Kicked out of the club in 2012, the Haynesville was resurrected beginning in 2017 to take on the mighty Marcellus in metrics, aided by a proximity-to-market kicker. Now, it’s taking on oil basins at the IRR weigh-in.
Shares in ConocoPhillips, the largest independent producer in the U.S. by market cap, fell sharply despite news it is gradually restoring oil production.
Texas-based Denbury Resources joins a growing wave of companies in oil and gas industry to buckle due to low oil prices.
Despite the loss, Pioneer Natural Resources generated $165 million of free cash flow for the quarter, which President and CEO Scott D. Sheffield attributed to significant cost reductions and operational efficiency improvements.
Continental Resources, which shut 70% of its oil output when prices and fuel demand collapsed, said U.S. production growth will stay moderate unless oil reaches $50-$60/bbl.
Oil and gas companies face continued market volatility despite an already historic year so far.
BP last reduced its dividend in 2010, when it was suspended for three quarters following the deadly Deepwater Horizon rig explosion.
Schlumberger, Halliburton and Baker Hughes shift focus overseas and away from U.S. shale as domestic revenues dry up.
Company has a 9% stake in DAPL and owns Tesoro High Plains outright.
Range Resources acquired its North Louisiana position in 2016 through an all-stock merger with Memorial Resource Development valued at about $4.4 billion, including debt.
U.S. shale producer Continental Resources Inc. on Aug. 3 posted a bigger-than-expected second-quarter loss as the coronavirus crisis and related lockdowns pummeled demand.