Recent Company Earnings:

August 7, 2018

Carrizo Oil & Gas Inc. (NASDAQ: CRZO) elaborates on current operations and Q2 earnings. The Excerpts from the Q2 Call are below.

Q: Eagle Ford continues to look like you're having really nice success there. Can you just talk about space in a little bit more there? I know you've been able to down space a bit with the Brown Trust and others, but just any comments you could have around how you view the rest of your space and field?

President and Chief Executive Officer S.P. “Chip” Johnson: I think generally we're sticking with 330-foot s...

August 2, 2018

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 meaningful fall off in the Permian, maybe as much as 75 rigs. And so, overall, U.S. rig count is going to suffer modestly. So, this is a very different opinion. Obviously, I assume you're closer to the customer than most of my –...

During the Q2 conference calls this week, some enlightening comments were made by oil and gas company CEOs.
Chesapeake Energy (NYSE:CHK) CEO Doug Lawler examines 2019 goals
Q: Can you talk about 2019 and what the broad parameters of how that is going to look. It sounds like you guys are planning to stop the outspending versus cash flow and now spend within cash flow. And is that the right read on 2019? And what's the kind of commodity price at which we should think about that being a valid read? And how are you – I know it's early, but how ar...

April 20, 2018

Orders of $5.2 billion for the quarter, down 8% sequentially and up 9% year-over-year on a combined business basis*
Revenue of $5.4 billion for the quarter, down 7% sequentially and up 1% year-over-year on a combined business basis

GAAP operating loss of $41 million for the quarter, decreased 63% sequentially and increased unfavorably year-over-year on a combined business basis
Adjusted operating income (a non-GAAP measure) of $228 million for the quarter, down 20% sequentially and down 19% year-over-year on a combined business...

March 16, 2018

Erin Energy Corporation (ticker: ERN) announced unaudited financial and operational results for the year ended December 31, 2017.

Full year 2017 revenues were $101.2 million, increasing by approximately 30% from $77.8 million in 2016. Fourth quarter 2017, revenues were $21.7 million compared to $21.1 million for the same period in 2016.

Erin Energy reported a net loss of $151.9 million or a loss of $(0.71) per share for full year 2017 compared with a net loss of $142.4 million or a loss of $(0.67) per share for full year 2016.


Earlier today Energy XXI Gulf Coast (ticker: EXXI) reported financial and operational results for the fourth quarter and full year 2017.

In addition, the company announced that it will change its Nasdaq ticker symbol on March 21, 2018, from EXXI to EGC.
Highlights from Q4 2017

Produced an average of approximately 27,600 barrels of oil equivalent ("BOE") per day (77% oil) during Q4
Benefited from strong oil price realizations during the fourth quarter of $59.27 per barrel, approximately 7% higher than the WTI average price of $55.40 ...

With the sale of its West Edmund Hunton Lime Unit (WEHLU) closed in February 2018, Gastar Exploration (ticker: GST) is now positioned to become a pure-play Oklahoma STACK Play operator. In the STACK play, Gastar is targeting two producing formations: Osasge and Meramec.

Operational update
According to Stephen Roberts, Senior Vice President and Chief Operating Officer, “As compared to the first half of 2017, we have seen a reduction in the number of days to drill a well from 19.4 to 12.4 days and reduced completion days from seven to f...

March 2, 2018

Penn Virginia Corporation (ticker: PVAC) announced its financial and operational results for Q4 2017 and full year 2017.
Operational Highlights

The two-well Geo Hunter pad had a 30-day initial production (“IP”) rate of 3,767 BOEPD and a previously announced 24-hour IP rate of 5,465 BOEPD. In addition, PVAC recorded a 24-hour IP rate from its Southern Hunter Amber two-well pad of 5,092 BOEPD. Both pads utilized the company’s slickwater completion design;
PVAC produced 3.8 MMBOE or 10,353 BOEPD (73 percent crude oil), for full year 2017,...

Callon Petroleum Company (ticker: CPE) reported results of operations for the three months and full-year ended December 31, 2017.
Financial and operational highlights

Full-year 2017 production of 22.9 MBOE/d (78% oil), an increase of 50% over 2016 volumes
Fourth quarter 2017 production of 26.5 MBOE/d (79% oil), a sequential quarterly increase of 18%
Year-end proved reserves of 137.0 MMBOE (78% oil), a year-over-year increase of 50%
Organic reserve replacement(i) of 566% of 2017 production at a "Drill-Bit" finding and development...

‘A couple of engineers are significantly less expensive than a poorly completed well – EP’s Russell Parker’
On February 28, 2018 Ep Energy Corporation (ticker: EPE) announced fourth quarter and year-end 2017 financial and operational results.
Key highlights

New leadership team in place
3 thousand barrels of oil equivalent per day (MBOEPD), including 46.1 thousand barrels of oil production per day (MBOPD)
$587 million of oil and gas expenditures, including acquisitions of $29 million
149 completed wells
$194 million net loss ...

January 19, 2018

SLB: says will exit seismic acquisition market; posts almost a billion-dollar write down for Venezuela
Schlumberger Limited (ticker: SLB) reported its results for fourth quarter and full-year 2017.

Fourth quarter revenue of $8.2 billion, increased 3% sequentially
Fourth quarter pretax operating income of $1.2 billion, increased 9% sequentially
Fourth quarter GAAP loss per share, including charges of $2.11 per share, was ($1.63)
Full-year and fourth quarter cash flow from operations were $5.7 billion and $2.3 billion,...

November 2, 2017

Borrowing base stays at $475 million
Unit Corporation (NYSE: UNT) reported Q3 today; highlights include:

Net income of $3.7 million and adjusted net income of $5.3 million.
Oil and natural gas segment production increased 5% over the second quarter of 2017.
Contract drilling segment's average drilling rigs utilized increased 20% over the second quarter of 2017.
Midstream segment increased gas processed and liquids sold volumes 4% and 1%, respectively, over the second quarter of 2017.
Reduced long-term debt by $2.3 million from...

November 1, 2017

On October 31, 2017 Bill Barrett Corporation (Ticker: BBG) reported Q3 financial and operating results and updated 2017 operating guidance.

BBG reported a net loss of $28.8 million, or ($0.39) per diluted share for Q3. Adjusted net income for the third quarter of 2017 was a net loss of $5.9 million, or ($0.08) per diluted share. EBITDAX for the third quarter of 2017 was $47.9 million.

BBG said it had 26% sequential production growth, 33% sequential growth in oil volumes, tighter oil differentials, an 18% sequential decrease in LOE, and ca...

October 20, 2017

Kibsgaard: Market is now in balance, look for upward movement in oil prices and growth in E&P investment 
Earnings season is here for Q3, and the oil and gas industry got off to a strong start with Schlumberger (ticker: SLB) reporting today.
Q3 Stats

Revenue of $7.9 billion increased 6% sequentially
Pretax operating income of $1.1 billion increased 11% sequentially
GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39
EPS, excluding Cameron integration-related charges, was $0.42
Cash flow f...

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