Earnings Highlights BP, EXE, & NBR

British Petroleum (BP)
In February 2025, BP announced a fundamental reset of their strategy which included growing the upstream business, continuing their focus on the downstream business, and investing with discipline in the energy transition.  The company expects total capital expenditure of around $14.5 billion in 2025, down from $15.7 billion from the prior reporting quarter. BP still expects their production to be slightly lower compared with 2024.


Expand Energy (EXE)
For 2025, Expand Energy still expects to run about 12 rigs and invest approximately $2.7 billion.  This is unchanged from the prior reporting quarter.  As stated in the prior reporting quarter, the company still intends to build incremental productive capacity for an additional $300 million by exiting 2025 with approximately 15 rigs.

The incremental capital investment positions the Company to grow production from a year-end 2025 exit rate of approximately 7.2 Bcfe/d to average approximately 7.5 Bcfe/d in 2026 should market conditions warrant.  The current 2026 forward market strip for natural gas at $4.18 / MMBtu still warrants the expansion in production.

Expand Energy’s full year 2025 production guidance is unchanged from the prior reporting quarter for both the Northeast and Haynesville. Their 2025 natural gas production is expected to grow 3.4% YOY. The company’s Q1 2025 natural gas production was 6.245 Bcf/d, above the midpoint of guidance by around 100 MMcf/d. The recent drop in natural gas pricing has not changed the company’s production expansions plans for 2025 and 2026.


Nabors Industries (NBR)
The company has been encouraged in the success of adding rigs in the Lower 48 after their rig count troughed in February 2025. However, in view of the current activity level, Nabors has responded with actions to improve efficiency and lower cost structure.

Nabors' first quarter 2025 Lower 48 rig count averaged 61, compared to 66 in the fourth quarter 2024. For Q2 2025, Nabors expects Lower 48 to average 63 - 64 rigs.