Chesapeake Energy to buy Southwestern Energy in $7.4 Billion All-Stock Deal

Chesapeake Energy (CHK) and Southwestern Energy (SWN) announced Thursday they will merge to form what will likely be the largest U.S. natural gas producer. CHK is currently the second-largest U.S. independent natural gas-focused exploration and production company behind EQT Corp in market value and output. The CHK/SWN agreement to merge is in an all-stock deal valued at $7.4 billion at $6.69/share, forming a company with an enterprise value of ~$24 billion. Under the deal terms, Southwestern shareholders will receive a … Continue reading “Chesapeake Energy to buy Southwestern Energy in $7.4 Billion All-Stock Deal”

Devon Energy Earnings Higher Than Expected, Increases Dividend with Record Free Cash Flow

Shale play Devon Energy reported better than expected third quarter earnings after the market of non-GAAP EPS of $1.65 which beat by $0.10 on revenue of $3.84 billion which beat by $210 million. Production per share increased 10% year-over-year in the third quarter with Delaware Basin well productivity improving more than 20% versus first half of 2023. Fourth-quarter production is expected to range from 640,000 to 660,000 Boe per day, with oil production approximating 315,000 barrels per day. The company … Continue reading “Devon Energy Earnings Higher Than Expected, Increases Dividend with Record Free Cash Flow”

Diamondback Energy Beats Earnings Expectations, Raises Production Guidance

Texas independent oil and natural gas company Diamondback Energy reported better than expected third quarter earnings after the market close Monday. FANG reported net income of $915 million, on a per-share basis of $5.07 for the quarter. Earnings, adjusted for non-recurring costs, were $5.49 per share beating Wall Street expectations of $4.90 per share. The company posted revenue of $2.34 billion also topping forecasts of $2.18 billion. Diamondback operates exclusively in the Permian basin. Diamondback Energy Inc (NASDAQ): $FANG Reported … Continue reading “Diamondback Energy Beats Earnings Expectations, Raises Production Guidance”

Diamondback Energy Raises Guidance with Increased Production and Narrowing Unit Costs

Texas independent oil and natural gas company Diamondback Energy reported lower than expected second quarter earnings after the market close Monday. However, the Permian giant raised guidance for the full year. Second quarter net income fell 60% Y/Y to $556M, or $3.05/share, from $1.42B, or $7.93/share, in the year-earlier quarter. FANG said Q2 production averaged 449.9K boe/day, while its total average unhedged realized prices were $46.31/boe, well below last year’s $79.49/boe. Diamondback operates exclusively in the Permian basin. Diamondback Energy … Continue reading “Diamondback Energy Raises Guidance with Increased Production and Narrowing Unit Costs”

Permian Play Pioneer Natural Resources Earnings Higher but Misses on Revenue

Pioneer Natural Resources reported better than expected first quarter earnings after the close Wednesday. However, PXD missed estimates with revenue. Pioneer Natural Resources is pure Permian basin play and has been subject to takeover speculation from ExxonMobil in the past month. First quarter oil production averaged near the top end of guidance at 361,316 B/D and still expects full year production at 670,000 To 700,000 BOE/D. Pioneer is the largest oil producers in the Permian Basin and was conservative in … Continue reading “Permian Play Pioneer Natural Resources Earnings Higher but Misses on Revenue”

Diamondback Energy Earnings Beat in a Record Year for the Permian Basin Specialist

Texas independent oil and natural gas company Diamondback Energy reported better than expected fourth quarter earnings after the market close Tuesday. FANG reported adjusted gains of $1.01B, or $5.62/share, from $1B, or $5.50/share, on revenues of $2.03B, roughly flat compared to sales of $2.02B, in the year-earlier quarter. Average production in Q4 was 226.1K bbl/day and FANG expects Q1 2023, production of 248K-252K bbl/day of oil, or 415K-422K boe/day, on capital spending of $625M-$675M. Diamondback operates exclusively in the Permian … Continue reading “Diamondback Energy Earnings Beat in a Record Year for the Permian Basin Specialist”

Devon Energy Earnings Lower Than Expected with Higher Capex, Record Free Cash Flow

Shale play Devon Energy reported fourth quarter earnings after the market that missed Wall Street estimates and declined from a year ago. DVN guided for flat production in Q1. For the full year, the company forecast production of 643K-663K boe/day, and capital spending of $3.6B-$3.8B, above the $3.4B analyst consensus estimate. $DVN stock fell 7% in after hours on the news. Devon Energy Corp NYSE: DVN Devon reports with other key Shale names with footprints in the main shale basins the … Continue reading “Devon Energy Earnings Lower Than Expected with Higher Capex, Record Free Cash Flow”

Diamondback Energy Earns Record $1.18 Billion with Higher Permian Production

Texas independent oil and natural gas company Diamondback Energy reported better than expected third quarter earnings after the market close Monday. FANG reported adjusted gains of $6.48 per share beating expectations $6.66. Revenue increased to $2.44 billion from $1.91 billion. The average price of oil was $89.79 per barrel in the third quarter of 2022, compared with $68.27 in the third quarter of last year, Diamondback said. The release follows last week’s earnings from oil and gas heavyweights Chevron, Exxon, … Continue reading “Diamondback Energy Earns Record $1.18 Billion with Higher Permian Production”

Diamondback Energy Record $1.3 Billion in Free Cash Flow Raises Permian Production

Texas independent oil and natural gas company Diamondback Energy reported better than expected second quarter earnings after the market close Monday. FANG reported adjusted gains of $7.07 per share beating the expected $6.66. The release follows last week’s earning from oil and gas heavyweights Chevron, Exxon, Shell and Phillps 66. Goldman Sachs named the stock among its top five picks for 2022 shortly before the earnings release. FANG shares are down over 20% from their June peak like many in … Continue reading “Diamondback Energy Record $1.3 Billion in Free Cash Flow Raises Permian Production”

Exxon Puts Texas Barnett Shale Gas Properties Up For Sale

Exxon Mobil on Monday put it’s Barnett Shale holdings that include 2,700 wells across about 182,000 acres in North Texas up for sale. The producing properties are valued at between $400 million and $500 million, according a person familiar with the matter Reuters said. Barnett Shale was the site the first horizontally drilled shale wells. Exxon is in a position to take advantage of skyrocketing natural gas properties across the world. U.S. gas prices are up 75% year to date, … Continue reading “Exxon Puts Texas Barnett Shale Gas Properties Up For Sale”