Chinese demand for natural gas is expected to grow by 10% year-on-year this winter, as a Covid-19 recovery spurs higher residential and industrial consumption, state oil companies said on Thursday. Presenting at a gas seminar in Beijing, the companies said demand during the 2020/21 peak winter season is estimated at 148 billion cubic meters (Bcm),
Read More...China’s Sinopec reported a net profit attributable to shareholders of 24.45 billion yuan ($3.64 billion) during the third quarter, while boosting natural gas sales and maintaining production levels, Kallanish Energy reports. The company said in its financial statement net profit was down 44.7% compared to the 44.22 billion yuan ($6.6 billion) recorded a year ago,
Read More...Russia’s largest independent gas producer, Novatek, saw its production rise 4.5% year-on-year during the third quarter of 2020, despite a slight decline in total sales volumes, Kallanish Energy reports. The company said in its Q3 results that total gas production reached 19.13 billion cubic meters (Bcm) in the July-September quarter, up from 18.31 Bcm a
Read More...Norway’s Equinor posted on Thursday a net loss of $2.12 billion in the third quarter of 2020, hit by weak hydrocarbon prices but, mostly, impairment charges due to reduced future price assumptions. The company’s net income was 92% lower than the same period last year at $1.11 billion, as it recorded impairment charges of $2.93
Read More...Royal Dutch Shell said Thursday it is starting a new era of dividend growth, as it announced a portfolio reshape to meet cleaner energy needs, Kallanish Energy reports. The supermajor decided to raise its dividend by 4% to 16.65 cents in the third quarter and annually thereafter. In April, it had slashed the payout by
Read More...ConocoPhillips has reported a third quarter 2020 net loss of $450 million or 42 cents per share, Kallanish Energy reports. That compares to 3Q 2019 net earnings of $3.1 billion or $2.74 per share. Third quarter 2020 adjusted earnings were a loss of $300 million or 31 cents a share, compared with 3Q 2019 adjusted
Read More...TC Energy on Thursday awarded more than $1.6 billion in contracts to six major American contractors to build more than 800 miles of the now-stalled Keystone XL Pipeline in three states in 2021, Kallanish Energy reports. The six companies will be responsible for hiring more than 7,000 union workers. The companies are Barnard Pipeline of
Read More...EQT Corp. reported a net loss of $601 million in the third quarter 2020, according to Kallanish Energy. Although the recent loss was higher than a year ago — a loss of $361 million in the third quarter of 2019 — it was smaller than expected. The company was able to mitigate the drop in
Read More...EQT Corp. strengthened its foothold as the No. 1 producer of natural gas in the United States, reaching a definitive purchase and sale agreement with Chevron USA Inc. to acquire its oil and gas assets in the Appalachian Basin, according to Kallanish Energy. The $735 million sale includes 500 producing wells that produce about 450
Read More...EQT Corp. wants to acquire rival CNX Resources Corp., according to Kallanish Energy. If realized, the deal would make EQT, which is already the No. 1 natural gas producer in the United States, even bigger. The company recently sent a takeover proposal to CNX; however, no decision has been reached and EQT could decide not
Read More...ReImagine Appalachia’s plan to revitalize the Ohio River Valley could bring nearly half a million jobs to Ohio and Pennsylvania over the next decade, according to Farm and Dairy. The potential jobs include more than 87,000 jobs in agriculture and land restoration and 233,000 in clean energy. However, the plan hinges on billions of dollars
Read More...Experts are anticipating the biggest U.S. shale oil production drop since May, according to the U.S. Energy Information Administration’s most recent monthly forecast. Output is expected to decline by 123,000 barrels per day (bpd) in November to about 7.69 million bpd. Furthermore, overall output is expected to drop for the third straight month and is
Read More...EQT, the largest producer of natural gas in the United States, reported a net loss of $601 million or $2.35 in the third quarter 2020, Kallanish Energy reports. That compares to a loss of $361 million or $1.41 per share in 3Q 2019. That loss was smaller than had been expected with lower operating costs
Read More...Despite the ongoing economic impacts of the coronavirus and its effect on oil and natural gas demand and investments, analysts believe natural gas will bounce back and possibly even show significant growth, according to the International Energy Agency (IEA). Energy demand is expected to drop by 5% in 2020, and oil and gas investments are
Read More...Gulfport Energy, a major player in Ohio’s Utica Shale, is expected to file for a Chapter 11 reorganization in the coming days, Kallanish Energy has learned. The company, its revolver lenders and unsecured bondholders are expected to seek approval for a restructuring support agreement that includes debtor-in-possession financing. The Oklahoma-based company is dealing with about
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