EXTRACTION O&G (XOG) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The Denver-based company appointed Matt Owens, president and COO and co-founder of Extraction Oil & Gas Inc. (Nasdaq: XOG), as CEO, president and board member immediately. Owens had been acting CEO since April when Mark Erickson, then Extraction’s CEO and board chairman, took leave to battle cancer.
DENVER, May 04, 2020 -- Extraction Oil & Gas, Inc. (NASDAQ: XOG) will host a conference call on Monday, May 11, 2020 at 2:30 PM MDT (4:30 PM EDT) to discuss first-quarter.
Please be advised that remarks today, including answers to your questions, include statements that the company believes to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Extraction disclaims any obligation to update these forward-looking statements. While the company believes these forward-looking statements are reasonable, they are subject to factors such as commodity prices, general economic conditions, competition, technology and environmental and regulatory compliance, the company's drilling schedules, capital plans and other factors that may cause these results to differ materially.
Extraction Oil & Gas, Inc. (Extraction) (XOG) announces the publication of its inaugural Environmental Social Governance Report. “Embarking on our first sustainability report is a particular point of pride for Extraction,” said Matt Owens, President and CEO. “From day one, we have committed to redefining ‘industry standard’ and setting a new high bar for safe and efficient operations throughout Colorado. ‘Above & Beyond’ shows how we turn that commitment into a reality and how we are uniquely positioned within the industry to deliver sustainable returns to both investors and the communities where we operate.”
DENVER, May 11, 2020 -- Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction” or the “Company”) today reported financial and operational results for the first quarter of.
NEW YORK, NY / ACCESSWIRE / March 5, 2020 / Extraction Oil & Gas, Inc. (XOG) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call to be held on March 5, 2020 at 4:30 PM ...
EXTRACTION O&G (XOG) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
The stock market dive has been especially rough on oil and gas producers in Colorado, which collectively lost more than $63 billion in market value since the start of 2020. The companies' share prices have been hit by double shocks. Experts projected a drop in global oil demand due to the novel coronavirus epidemic slowing major economies.
In response to recent commodity price weakness, The Company has reduced its 2020 upstream capital budget by 42% to $250-300 million. The Company also reduced its 2020 cash G&A budget 18% to $40-$50 million, including a reduction in the cash compensation of the Company’s senior management team. Extraction expects to update its detailed financial and operational guidance in the coming months.
Production cuts by the Organization of the Petroleum Exporting Countries and its allies, including Russia, are helping oil prices.
The ratings on the unsecured notes were downgraded to C from Caa3. Extraction's Ca CFR and C-PD PDR reflect its elevated default risk due to a voluntary non-payment of interest on May 15, 2020, uncertainty around the company's ability to continue as a going concern, weak liquidity and potential for a financial covenant violation, and Moody's views on recovery.
Extraction Oil and Gas is slashing its drilling and oilfield development spending by 42% and its executive cutting their pay to trim administrative costs in response to the oil market collapse. Denver-based Extraction Oil and Gas Inc. (Nasdaq: XOG) will reduce its 2020 capital investment to between $250 million and $300 million, and it is cutting its general and administrative budget 18% to between $40 million and $50 million this year, the company announced Thursday afternoon. “As we continue to focus on strengthening our balance sheet and maximizing liquidity, we are reducing our activity in light of current challenging economic conditions,” said CEO Matt Owens, in a written statement.
DENVER, March 05, 2020 -- Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction” or the “Company”) today reported financial and operational results for the fourth-quarter.
In conjunction with Mr. Erickson’s departure from Extraction’s Board of Directors, the Company has appointed Thomas B. Tyree, Jr. as Executive Chairman. In addition, Matt Owens has been named permanent CEO and will also maintain his roles as President and member of the Board.
Oil and gas stock prices have been hit the hardest by bad news in the market this year, with Colorado shale oil companies among the worst performing nationwide. Whiting Petroleum Corp (NYSE: WLL) and Extraction Oil & Gas Inc. (Nasdaq: XOG), both based in Denver, are among the five worst-performing stocks nationally out of 3,000 U.S. public companies included in a Denver Business Journal analysis. Several other Denver-based companies, including Centennial Resource Development Inc. (Nasdaq: CDEV), QEP Resources (NYSE: QEP), Highpoint Resources Corp. (NYSE: HPR) and Ovinitiv Inc. (NYSE: OVV) are among the 100 public companies that have lost the most since Jan. 2, all of them losing more than 45% of their stock value so far this year.
Broomfield won’t issue a public health order to stop Extraction Oil & Gas working on wells during the COVID-19 pandemic after officials there grew concerned the order wouldn’t withstand legal challenge. The northwest metro-area county tried since late March to fashion an order making Denver-based Extraction Oil & Gas Inc. (Nasdaq: XOG) delay flowback operations at its controversial,18-well pad, saying the work heightened the risk of a public health emergency while COVID-19 pandemic orders make nearby residents remain at home. Broomfield council members, acting as the county board of public health, voted 8-1 on Wednesday night against enacting a flowback ban.
The ratings on the unsecured notes were downgraded to C from Caa3. Extraction's Ca CFR and C-PD PDR reflect its elevated default risk due to a voluntary non-payment of interest on May 15, 2020, uncertainty around the company's ability to continue as a going concern, weak liquidity and potential for a financial covenant violation, and Moody's views on recovery.
Cowen Senior Analyst Gabriel Daoud joins On The Move to discuss the firm’s decision to downgrade multiple oil and gas companies following OPEC's failure to strike a deal on production cuts.
The ratings on the unsecured notes were downgraded to Caa3 from B3. The Speculative Grade Liquidity Rating was downgraded to SGL-4 from SGL-3. The rating action reflects Moody's concern about Extraction's ability to redeem its $190 million preferred stock issue in 2021 at a time when exploration and production companies have limited capital market access.