Chesapeake Energy Corp., once the second-largest U.S. natural gas producer, warned on Nov. 5 about its ability to continue as a going concern as the debt-laden company struggles with falling prices for the commodity.
The company reported net income of $231 million in the third quarter, down from $411 million during the same period last year.
Occidental Petroleum Corp. said on Nov. 4 it would slash spending on big projects by 40% next year, as it missed earnings estimates in its first results after closing its $38 billion purchase of rival Anadarko Petroleum.
Results from Exxon Mobil and Chevron mirrored weaker quarterly earnings from other oil majors, BP and Royal Dutch Shell, which also reported third-quarter earnings earlier this week.
The company reported production gains, including in the Anadarko and Permian basins, higher net income, a name change and corporate domicile in the U.S.
Apache said it has reduced drilling activity at Alpine High and deferred completion activity into next year, resulting in a 5% decrease in production from the Permian Basin in the current quarter.
Continental Resources' total production rose 12% to 332,315 barrels of oil equivalent per day, primarily boosted by higher output at its Bakken shale basin.