NexTier Oilfield Solutions on Jan. 7 raised its fourth quarter earnings and revenue guidance, according to a presentation at a Miami energy conference.
The company, which recently changed its name following the combination of Keane Group and C&J Energy Services, said better-than-anticipated results were due to an absence of major weather issues, customer partnerships and efficiency gains.
The third largest U.S. provider of hydraulic fracturing services raised its pre-tax earnings outlook to $73-$78 million from $60-$75 million and revenue to $640-$660 million from $600-$650 million, according to a presentation at the Goldman Sachs Global Energy Conference.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
Production from Occidental Petroleum's Permian Basin unit rose 57% to 250,000 boe/d in the fourth quarter, boosted by its investments in the basin.
For the most part, 2018 was a good year for producers. Here, Oil and Gas Investor chronicles the highlights of the year in energy.