Locator: 44600EURNG.
Remember all that hand-wring about natural gas in Europe this past winter.
Here's where Europe stood at the end of winter.
Monday, May 8, 2023
Whiting With Three New Permits; Eleven Permits Renewed; Five DUCs Reported As Completed -- May 8, 2023
Locator: 44599B.
Active rigs: 39.
WTI: $72.98.
Natural gas: $2.244.
Three new permits, #39881 - #39883, inclusive:
- Operator: Whiting
- Field: Foreman Butte (McKenzie)
- Comments:
- Whiting has permits for three Van Buren Federal wells in SESW 36-151-103;
- to be sited betweeen 404 FSL and 479 FSL and between 2543 FWL and 2594 FWL.
Eleven permits renewed:
- BR (8): permits for six Abercrombie wells; an Aberlid well; and, an Abersom well, all eight in Elidah (McKenzie)
- Whiting (3): permits for an Olson well in Dollar Joe (Williams); a Pearl Rennerfeldt in Stockyard Creek (Williams); and a Roggenbuck well in Sanish (Mouuntrail)
Five producing wells (DUCs) reported as completed:
- 29412, 503, Lime Rock Resources, Sharon Rainey 3-17-20H-142-96;
- 29580, 507, Lime Rock Resources, Sharon Rainey 5-17-20H-142-96L;
- 36170, no test, XTO, Lavern 42X-14AXB,
- 36214, no test, XTO, Allie 31X-24B,
- 37015, 1,700, CLR, LCU Ralph 2-27H,
Lucid Shares Fall Almost Ten Percent; Ford Earnings / Guidance -- May 8, 2023
Locator: 44598EVS.
LCID: falls almost 10% after hours. Link here.
Lucid Motors shares fell in extended trading as the pure-play electric vehicle maker reported a Q1 revenue and earnings miss, as concerns about profitability and production mount for the California-based company.
For the quarter, Lucid reported top-line revenue of $149.4 million, missing estimates of $197.8 million and below the $257 million Lucid reported last quarter, though it was significantly higher than the $57.7 million Lucid reported a year ago.
In terms of profitability, Lucid report an adjusted EPS loss of $0.43, wider than the $0.40 loss per share expected by Wall Street.
Lucid said it ended the quarter with approximately $4.1 billion total liquidity, which is expected to fund the company into at least Q2 of 2024.
"We are on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow," said Peter Rawlinson, Lucid's CEO in a statement.
Meanwhile, Ford earnings / guidance, from five days ago:
Legacy gas-powered vehicles, led by F-150 trucks, underpinned Ford's Q1 profits.
Meanwhile, the automaker lost $722 million on its ambitious shift to electric vehicles, the Ford earnings release showed.
The unchanged 2023 outlook — despite the strong Q1 beat — implies some pressure in the second half of the year from macro uncertainty and easing of pricing power, analysts at Bank of America wrote in a note to clients Wednesday morning.
DVN -- 1Q23
Locator: 44597DVN.
Updates
May 9, 2023: nice review by Rigzone.
Devon Energy Corp. reported $995 million in net earnings for the first quarter as its oil production surged to an all-time high.
The USA producer’s opening-quarter profit fell year on year from $1 billion and quarter on quarter from $1.2 billion as oil and gas prices fell.
Devon produced 641,000 oil-equivalent barrels per day in January-March 2023, up by both year-ago and prior-quarter comparisons.
Original Post
Will look at these later. I'm at the pool with Sophia and then Jiu-Jitsu later.
It's 87°F, calm, and clear -- and it feels like 100°F.
The links sent to me by a reader (thank you):
AP:
- 1Q23 profit: $995 million
- per share, $1.53 earnings, adjusted, $1.46
- beat expectations, Zacks 1.39
- revenue: $3.82 billion; forecast $3.93 billion
- so, revenues less than expected, but earnings much better than expected
***************************
NOG
- 8.750% senior notes due 2031
- offering price equal to 98.568% of par
- to close on May 15, 2023
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