Friday, November 29, 2024

New Mexico Rig Count Reaches Multi-Decade High

U.S. count up 13 for the week U.S. drilling activity rose sharply today, as rig counts once again exceeded 1,050 rigs, according to the Baker Hughes Weekly Rig Count. A net 13 rigs came online this week, meaning there are now 1,057 rigs active in the U.S., the highest activity level since early June. Overall, this week’s increase continues the

Diamondback Looks to North Midland With $1.25 Billion Acquisition

Buys 25,500 acre-Ajax Resources Diamondback Energy (ticker: FANG) announced second quarter results today, showing net income of $219 million, or $2.22 per share. Diamondback produced 112.6 MBOEPD in Q2, up 10% sequentially and 46% year-over-year. The company is increasing production guidance slightly, and is now predicting overall 2018 output of around 117 MBOEPD. The company also announced a major acquisition

Flotek Industries Q2 Conference Call: Operators Are Asking for Expanded Chemistry Options

Flotek Industries Inc. (NYSE: FTK) reported Q2 results this week and executives discussed operations for the company’s oil and gas industry segment during the Q2 2018 earnings call. 2Q Financial Snapshot Revenue of $59.1 million for 2Q 2018 decreased 2.4% compared to 1Q 2018 and decreased 30.6% compared to 2Q 2017. Cash SG&A of $13.1 million for 2Q 2018 (excluding stock compensation expense of $2.4