Chesapeake Energy
Chesapeake Energy reaffirmed their full year 2024 production guidance forecast. Their natural gas production is expected to be lower YOY by about 20% after adjusting for the divestiture of their Eagle Ford production. Chesapeake confirmed their deferred TIL inventory at 22 wells by the end of March 2024. Chesapeake also stated that they are selectively curtailing 400 MMcf/d of natural gas production due to very low natural gas cash market pricing. Chesapeake said that their volumes should decline for the remainder of the year with TIL deferrals and DUC builds on schedule. The merger with Southwestern is expected to close in the 2nd half of 2024.
Diamondback Energy
Diamondback Energy said that the merger with Endeavor is expected to close in the 4th quarter of 2024. The company’s full year 2024 production guidance forecast is unchanged from the prior reporting quarter. The company is about 50% hedged for the remainder of 2024. 1st quarter 2024 natural gas production was in line with expectations. No mention of any natural gas production shut-ins in the Permian.
Gulfport Energy
Gulfport’s 1st quarter 2024 natural gas production was in line with expectations. The company is going to defer drilling and completion activities to the 2nd half of 2024 due to currently low natural gas pricing. However, Gulfport did say that this will not affect their 2024 production guidance forecast. The company kept their full year 2024 production guidance forecast unchanged from the prior reporting quarter.
