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CyprusGasNews
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Diamondback Energy, Inc. Announces Second Quarter 2017 Financial and Operating Results

Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2017, corrected for a change to adjusted net income from the prior release.

HIGHLIGHTS
Q2 2017 net income of $158 million, or $1.61 per diluted share (adjusted net income of $123 million, or $1.25 per diluted share; corrected from prior released adjusted net income of $137 million, or $1.40 per diluted share)
Q2 2017 production of 77.0 Mboe/d (75% oil), up 25% over Q1 2017 (15% organic growth)
Increasing full year 2017 production guidance to 74.0 – 78.0 Mboe/d, up 5% from prior full year guidance midpoint
Lowering full year 2017 CAPEX guidance to $800 – $950 million from $800 million – $1.0 billion previously
Q2 2017 cash operating costs of $7.66/boe, including LOE of $4.14/boe, cash G&A of $0.82/boe and taxes and transportation of $2.70/boe
Lowering full year 2017 LOE guidance to $3.75 – $4.75 per boe and cash G&A to $0.75 – $1.25 per boe
Two ReWard Wolfcamp A wells had average peak 30-day flowing 2-stream initial production (“IP”) rates of 191 boe/d per 1,000′ (83% oil)
First completed Upper Wolfcamp A well in Pecos County had peak 30-day flowing IP rate of 219 boe/d per 1,000′ (85% oil)
First completed Lower Second Bone Spring well in Pecos County had peak 30-day flowing IP rate of 190 boe/d per 1,000′ (91% oil)
“Diamondback has continued to build on its strong execution track record by increasing full year production guidance while decreasing CAPEX and cash cost guidance. We believe these results continue to affirm the strength of our business plan. Today we are positioned with acreage and well locations that provide many years of visible production growth. Our growth rate is determined by returns to shareholders, without reliance on the capital markets to fund our development plan. Our balance sheet remains strong and provides us the operational flexibility to increase and decrease activity as commodity price dictates, allowing us to grow differentially within cash flow,” stated Travis Stice, Chief Executive Officer of Diamondback.

#NYSE #NASDAQ #OIL #GAS #Energy #Invest
https://www.cyprusgasnews.com/diamondback-energy-inc-announces-second-quarter-2017-financial-and-operating-results/
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Enerflex Enerflex Ltd. (TSX:EFX) (“Enerflex” or the “Company”), a leading supplier of products and services to the global energy industry, will release its second quarter 2017 financial results on August 10, 2017. These results will be available on the Enerflex website at www.enerflex.com.

Analysts, investors, members of the media, and other interested parties are invited to participate in a teleconference and audio webcast on Friday, August 11, 2017 at 8:00 a.m. MST to discuss the second quarter 2017 financial results and operating highlights.

To participate, please call toll free 1.844.231.9067 or 1.703.639.1277. Please dial in 10 minutes prior to the start of the call. No passcode is required. The live audio webcast of the teleconference will be available on the Enerflex website at www.enerflex.com under the Investors section on August 11, 2017 at 8:00 a.m. MST.

The conference will begin with an operations review by J. Blair Goertzen, President and Chief Executive Officer, as well as a review of the financial results by D. James Harbilas, Executive Vice President and Chief Financial Officer, followed by a question and answer period.

A replay of the teleconference will be available on August 11, 2017 at 3:00 p.m. MST until 3:00 p.m. MST on August 18, 2017. Please call 1.855.859.2056 or 1.404.537.3406 and enter conference ID 64829236.

About Enerflex
Enerflex Ltd. is a single source supplier of natural gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment – plus related engineering and mechanical service expertise. The Company’s broad in-house resources provide the capability to engineer, design, manufacture, construct, commission, and service hydrocarbon handling systems. Enerflex’s expertise encompasses field production facilities, compression and natural gas processing plants, refrigeration systems, and electric power equipment servicing the natural gas production industry.to Announce Second Quarter 2017 Results on August 10, 2017

#NYSE #NASDAQ #OIL #GAS #Energy #Invest

https://www.cyprusgasnews.com/enerflex-to-announce-second-quarter-2017-results-on-august-10-2017/
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Delek Logistics Partners, LP Reports Second Quarter 2017 Results

#Delek Logistics Partners, LP (NYSE:DKL) (“Delek Logistics”) today announced its financial results for the second quarter 2017. For the three months ended June 30, 2017, Delek Logistics reported net income attributable to all partners of $19.0 million, or $0.59 per diluted common limited partner unit. This compares to net income attributable to all partners of $18.9 million, or $0.66 per diluted common limited partner unit, in the second quarter 2016. Distributable cash flow was $23.4 million in the second quarter 2017, compared to $23.7 million in the prior-year period.

For the second quarter 2017, earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $30.3 million compared to $27.1 million in the prior-year period. Improved performance in the wholesale marketing and terminalling segment, led by a higher gross margin per barrel in west Texas, was the primary factor offsetting the effect of lower performance on a year-over-year basis from the SALA Gathering System and the Paline Pipeline.

Uzi Yemin, Chairman and Chief Executive Officer of Delek Logistics’ general partner, remarked: “On July 1, our sponsor, Delek US, successfully completed the acquisition of Alon USA Energy, Inc. We believe this should provide a clear path for growth through future potential dropdowns, the ability to provide logistics support to a larger refining system of the combined company and by creating synergies with Delek US in west Texas. Our financial flexibility should support these growth opportunities, and we remain focused on creating long term value for our unit holders. We anticipate that the financial flexibility provided by our balance sheet and focus on growth initiatives should support a distribution per limited partner unit increase of at least 10% annually through 2019.”
#NYSE #NASDAQ #OIL #GAS #Energy #Invest

https://www.cyprusgasnews.com/delek-logistics-partners-lp-reports-second-quarter-2017-results/
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Legacy Reserves LP Announces Second Quarter 2017 Results, Acceleration Payment to TSSP, Amended and Restated Joint Development Agreement, Updated Financial Guidance and Increased Capital Budget

Legacy Reserves LP (“Legacy”) (NASDAQ:LGCY) today announced second quarter results for 2017 including the following Q2 highlights:


Brought online an additional 9 horizontal wells in Howard County, TX and Lea County, NM under our Joint Development Agreement (“JDA”), representing 33 horizontal wells brought online since commencement of the program.
Closed $3.8 million of acreage acquisitions in Howard County, Texas, extending lateral lengths and further coring up our position.
Generated net income of $5.3 million in the first half of 2017 and a net loss of $11.1 million in Q2 2017.
Generated EBITDA of $44.3 million representing a 10% increase compared to Q1 2017.
Reduced lease operating expenses, excluding ad valorem taxes, to $42.3 million representing a 14% decrease compared to Q1 2017.
Amended and restated our Joint Development Agreement (“JDA”) with TPG Sixth Street Partners (“TSSP”) including a $141 million acceleration payment increasing our working interest from 20% to 85% in Tranche 1 wells and from 20% to 66.3% in any subsequent tranches.
Increased our 2017 capital budget to $205 million to fund our increased Permian drilling activity and higher post-reversion JDA working interest.
Paul T. Horne, Chairman of the Board, President and Chief Executive Officer of Legacy’s general partner commented, “We are pleased to announce our acceleration payment and amended development agreement. Our horizontal Permian development has been a big success for both us and TSSP. As a result of the amended development agreement, we are able to increase our exposure to this highly-profitable resource, thereby allowing for a meaningful production growth program for the benefit of our equity holders that is expected to positively impact financial leverage ratios over time. We are thankful for TSSP’s continued support within the program and for the company as a whole. In addition to our focus on these development projects, we concentrated this quarter on decreasing lifting costs after a heightened level of activity in the first quarter repairing and returning wells to production. These costs were down 14% sequentially, meeting the ambitious goal we set at last quarter’s conference call.

#NYSE #NASDAQ #OIL #GAS #Energy #Invest

https://www.cyprusgasnews.com/legacy-reserves-lp-announces-second-quarter-2017-results-acceleration-payment-to-tssp-amended-and-restated-joint-development-agreement-updated-financial-guidance-and-increased-capital-budget/
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Mid-Con Energy Partners, LP Announces Second Quarter 2017 Operating and Financial Results

Mid-Con Energy Partners, LP (NASDAQ:MCEP) (“Mid-Con Energy” or the “Partnership”) announces operating and financial results for the second quarter ended June 30, 2017.

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“During the second quarter, we were presented with some challenges caused by several unexpected events that impacted production and operating expenses,” commented Jeff Olmstead, President and CEO. “Weather in May, particularly in Northeastern Oklahoma, led to greater than normal downtime and increased LOE to repair certain damage caused by severe storms. We also had several primary wells in our Permian core area decline at a faster rate than we anticipated. That said, our team was able to partially offset these production losses with better than expected results from development. For example, we saw positive waterflood response to recent injection at select properties in our Permian and Northeastern Oklahoma core areas. This will allow us to accelerate investment during the third quarter to capitalize on these waterflood responses, and should result in production growth during the second half of this year.”

SECOND QUARTER 2017 SUMMARY

Reaffirmed $140 million borrowing base in May 2017 during regularly scheduled redetermination.
Acquired multiple oil and natural gas properties located in Oklahoma County and Cleveland County, Oklahoma (“Wheatland”) in June 2017 for cash consideration of approximately $4.2 million, subject to customary post-closing adjustments.
Invested approximately $2.1 million in capital expenditures advancing key waterflood projects in our Northeastern Oklahoma and Permian core areas.
Net loss of $15.2 million, compared to net income of $4.4 million during the first quarter of 2017 and net loss of $15.8 million year-over-year.

#NYSE #NASDAQ #OIL #GAS #Energy #Invest

https://www.cyprusgasnews.com/mid-con-energy-partners-lp-announces-second-quarter-2017-operating-and-financial-results/
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Toscana Energy Announces Second Quarter 2017 Results

CALGARY, Alberta, July 28, 2017 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“TEI” or the “Corporation”) (TSX:TEI) announces financial and operating results for the second quarter ended June 30, 2017.
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Financial and operating results:

This news release summarizes information contained in the Condensed Consolidated Interim Financial Statements (unaudited) and Management’s Discussion and Analysis (“MD&A”) for the three and six month periods ended June 30, 2017. This news release should not be considered a substitute for reading the full disclosure documents, which are available under the Corporation’s profile on SEDAR at www.sedar.com and on the Corporation’s website at www.sprott-toscana.com.

Highlights

Changed banking arrangements that provides for greater financial flexibility and lower interest costs
Reduced debt by $3 Million as a result of sale of non-core assets. Funds to be redeployed in expanding the company’s large oil in place oil assets
Maintained production at first quarter 2017 levels despite asset disposition
Available credit of approximately $9.6 million at June 30, 2017 on a $34.5 million credit facility
Recommenced Normal Course Issuer Bid (NCIB)

#NYSE #NASDAQ #OIL #GAS #Energy #Invest

https://www.cyprusgasnews.com/toscana-energy-announces-second-quarter-2017-results/

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ExxonMobil Earns $3.4 Billion in Second Quarter 2017

#ExxonMobil
IRVING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM):

Funded Phase 1 of world-class Guyana Liza development, with first oil expected by 2020
Progressed investments in advantaged manufacturing sites and acquired strategic assets in Singapore to meet growing product demand
Cash flow from operating activities covered second quarter dividends and additions to property, plant and equipment.

Exxon Mobil Corporation today announced estimated second quarter 2017 earnings of $3.4 billion, or $0.78 per diluted share, compared with $1.7 billion a year earlier, as oil and gas realizations increased and refining margins improved.

“These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals,” said Darren W. Woods, chairman and chief executive officer. “Our job is to grow long-term value by investing in our integrated portfolio of opportunities that succeed regardless of market conditions.”

#NYSE #NASDAQ #OIL #GAS #Energy #Invest

https://www.cyprusgasnews.com/exxonmobil-earns-3-4-billion-in-second-quarter-2017/

During the second quarter, Upstream earnings rose substantially to $1.2 billion as realizations increased. Downstream results grew 68 percent to $1.4 billion on improved refining margins and higher refinery volumes. Chemical earnings were $985 million, $232 million lower than a year ago, primarily due to higher turnaround activities, lower volumes, and decreased margins.

Upstream volumes declined 1 percent to 3.9 million oil-equivalent barrels per day compared with a year ago largely due to lower entitlements, while increases from projects and work programs more than offset the impacts of field decline.
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AltaGas Ltd. Reports Strong Second Quarter 2017 Results

Achieved record second quarter normalized EBITDA1 of $166 million, an increase of approximately 8 percent over the second quarter of 2016;
Increased normalized funds from operations1 by approximately 8 percent to $123 million in the second quarter;
Significantly advanced over $700 million in gas construction projects including the Ridley Island Propane Export Terminal (RIPET), Townsend 2A, and North Pine;
Announced a joint venture partnership pursuant to which Royal Vopak obtained a 30 percent interest in RIPET;
Modified take-or-pay agreement with Birchcliff Energy Ltd. (Birchcliff) to incent volumes solely above the existing take-or-pay commitment at Gordondale;
Filed regulatory applications with the public utility commissions in Maryland, Virginia and Washington D.C. in connection with AltaGas’ pending acquisition of WGL Holdings, Inc. (WGL Acquisition);
Received Federal Energy Regulatory Commission (FERC) approval for the WGL Acquisition, and the waiting period expired pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act); and
As part of the financing plan for the pending WGL Acquisition, AltaGas is launching the first phase of its asset sale process, which includes large-scale, gas-fired power generation assets in California, together with smaller non-core assets.
AltaGas Ltd. (AltaGas) (TSX:ALA) today reported that normalized EBITDA in the second quarter of 2017 increased $13 million to $166 million, compared to the same quarter in 2016. Normalized funds from operations were $123 million ($0.72 per share) for the second quarter of 2017, compared to $114 million ($0.75 per share) in the same period of 2016. On a U.S. GAAP basis, net loss applicable to common shares for the second quarter of 2017 was $8 million ($0.05 per share) compared to net income applicable to common shares of $16 million ($0.10 per share) in the second quarter of 2016. Normalized net income1 was $28 million ($0.17 per share) for the second quarter of 2017, compared to $29 million ($0.19 per share) in the same period of 2016.

#NYSE #NASDAQ #OIL #GAS #Energy #Invest

https://www.cyprusgasnews.com/altagas-ltd-reports-strong-second-quarter-2017-results/
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Gas Insulated Switchgear Market worth over $29 billion by 2024: Global Market Insights, Inc.

The U.S. Gas Insulated Switchgear Market accounted for over 65% of the North America market share in 2016 and will continue to grow at a lucrative CAGR in coming years propelled by the government initiatives toward upgradation and replacement of aging electrical network.
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The Industry Share report “Gas Insulated Switchgear Market By Capacity (150kV), By Voltage Level (Medium Voltage (Primary Distribution, Secondary Distribution), High Voltage), By Application (Transmission & Distribution, Manufacturing & Processing, Infrastructure & Transportation, Power Generation, Other), By Installation (Indoor, Outdoor), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, Italy, Russia, France, Spain, China, India, Japan, South Korea, Indonesia, Malaysia, Singapore, Thailand, Taiwan, Philippines, New-Zealand, Australia, Saudi Arabia, UAE, South Africa, Bahrain, Qatar, Oman, Kuwait, Egypt, Turkey, Brazil, Argentina, Peru), Competitive Market Share & Forecast, 2017 – 2024” by Global Market Insights, Inc. forecast Gas Insulated Switchgear Market is poised to reach USD 29 billion by 2024.

Expansion of existing power transmission & distribution network coupled with shifting trend towards replacement of fossil fuels with clean energy resources will drive the gas insulated switchgear market size. In May 2017, Siemens received largest contract from the KAHRAMAA, a Qatar based general water & electricity corporation for the expansion of country’s power transmission network. The order includes designing, engineering, supply, installation, and commissioning of the substations for the 11 kV, 66 kV, 132 kV, 220 kV, and 400 kV GIS.

#NYSE #NASDAQ #OIL #GAS #Energy #Invest

https://www.cyprusgasnews.com/gas-insulated-switchgear-market-worth-over-29-billion-by-2024-global-market-insights-inc/
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EMGS – presentation of second quarter 2017 results

Electromagnetic Geoservices ASA (EMGS) will present the Company’s second quarter 2017 results today at 11:00 CET at Karenslyst Allé 2, Oslo.
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The presentation will be held by CEO Christiaan Vermeijden and CFO Hege A. Veiseth and will be broadcasted live over the Internet. The webcast can be accessed on http://www.emgs.com

Please find the presentation to be held enclosed.

About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company’s services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.

#NYSE #NASDAQ #OIL #GAS #Energy #Invest

https://www.cyprusgasnews.com/emgs-presentation-of-second-quarter-2017-results/
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