As its shares tumble 13%, CEO says Beach is holding its capital in pursuit of acquisitions.
European power crunch will likely lead to hike in EBITDA.
The decarbonization plan of Ecopetrol, Colombia’s largest oil and gas producer, includes a commitment to produce 1 million tonnes per annum of green, blue and white hydrogen by 2040.
Occidental President and CEO Vicki Hollub said, among record earnings results, Oxy would extend its Permian JV with Ecopetrol in the Midland and Delaware basins to encompass 20,000 net acres.
“Oilfield service capacity remains extremely tight and is further constrained by the limited availability of materials and experienced labor,” EOG Resources COO Billy Helms told investors.
APA Corp. eyes returning at least $1.8 billion of its capital to shareholders through dividends and share buybacks by year-end while also lowering its production guidance for 2022 by 2%.
“We have a lot of capacity in the gas space, both LNG and natural gas,” CEO Ryan Lance added, “and we wanted to augment that with additional LNG liquefaction capacity.”
Suncor, Canada’s third-largest oil producer, said it has signed a deal to divest its Norway assets for about $410 million, and has also begun a sale process for its entire U.K. business after receiving interest.
Houston-based ConocoPhillips said the average price received for a barrel of oil and gas rose 77% from a year earlier to $88.57. The company has not hedged any of its oil and gas sales to make the most of higher market prices, it said.
Average daily crude oil volumes in the second quarter rose 30% on its Permian Basin pipelines, Plains All American said, with oilfield activity trending about 10% above its initial expectations.