Recent Company Earnings:

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...

August 11, 2017

During its second quarter, Superior Drilling Products (ticker: SDPI) reported revenue of $4.0 million, up from $2.9 million in the previous year’s Q2. The company’s net income was $0.3 million for Q2, up $3.4 million from a Q2, 2016 loss.

The company’s Drill-N-Ream®—or DnR—technology increased in sales and the company said that its channel partner successfully achieved its June 2017 market share goal with the DnR. Revenue from the company’s tool sales increased to $2.5 million—an increase of 179% over its prior year period.

The company’s ...

Two companies, Eco-Stim Energy Solutions and Bellatrix Exploration, that are presenting at EnerCom's The Oil & Gas Conference® have announced Q2 earnings and updates.
Eco-Stim Energy Solutions
Eco-Stim Energy Solutions (ticker: ESES) announced during its Q2 earnings call that is had increased its revenue by 233% over Q1, 2017 to $8.5 million. The company signed a second contract for services in Oklahoma, allowing it to expand its operations and activate a second spread.

The company completed a total of 88 stages during Q2 and—during Ju...

August 10, 2017

41 Gen 3 wells on line in the Eagle Ford
In its Q2, 2017 earnings call WildHorse Resource Development (ticker: WRD) reported second quarter production of approximately 22,600 BOEPD—which was 28% higher than its average production in Q1, 2017. It achieved a net income of $25.9 million, or $0.28 per share.
Drilling activity
During the course of Q2, the company brought 18 gross (17.4 net) wells online in the Eagle Ford, one gross (1.0 net) well online in the Austin Chalk, and two gross (1.1 net) wells online in north Louisiana. The company’s Ea...

Gradiant Energy Services tailors water solutions to basins, plays, operators
Water is a major concern throughout the oilfield. Operators are struggling with the logistics of water treatment as the need to handle water in day-to-day oilfield activities grows.

Gradiant Energy Services is a privately held company that offers several solutions geared towards bacteria treatment, re-use, disposal, and desalination of water resources.  Gradiant is a presenter at EnerCom’s Oilfield Tech & Innovation Day on Aug. 17 in Denver.
Providing water s...

August 9, 2017

Four presenters at EnerCom's 22nd The Oil & Gas Conference® announced earnings and operational updates for Q2.
Northern Oil and Gas
Northern Oil and Gas (ticker: NOG) said that its average production had grown 4% from the first quarter to the second, up to 13,794 BOEPD. The company produced a total of 1,255,280 BOE over the course of the quarter.

During the second quarter it added 4.3 net wells to production. As of the end of June, 2017 Northern had 16.1 net wells with an internal rate of return of approximately 30% at $50 per barrel ...

Cimarex Energy (ticker: XEC) announced net income of $97.3 million during its second quarter conference call today—a significant turnaround from its Q2, 2016 loss of $214.4 million. The company produced near the high end of its expected Q2 guidance, with an average of 1.156 Bcfe per day—or approximately 192.7 MBOE per day.

The company’s production climbed nine percent over its Q1, 2017 production and 19% over its Q2, 2016 production. Oil production alone averaged 57,871 BOPD, an increase of 11% from its Q1, 2017 production.

Over the cours...

August 8, 2017

Oil & Gas Conference® presenters Lonestar, Resolute, Carrizo, Black Stone, Denbury report a busy quarter
Lonestar Resources
During its second quarter, Lonestar Resources (ticker: LONE) indicated that its production had risen by 7% above Q1 volumes. The company averaged Q2 production of 5,635 BOEPD—over its 5,266 BOEPD in Q1.

In mid-June, Lonestar closed on an approximately $110.6 million acquisition of 21,238 net acres in the Eagle Ford. The acquisition nearly doubled the company’s footprint in the Eagle Ford, jumping to 57,330 net acr...

August 4, 2017

Three companies that will be presenting at EnerCom’s 22nd The Oil & Gas Conference® have reported financial and operational updates for the second quarter of 2017.
Gastar Exploration
Gastar Exploration (ticker: GST) indicated today that it averaged 6,100 BOEPD in production—a number that exceeded its guidance for the quarter. Liquids made up 73% of total production.

The company’s president and CEO, Russell Porter, said that Gastar continues “to make progress delineating the Meramec and Osage formations,” and that the company had drille...

Apache Corp. (ticker: APA) announced its second quarter results and operational updates August 3rd, and reported an average production of 388,000 BOEPD. The company earned $572 million during Q2.

Apache’s North American production totaled 244,000 BOEPD—where it averaged 18 rigs, and completed 36 gross wells. The Permian assets produced 146,000 BOEPD. In the Delaware Alpine High location, Apache continued testing and mapping.

In the North Sea, Apache averaged 55,000 BOEPD of production and ran an average of four rigs during the quarter. Th...

August 3, 2017

Approach Resources
Approach Resources (ticker: AREX) exceeded its production guidance for Q2, with production at 11.9 MBOEPD, and dropped its lease operating cost below guidance as well, at $3.92 per BOE.

Approach drilled a total of eight wells and completed another five. One of the completed wells was in the Wolfcamp A bench, two more in the Wolfcamp B bench, and the last two in the Wolfcamp C bench. As of the end of June, the company had ten horizontal wells waiting to be completed and one well being drilled.

Approach has also been abl...

In its second quarter, PetroQuest Energy (ticker: PQ) produced a total of 6.3 Bcfe up from 6.0 Bcfe produced in Q2, 2016. PetroQuest had a loss of $3,385,000 for Q2, 2017, down significantly from a Q2, 2016 loss of $24,143,000. The company’s production for the first half of the year was 11.5 Bcfe. The company reported lease operating costs of $1.12 per Mcfe, a decrease of $0.02 since Q2 2016.

The company’s average daily production was 69.5 Mmcfe per day during Q2. The company is waiting to restore production from its recompleted Ship Shoal 7...

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