Devon Energy reported financial and operational results for the second quarter of 2021....
Devon Energy reported financial and operational results for the second quarter of 2021. Devon reported net earnings of $256 million, or $0.38 per diluted share, in the second quarter of 2021. Adjusting for items analysts typically exclude from estimates, Devon’s core earnings were $408 million or $0.60 per diluted share. The company’s operating cash flow totaled $1.1 billion in the second quarter, an 85 percent increase from the prior quarter. This level of cash flow funded all capital requirements and generated $589 million of free cash flow.
Callon Petroleum announced an agreement to acquire the leasehold interests and related...
Callon Petroleum announced an agreement to acquire the leasehold interests and related oil, gas, and infrastructure assets of Primexx Energy Partners and its affiliates. Primexx is a private oil and gas operator in the Delaware Basin with a contiguous footprint of 35,000 net acres in Reeves County and second quarter 2021 net production of approximately 18,000 barrels of oil equivalent per day ("Boe/d") (61% oil). The cash and stock transaction is valued at approximately $788 million[1], representing a headline purchase price multiple of approximately $43,800 per Boe/d, based on second-quarter production.
With approximately 300 identified core net locations, approximately two-thirds of which are two-mile laterals, the acquired assets will support Callon's continued shift to larger, more capital-efficient development projects in the Delaware Basin.
With Cool Fading and Heat Building, Natural Gas Futures Prices Rise Above $4.10
For the third day in a row, natural gas futures were higher early Wednesday as the recent cool weather...
For the third day in a row, natural gas futures were higher early Wednesday as the recent cool weather was set to fade by the week, ushering in what is expected to be the hottest weather of the summer to date. The September Nymex gas futures contract was trading around $4.110/MMBtu at 8:45 a.m. ET, up about 8.5 cents from Tuesday’s close.
Oil Inventories Fall by 879,000 Barrels Last Week: API
U.S. crude stockpiles fell by less than expected last week amid ongoing concerns about the threat of...
U.S. crude stockpiles fell by less than expected last week amid ongoing concerns about the threat of the delta variant of Covid-19 to demand.
West Texas Intermediate, the benchmark slipped by 79 cents to $70.47 a barrel on the news, after settling down 70 cents to $70.56 a barrel.
U.S. crude inventories decreased by about 879,000 barrels for the week ended July 30. That compared with a build of 0.81 million barrels reported by the API for the previous week. Economists were expecting a draw of about 2.9 million barrels.
Energy stocks are poised for a mixed start, weighed down by weakness in the crude complex and the major...
Energy stocks are poised for a mixed start, weighed down by weakness in the crude complex and the major index futures which slid after private-sector jobs data come in below expectations. At the sector level, a host of earnings data will dictate individual stock performance.
Oil prices are lower by more than 1.5% on covid-related concerns in Asia ahead of US weekly stockpile changes this morning. API data last night had crude stockpiles last week drawing 879K bbls, gasoline drawing 5.75M while distillate stocks drew 717K. API predicts Cushing stockpiles built for the first week in eight.
