Oil and gas producers Occidental Petroleum Corp. and Pioneer Natural Resources Co. have pushed back their fourth-quarter earnings announcements, citing impacts from the harsh winter weather occurring across Texas.
Occidental said it would announce fourth-quarter and full-year 2020 financial results after market close on Feb. 22, instead of Feb. 16. Pioneer is now expected to report fourth-quarter results on Feb.23 instead of Feb. 17.
“With temperatures expected to remain below freezing throughout this week, rolling power outages and winter weather conditions are impacting our employees, operations and office facilities,” Pioneer said in a statement Feb. 16.
A deep freeze across the United States is taking a toll on the energy industry in the largest U.S. crude-producing state, halting Texas oil wells and refineries on Feb. 15 and forcing restrictions from natural gas and crude pipeline operators.
The cold snap left at least one person dead, and more than 4 million people in Texas were without power, with the state’s electric grid operator forced to impose rotating blackouts to meet surging power demand.
Recommended Reading
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
OFS Sector Loses Jobs, but Trade Org Says Growth Potential Remains
2024-05-08 - According to analysis by the Energy Workforce & Technology Council, the OFS job market may still have potential for growth despite a slight decrease in the sector in April.
Dividends Declared in the Week of May 6
2024-05-10 - Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.