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Thursday, October 7, 2021

#OilandGas #Stock News - FOOTHILLS EXPLORATION INC. (OTC: $FTXP) COMMENCES GEOCHEMICAL SURVEY OF ITS WIND RIVER BASIN PROPERTIES; @Foothills_FTXP

 


 

#OilandGas #Stock News - FOOTHILLS EXPLORATION INC.  (OTC: $FTXP) COMMENCES GEOCHEMICAL SURVEY OF ITS WIND RIVER BASIN PROPERTIES; @Foothills_FTXP

 

LOS ANGELES, CA – October 7, 2021 – (Investorideas.com newswire and Oilandgasstocknews.com) Breaking oil and gas stock news – Foothills Exploration, Inc. (OTC: FTXP), an oil and gas exploration and development company focused on delivering the energy needs of today and tomorrow, announced today that it has engaged Geochemical Insight to execute a geochemical survey on a portion of the Company’s acreage in the Beaver Creek East (“BCE”) project located in Fremont County, Wyoming.

 

Read this news, featuring FTXP in full at https://www.investorideas.com/news/2021/energy/10072FTXP-Geochemical-Survey.asp

The Company is actively engaged in the last stage of its geological and geophysical delineation for its first drilling target in the BCE prospect, which has the potential to produce from several formations. The initial drilling program will have multiple objectives in a stacked-pay environment. The Company has identified nine different formations for its proposed exploration program. The geochemical survey will begin on October 9, 2021, and the sampling, analysis and reporting of the data is expected to take approximately six weeks to complete.

 

Geochemical Survey

The BCE geochemical survey will be conducted in Townships 33N and 34N 95W in Fremont County about 15 miles southeast of Riverton, Wyoming. The objective of the survey is to document the location of oil and gas seeps over the surveyed area in order to (i) reduce exploration risk for oil and gas by focusing drill targets on areas with hydrocarbon seeps and (ii) provide baseline environmental data of natural hydrocarbon seeps.

 

A total of 194 soil samples will be collected at 1/6-mile (~268 meters) intervals along 4- to 5-mile-long lines spaced 3,300 feet apart (~1 kilometer). All soil samples will be collected on foot off access roads. The samples will initially be analyzed for acid-extractable C1 through C4 hydrocarbons and samples with anomalous thermogenic C2+ hydrocarbons will be analyzed by Synchronous Scanned Fluorescence to look for aromatic hydrocarbon compositions indicative of condensate, light oil and heavy oil seeps.

 

Wind River Basin Wyoming Beaver Creek East Unit

The Company is developing a 16,387-acre multi-stacked pay Exploration Development Area in Fremont County, Wyoming, which is highly prospective for oil and natural gas. A third-party engineering report of the Company’s interest in the 16,387 acres located in the Wind River Basin, Wyoming, known as the Beaver Creek East Project, indicates Prospective Resources of approximately 21 million barrels of undiscovered oil, with a PV-10 value of $372 million (after risk).

 

Foothills’ acreage is in this large undrilled area and is along the eastern flank of a deeper sub basin in the Wind River Basin proper. Here a deep structural deposit called the Beaver Creek field has produced approximately 73.3 million barrels of oil and 934,781,606 MCF of gas. The Big Sand Draw field, updip to the south, has produced 62.0 million barrels of oil and 256,678,537 MCF of gas from multi-pay horizons. These are generally in the Frontier, Muddy, Dakota, Lakota, Morrison, Phosphoria, Tensleep and Madison formations.

 

About Geochemical Insight

 

Geochemical Insight is a Colorado-based company that turns multi-component geochemical data into information integrated with geological and geophysical data to reduce risk in petroleum, helium, hydrogen and mineral exploration. Geochemical Insight has designed, implemented and interpreted geochemical exploration surveys for the petroleum and mining industries since 2007. Emphasis is placed on linking surface seeps with reservoir fluids using forensic geochemical tools with the ultimate goal of reducing exploration risk. They are contracted by clients to help:

  • Focus on leasing, seismic and drilling
  • Determine if targets contain petroleum, helium and/or water
  • Evaluate oil-field brines for lithium potential
  • Identify by-passed or deeper production
  • Map reservoir trends and sweet spots
  • Estimate light moveable oil quantities in shale reservoirs

 

For additional information please visit www.geochemicalinsight.com.

 

About Foothills Exploration, Inc.

Foothills Exploration, Inc. (“FTXP” or the “Company”), is an oil and gas exploration and development company focused on delivering the energy needs of today and tomorrow. The Company’s strategy is to build a balanced portfolio of assets through two core initiatives. The first initiative is to generate high-impact oil and gas exploration projects. The second is to invest in hydrogen and geothermal projects for a low carbon future through its New Energy Ventures division by identifying areas where the Company can contribute to a viable, realistic, and balanced future energy mix. For additional information please visit the Company’s website at www.foothillspetro.com.

 

Forward-Looking Statements

All statements, other than statements of historical facts, included in this release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are based on certain assumptions we made based on management's experience, perception of historical trends and technical analyses, current conditions, capital plans, drilling plans, production expectations, our ability to raise adequate additional capital, or enter into other financing arrangements to support our acquisition, development and drilling activities, anticipated future developments, and other factors believed to be appropriate and reasonable by management. When used in this release, words such as "will," “possible,” "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," "strategy," "future" or their negatives or the statements that include these words or other words that convey the uncertainty of future events or outcomes, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, statements, express or implied, concerning our future operating results and returns or our ability to acquire or develop proven or probable reserves, our ability to replace or increase reserves, increase production, or generate income or cash flows are forward-looking statements.

 

Forward-looking statements are not guarantees of performance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. As a result, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. We have had sporadic and limited revenue and our securities are subject to considerable risk. Investors are cautioned to review FTXP’s filings with the OTC Markets for a discussion of risk and other factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

 

Investor Contact

Christopher Jarvis

EVP of Finance

(800) 204-5510

ir@foothillspetro.com

 

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Friday, August 13, 2021

Record Breaking Revenues from the #Oil and #Gas Industry (TSX: $IPO.TO) (OTCQX: $IPOOF) (TSX: $TOU.TO) (NYSE: $NOG) (NYSE: $MRO) @TourmalineOil @MarathonOil

Record Breaking Revenues from the #Oil and #Gas Industry (TSX: $IPO.TO) (OTCQX: $IPOOF) (TSX: $TOU.TO) (NYSE: $NOG) (NYSE: $MRO) @TourmalineOil @MarathonOil

 

Point Roberts WA, Delta, BC –August 13, 2021 - Investorideas.com, a leading investor news resource covering oil and gas stocks releases a special report featuring InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF), looking at the stream of record breaking revenues from the oil and gas industry following COVID19 lockdowns and surprisingly, amidst global concerns of climate change and fossil fuel emissions.

 

Read this article, featuring IPO in full at https://www.investorideas.com/news/2021/energy/08131IPO-TOU-NOG-MRO.asp

 

The Canadian Association of Petroleum Producers (CAPP) recently released a new report titled, Canada's Natural Gas and Oil Emissions: Ongoing Reductions, Demonstrable Improvement.

 

The report, which lays out the means to a lower-carbon future through innovation and new technology, and illustrates the industry's proven track record of lowering emissions-intensity, is the first in a series of planned Environment, Social and Governance (ESG) disclosures.

 

Ben Brunnen, Vice President, Oil Sands, Fiscal & Economic Policy commented, “Canada's natural gas and oil industry has a track record of being one of the most transparent around the world. This report raises the bar even higher, positioning the industry as a leader in voluntarily reporting the collective emissions performance of our industry, and should be a challenge for other jurisdictions to do the same."

 

Brunnen continued saying, “The international comparable data shows Canada is a good performer when it comes to emissions intensity but also that we're continuously getting better. The key to our future will be the ability of our industry to quickly advance new technologies to continue reducing GHG intensity, keeping Canada a global supplier of choice."

 

InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) reflected this upward trend for Canadian oil and gas having recently announced its financial and operating results for the three and six months ended June 30, 2021. InPlay’s condensed unaudited interim financial statements and notes, as well as Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2021 will be available at www.sedar.com and the Company’s website at www.inplayoil.com

 

From the news: The company achieved record quarterly production of 5,386 boe/d (68% light oil and NGLs), an increase of 71%  compared to 3,154 boe/d (66% light oil and NGLs) in the second quarter of 2020 and an increase of 8%  compared to 4,965 boe/d (70% light oil and NGLs) in the first quarter of 2021. 

 

InPlay also continued new well production performance in excess of forecasts with the 3.0 net Extended Reach Horizontal (“ERH”) wells drilled in the first quarter of 2021 on our newly acquired Pembina asset having a combined average 120 day initial production (“IP”) rate of 1,390 boe/d (74% light oil and NGLs) based on field estimates. 

 

This led to the company realizing a quarterly record operating income and operating income profit margin of $16.2 million and  64% respectively compared to $0.3 million and 6% in the second quarter of 2020 and $11.9 million and 60% in the first quarter of 2021. 

 

From the news: The Company’s decision to reinvest in the Pembina Cardium has been extremely successful as the results have exceeded expectations since they resumed drilling in this area in late 2019. The three 100% Pembina Cardium 1.5 mile wells drilled in the first quarter of 2021 on lands acquired in the fourth quarter of 2020 have performed exceptionally to date. These wells continue to flow without artificial lift, have produced an average of approximately 55,000 boe per well (73% light oil and NGLs) over their first 120 days and have paid out in three to four months. Their production rates have continued to substantially exceed both their internal forecasted production volumes and reserves assigned to these locations in our December 31, 2020 independent reserve report.

 

From the news: InPlay’s strong results in the first half of 2021 and continuing in the second half of 2021 from the Pembina drills have allowed the Company to increase its 2021 annual average production guidance to between 5,500 and 5,750 boe/d (68% light oil and NGLs) from our previous guidance of 5,100 to 5,400 boe/d (69% light oil and NGLs).  The drilling program for the remainder of the year has not changed from drilling 5.0 net operated horizontal wells.

 

From the news: InPlay is expected to have lower debt exiting 2021 than that previously forecasted, close to our pre-pandemic 2019 debt levels. InPlay’s fourth quarter 2021 annualized net debt to earnings before interest, taxes and depletion (“EBITDA”) ratio(5) is now forecast to be 0.7 to 0.9 times, the lowest in our history

Capital for 2021 is anticipated to be $29 million resulting in forecast AFF increased to an annual record $44.5 - $47.5 million and forecast Free Adjusted Funds Flow (“FAFF”) increased to $15.5 - $18.5 million, a 35 – 39% FAFF yield which will be used to pay down debt. Quarterly AFF in both the third and fourth quarter of 2021 is expected to exceed the AFF generated during the first half of 2021. 

 

From the news: InPlay, like many others in the space, continues to benefit from record levels of production being sold into one of the strongest commodity  pricing environments that have been seen in years. West Texas Intermediate (“WTI”) prices remained strong in the second quarter of 2021 averaging $66.07 USD/bbl compared to $27.83 USD/bbl in the COVID-19 impacted second quarter of 2020. Strong natural gas prices continued in the second quarter of 2021 with AECO daily index prices averaging $2.93/GJ compared to $1.89/GJ in the second quarter of 2020. Realized NGL prices also averaged $30.27/bbl compared to $11.66/bbl for the second quarter of 2020. 

 

The Company’s 2021 guidance is based on a current future commodity price curve with an annual average WTI price of US $64.50/bbl, $3.35/GJ AECO and estimated foreign exchange of $0.80 CDN/USD.

 

Tourmaline Oil Corp. (TSX: TOU) also recently released their financial and operating results for the second quarter of 2021.

 

They saw second quarter 2021 cash flow of $1.89 per diluted share, record free cash flow of $343.9 million, and average production of 410,339 boepd, exceeding the high end of expectations despite challenging operating conditions in June's heat wave.

 

From the news: The updated five-year plan, at current strip pricing, delivers $1.8 billion of FCF in 2022 and $7.0 billion over the full five-year duration of the plan. The 2022 free cash flow equates to over $5.50 per basic share, a FCF yield of 16% and reduces the 2022 total payout ratio to 48%.

 

The Company now expects to achieve year-end 2021 net debt of approximately $1 billion (less than 0.4 times debt to cash flow, and less than one times annual FCF). As at July 15, 2021, Tourmaline's Topaz equity ownership was valued at $939.7 million, which essentially offsets the estimated year-end net debt.

 

From the news: With incremental volumes on the GTN Malin/PG&E system and the Company's recently announced Gulf Coast LNG pathway in 2023, Tourmaline will have 905 mmcfpd exposed to export markets on firm, long-term transport agreements at exit 2023. Tourmaline's largest export market, PG&E California, is currently trading at $5.50/mmbtu (US).

 

Independent oil and gas producer Northern Oil and Gas Inc. (NYSE: NOGreported second-quarter 2021 adjusted earnings per share of 92 cents, beating the Zacks Consensus Estimate of 69 cents and significantly improving from the year-ago profit of 21 cents. The outperformance can be attributed to higher commodity prices and better-than-expected production.

 

The company’s oil and gas sales of $225.7 million beat the Zacks Consensus Estimate of $182 million. The top line also skyrocketed from the year-ago figure of $20.7 million.

 

Northern, which instituted a 50% dividend hike ahead of its earnings release, saw its adjusted EBITDA more than double to $132.8 million.

 

This is in line with Marathon Oil Corporation (NYSE: MRO) who reported second-quarter 2021 adjusted net income per share of 22 cents, also beating the Zacks Consensus Estimate of 18 cents. In the year-ago period, the company had incurred a loss of 60 cents.

 

Marathon Oil’s bottom line was favorably impacted by stronger liquids realizations and better-than-expected domestic production. Precisely, volumes in the United States came in at 283,000 barrels of oil equivalent per day (BOE/d), beating the Zacks Consensus Estimate of 272,000 BOE/d.

 

Marathon Oil reported revenues of $1.1 billion that jumped from the year-ago sales of $272 million but missed the Zacks Consensus Estimate by 0.4%. This was due to the lower-than-expected international segment production available for sale, which at 65,000 BOE/d fell short of the Zacks Consensus Estimate by 3,000 BOE/d.

 

The company stuck to its $1 billion capital spending budget for 2021 and delivered a free cash flow of $420 million during the quarter.

 

"The notion that we can shut off a major, industrialized economy with the flick of a switch is patently unrealistic," Alberta's Premier Jason Kenney said, as quoted by CBC News, adding that giving up fossil fuels for a country with the geographical location-and climate-of Canada would come at a cost that will be measured in human lives.

 

Kenney went on to note that most of the world was dependent on fossil fuels, and there was "no credible way" to eliminate this dependence in the observable future.

 

"It is a utopian notion that we can suddenly end the use of hydrocarbon based energy," the Alberta Premier said. "The challenge is to shrink carbon and CO2 output, and Alberta is increasingly a world leader in that respect."

 

"The industry is confident that they have a place in the future of energy development. It's going to certainly be a different mix of energy sources going forward," according to Tristan Goodman, President of the Explorers and Producers Association of Canada, as quoted by the Financial Post. "Many of our businesses are entering the renewables space, so it's not an either or," he added.

 

As we all continue to face up to the harsh realities of the environmental impacts our modern industries are placing on the world, there is still a place for fossil fuels, even amidst movements towards renewable energy sources. As the world recovers from the manufacturing slow-downs and global supply chain disruptions due to COVID19, fossil fuels may be on the rise for much longer than expected.

 

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Thursday, August 12, 2021

#Oil and #Gas #Stocks to Watch (TSX: $IPO.TO) (OTCQX: $IPOOF) (TSX: $TOU.TO) (NYSE: $NOG) (NYSE: $MRO) @TourmalineOil @MarathonOil

#Oil and #Gas #Stocks to Watch (TSX: $IPO.TO) (OTCQX: $IPOOF) (TSX: $TOU.TO) (NYSE: $NOG) (NYSE: $MRO) @TourmalineOil @MarathonOil


Fossil Fuels Far From Extinct: Oil and Gas Companies See Record Revenues

 

Point Roberts WA, Delta, BC –August 12, 2021 - Investorideas.com, a leading investor news resource covering oil and gas stocks releases a special report featuring InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF), looking at the stream of record breaking revenues from the oil and gas industry following COVID19 lockdowns and surprisingly, amidst global concerns of climate change and fossil fuel emissions.

 

Read this article, featuring IPO in full at https://www.investorideas.com/news/2021/energy/08121Oil-Gas-IPO-TOU-NOG-MRO.asp

 

The Canadian Association of Petroleum Producers (CAPP) recently released a new report titled, Canada's Natural Gas and Oil Emissions: Ongoing Reductions, Demonstrable Improvement.

 

The report, which lays out the means to a lower-carbon future through innovation and new technology, and illustrates the industry's proven track record of lowering emissions-intensity, is the first in a series of planned Environment, Social and Governance (ESG) disclosures.

 

Ben Brunnen, Vice President, Oil Sands, Fiscal & Economic Policy commented, “Canada's natural gas and oil industry has a track record of being one of the most transparent around the world. This report raises the bar even higher, positioning the industry as a leader in voluntarily reporting the collective emissions performance of our industry, and should be a challenge for other jurisdictions to do the same."

 

Brunnen continued saying, “The international comparable data shows Canada is a good performer when it comes to emissions intensity but also that we're continuously getting better. The key to our future will be the ability of our industry to quickly advance new technologies to continue reducing GHG intensity, keeping Canada a global supplier of choice."

 


InPlay Oil Corp.
(TSX: IPO) (OTCQX: IPOOF) reflected this upward trend for Canadian oil and gas having recently announced its financial and operating results for the three and six months ended June 30, 2021. InPlay’s condensed unaudited interim financial statements and notes, as well as Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2021 will be available at www.sedar.com and the Company’s website at www.inplayoil.com. 

 

From the news: The company achieved record quarterly production of 5,386 boe/d (68% light oil and NGLs), an increase of 71%  compared to 3,154 boe/d (66% light oil and NGLs) in the second quarter of 2020 and an increase of 8%  compared to 4,965 boe/d (70% light oil and NGLs) in the first quarter of 2021. 

 

InPlay also continued new well production performance in excess of forecasts with the 3.0 net Extended Reach Horizontal (“ERH”) wells drilled in the first quarter of 2021 on our newly acquired Pembina asset having a combined average 120 day initial production (“IP”) rate of 1,390 boe/d (74% light oil and NGLs) based on field estimates. 

 

This led to the company realizing a quarterly record operating income and operating income profit margin of $16.2 million and  64% respectively compared to $0.3 million and 6% in the second quarter of 2020 and $11.9 million and 60% in the first quarter of 2021. 

 

From the news: The Company’s decision to reinvest in the Pembina Cardium has been extremely successful as the results have exceeded expectations since they resumed drilling in this area in late 2019. The three 100% Pembina Cardium 1.5 mile wells drilled in the first quarter of 2021 on lands acquired in the fourth quarter of 2020 have performed exceptionally to date. These wells continue to flow without artificial lift, have produced an average of approximately 55,000 boe per well (73% light oil and NGLs) over their first 120 days and have paid out in three to four months. Their production rates have continued to substantially exceed both their internal forecasted production volumes and reserves assigned to these locations in our December 31, 2020 independent reserve report.

 

From the news: InPlay’s strong results in the first half of 2021 and continuing in the second half of 2021 from the Pembina drills have allowed the Company to increase its 2021 annual average production guidance to between 5,500 and 5,750 boe/d (68% light oil and NGLs) from our previous guidance of 5,100 to 5,400 boe/d (69% light oil and NGLs).  The drilling program for the remainder of the year has not changed from drilling 5.0 net operated horizontal wells.

 

From the news: InPlay is expected to have lower debt exiting 2021 than that previously forecasted, close to our pre-pandemic 2019 debt levels. InPlay’s fourth quarter 2021 annualized net debt to earnings before interest, taxes and depletion (“EBITDA”) ratio(5) is now forecast to be 0.7 to 0.9 times, the lowest in our history

Capital for 2021 is anticipated to be $29 million resulting in forecast AFF increased to an annual record $44.5 - $47.5 million and forecast Free Adjusted Funds Flow (“FAFF”) increased to $15.5 - $18.5 million, a 35 – 39% FAFF yield which will be used to pay down debt. Quarterly AFF in both the third and fourth quarter of 2021 is expected to exceed the AFF generated during the first half of 2021. 

 

From the news: InPlay, like many others in the space, continues to benefit from record levels of production being sold into one of the strongest commodity  pricing environments that have been seen in years. West Texas Intermediate (“WTI”) prices remained strong in the second quarter of 2021 averaging $66.07 USD/bbl compared to $27.83 USD/bbl in the COVID-19 impacted second quarter of 2020. Strong natural gas prices continued in the second quarter of 2021 with AECO daily index prices averaging $2.93/GJ compared to $1.89/GJ in the second quarter of 2020. Realized NGL prices also averaged $30.27/bbl compared to $11.66/bbl for the second quarter of 2020. 

 

The Company’s 2021 guidance is based on a current future commodity price curve with an annual average WTI price of US $64.50/bbl, $3.35/GJ AECO and estimated foreign exchange of $0.80 CDN/USD.

 

Tourmaline Oil Corp. (TSX: TOU) also recently released their financial and operating results for the second quarter of 2021.

 

They saw second quarter 2021 cash flow of $1.89 per diluted share, record free cash flow of $343.9 million, and average production of 410,339 boepd, exceeding the high end of expectations despite challenging operating conditions in June's heat wave.

 

From the news: The updated five-year plan, at current strip pricing, delivers $1.8 billion of FCF in 2022 and $7.0 billion over the full five-year duration of the plan. The 2022 free cash flow equates to over $5.50 per basic share, a FCF yield of 16% and reduces the 2022 total payout ratio to 48%.

 

The Company now expects to achieve year-end 2021 net debt of approximately $1 billion (less than 0.4 times debt to cash flow, and less than one times annual FCF). As at July 15, 2021, Tourmaline's Topaz equity ownership was valued at $939.7 million, which essentially offsets the estimated year-end net debt.

 

From the news: With incremental volumes on the GTN Malin/PG&E system and the Company's recently announced Gulf Coast LNG pathway in 2023, Tourmaline will have 905 mmcfpd exposed to export markets on firm, long-term transport agreements at exit 2023. Tourmaline's largest export market, PG&E California, is currently trading at $5.50/mmbtu (US).

 

Independent oil and gas producer Northern Oil and Gas Inc. (NYSE: NOG) reported second-quarter 2021 adjusted earnings per share of 92 cents, beating the Zacks Consensus Estimate of 69 cents and significantly improving from the year-ago profit of 21 cents. The outperformance can be attributed to higher commodity prices and better-than-expected production.

 

The company’s oil and gas sales of $225.7 million beat the Zacks Consensus Estimate of $182 million. The top line also skyrocketed from the year-ago figure of $20.7 million.

 

Northern, which instituted a 50% dividend hike ahead of its earnings release, saw its adjusted EBITDA more than double to $132.8 million.

 

This is in line with Marathon Oil Corporation (NYSE: MRO) who reported second-quarter 2021 adjusted net income per share of 22 cents, also beating the Zacks Consensus Estimate of 18 cents. In the year-ago period, the company had incurred a loss of 60 cents.

 

Marathon Oil’s bottom line was favorably impacted by stronger liquids realizations and better-than-expected domestic production. Precisely, volumes in the United States came in at 283,000 barrels of oil equivalent per day (BOE/d), beating the Zacks Consensus Estimate of 272,000 BOE/d.

 

Marathon Oil reported revenues of $1.1 billion that jumped from the year-ago sales of $272 million but missed the Zacks Consensus Estimate by 0.4%. This was due to the lower-than-expected international segment production available for sale, which at 65,000 BOE/d fell short of the Zacks Consensus Estimate by 3,000 BOE/d.

 

The company stuck to its $1 billion capital spending budget for 2021 and delivered a free cash flow of $420 million during the quarter.

 

"The notion that we can shut off a major, industrialized economy with the flick of a switch is patently unrealistic," Alberta's Premier Jason Kenney said, as quoted by CBC News, adding that giving up fossil fuels for a country with the geographical location-and climate-of Canada would come at a cost that will be measured in human lives.

 

Kenney went on to note that most of the world was dependent on fossil fuels, and there was "no credible way" to eliminate this dependence in the observable future.

 

"It is a utopian notion that we can suddenly end the use of hydrocarbon based energy," the Alberta Premier said. "The challenge is to shrink carbon and CO2 output, and Alberta is increasingly a world leader in that respect."

 

"The industry is confident that they have a place in the future of energy development. It's going to certainly be a different mix of energy sources going forward," according to Tristan Goodman, President of the Explorers and Producers Association of Canada, as quoted by the Financial Post. "Many of our businesses are entering the renewables space, so it's not an either or," he added.

 

As we all continue to face up to the harsh realities of the environmental impacts our modern industries are placing on the world, there is still a place for fossil fuels, even amidst movements towards renewable energy sources. As the world recovers from the manufacturing slow-downs and global supply chain disruptions due to COVID19, fossil fuels may be on the rise for much longer than expected.

 

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