NorthAmOil: North American producers report improved performances on higher prices

The earnings season is in full swing, and a growing number of North American producers is reporting stronger performances thanks to commodity prices being at multi-year highs.
Among those reporting stronger performances are super-majors Chevron and ExxonMobil, which posted their highest quarterly profits in years. The two giants both disclosed plans to step up drilling in the prolific Permian Basin, at least somewhat. Chevron’s chief financial officer, Pierre Breber, said his company would add two rigs in the Permian in the fourth quarter, while ExxonMobil’s chairman CEO, Darren Woods, mentioned a “couple” more rigs in the basin as his company moves forward with its plans.
Independents have also been reporting improved profits. Among them is Diamondback Energy, which beat analyst expectations with adjusted earnings of $536mn, or $2.94 per share for the third quarter. However, it noted that it was committed to maintaining its fourth-quarter Permian Basin production levels over the course of 2022, and lowered its capital expenditure guidance for a second time this year.
In Canada, meanwhile, leading oil sands producers Suncor Energy and Imperial Oil have both reported significantly higher profits – up from a loss a year ago in Suncor’s case. Additionally, Suncor said it would double its dividend – a trend also being seen in the US, where Diamondback is boosting its dividend too.
More profits are anticipated to be announced by producers on both sides of the border in the coming days.