Insight
Q2 2019 US Independents earnings recap
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Report summary
Q2 2019 results were mixed but the share price of nearly every US tight oil company finished earning season in the red. EOG was able to generate significant positive free cash flow as capex spending declined 25% q-o-q. However, the mood was soured by a poor showing from Concho Resources. The company overspent capital guidance by US$300 million and had to lay down 25% of its active rig fleet in the Permian in order to stay within its original full-year guidance. To make matters worse, the results of its highly anticipated 23 well Dominator pad were disappointing as it was revealed the wells had been drilled too close to one another. Capital discipline and positive free cash flow are still at the forefront of the tight oil conversation. Despite half of the companies in the US Independents peer group generating positive free cash flow in Q2, investors remain sceptical on the sector.
Table of contents
- Our take
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- Free cash flow over time by operator
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