With oil and gas prices at multi-year highs, U.S. shale producers are poised to deliver the strongest earnings since the onset of the coronavirus pandemic, so long as they didn't lock in sales tied to much lower prices.
Pioneer's earnings per share could hit $3.94, up from 17 cents last year, and Continental earnings are estimated at $1.20, versus a loss of 16 cents a share the same period last year, according to Refinitiv IBES.
While commodity prices are an earnings elixir, some companies face charges to earnings from wrong-way bets due to hedges, or selling future output at prices below the market average. EQT Corp, which hedged heavily, is anticipated to report a 5 cents per share loss, from a 15 cents per share loss in the third quarter of 2020. Pioneer Natural Resources on Monday warned it would report hedging losses of $501 million for the quarter, and over $2 billion in losses so far this year.
Energy tech firm Enverus anticipates some $6 billion in aggregate pre-tax losses from third quarter commodity hedges among the 64 North American oil and gas producers it tracks. Those firms lost some $10.5 billion from derivatives in the first half of the year, according to Enverus data. Enverus anticipates oil and gas producers to report free cash flow of $11.9 billion for the quarter, with loss-making hedge books reducing that value by 32%.
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