Gasoline Demand; Ovintiv With Six New Permits; Seven DUCs Reported As Completed -- February 8, 2023

Summary: oilfield services -- Alex Kimani.

• SLB reported full-year revenue of $28.1 billion, good for a 23% Y/Y increase while net income of $3.4 billion grew a robust 83%Y/Y. SLB raised its quarterly dividend by 43% and resumed share buybacks. The company says that it expects to distribute more than 50% of free cash flow to shareholders in dividends and buybacks in the current year. SLB has also been strengthening its balance sheet, managing to pay down $1.7B in debt during the year to bring it down to $9.3B.
• BKR reported Q4 2022 revenue of $5.9 billion, up 10% sequentially and up 8% Y/Y. Non-GAAP net income clocked in at $692 million, up 38% sequentially and up 21% Y/Y while net income fell 38% Y/Y to $182 million. Despite the lower profit, BKR announced its first dividend hike for the first time since 2017.
• Meanwhile, HAL reported full year revenue of $20.3 billion, up 33% Y/Y while full year operating income of $2.7 billion increased 50% Y/Y. The company announced a 33% divided hike and resumed its share buyback program.

Link here.

*************************
Back to the Bakken

Active rigs: 46.

WTI: $78.38.

Natural gas: $2.418.

Six new permits, #39646 - #39651, inclusive:

• Operator: Ovintiv
• Fields: Sandrocks (McKenzie); Tobacco Garden (McKenzie)
• Comments:
• Ovintiv has permits for five Fleck wells and one Eide well, lot 1, section 1-150-100, 
• to be sited 520 FNL and between 700 FEL and 860 FEL

Seven producing wells (DUCs) reported as completed:

• 37566, 659, Petro-Hunt, Johnson 158-94-14A-23-1HS,
• 38591, 2,275, MRO, Stone 44-7TFH,
• 38598, 587, Murex, Sheldon Mark 34-22H-1 3MB,
• 38600, 205, Murex, Sheldon Mark 34-22H-1 2MB,
• 38601, 533, Murex, Borstad 34-10H-A 1MB,
• 37537, 510, Lime Rock Resources, Brew 5-13-12H-143-96L,
• 37602, 571, Lime Rock Resources, Emerson 5-24-25H-143-96L,