Offshore drilling firm Seadrill said on Feb. 27 the recent recovery of rig markets had slowed at the start of 2020, and that discussions with creditors on how to handle its massive debts would continue.
Continental, which operates in the Bakken as well as the STACK and SCOOP shale plays, forecast lower-than-expected free cash flow for the year despite keeping capital spending flat.
Shale pioneer Chesapeake Energy has been shifting to higher-margin oil production in response to sliding gas prices caused by a global supply glut.
U.S. oilfield services provider ProPetro released preliminary fourth-quarter results on Feb. 24, estimating revenue of between $431 million and $437 million, up slightly from last year.
Pioneer also joins shale rivals Concho Resources, Diamondback Energy and Devon Energy in boosting dividends to please investors who have been pushing for higher shareholder returns
U.S. oil producers have been under pressure from investors to cut back on drilling new wells and instead use the cash for dividends and buybacks.
Leading independents in the Permian Basin—Diamondback, Pioneer and Concho—are preparing to release quarterly results this week, which are expected to show a cautious approach for the year ahead.
TC Energy's earnings from its oil pipelines, of which Keystone is the biggest contributor, plunged 33.3% to C$355 million in the fourth quarter.
Marathon Oil's quarterly results mirrored weaker earnings across the sector, as prices of global crude fell in the quarter on oversupply and demand concerns.