EQT Corporation (ticker: EQT) reported a net loss of income attributable to EQT of $1,586 million, or $(5.99) per diluted earnings per share. The net loss attributable to EQT for the first quarter of 2018 was impacted by an impairment charge of $2.3 billion associated with the Huron and Permian Plays, increases in other operating costs, lower gains on derivatives
Pennsylvania natural gas production has been on an upward curve since 2009. According to the EIA, Pennsylvania averaged a record 15 Bcf/d in 2017. Producers have the Appalachian Basin to thank – Pennsylvania accounted for 19% of total U.S. marketed natural gas production. Increased permitting and drilling activity, combined with the expansion of regional pipeline capacity has helped Pennsylvania’s natural
Market is 1 million to 1.5 million horsepower undersupplied Halliburton Company (ticker: HAL) reported an income of $46 million, or $0.05 per diluted share for the first quarter of 2018. This is an improvement over Q1 2017’s net loss of $32 million, or $(0.04) share. “We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the
The oil and gas sector in Texas remained strong through March according to the Dallas Fed’s new report. Prices for WTI crude oil rose slightly in March, staying close to $63 per barrel and oil production in the Permian Basin and Eagle Ford rose again. Employment spiked up in February and is at its highest level since late 2015, while
North Dakota’s State Industrial Commission has released new production numbers for 2018, covering the months of January and February. In January the state produced 36.6 MMbbls of oil, or 1.2 MMBOPD, and 64,226,435 Mcf, or 2,071,820 Mcf/day. February was another good month of production for the state, reaching an all-time high for natural gas production. The commission reported natural gas
Drill rigs, equipment and software provider Nabors Industries Ltd. (ticker: NBR) reported full-year 2017 operating revenue of $2.6 billion, compared to operating revenue of $2.2 billion in the prior year. Net income from continuing operations attributable to Nabors for the year was a loss of $503 million, or $(1.75) per share, compared to a loss of $1.0 billion, or $(3.58)
Alta Mesa Resources, Inc. (ticker: AMR) produced 21,000 BOEPD in 2017, a 50% increase over 2016 net production of approximately 13,000 BOEPD. Total production mix for full-year 2017 was 52% oil, 17% natural gas liquids and 31% natural gas. Fourth quarter 2017 production was approximately 22,000 BOEPD, a greater than 45% increase over approximately 15,000 BOEPD in the fourth quarter
Laredo Petroleum, Inc. (ticker: LPI) has released its Q4 and full-year 2017 results. For the fourth quarter of 2017, the company reported net income attributable to common stockholders of $408.6 million, or $1.70 per diluted share – this included a $405.9 million gain on the sale of Laredo’s investment in the Medallion-Midland Basin pipeline system. Adjusted net income (non-GAAP), for
Targets 2018 upgrades to stay below $34 million Precision Drilling Corporation (ticker: PDS) had fourth quarter 2017 revenues of CDN$347 million, an increase of 15% over Q4 2016. Precision posted a Q4 2017 net loss of CDN$47 million, or (CDN$0.16) per share, compared with a net loss of CDN$31 million (CDN$0.10 per share) in the fourth quarter of 2016. During
Ensign Energy Services Inc. (ticker: ESI) announced a CapEx of $64 million, comprised of $43 million for capital maintenance on the fleet and $21 million for equipment and optimization upgrades to the current fleet. Ensign said that the capital plan focuses on the continuation of appropriate certification and preventative maintenance of its high spec fleet, in addition to the selective
Precision Drilling Corporation (ticker: PDS) announced a 2018 CapEx of $94 million. The company said $62 million has been reserved for maintenance and infrastructure and $32 million will be used to upgrade existing rigs. The company said $94 million will be split – $88 million in the contract drilling services segment and $6 million in the completion and production services.
Four rigs go offline Oil and gas industry signals were mixed this week, as the rig count and natural gas prices dropped, but oil prices rose. U.S. drilling activity declined this week, with four land-based rigs shutting down. There are now 888 land-based rigs in the U.S., the lowest number in five months. Inland waters and offshore rigs counts were
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