Occidental (NYSE: OXY) announced today its agreement to sell certain assets in the Delaware Basin to Permian Resources (NYSE: PR) for approximately $818 million. Additionally, the company has completed several other dispositions totaling $152 million in 2024.
In the second-quarter 2024 earnings conference call, Patterson-UTI showcased the impressive strides made with their electric fleets (e-fleets). Having operated these fleets for nearly a year, the company shared insights into the performance, strategic growth, market dynamics, and technological advancements of their e-fleets. With a focus on efficiency, service quality, and environmentally friendly solutions, Patterson-UTI is positioning itself as a leader in next-generation frac solutions.
Patterson-UTI operates a significant natural gas fueling business that supports both its own operations and those of other companies. This business includes the operation of two CNG facilities and over 100 truck trailer systems for delivering compressed natural gas. Patterson-UTI powers approximately 2 million horsepower of natural gas-powered equipment, a mix of its own and third-party equipment. The natural gas delivered annually equates to roughly 1 gigawatt hour of electricity.
Formentera Operations LLC is the operator for Formentera Partners, which is an energy focused, private equity strategy founded by Bryan Sheffield, Blake London and Paul Treadwell in 2020, based in Austin, Texas. Formentera responsibly acquires and optimizes producing oil and gas assets in onshore United States basins.
Linkedin poll and had over 800 people respond, the majority of the respondents feel the Kamala Harris will be worse for the Oil & Gas Industry vs Joe Biden.
In the APA 2024 Sustainability Report, APA Corporation outlines comprehensive measures for spill prevention and management, emphasizing their commitment to minimizing environmental impacts. The report details proactive strategies, including the use of primary and secondary containment systems, rigorous employee and contractor training programs, and advanced spill response protocols.
Helmerich & Payne, Inc. (NYSE: HP), a leading provider of advanced drilling solutions, has announced its financial results for the third quarter of fiscal year 2024. The company reported a net income of $89 million, or $0.88 per diluted share, reflecting a robust performance despite industry headwinds.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) has announced its financial results for the second quarter ended June 30, 2024. The company reported a total revenue of $1.3 billion and a net income of $11 million, or $0.03 per share. Despite incurring $11 million in merger and integration expenses, the company achieved an adjusted EBITDA of $324 million
The endorsement of Kamala Harris by President Biden signals potential challenges ahead for the oil and gas industry. Harris’s track record and her commitment to aggressive climate policies indicate a possible continuation and intensification of the regulatory pressures seen under the current administration. Industry stakeholders should prepare for a landscape that emphasizes accountability and a shift towards renewable energy, which could significantly impact operations, investments, and overall strategy in the fossil fuel sector.
The latest Baker Hughes report indicates a slight increase in the total number of active oil and gas rigs across the United States, despite some regional declines.
