Five Shale Stocks to Watch Before Third-Quarter Earnings

Permian producers spent much of this year paying buyers to haul away the natural gas that comes up with their oil.

Waha Hub spot prices stayed below zero for a record 90 days in a row before turning positive on June 16, Reuters reported, and the hub had averaged minus $2.19 per million British thermal units for the year up to that point.

Four of the five companies below still posted record results in the second quarter.

Three of the five don’t drill at all, and one of the two that do works mostly in North Dakota, far from Waha.

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Waha Hub spot prices stayed below zero for a record 90 days in a row before turning positive on June 16, Reuters reported, and the hub had averaged minus $2.19 per million British thermal units for the year up to that point.

Four of the five companies below still posted record results in the second quarter.

Three of the five don’t drill at all, and one of the two that do works mostly in North Dakota, far from Waha.

Energy Information Administration’s October outlook has domestic crude output rising from 13.9 million barrels per day this year to 14.3 million in 2027 and assumes Middle East oil flows stay constrained through the fourth quarter.

Permian-focused executives surveyed by the Dallas Fed in June named gas takeaway capacity and regulatory issues as the constraints on drilling they cited most often.

Third-quarter earnings start arriving in the coming weeks, so the second-quarter figures below are the latest each company has reported.

Permian Resources Corporation (NYSE: PR) netted 38 cents per thousand cubic feet for its natural gas in the second quarter, hedges included, in a period when Waha averaged negative $3.14.

Management said on the earnings call that it curtailed gas from wells with a high gas-to-oil ratio, which cut gas output by about 20 percent from the first quarter, and that firm transportation and hedges did the rest.

Unhedged, the company still realized negative $1.74, though that was $1.40 better than Waha, and the hedges added $2.12 on top.

It turned every curtailed well back on in late June once prices recovered.