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Title : Tuesday, October 3, 2017
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Tuesday, October 3, 2017

Active rigs:

$50.41↓	10/3/2017	10/03/2016	10/03/2015	10/03/2014	10/03/2013
Active Rigs	57	33	68	188	185

RBN Energy: lower prices dampen oil-weighted profitability in second quarter of 2017.

After posting a whopping $160 billion in losses in 2015-16, the 43 exploration and production companies (E&Ps) whose financial performance we’ve been closely tracking roared back to profitability in the first quarter of 2017 on higher commodity prices and cost savings from drilling efficiencies on high-graded portfolios. However, lower oil prices slowed the earnings train in the second quarter, as total adjusted pre-tax operating profit dropped 11.6% to $8.0 billion.

Understandably, the 21 oil-focused producers in our universe suffered the biggest impact from depressed crude realizations, reporting a 29% decline in operating profits to just $1.9 billion. The good news is that oil peer group earnings remained solidly in the black, increasing the odds that 2017 will be their first profitable year since 2014. Today, we analyze the results for the individual companies in our Oil-Weighted Peer Group.

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