Williams reported strong first quarter financial results for 2024, with an adjusted net income of $719 million and an adjusted EBITDA of $1.934 billion, marking significant increases from the previous year.
Occidental’s operational excellence and strategic execution across all business segments. Vicki Hollub, President and CEO, is quoted highlighting the fundamental importance of operational excellence to Occidental’s success.
The US Lower 48 market showed a disappointing activity level, contrary to expectations of a moderate increase. The land rig count declined slightly, with the industry rig count remaining essentially flat during the first quarter.
Occidental Petroleum (OXY.N), is exploring a sale of a part of its operations in the Permian Basin that could fetch more than $1 billion for the energy producer, according to people familiar with the matter.
EOG Resources had a successful first quarter in 2024, reporting $1.6 billion in adjusted net income and generating $1.2 billion in free cash flow.
ConocoPhillips reported first-quarter 2024 earnings of $2.6 billion, with adjusted earnings per share at $2.03. While the company anticipates maintaining flat activity in the Permian Basin throughout 2024 in terms of both rigs and well completion crews,.
otal equivalent production for the quarter was 686 MBoepd (thousand barrels of oil equivalent per day), which was near the high end of the guidance range (660 to 690 MBoepd).
Diamondback Energy’s natural gas operations, noting a decrease in natural gas realizations quarter over quarter due to lower pricing, particularly in the context of declining WAHA basis pricing. Despite this, the company has the majority of its basis exposure hedged to protect its cash flow stream.
Chesapeake reported a net income of $26 million and an adjusted net income of $80 million, with significant cash flow from operations totaling $552 million for the first quarter of 2024. By the end of the quarter, the company had built up an inventory of 24 drilled but uncompleted (DUCs) wells and 22 deferred TILs.
The global oil in 2024 face pivotal challenges including the strategic decisions of OPEC+ on oil supply, significant production increases from North America, and varying rates of electric vehicle adoption globally.
