#Oil and #Gas #Stocks
- Drilling Down on Players in #Texas (OTC: $SITS) (NYSE: $PXD) (NYSE: $MRO)
(NYSE: $REI) @SITS_Inc @PXDtweets @MarathonOil
Vancouver,
Kelowna, Delta, BC – May 24, 2023 - Investorideas.com, a
leading investor news resource covering oil and gas stocks releases a special news
report on companies drilling in Texas, featuring oil and gas exploration and
development junior, Southern ITS International, Inc. (OTC PINK:SITS).
Read this article
featuring SITS in full at https://www.investorideas.com/news/2023/energy/05241Oil-Gas-Stocks-in-Texas.asp
The
Railroad Commission of Texas (RRC) reported that from December 2021 to November
2022, total Texas reported production was 1.5 billion barrels of crude oil and
11.2 trillion cubic feet of total gas.
Seeing
the opportunity in Texas, Southern ITS International, Inc. (OTC PINK: SITS) announced in late
March that its subsidiary, Pure Oil & Gas, Inc. has raised all of the funds
required for the drilling and completion of its first oil & gas project.
The funds were raised by a newly formed limited partnership of which Pure is
the General Partner.
Jeremy
Larsen, President of Pure Oil & Gas, Inc., stated, "We are pleased to
have been able to complete this fund raise so quickly and we expect that our
driller-operator, ICS Energy, Inc. will commence drilling operations on our
first well located in Eastland County, Texas within the next 45 days."
Southern
ITS International recently announced Pure
Oil & Gas, Inc. has successfully completed drilling of its first well in
Eastland County, Texas.
Jeremy
Larsen, President of Pure Oil & Gas, Inc., stated, "We are pleased
with the hard work and safety efforts of our partner and driller-operator, ICS
Energy, Inc. I would like to be the first to congratulate them on the
successful drilling of our first well. The workover rig has been in place as of
Saturday, April 22nd, and we hope to know the estimated production numbers of
this first well by the end of May. We look forward to drilling more wells
across the great state of Texas for the success and future of our young
company, Pure Oil & Gas, Inc."
James E Shipley, CEO of Southern
ITS International told
Investor Ideas, "We are still waiting on geological, engineering and
seismology reports, which we are expecting any day now "
Pioneer
Natural Resources Company (NYSE: PXD), ranked the
number one producer in Texas in 2022 reported in late
April its financial and operating
results for the quarter ended March 31, 2023. Pioneer reported first quarter
net income attributable to common stockholders of $1.2 billion, or $5.00 per
diluted share. These results include the effects of noncash mark-to-market
adjustments and certain other unusual items. Excluding these items, non-GAAP
adjusted income for the first quarter was $1.3 billion, or $5.21 per diluted
share. Cash flow from operating activities for the first quarter was $2.3
billion.
From the news: Highlights:
First quarter oil production averaged 361 thousand barrels of oil per day
(MBOPD), near the top end of guidance
First
quarter total production averaged 680 thousand barrels of oil equivalent per
day (MBOEPD), near the top end of guidance
Generated
strong first quarter free cash flow of $948 million
Declared
a quarterly base-plus-variable dividend of $3.34 per share to be paid in June
2023, reflecting a 14% increase to the base dividend component
Repurchased
$500 million of shares during the first quarter (2.4 million shares)
Refreshed
share repurchase program with a new $4 billion authorization, replacing the
prior program
Chief
Executive Officer, Scott D. Sheffield stated, "Pioneer reported an
outstanding first quarter, achieving strong production growth and returning
significant capital to shareholders. Our continued focus on efficient
operations and the development of our best-in-class, high-return assets
delivered production near the top end of guidance and generated approximately
$950 million of free cash flow. This free cash flow, coupled with our strong
balance sheet, supported $1.3 billion of shareholder returns through our second
quarter base-plus-variable dividend of $3.34 per share and $500 million of
opportunistic first quarter share repurchases.”
Marathon
Oil (NYSE: MRO), an
independent oil and gas exploration and production (E&P) company focused on
four of the most competitive resource plays in the US, including Eagle Ford,
Texas, on May 3rd reported first quarter 2023 net income of $417 million or
$0.66 per diluted share, which includes the impact of certain items not
typically represented in analysts' earnings estimates and that would otherwise
affect comparability of results. Adjusted net income was $420 million or $0.67
per diluted share. Net operating cash flow was $865 million or $942 million
before changes in working capital (adjusted CFO). Free cash flow was $333
million or $309 million before changes in working capital and including
Equatorial Guinea (E.G.) distributions and other financing (adjusted FCF).
Another
oil and gas junior betting on Texas, Ring Energy, Inc. (NYSE: REI), with
current operations focused on the conventional development of its Permian Basin
assets announced on May
3, 2023 its financial results for the first quarter of 2023. In addition, the
Company provided second quarter guidance and reiterated its full year 2023
outlook.
From the news: Grew
first quarter 2023 sales volumes 2% to a record 18,292 barrels of oil
equivalent per day (“Boe/d”) (69% oil) from 17,856 Boe/d (68% oil) for the
fourth quarter of 2022;
First
quarter 2023 sales volumes were at the high-end of the Company’s guidance range
of 17,800 to 18,300 Boe/d;
Reported
net income of $32.7 million, or $0.17 per diluted share, in the first quarter
of 2023, versus net income of $14.5 million, or $0.08 per diluted share’ in the
fourth quarter of 2022;
First
quarter 2023 included a gain on derivative contracts of $9.5 million while
fourth quarter 2022 included a loss on derivative contracts of $19.3 million;
Increased
Adjusted Net Income1 by 15% to $25.0 million, or $0.14 per share, for the first
quarter of 2023 from $21.8 million, or $0.13 per share, in the fourth quarter
of 2022;
Generated
record Adjusted EBITDA1 of $58.6 million for the first quarter of 2023, which
was 4% higher than the previous record set in the fourth quarter of 2022 of
$56.3 million;
Delivered
Free Cash Flow1 of $10.5 million and record Cash Flow from Operations1 of $49.4
million in the first quarter of 2023;
Remained
cash flow positive for the 14th consecutive quarter.
So
for investors looking at the oil and gas sector, maybe “Goin' Back to Texas” is
the way to go.
Research
oil and gas stocks at Investorideas.com stock directory
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