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.
EOG Q1/2024 Results – plan to drill 50 Permian wells with three-mile laterals
ConocoPhillips Q1/2024 – new large projects and longer laterals are the future
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,.
Coterra Energy Q1/2024 – improved drilling cycle times
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 first quarter of 2024 delivers performance hedging natural gas price
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 Energy reported Q1/2024 financial results – postpones completions
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.
Global oil sectors face pivotal challenges in 2024
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.
Devon Energy Reports Q1/2024 Results – Permian (Delaware) represents 66% of production
The Delaware Basin significantly contributed to Devon Energy’s strong performance in the first quarter of 2024. Delaware Basin led to a 20%+ increase in well productivity year-over-year.
Marathon Petroleum Reports Q1/2024 Results – Expanding natural gas midstream in the Permian
MPLX has been actively expanding its natural gas infrastructure. This includes the startup of new processing plants like the Preakness II and Harmon Creek II in the Permian and Marcellus basins respectively, each with a capacity of 200 million cubic feet per day.
Chevron ballymore project in deepwater U.S. gulf of Mexico
The Ballymore Project is described as a significant subsea tieback to Chevron’s existing Blind Faith facility in the U.S. Gulf of Mexico. It’s expected to produce over 150 million barrels of oil-equivalent during its lifespan and aims to add up to 75,000 barrels per day of crude oil production upon completion.
Diamondback Energy’s first quarter of 2024 delivers performance using simulfrac & e-fleets for completions
Diamondback Energy’s completion activities, emphasizing efficiency and cost-effectiveness. It mentions the use of four simulfrac crews, including both diesel-powered and e-fleets
