The top 50 U.S. E&Ps saw their capex drop 60% and revenue down 33%, while impairment charges hit $66.6 billion, EY’s latest study showed.
The Oklahoma City-based producer posted an adjusted profit of $1.64 per share for the second quarter, beating the average analyst estimate of $1.20.
The state oil giant recorded a net profit of $25.5 billion in the second quarter.
In addition to further reducing its greenhouse-gas and methane intensities, PDC Energy said it also significantly accelerated its commitment in achieving zero routine flaring.
Energy Transfer also provided an update on its acquisition of Enable Midstream, which is currently waiting on approval by regulators.
A clutch of U.S. oil and gas producers have either raised their dividends or announced share buybacks, underscoring the energy industry's focus on shareholder returns over spending.
Plains All American Pipeline LP on Aug. 3 raised its forecast for 2021 adjusted core income, as the oil and gas sector benefits from easing travel curbs and a recovering economy firing up fuel demand.
Occidental Petroleum and Devon Energy blew past Wall Street’s profit expectations on Aug. 3.
ConocoPhillips posted a second-quarter profit on Aug. 3 that nearly doubled from the first and topped analysts’ estimates, helped by higher oil and gas prices and production.