Chesapeake Energy reported worse than expected earnings before the market opened Tuesday and also issued a going concern notice warning of failure if low energy proces persist. The stock hit the lowest prices since Feb 4, 1999, over 20 years, to 79c the next day.
Permian operator Parsley Energy $PE reported worse than expected third quarter earnings Tuesday after the close but beat on rvenue. $PE raised its oil production guidance.
Chesapeake Energy reported better than expected earnings before the market opened Tuesday initially seeing $CHK pop 6% but it quickly reversed to be down 11% near 20 year lows on worries about debt and collapsed natural gas prices.
Permian operator Parsley Energy $PE reported worse than expected fourth quarter earnings Thursday after the close. $PE said with recent commodity price trends it has reduced rig and frac spread counts and intends to reduce its 2019 capital leasing and acquisition spend.
Permian operator Parsley Energy $PE reported better than expected first quarter earnings Thursday after the close. $PE total production soared 70.6% for the quarter.
Chesapeake Energy reported before the market opened Wednesday beating profit and revenue estimates for the first quarter. Chesapeake was boosted by oil and gas production and raised outlook. $CHK also took losses on hedges.
Proven oil and gas reserves in Mexico are now down 40% in just 10 years, falling again this year by 7% as new discoveries fail to keep up with production. Reserves sat at 8.483 billion barrels at the end of 2018.
Debt laden commodities trader Noble Group Ltd warned Monday of a third-quarter loss of up to US$1.25 billion and announced the sale of its US oil-liquids business to Vitol Group BV for US$582 million.
Canadian energy firm Encana $ECA is ramping up it’s new Tower processing plant, part of their condensate-focused growth plan, opened ahead of schedule and under budget The plant is the first of three Veresen Midstream facilities in the Montney.
The EIA releases it’s weekly natural gas storage report each Thursday at 10.30 ET, the key data point for natural gas traders outside of weather modelling. This week another build is expected.