U.S. oil and gas producer Pioneer Natural Resources Co. on May 4 reported a 124% rise in first-quarter adjusted profit from the previous three months as COVID-19 vaccine rollouts and easing travel restrictions lifted crude prices.
U.S. oil and gas companies have delivered strong first-quarter profits on a rebound in oil prices and deep cost cuts implemented last year at the peak of a downturn in demand due to the COVID-19 pandemic.
Gas producers have benefited from a deep freeze in Texas that lifted demand for the fuel used in heating and power generation.
Pioneer, which operates in the Permian Basin in West Texas, said that its total output was 474,000 boe/d in the first quarter, compared with 364,000 boe/d in the fourth quarter.
The company’s total average realized price in the first quarter was $42.75 per bpe, much higher than the $30.22 boe it earned in the last three months of 2020.
Pioneer said adjusted net income rose to $396 million, or $1.77 per share, from $177 million, or $1.07 per share, in the prior quarter.
Rival Devon Energy Corp. said in a separate statement its first-quarter adjusted profit was 45 cents per share, compared with expectations of 33 cents per share.
Recommended Reading
Enchanted Rock’s Microgrids Pull Double Duty with Both Backup, Grid Support
2025-02-21 - Enchanted Rock’s natural gas-fired generators can start up with just a few seconds of notice to easily provide support for a stressed ERCOT grid.
ADNOC Contracts Flowserve to Supply Tech for CCS, EOR Project
2025-01-14 - Abu Dhabi National Oil Co. has contracted Flowserve Corp. for the supply of dry gas seal systems for EOR and a carbon capture project at its Habshan facility in the Middle East.
Freshly Public New Era Touts Net-Zero NatGas Permian Data Centers
2024-12-11 - New Era Helium and Sharon AI have signed a letter of intent for a joint venture to develop and operate a 250-megawatt data center in the Permian Basin.
DNO Makes Another Norwegian North Sea Discovery
2024-12-17 - DNO ASA estimated gross recoverable resources in the range of 2 million to 13 million barrels of oil equivalent at its discovery on the Ringand prospect in the North Sea.
Wildcatting is Back: The New Lower 48 Oil Plays
2024-12-15 - Operators wanting to grow oil inventory organically are finding promising potential as modern drilling and completion costs have dropped while adding inventory via M&A is increasingly costly.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.