Reuters Two U.S. shale oil producers, Pioneer Natural Resources Co and Parsley Energy Inc, are planning to trim staff in coming days, people familiar with the matter said on Monday, after each posted large second-quarter losses. The cost cuts are the latest by oil and gas producers as oil demand and prices have plunged due to the COVID-19 pandemic. More
Rystad Energy US oil production of at least 300,000 oil barrels per day (bpd) will be shut during May and June, according to a Rystad Energy analysis of early communication from US oil producers. It is unclear how much of this is due to the Covid-19 pandemic and the related drop in demand, but one thing is certain: more production
CNBC Parsley Energy CEO Matt Gallagher on Wednesday told CNBC’s Jim Cramer that the state of Texas must issue an oil production cut, or risk putting almost 1 million jobs across the country in jeopardy. “My stance is if we don’t do something quickly in the face of a pandemic, you are going to cripple this domestic industry on the other side,”
Houston Chronicle Two oil companies focused on the Permian Basin of West Texas are already planning to scale back their operations amid an oil war between Russia and Saudi Arabia that has caused commodity prices to crash. In a pair of statements, Midland oil company Diamondback Energy and Austin oil company Parsley Energy confirmed plans to cut back the number
Houston Chronicle Austin’s Parsley Energy is following a growing trend among oil and gas producers – cutting their capital budgets while hiking payouts to shareholders. The moves are intended to instill conservative fiscal restraint while also wooing Wall Street investors with rising dividend payments. Parsley is in the process of buying Denver-based Jagged Peak Energy for $1.65 billion in order
Oil and Gas 360 AUSTIN, Texas, Dec. 19, 2019 /PRNewswire/ — Parsley Energy, Inc. (NYSE: PE) (“Parsley” or the “Company”) today released its inaugural Corporate Responsibility Report. The report outlines Parsley’s commitment and approach to governance, ethics, environmental stewardship, health and safety, talent attraction and retention, and community engagement. The report can be found on the Company’s website at www.parsleyenergy.com/CRR. “At Parsley Energy,
In-basin sand is saving $500,000 per well By Richard Rostad, analyst, Oil & Gas 360 Parsley Energy (ticker: PE) announced first quarter results today, showing a net loss of $24.1 million, or ($0.09) per share. After excluding derivative losses and other special items, Parsley earned an adjusted $62.3 million, or $0.22 per share in the quarter. The company produced 125.4
Spending falls, production growth decelerates Parsley Energy (ticker: PE) provided its 2019 outlook today, summarizing the company’s plans for the coming year. Like Diamondback’s plan released yesterday, Parsley plans to slow down next year, operating with fewer rigs and frac spreads. Parsley plans to deploy 12-to-14 rigs and three-to-four frac spreads on average in 2019, down from a recent rate
From CNBC Billionaire investor Leon Cooperman predicted U.S. oil’s rise to $60 a barrel, and now he says it could hit $70. “I think the supply-demand outlook is favorable, and we would not be surprised to see oil reaching $70 a barrel,” the chairman and CEO of Omega Advisors told CNBC’s “Fast Money: Halftime Report” on Wednesday. Cooperman made his comments despite
FY2017 CapEx of $1.2 billion: 40 wells to be placed on production each quarter in 2018 Parsley Energy, Inc. (ticker: PE) has released certain full-year 2017 results and an operational update for its Wolfcamp C delineation program. Q4 and FY2017 results Parsley expects full-year 2017 net production of 68 MBOEPD, up 78% relative to full-year 2016 net production. Additionally, Parsley
Parsley Energy, Inc. (ticker: PE) said that next year, effective Jan. 2019, Chairman of the Board and CEO Bryan Sheffield will be succeeded as CEO by Matt Gallagher, the company’s current president and COO. Gallagher is appointed to Parsley’s board of directors effective immediately. Sheffield will serve as CEO through the end of 2018, in the newly-created position of executive
Parsley has full borrowing capacity available for Permian development Permian driller Parsley Energy (ticker: PE) said it has amended its revolving credit agreement, increasing the borrowing base by 60% to $1.4 billion, with a company-elected commitment amount of $1.0 billion. The amendment also adds five new lenders under the credit agreement: Canadian Imperial Bank of Commerce, New York Branch; Capital One, National Association; Citibank, N.A.; PNC Bank, National
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