Big Losses in 2q 2016

Last year about this time the said everything would have leveled out by today. 

That didn't happen:

Calgary-based Encana posted a US$601 million net loss in the quarter, an improvement on its US$1.6 billion net loss in the same period a year earlier, but managed to avoid an operating loss. The company posted operating earnings of US$89 million in the quarter, compared with an operating loss of US$167 million a year ago.

http://business.financialpost.com/news/energy/encana-precision-drilling-earnings-hint-at-brighter-outlook-for-oil?__lsa=c045-fdbc

 

Standard and Poor’s downgraded the credit of Canadian oil and gas sector companies 23 times in the first six months of the year., supra

 

Southwestern Energy Inc., which said it has upgraded its balance sheet and cash flow through several bank agreement extensions, still saw heavy second quarter losses as the Houston-based natural gas producer has essentially halted all development and drilling activities in the U.S.

For the period ended June 30, Southwestern reported a net loss of $620 million, or $1.61 per share, compared to a net loss of $815 million, or $2.13 per share, in the same period a year ago. Total revenues slumped 32% to $522 million, compared to $764 million a year ago.

Still, in the first half of 2016, Southwestern exploration and production operations reported losses of $1.7 billion, compared to losses of $1.6 billion year ago. Company officials attributed the huge losses primarily to decreases in realized oil and gas prices that Southwestern is able to negotiate in the competitive energy marketplace.

http://talkbusiness.net/2016/07/southwestern-energy-reports-2q-losses-of-620-million-plans-to-kickstart-drilling-again-in-back-half-of-2016/

 

 

CANONSBURG, Pa. (AP) _ Consol Energy Inc. (CNX) on Tuesday reported a loss of $469.8 million in its second quarter.

On a per-share basis, the Canonsburg, Pennsylvania-based company said it had a loss of $2.05. Losses, adjusted to account for discontinued operations, came to $1.02 per share.

The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share.

http://www.4-traders.com/CONSOL-ENERGY-INC-12141/news/CONSOL-Energy-reports-2Q-loss-22751376/

 

FT WORTH, Texas (AP) _ Range Resources Corp. (RRC) on Tuesday reported a loss of $224.9 million in its second quarter.

On a per-share basis, the Ft Worth, Texas-based company said it had a loss of $1.35. Losses, adjusted for non-recurring costs and stock option expense, came to 14 cents per share.

http://www.4-traders.com/RANGE-RESOURCES-CORP-14288/news/Range-Resources-reports-2Q-loss-22755848/

 

THE WOODLANDS, Texas (AP) _ Anadarko Petroleum Corp. (APC) on Tuesday reported a second-quarter loss of $692 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the The Woodlands, Texas-based company said it had a loss of $1.36. Losses, adjusted for non-recurring costs, came to 60 cents per share.

http://www.4-traders.com/ANADARKO-PETROLEUM-CORPOR-11665/news/Anadarko-Petroleum-reports-2Q-loss-22755445/

Statoil ASA deepened spending cuts after Norway’s biggest oil producer reported an unexpected loss amid lower crude prices and taxes on unprofitable international operations. The adjusted loss after tax, which excludes financial and other items, was $28 million in the second quarter after a profit of $929 million a year earlier, the Stavanger-based company said Wednesday. That missed the average estimate of 16 analysts for a profit of $294 million.

http://fuelfix.com/blog/2016/07/27/statoil-swings-to-loss-slashes-spendint/

 

 

NEW YORK (AP) — Hess Corp. (HES) on Wednesday reported a loss of $392 million in its second quarter.

The New York-based company said it had a loss of $1.29 per share. Losses, adjusted for non-recurring costs, were $1.11 per share.

http://www.argus-press.com/news/national/article_1ea7feaf-c45e-5769-a092-1cb3b26d30b4.html

 

IRVING, Texas (AP) _ Pioneer Natural Resources Co. (PXD) on Wednesday reported a loss of $268 million in its second quarter.

The Irving, Texas-based company said it had a loss of $1.63 per share. Losses, adjusted for non-recurring costs, were 22 cents per share.

Vanguard Natural Resources reported a net loss attributable to Common and Class B Unitholders for the quarter of $267.5 million or $(2.04) per basic unit after deducting distributions to Preferred Unitholders compared to a net loss of $800.3 million or $(9.27) per basic unit in the second quarter of 2015.

We reported a net loss attributable to Common and Class B Unitholders for first six months of 2016 of $419.5 million or $(3.20) per basic unit after deducting distributions to Preferred Unitholders.

http://vnrllc.com/2016/07/27/vanguard-natural-resources-llc-reports-second-quarter-2016-results/

 

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0ym9x5ag7ury2Permalink Reply by 0ym9x5ag7ury2 on July 28, 2016 at 1:14pm

Chesapeake has been taking free NGLs since Jan 2011. If I couldn't make a huge profit taking Ohio's wealth with no severance tax and paying no Royalties I think it would be time to switch jobs.

My Neighbor has that Horse Barn Mucking job open again for Doug if he can't stand the RICO HEAT that will soon surface in Ohio.

We have some losers in Columbus trying to hide this theft, but the truth about a Multi Billion Theft in progress just can't be hidden, even if the News Outlets aren't allowed to talk about this topic.

2kh5ftrhxwsvzPermalink Reply by 2kh5ftrhxwsvz on August 3, 2016 at 3:25pm

Dude, you're HILARIOUS :)

Permalink Reply by Jesse Drang on July 28, 2016 at 1:23pm
The hedge positions are expiring and losses can no longer be offset by investment income.
Permalink Reply by Paul Butler on July 29, 2016 at 1:55am

The Shalers have been losing tens of billions every quarter going on 2 years now.

Them hedges couldn't save them from the Bankers, from themselves.

The ancient Greeks believed man was indestructible by other men.  Believed that in order for you to be destroyed, you had to be an accomplice to your own destruction.

The Shalers illustrate the aforementioned thoughts of the Greeks vividly.

The Shalers ill advised land grabbing and claim jumping, funded by high dollar debt made no sense and was doomed from day one, ab initio.

Here is the latest:

Halcón reported a net loss available to common stockholders of $382.4 million, or $3.17 per diluted share for the second quarter. 

http://investors.halconresources.com/releasedetail.cfm?ReleaseID=981823

Cabot Oil & Gas Corp. (COG) on Friday reported a loss of $62.9 million in its second quarter.

The Houston-based company said it had a loss of 14 cents per share. Losses, adjusted for one-time gains and costs, were 7 cents per share.

The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.

The independent oil and gas company posted revenue of $246.8 million in the period, which fell short of Street forecasts. Ten analysts surveyed by Zacks expected $278 million.

http://www.4-traders.com/CABOT-OIL-GAS-CORPORATI-12146/news/Cabot-Oil-Gas-reports-2Q-loss-22779019/

 

 

Permalink Reply by Jesse Drang on July 29, 2016 at 3:55am

Yep, I still own shares of HK ... even more after the 1-5 split to keep the stock price above $1.00 to avoid de-listing.  They made it through a couple of Qs servicing their debt from making $$ on their futures positions, but they didn't last. 

There are A LOT of investors/lenders who are losing A TON of money with these companies.  The bondholders and unsecured lenders are taking on the chin.  

Next bubble to pop will be the pipelines ... way too much capacity planned.

Permalink Reply by Paul Butler on July 29, 2016 at 6:56am

Chevron Corp. recorded a second-quarter loss of $1.5 billion compared with earnings of $571 million in second-quarter 2015.

Included in the quarter were impairments and other noncash charges totaling $2.8 billion, partially offset by gains on asset sales of $420 million. Foreign currency effects increased earnings in the quarter by $279 million compared with a decrease of $251 million a year earlier.

http://www.ogj.com/articles/2016/07/chevron-records-loss-of-1-5-billion-in-second-quarter.html

Following the trend set by its peers earlier this week, EQT Corp. reported that it sold more gas at lower prices, and lost a significant sum on hedging deals when the price of gas in the forward market suddenly rose in the past few months.

The Downtown-based oil and gas firm swung to a loss of $258.6 million, or $1.55 per share, for the second quarter compared with net income of $5.5 million, or 4 cents per share, for the same period last year.

Revenue of $127.5 million was down more than 70 percent from the year-ago quarter

http://powersource.post-gazette.com/powersource/companies/2016/07/28/EQT-swings-to-second-quarter-loss-pittsburgh/stories/201607280151

 

All of  Shell’s major operations disappointed, though none so much as its upstream oil business, which posted a loss of $1.3 billion. Market forecasts had been in the region of $2.2 billion

http://iusbpreface.com/2016/07/28/shell-says-2q-earnings-fell-72-per-cent-288860/

 

Permalink Reply by Paul Butler on August 3, 2016 at 9:31am

FRISCO, TEXAS, August 1, 2016 - Comstock Resources, Inc. ("Comstock" or the "Company") (CRK) today reported financial and operating results for the three months and six months ended June 30, 2016. 

Comstock reported net income of $4.9 million or $0.41 per diluted share for the second quarter of 2016 (after giving effect to the Company`s one-for-five reverse stock split that became effective when the stock market opened today) as compared to a net loss of $135.1 million or $14.64 per share (as adjusted for the stock split) for the second quarter of 2015.  The second quarter of 2016 results include impairments on oil and gas properties of $1.7 million, an unrealized loss from derivative financial instruments of $1.1 million, a net loss on sales of oil and gas properties of $1.6 million, an income tax charge to reflect a change in state law of $0.1 million and a gain on extinguishment of debt of $56.2 million.  Financial results for the second quarter of 2015 included a loss related to the sale of oil and gas properties of $111.8 million, impairments on oil and gas properties and unevaluated leases of $25.0 million, unrealized hedging gains of $0.6 million and a net gain on extinguishment of debt of $7.3 million.  Excluding these items from each period`s results, the net loss for the second quarter of 2016 would have been $46.8 million or $4.05 per share as compared to net loss of $51.2 million or $5.56 per share in the second quarter of 2015.

http://finance.yahoo.com/news/comstock-resources-inc-reports-second-131102758.html

Comstock reported a net loss of $51.7 million, or $4.82 per share (after adjustment for the stock split), for the six months ended June 30, 2016 as compared to a net loss of $213.6 million, or $23.18 per share (as adjusted for the stock split), for the six months ended June 30, 2015. The 2016 results include impairments on oil and gas properties and unevaluated leases of $32.2 million, a loss on sale and exchanges of oil and gas properties of $0.9 million, an income tax charge to reflect a change in state law of $4.5 million, an unrealized gain from derivative financial instruments of $1.4 million and a net gain on extinguishment of debt of $89.6 million. Financial results for the six months ended June 30, 2015 included the loss on sale of oil and gas properties of $111.8 million, impairment on oil and gas properties and unevaluated leases of $65.9 million, drilling rig termination fees of $1.8 million, an unrealized gain from derivative financial instruments of $0.6 million and a net gain on extinguishment of debt of $4.5 million. Excluding these items from each period's results, the net loss for the six months ended June 30, 2016 would have been $102.2 million, or $9.52 per share, as compared to a net loss of $100.3 million, or $10.88 per share, in the six months ended June 30, 2015 (in each case as adjusted for the stock split).

https://www.twst.com/update/comstock-resources-inc-comstock-resources-inc-reports-second-quarter-2016-financial-and-operating-results/

 

LAFAYETTE, La. (AP) _ PetroQuest Energy Inc. (PQ) on Monday reported a loss of $22.9 million in its second quarter.

The Lafayette, Louisiana-based company said it had a loss of $1.38 per share. Losses, adjusted for non-recurring costs, were 91 cents per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 52 cents per share.

The independent oil and gas company posted revenue of $15.8 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $15.9 million.

In the final minutes of trading on Monday, the company's shares hit $2.98. A year ago, they were trading at $5.60.

http://www.cnbc.com/2016/08/01/the-associated-press-petroquest-reports-2q-loss.html

  

Bonanza Creek reports 2Q loss

Monday, 1 Aug 2016 | 5:50 PM ETThe Associated Press

 

DENVER (AP) _ Bonanza Creek Energy Inc. (BCEI) on Monday reported a loss of $49.5 million in its second quarter.

On a per-share basis, the Denver-based company said it had a loss of $1. Losses, adjusted for non-recurring costs and asset impairment costs, came to 40 cents per share.

The results fell short of Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for a loss of 32 cents per share.

The oil and gas company posted revenue of $54.5 million in the period, also falling short of Street forecasts. Nine analysts surveyed by Zacks expected $55 million.

In the final minutes of trading on Monday, the company's shares hit 80 cents. A year ago, they were trading at $8.27.

 

 

OKLAHOMA CITY (AP) _ Devon Energy Corp. (DVN) on Tuesday reported a loss of $1.57 billion in its second quarter.

On a per-share basis, the Oklahoma City-based company said it had a loss of $3.04. Earnings, adjusted for non-recurring costs, came to 6 cents per share.

The results beat Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for a loss of 22 cents per share.

The oil and gas exploration company posted revenue of $2.49 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $2.29 billion.

Devon Energy shares have climbed 13 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 5.5 percent. In the final minutes of trading on Tuesday, shares hit $36.12, a fall of 25 percent in the last 12 months.

 

DENVER (AP) _ SM Energy Co. (SM) on Tuesday reported a loss of $168.7 million in its second quarter.

The Denver-based company said it had a loss of $2.48 per share. Losses, adjusted for non-recurring costs, were 44 cents per share.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of 69 cents per share.

The independent oil and gas company posted revenue of $341.8 million in the period, also beating Street forecasts. Nine analysts surveyed by Zacks expected $316.7 million.

SM Energy shares have climbed 33 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $26.21, a fall of 26 percent in the last 12 months.

 

http://www.4-traders.com/SM-ENERGY-CO-14423/news/SM-Energy-reports-2Q-loss-22802454/

 

MIDLAND, Texas (AP) _ Concho Resources Inc. (CXO) on Tuesday reported a loss of $265.7 million in its second quarter.

On a per-share basis, the Midland, Texas-based company said it had a loss of $2.04. Earnings, adjusted for non-recurring costs, were 26 cents per share.

The results exceeded Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The independent oil and gas company posted revenue of $396.3 million in the period, falling short of Street forecasts. Ten analysts surveyed by Zacks expected $490.5 million.

http://finance.yahoo.com/news/concho-resources-reports-2q-loss-204227294.html

 

 

Clayton Williams Energy  reported a net loss for the second quarter of 2016 (“2Q16”) of $73.8 million, or $6.06 per share, as compared to a net loss of $23.3 million, or $1.92 per share, for the second quarter of 2015 (“2Q15”). Adjusted net loss1 (non-GAAP) for 2Q16 was $34.3 million, or $2.82 per share, as compared to adjusted net loss1 (non-GAAP) of $13.1 million, or $1.08 per share, for 2Q15. Cash flow from operations for 2Q16 was $(16.6) million as compared to $8.5 million for 2Q15. EBITDAX2 (non-GAAP) for 2Q16 was $13.4 million as compared to $36.5 million for 2Q15. For the six months ended June 30, 2016, net loss attributable to Company stockholders was $109 million, or $8.96 per share, as compared to net loss of $41.6 million, or $3.42 per share, for the same period in 2015. Adjusted net loss1 (non-GAAP) for the six-month period in 2016 was $65 million, or $5.34 per share, as compared to adjusted net loss1 (non-GAAP) of $33.6 million, or $2.76 per share, for the same period in 2015. Cash flow from operations for the six-month period in 2016 was $(16.1) million as compared to $28.6 million during the same period in 2015. EBITDAX2 (non-GAAP) for the six-month period in 2016 was $22.9 million as compared to $62.6 million for the same period in 2015.
http://www.wallstreet-online.de/nachricht/8817583-clayton-williams-energy-announces-second-quarter-2016-financial-results

 

THE WOODLANDS, Texas (AP) _ Newfield Exploration Co. (NFX) on Tuesday reported a loss of $667 million in its second quarter.

The The Woodlands, Texas-based company said it had a loss of $3.36 per share. Earnings, adjusted for asset impairment costs and non-recurring costs, were 32 cents per share.

The results topped Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.

The independent oil and gas company posted revenue of $381 million in the period, falling short of Street forecasts. Eleven analysts surveyed by Zacks expected $403.8 million.

Newfield shares have risen 28 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5.5 percent. In the final minutes of trading on Tuesday, shares hit $41.55, an increase of 28 percent in the last 12 months.

                                      

Permalink Reply by Paul Butler on August 3, 2016 at 2:01pm

Rice Energy Inc. widened its loss for the second quarter to $138.7 million, or $1.07 per share, compared with a loss of $63.5 million, or 51 cents per share during the same three months last year.

http://powersource.post-gazette.com/

 

Stone Energy reported a second quarter of 2016 net loss of $195.8 million, or $35.05 per share, on oil and gas revenue of $89.0 million, compared to a net loss of $152.9 million, or $27.68 per share, on oil and gas revenue of $149.5 million in the second quarter of 2015. The adjusted net loss, which excludes impairment charges of $118.6 million, was $41.6 million, or $7.45 per share. Net cash (used in) provided by operating activities totaled ($31.6) million for the second quarter of 2016, while discretionary cash flow totaled ($6.6) million during the second quarter of 2016, as compared to $62.1 and $84.9 million, respectively, during the second quarter of 2015. Please see "Non-GAAP Financial Measures" and the accompanying financial statements for reconciliations of adjusted net loss, a non-GAAP financial measure, to net loss, and discretionary cash flow, a non-GAAP financial measure, to net cash (used in) provided by operating activities. 

http://the-daily-digger.blogspot.com/

 

DENVER (AP) _ Antero Resources Corp. (AR) on Tuesday reported a loss of $596.2 million in its second quarter.

The Denver-based company said it had a loss of $2.12 per share. Earnings, adjusted for one-time gains and costs, came to 14 cents per share.

http://finance.yahoo.com/news/antero-resources-reports-2q-loss-232732754.html

2kh5ftrhxwsvzPermalink Reply by 2kh5ftrhxwsvz on August 3, 2016 at 3:27pm

CHK will shock the world

Permalink Reply by Paul Butler on August 3, 2016 at 11:26pm

It's shocking to most that CHK is still in business.

When was the last time they did make money?

What quarter and year?

Permalink Reply by Paul Butler on August 3, 2016 at 11:50pm

DENVER (AP) _ Cimarex Energy Co. (XEC) on Wednesday reported a loss of $270.3 million in its second quarter.

On a per-share basis, the Denver-based company said it had a loss of $2.91. Earnings, adjusted for one-time gains and costs, came to 7 cents per share.

The results exceeded Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.

 

 

OKLAHOMA CITY (AP) _ Continental Resources Inc. (CLR) on Wednesday reported a second-quarter loss of $119.4 million, after reporting a profit in the same period a year earlier. The Oklahoma City-based company said it had a loss of 32 cents per share.

https://www.bing.com/news/search?q=Continental+Resources+Losses+2Q+2106&qpvt=continental+resources+losses+2q+2106&FORM=EWRE

 

August 3, 2016

HOUSTON--(BUSINESS WIRE)-- Contango Oil & Gas Company (NYSE MKT: MCF) ('Contango' or the 'Company') announced today its financial results for the three and six months ended June 30, 2016 and provided an operational update.

Second Quarter Summary

Production of 6.8 Bcfe for the quarter, or 74.6 Mmcfed; within guidance

Adjusted EBITDAX of $10.1 million for the quarter and net loss of $17.3 million

Quarter-end debt balance of $111 million, a $4.5 million decrease from year-end

Completed the purchase of approximately 12,100 gross operated undeveloped acres (~5,000 net to MCF) in the Southern Delaware Basin of Texas in July 2016; drilling to commence in late-2016

Completed an underwritten public offering of 5,000,000 shares of common stock for net proceeds of approximately $46.9 million in July 2016

https://www.twst.com/update/contango-oil-and-gas-co-contango-announces-second-quarter-2016-financial-results-and-provides-operations-update/

 

 

HOUSTON (AP) _ Carrizo Oil & Gas Inc. (CRZO) on Thursday reported a second-quarter loss of $46.1 million, after reporting a profit in the same period a year earlier.

https://sg.finance.yahoo.com/news/carrizo-reports-2q-loss-105156847.html

 

PLANO, Texas (AP) _ Denbury Resources Inc. (DNR) on Wednesday reported a loss of $1.15 billion in its second quarter.

The Plano, Texas-based company said it had a loss of $3.28 per share. Earnings, adjusted for non-recurring costs, were 13 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.

The independent oil and gas company posted revenue of $376.7 million in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $479 million.

The company's shares closed at $3.58. A year ago, they were trading at $17.23.

http://sg.finance.qa2p.global.media.yahoo.com/news/denbury-resources-reports-2q-loss-104531848.html

Permalink Reply by Paul Butler on August 4, 2016 at 5:34am

HOUSTON, Aug 3 (Reuters) - Marathon Oil Corp said on Wednesday its quarterly loss shrank, beating Wall Street's expectations, as international oil production helped offset declines in U.S. output.

The company posted a second-quarter net loss of $170 million, or 20 cents per share, compared with a net loss of $386 million, or 57 cents per share, in the year-ago period.

Excluding one-time items, the company lost 23 cents per share.

By that measure, analysts expected a loss of 24 cents per share, according to Thomson Reuters I/B/E/S.

Production rose in the company's international division thanks to ramp-ups in the United Kingdom and Equatorial Guinea. Still, overall production fell 1 percent to 384,000 barrels of oil equivalent per say due to slumps in North American output.

Shares of Marathon fell about 1 percent to $13.30 in after-hours trading on Wednesday.

http://www.rigzone.com/news/oil_gas/a/146006/Marathon_Oil_Quarterly_Loss_Shrinks_On_International_Output

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