A lot of the top
Diamondback, one of the fastest-growing Permian firms after making a series of multibillion-dollar acquisitions last year, reported a quarterly net income of $349 million that jumped nearly 60 percent from the year prior.
After acquiring smaller Permian firms Energen and Ajax Resources last summer, Diamondback essentially doubled its quarterly revenues up to more than $1 billion. The company will complete more wells in 2019 than its previous estimates while lowering the maximum of its capital budget.
The snake-themed Diamondback is reducing its debt load by spinning off its pipeline and processing facilities into the brand-new
Pioneer posted a $169 million loss in the second quarter, which is down from a $66 million profit a year prior. But much of that loss comes from about $150 million in one-time restructuring costs associated with the job cuts.
In May, Pioneer became a Permian pure-play firm by selling its
“Pioneer reported an excellent second quarter, with significantly reduced capital spending, strong production growth and superior margins,” Sheffield said.
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The company plans to maintain operating up to 23 drilling rigs in the Permian for the rest of this year.
Parsley’s quarterly profit of $116 million was down slightly from $119 million last year, but its revenues jumped from $468 million to $499 million.
As the other companies reported, Parsley is hiking its 2019 production targets while tightening up its capital spending slightly.
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