Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - May 24, 2023) - Investorideas.com, a leading investor news resource covering oil and gas stocks releases a special news report on companies drilling in Texas, featuring oil and gas exploration and development junior, Southern ITS International, Inc. (OTC Pink: SITS).

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https://www.investorideas.com/News/2023/energy/05240Oil-Gas-Stocks-in-Texas.asp

The Railroad Commission of Texas (RRC) reported that from December 2021 to November 2022, total Texas reported production was 1.5 billion barrels of crude oil and 11.2 trillion cubic feet of total gas.

Seeing the opportunity in Texas, Southern ITS International, Inc. (OTC Pink: SITS) announced in late March that its subsidiary, Pure Oil & Gas, Inc. has raised all of the funds required for the drilling and completion of its first oil & gas project. The funds were raised by a newly formed limited partnership of which Pure is the General Partner.

Jeremy Larsen, President of Pure Oil & Gas, Inc., stated, "We are pleased to have been able to complete this fund raise so quickly and we expect that our driller-operator, ICS Energy, Inc. will commence drilling operations on our first well located in Eastland County, Texas within the next 45 days."

Southern ITS International recently announced Pure Oil & Gas, Inc. has successfully completed drilling of its first well in Eastland County, Texas.

Jeremy Larsen, President of Pure Oil & Gas, Inc., stated, "We are pleased with the hard work and safety efforts of our partner and driller-operator, ICS Energy, Inc. I would like to be the first to congratulate them on the successful drilling of our first well. The workover rig has been in place as of Saturday, April 22nd, and we hope to know the estimated production numbers of this first well by the end of May. We look forward to drilling more wells across the great state of Texas for the success and future of our young company, Pure Oil & Gas, Inc."

James E Shipley, CEO of Southern ITS International told Investor Ideas, "We are still waiting on geological, engineering and seismology reports, which we are expecting any day now."

Pioneer Natural Resources Company, ranked the number one producer in Texas in 2022 reported in late April its financial and operating results for the quarter ended March 31, 2023. Pioneer reported first quarter net income attributable to common stockholders of $1.2 billion, or $5.00 per diluted share. These results include the effects of noncash mark-to-market adjustments and certain other unusual items. Excluding these items, non-GAAP adjusted income for the first quarter was $1.3 billion, or $5.21 per diluted share. Cash flow from operating activities for the first quarter was $2.3 billion.

From the news: Highlights: First quarter oil production averaged 361 thousand barrels of oil per day (MBOPD), near the top end of guidance

First quarter total production averaged 680 thousand barrels of oil equivalent per day (MBOEPD), near the top end of guidance

Generated strong first quarter free cash flow of $948 million

Declared a quarterly base-plus-variable dividend of $3.34 per share to be paid in June 2023, reflecting a 14% increase to the base dividend component

Repurchased $500 million of shares during the first quarter (2.4 million shares)

Refreshed share repurchase program with a new $4 billion authorization, replacing the prior program

Chief Executive Officer, Scott D. Sheffield stated, "Pioneer reported an outstanding first quarter, achieving strong production growth and returning significant capital to shareholders. Our continued focus on efficient operations and the development of our best-in-class, high-return assets delivered production near the top end of guidance and generated approximately $950 million of free cash flow. This free cash flow, coupled with our strong balance sheet, supported $1.3 billion of shareholder returns through our second quarter base-plus-variable dividend of $3.34 per share and $500 million of opportunistic first quarter share repurchases."

Marathon Oil, an independent oil and gas exploration and production (E&P) company focused on four of the most competitive resource plays in the US, including Eagle Ford, Texas, on May 3rd reported first quarter 2023 net income of $417 million or $0.66 per diluted share, which includes the impact of certain items not typically represented in analysts' earnings estimates and that would otherwise affect comparability of results. Adjusted net income was $420 million or $0.67 per diluted share. Net operating cash flow was $865 million or $942 million before changes in working capital (adjusted CFO). Free cash flow was $333 million or $309 million before changes in working capital and including Equatorial Guinea (E.G.) distributions and other financing (adjusted FCF).

Another oil and gas junior betting on Texas, Ring Energy, Inc., with current operations focused on the conventional development of its Permian Basin assets announced on May 3, 2023 its financial results for the first quarter of 2023. In addition, the Company provided second quarter guidance and reiterated its full year 2023 outlook.

From the news: Grew first quarter 2023 sales volumes 2% to a record 18,292 barrels of oil equivalent per day ("Boe/d") (69% oil) from 17,856 Boe/d (68% oil) for the fourth quarter of 2022;

First quarter 2023 sales volumes were at the high-end of the Company's guidance range of 17,800 to 18,300 Boe/d;

Reported net income of $32.7 million, or $0.17 per diluted share, in the first quarter of 2023, versus net income of $14.5 million, or $0.08 per diluted share' in the fourth quarter of 2022;

First quarter 2023 included a gain on derivative contracts of $9.5 million while fourth quarter 2022 included a loss on derivative contracts of $19.3 million;

Increased Adjusted Net Income1 by 15% to $25.0 million, or $0.14 per share, for the first quarter of 2023 from $21.8 million, or $0.13 per share, in the fourth quarter of 2022;

Generated record Adjusted EBITDA1 of $58.6 million for the first quarter of 2023, which was 4% higher than the previous record set in the fourth quarter of 2022 of $56.3 million;

Delivered Free Cash Flow1 of $10.5 million and record Cash Flow from Operations1 of $49.4 million in the first quarter of 2023;

Remained cash flow positive for the 14th consecutive quarter.

So for investors looking at the oil and gas sector, maybe "Goin' Back to Texas" is the way to go.

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