

One Fifth of U.S. Frac Fleets Are Idled, Liberty Estimates

Revenue falls 15% sequentially By Richard Rostad, analyst, Oil & Gas 360 Liberty Oilfield Services (ticker: LBRT) announced fourth quarter results today, showing $34 million in net income, or $0.27 per share. Liberty reported $473 million in revenue in Q4, down 15% sequentially but up 5% year-over-year. The company generated just under $13 million in adjusted EIBTDA per active frac[Read More…]

February 6, 2019 - 3:53 pm 360 Articles, Closing Bell Story, Earnings, Oilfield Services
ConocoPhillips Reports Its First Annual Profit Since 2014

ConocoPhillips Reports Its First Annual Profit Since 2014

Earned $6.3 billion in 2018 The country’s largest independent E&P announced fourth quarter results today as ConocoPhillips (stock ticker: COP) ($COP) showed earnings of $1.9 billion, or $1.61 per share. The company earned a total of $6.3 billion in 2018, or $5.32 per share. Conoco has been firing on all cylinders since mid-2017, and has reported six straight quarters of[Read More…]

Here is Where Drilling, Completions Are Going in 2019

Here is Where Drilling, Completions Are Going in 2019

Core Lab is testing Midland and Delaware, reveals trends for completions in 2019 Core Laboratories (stock ticker: CLB) announced fourth quarter results today and detailed some important trends it sees for the industry in 2019. Core Lab reported net earnings of $8.8 million, or $0.20 per share. The company reported 173.2 million in revenue in Q4, up 2% year-over-year. Permian[Read More…]

H&P Reports Utilization Rates Up Despite Oil Price Drop

H&P Reports Utilization Rates Up Despite Oil Price Drop

$19 million in quarterly earnings Helmerich & Payne (stock ticker: HP) announced quarterly results today, showing earnings of $19 million, or $0.17 per share. This result exceeds the $2.5 million in earnings H&P reported in the previous quarter, and is the first time H&P recorded two consecutive quarters of net income since early 2016. Quarterly revenue was also up, as[Read More…]

January 30, 2019 - 5:52 pm 360 Articles, Closing Bell Story, Oilfield Services
Schlumberger CEO Discusses U.S. Shale Slowing, International Activity Growing

Schlumberger CEO Discusses U.S. Shale Slowing, International Activity Growing

North American revenue down 12% sequentially Schlumberger (stock ticker: $SLB) kicked off the quarterly earnings season today, announcing net earnings of $538 million, or $0.39 per share. Schlumberger’s Q4 2018 results present a mixed comparison to its Q4 2017 results. At $8.2 billion, revenue is flat while operating income is down 16%. The company reported a loss last year, so[Read More…]

EnerCom Dallas investment conference

Registration is Open for EnerCom Dallas

Institutional investors can meet with management teams, hear 2019 operational plans from the oil and gas industry in Dallas, Texas – Feb. 27-28, 2019 Institutional investors, portfolio managers, financial analysts, CIOs and other investment community professionals who invest in the energy sector may now register for the EnerCom Dallas investment conference, coming to The Tower Club Feb. 27-28 in downtown[Read More…]

Hi-Crush Reports Second Kermit Facility Completed On Time and Under Budget

Hi-Crush Reports Second Kermit Facility Completed On Time and Under Budget

Sand volumes down YOY and sequentially Frac sand producers are feeling the recent oil price decline, according to an update from Hi-Crush Partners (stock ticker: HCLP). Hi-Crush reports it sold 1.98 million tons of sand in Q4 2018, compared to 2.78 million tons in Q3 2018 and 2.99 million tons in Q4 2017. While Hi-Crush expected some decline in sand[Read More…]

January 7, 2019 - 5:20 pm 360 Articles, Closing Bell Story, Oilfield Services
Halliburton CEO Miller Becomes Chairman

Halliburton CEO Miller Becomes Chairman

Lesar retires as exec chairman Halliburton (stock ticker: HAL) CEO Jeff Miller has been named chairman, effective Jan. 1, 2019, following the retirement of Executive Chairman Dave Lesar on Dec. 31, 2018. “I appreciate the confidence that the Board has placed in me,” Miller said in a statement. “Halliburton has a 100-year legacy of delivering industry-leading returns and superior customer[Read More…]

After Recent Oil & Gas M&A, Now Water Makes a $900-Million Splash

After Recent Oil & Gas M&A, Now Water Makes a $900-Million Splash

Seven water M&A deals have occurred over past month While mega deals among E&P companies has dominated recent M&A headlines, water infrastructure is changing hands at a very rapid pace. At least seven water M&A deals have been announced or closed in the past month. Only six E&P deals have been announced in the same period. Permian sees $560 million[Read More…]

Price Increase from U.S. Silica Does Not Apply to Frac Sand

Price Increase from U.S. Silica Does Not Apply to Frac Sand

One of the large frac sand providers, U.S. Silica Holdings, Inc. (stock ticker: SLCA), said today that its Industrial and Specialty Products business for silica sand will increase 2019 prices for most of its non-contracted silica sand and specialty products from 2 to 9 percent, depending on the product and grade. U.S. Silica VP of Investor Relations and Corporate Communications[Read More…]

December 5, 2018 - 1:57 pm 360 Articles, Closing Bell Story, Fracing, Oilfield Services
Hi-Crush will Supply Northern White Frac Sand to Chesapeake’s Marcellus and PRB Ops

Hi-Crush will Supply Northern White Frac Sand to Chesapeake’s Marcellus and PRB Ops

Chesapeake Energy (stock ticker: CHK) has signed up with Hi-Crush Partners LP (stock ticker: HCLP) for a new, long-term frac sand supply agreement for the in-basin purchase of Northern White frac sand to support Chesapeake’s completions program in the Marcellus and Powder River basins. Hi-Crush sells a substantial portion of its frac sand on long-term contracts which have current terms expiring between 2018 and 2024.[Read More…]

November 14, 2018 - 5:01 pm 360 Articles, Closing Bell Story, Fracing, Oilfield Services
Pioneer Flips Permian Basin Pressure Pumping Operation to ProPetro for $110 Million Cash plus 17% Ownership

Pioneer Flips Permian Basin Pressure Pumping Operation to ProPetro for $110 Million Cash plus 17% Ownership

Deal to sell Pioneer Pumping Services’ HHP, coiled tubing units and maintenance operations includes a long-term service contract to provide pressure pumping in the Permian Basin for up to a decade Pioneer Natural Resources Company (stock ticker: PXD) said it is selling its pressure pumping assets–Pioneer Pumping Services–to Midland-based ProPetro Holding Corp. (stock ticker: PUMP), and in the process locking up dedicated[Read More…]

Heard on the Call: Weatherford Targeting $1 Billion in Yearly EBITDA

Heard on the Call: Weatherford Targeting $1 Billion in Yearly EBITDA

Weatherford (ticker: WFT) reported third quarter results today, showing a net loss of $199 million, or ($0.20) per share. $1.44 billion in revenue, down from $1.45 billion in Q2 Net cash from operations of ($32 million) EBITDA of $195 million, up 56% year-over-year Increased segment operating income by 68% sequentially and by $123 million on a year-over-year basis. Reached an agreement with[Read More…]

Schlumberger CEO Sees Temporary U.S. Frac Slowdown

Schlumberger CEO Sees Temporary U.S. Frac Slowdown

Schlumberger CEO Kibsgaard says several key customers said they will lay down all their frac fleets from middle November until middle January No slowdown in international Houston-based oilfield services giant Schlumberger (ticker: SLB) reported its Q3 results Friday and CEO Paul Kibsgaard made some interesting comments on the call about the company’s projections for frac activity in the U.S. seeing[Read More…]

Will Colorado’s Outperforming Economy Tank if Prop. 112 Succeeds at the Polls?

Will Colorado’s Outperforming Economy Tank if Prop. 112 Succeeds at the Polls?

If voters ban oil and gas drilling by voting in Prop 112, Colorado’s rosy economic metrics could turn sour in 2019-2021 and beyond In what may turn out to be a bit of economic irony, Colorado Secretary of State Wayne Williams released a report Monday that “Colorado’s economy is among the best in the country.” Personal income, wages, GDP, job[Read More…]

Fed 10th District Survey Pegs Region’s Breakevens between $35 and $85 per Barrel

Fed 10th District Survey Pegs Region’s Breakevens between $35 and $85 per Barrel

The Federal Reserve Bank of Kansas City manages the central bank’s 10th District. The bank ran its third quarter survey from September 14, 2018 to September 28, 2018 and included 30 responses from firms located in its district, which includes: Colorado Kansas Nebraska Oklahoma Wyoming northern New Mexico western Missouri Energy activity accelerated in Q3 Growth in Tenth District energy[Read More…]

Precision Drilling Acquires Trinidad Drilling In White Knight Offer

Precision Drilling Acquires Trinidad Drilling In White Knight Offer

Transaction represents 17% premium to Trinidad price, 25% premium to hostile offer The recent surge in oil and gas M&A activity extends to oilfield service, as Precision Drilling Corporation (ticker: PD) and Trinidad Drilling (ticker: TDG) announced a merger today. Precision will acquire Trinidad in an all-stock deal, offering 0.445 of a Precision share for each share of Trinidad. Based[Read More…]

Oil & Gas: Two Frac Sand Producers Idle Wisconsin Plants – What’s Going On?

Oil & Gas: Two Frac Sand Producers Idle Wisconsin Plants – What’s Going On?

Proppant plant slowdown announcements cited changing market demand and recent softness in completions activity and frac sand demand Last week, two of the largest proppant suppliers to the oil and gas industry announced pullbacks of frac sand production volume from some of their Wisconsin facilities. Houston-based Hi-Crush Partners (ticker: HCLP) said it has temporarily idled dry plant operations at its[Read More…]

Basic Energy Services to Key Energy Services: Thanks, but No Thanks

Basic Energy Services to Key Energy Services: Thanks, but No Thanks

Basic Energy Services’ (ticker: BAS) board of directors has unanimously declined an unsolicited proposal from Key Energy Services, Inc. (ticker: KEG) to combine with Key in a stock-for-stock transaction. “After a careful review, conducted in consultation with its advisors, Basic’s board of directors unanimously concluded that the proposal is not in the best interests of Basic and its stockholders,” Basic said[Read More…]

September 25, 2018 - 2:21 pm 360 Articles, Closing Bell Story, Oilfield Services
Key Energy Services Proposes to Combine with Basic Energy Services

Key Energy Services Proposes to Combine with Basic Energy Services

Key Energy Services, Inc. (ticker: KEG) has proposed a combination with Basic Energy Services, Inc. (ticker: BAS) in an all-stock merger. On September 20, 2018 and again on September 23, 2018, Key sent letters to management and the board of directors of Basic outlining its merger proposal and its strong desire to negotiate a transaction. Copies of the letters are[Read More…]

September 24, 2018 - 6:38 pm 360 Articles, Closing Bell Story, Energy News, Oilfield Services
NGL Energy Partners Adds Water Sources for Oil & Gas Operators in the Permian

NGL Energy Partners Adds Water Sources for Oil & Gas Operators in the Permian

Price for New Mexican water: $93 million NGL Energy Partners LP (ticker: NGL) has purchased another Permian Basin ranch, adding 9.6 million barrels of annual fresh water rights to its Permian Basin water portfolio. NGL said it bought the 36,000-acre Beckham Ranch, which sits atop the Carlsbad, Capitan, and Jal Water Basins located in southeastern Lea County. In July NGL bought the McCloy Ranch, located in Eddy and Lea Counties, New[Read More…]

September 13, 2018 - 1:46 pm 360 Articles, Closing Bell Story, Midstream, Oilfield Services
Flotek Industries Q2 Conference Call: Operators Are Asking for Expanded Chemistry Options

Flotek Industries Q2 Conference Call: Operators Are Asking for Expanded Chemistry Options

Flotek Industries Inc. (NYSE: FTK) reported Q2 results this week and executives discussed operations for the company’s oil and gas industry segment during the Q2 2018 earnings call. 2Q Financial Snapshot Revenue of $59.1 million for 2Q 2018 decreased 2.4% compared to 1Q 2018 and decreased 30.6% compared to 2Q 2017. Cash SG&A of $13.1 million for 2Q 2018 (excluding stock compensation expense of $2.4[Read More…]

Heard On The Call: Nabors Industries Q2

Heard On The Call: Nabors Industries Q2

Nabors Industries (NYSE: NBR) held its Q2 conference call today; excerpts from the Q & A are below: Q: Tony, you mentioned that your latest survey has another 30 to 40 rigs being added to the rest of this year. And I would tell you, consensus from most investors that I’ve spoken with, is that we’re going to see a[Read More…]

Core Labs Plans Industry Project Evaluating SCOOP/STACK

Core Labs Plans Industry Project Evaluating SCOOP/STACK

Core Laboratories (NYSE: CLB) announced its Q2 earnings, which saw an 11% YOY increase in revenue and 22% YOY increase in operating income bringing earnings per diluted share to $0.57. Core Labs saw operating margins up 190 basis points YOY to 19.4%, ex-items, which was attributed to higher-technology services and products being requested by Core’s technologically sophisticated client base and[Read More…]

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…]

Consolidation in the Wind as Offshore Recovery Advances

Consolidation in the Wind as Offshore Recovery Advances

Two offshore maritime providers to become $1.25 billion company Tidewater Inc. (NYSE: TDW) and GulfMark Offshore, Inc. (NYSE: GLF) offshore support vessel companies will combine as recovery gains traction, creating a combined company market value of approximately $1.25 billion, Tidewater said in a press release today. The combined company will provide customers with access to modern, high-specification vessels. Under the terms[Read More…]

R&D Arm of Baker Hughes-GE Flips: New Tech Incubator Aims to Quickly Monetize Innovation

R&D Arm of Baker Hughes-GE Flips: New Tech Incubator Aims to Quickly Monetize Innovation

Repurposed research center becomes Energy Innovation Center of North America – an incubator tasked with launching disruptive tech startups, and providing access to venture capital to quickly monetize new technologies Taking a page from Silicon Valley, Baker Hughes, a GE company (ticker: BHGE) has launched a tech incubator in Oklahoma. But this one is focused on oilfield and related technologies[Read More…]