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360 Articles

EQT to Drill 119 Marcellus Wells in 2017 – $1.5 Billion Spending Plan

EQT to Drill 119 Marcellus Wells in 2017 – $1.5 Billion Spending Plan

EQT will finance 2017 budget from operations and cash-on-hand; Pennsylvania, West Va. Benefit EQT Corporation (ticker: EQT) announced its 2017 capital budget Monday. The company forecasts a 2017 capex budget of $1.5 billion, excluding business development and land acquisitions, and including $1.3 billion for well development. Funding will be provided by cash generated from operations, and cash-on-hand, the company said[Read More…]

December 12, 2016 - 5:20 pm 360 Articles, Closing Bell Story, Earnings
Petrobras Posts $5.1 Billion Loss

Petrobras Posts $5.1 Billion Loss

Analysts expected Petrobras to report positive numbers this quarter, but write-downs dragged Brazil’s state-owned Petrobras (ticker: PBR) saw its stock drop about 5% in the opening minutes of its call as the company reported a 16.5 billion Brazilian reais ($5.1 billion) net loss due in large part to write-downs on the company’s assets. The company’s stock recovered slightly throughout the[Read More…]

November 11, 2016 - 5:02 pm 360 Articles, Closing Bell Story, E&P, Earnings
Resolute Energy Seeks Big Production Jump with 2 Rig Program in the Delaware

Resolute Energy Seeks Big Production Jump with 2 Rig Program in the Delaware

Resolute Energy plans to drill 22 gross wells in the Permian in 2017 Denver-based Resolute Energy Corp. (ticker: REN) released its third quarter results this week, reporting a loss of $18.9 million for the quarter, and highlighting the company’s plans for 2017. The company is focusing on drilling in the Permian Basin next year, with a two-rig program designed to[Read More…]

November 10, 2016 - 6:45 pm 360 Articles, 360 Profile Member, Closing Bell Story, E&P, Earnings
Occidental Using the Permian as a Yard-Stick for International Returns

Occidental Using the Permian as a Yard-Stick for International Returns

Oxy has invested $2 billion in the Permian Occidental Petroleum (ticker: OXY) announced Monday ahead of its third-quarter earnings call that the company acquired producing and non-producing leasehold acreage in the Permian Basin from private sellers for approximately $2 billion. During OXY’s conference call today, it became clear that the company plans to use its Permian acreage as the benchmark[Read More…]

November 4, 2016 - 12:27 pm 360 Articles, Closing Bell Story, E&P, Earnings
WPX Energy Plans to Grow Oil Production Another 25% in 2017

WPX Energy Plans to Grow Oil Production Another 25% in 2017

WPX focused on growing three prolific plays; projects 25% oil growth in 2017; 50% oil growth in 2018 WPX Energy released its Q3 numbers Wednesday, reporting a loss of $245 million, $238 million of which was due to the divestment of transportation contracts. The company continues to keep line-of-sight on growing its production, however, and is anticipating a 25% increase[Read More…]

November 4, 2016 - 12:17 pm 360 Articles, 360 Profile Member, Closing Bell Story, E&P, Earnings
Repsol Ahead of Schedule on 2016-2020 Strategic Plan

Repsol Ahead of Schedule on 2016-2020 Strategic Plan

Net Income Up 93% and Production Up 3% While Capex Stays Under Guidance Spanish energy company Repsol (ticker: REP.MA) reported adjusted net income for the quarter of €307 million, 93% higher year-over-year. CFO Miguel Martinez San Martin cited the company’s improved year-over-year results as demonstrating “our resiliency in the lower part of the commodity cycle.” Production from the Upstream division[Read More…]

Oilsands Separation Cell Source: ostseis.anl.gov

Canadian Natural Resources Set to Restart Oil Sands Development

Canadian Natural Resources decides to move forward with the Kirby North project The entire oil and gas industry has faced a difficult time with low oil prices since late 2014, but perhaps none more than oil sands producers, which were forced to put off high-cost projects as oil prices rapidly declined. Companies like Canadian Natural Resources (ticker: CNQ), which produced[Read More…]

November 3, 2016 - 6:08 pm 360 Articles, Canada, Closing Bell Story, Earnings, Oil Sands
Brookman: A Truly Transformational Quarter for PDC

Brookman: A Truly Transformational Quarter for PDC

PDC: Ready to Integrate and Develop Permian Assets in 2017 PDC (ticker: PDCE) CEO Bart Brookman summarized Q3 as a “terrific” quarter for PDC on its 3Q earnings call today. Brookman called for increased production and activity going forward in both the company’s core Wattenberg and Delaware acreage. Third quarter production increased 39% year-over-year to 65,000 BOEPD, despite a 10%[Read More…]

Source: Rosneft

Shell Reports $2.8 Billion Profit, but Management Says Global Outlook Remains Uncertain

Shell posts the largest profit of any major yet in Q3, but management said the industry isn’t out of the woods yet Royal Dutch Shell (ticker: RDSA) reported a larger profit than any of the other international oil majors to release third-quarter numbers so far – reporting $2.8 billion Tuesday. The higher than expected earnings were a welcome surprise after[Read More…]

November 1, 2016 - 6:27 pm 360 Articles, Closing Bell Story, E&P, Earnings
Anadarko Finding Growth in the Three Ds: Delaware, DJ and Deepwater

Anadarko Finding Growth in the Three Ds: Delaware, DJ and Deepwater

Anadarko increases its sales volume guidance 8 MMBOE as the company streamlines assets Anadarko Petroleum Company (ticker: APC) announced its third-quarter results today, placing an emphasis on investing in assets the company feels offer it the best returns: the Delaware Basin, the DJ Basin and the deepwater Gulf of Mexico (GOM). “The three Ds” as the assets were referred to[Read More…]

November 1, 2016 - 6:01 pm 360 Articles, Closing Bell Story, E&P, Earnings
Exxon Continues to Focus on the Long-term

Exxon Continues to Focus on the Long-term

Records 3Q production of 3.8 million boe/d, $2.7 billion earnings The world’s largest publicly-traded oil company gave its 3Q 2016 earnings call this morning. Jeff Woodbury, Vice President of Investor Relations, was on the call while CEO Rex Tillerson was not present. The company logged earnings of $2.7 billion, a 38% decline from 3Q 2015, as well as capital and[Read More…]

Total Outperforms Peers, Upstream Buoyed by LNG Business

Total Outperforms Peers, Upstream Buoyed by LNG Business

Total: “positioned to be the most profitable European major oil company” French oil major Total (ticker: TOT) reported its third quarter earnings today. The company has continued to send the same message every quarter, focusing on increasing production and declining operational costs and capital spending. “We expect the environment to remain volatile but based on our 2015 and first half[Read More…]

(FILES) This file photo dated 08 September, 2004 shows a PetroChina gas station attendant in Beijing returning the nozzle at the pumps.  Fidelity Investments, the world's largest mutual fund firm, has sold the bulk of its American Depositary Receipts (ADR) in PetroChina amid pressure from United States activists upset over its parent's interests in Sudan, reports said 17 May 2007.  AFP PHOTO / FILES / Frederic J. BROWN

PetroChina Income Down 94%, But the Company May Be Looking to Expand Internationally

Low oil prices continue to hurt Chinese oil major PetroChina China’s largest crude oil and natural gas producer, PetroChina (ticker: PTR), released its third-quarter results today, reporting substantially lower income amid the global crude oil glut. Net income during the first nine months of the year fell 94% to 1.73 billion yuan ($255.2 million), the company said in its press[Read More…]

October 28, 2016 - 4:39 pm 360 Articles, China, Closing Bell Story, Earnings
Source: The Society of Petroleum Engineers

PEMEX Loss Shrinks Year over Year

A weak peso and increased interest expenses continue to hurt PEMEX Mexican state-owned oil major PEMEX reported its third quarter earnings Friday, showing a smaller net loss this quarter than last year. The company’s net income loss for the quarter was 118 billion pesos ($6.25 billion), according to the company’s quarterly materials, 29.4% less than in Q3 2015. According to[Read More…]

October 28, 2016 - 4:34 pm 360 Articles, Closing Bell Story, E&P, Earnings
Whiting Expects Double Digit Production Growth through 2017

Whiting Expects Double Digit Production Growth through 2017

Whiting says it will begin completing DUCs in Q1 ’17; would start adding rigs at $60 oil On Whiting Petroleum’s (ticker: WLL) 3Q 2016 conference call, CEO James Volker stated that recoveries from enhanced completions and lower average well costs in the Williston Basin have made the Core Bakken “one of the highest return plays in North America.” “Our enhanced[Read More…]

Buying Spree: EQT Acquired 19 Acres for Every Acre It Developed in 2016

Buying Spree: EQT Acquired 19 Acres for Every Acre It Developed in 2016

Marcellus acquisitions increase IRRs from 9% to 37% at $2.50 MMBtu gas prices EQT Corporation (ticker: EQT) released its third quarter earnings results today, reporting a loss of $0.05 per diluted share compared to a net income of $0.27 per share for the same period last year as the oil and gas industry continues to face an oversupplied market. EQT[Read More…]

October 27, 2016 - 5:48 pm 360 Articles, Closing Bell Story, E&P, Earnings
Bam! It’s Earnings Season Again – Q3’16 Estimates

Bam! It’s Earnings Season Again – Q3’16 Estimates

EnerCom, Inc. compiled third quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 163 E&P and OilService companies in our database. Click here for EnerCom’s full chart of estimates. The median OilServices company earnings estimate for the quarter ending September 30, 2016, is ($0.11) per share compared to actual earnings per share of ($0.19) and[Read More…]

October 26, 2016 - 6:35 pm 360 Articles, Analytics, Closing Bell Story, Earnings
We Have Indeed Reached the Bottom of the Cycle: SLB’s Kibsgaard

We Have Indeed Reached the Bottom of the Cycle: SLB’s Kibsgaard

But expect rising service costs and stricter return hurdles Paal Kibsgaard, CEO of the world’s largest oilfield service provider Schlumberger (ticker: SLB), gave his assessment of the global oil and oil services markets during the company’s third quarter conference call. “The business environment stabilized as expected in the third quarter, confirming that we have indeed reached the bottom the cycle.[Read More…]

Manitok Energy Announces 2Q Results, Updates Operations

Manitok Energy Announces 2Q Results, Updates Operations

Manitok Energy Inc. (the “Corporation” or “Manitok“) (TSX VENTURE:MEI) announces its financial and operating results for the second quarter of 2016 and provides an operational update. The full text of Manitok’s second quarter results are contained in its unaudited condensed interim financial statements as at and for the three and six months ended June 30, 2016 and the related management’s[Read More…]

August 29, 2016 - 3:46 pm 360 Articles, 360 Profile Member, Closing Bell Story, E&P, Earnings
PDC Energy’s Q2 Call:  We Will Stave Off Colorado Anti-Frac Amendment

PDC Energy’s Q2 Call: We Will Stave Off Colorado Anti-Frac Amendment

Wattenberg power player PDC is confident ballot initiatives will not reach the number of signatures required for certification Colorado ballot initiatives No. 75 (local control over oil and gas) and No. 78 (mandatory 2,500-foot setback) have been a major concern for oil and gas companies as groups that hope to effectively shut down drilling in Colorado collected signatures for two proposed[Read More…]

Continental Resources’ Goal: Cash Flow Neutrality

Continental Resources’ Goal: Cash Flow Neutrality

Continental Resources CEO Harold Hamm says the company is aiming for balanced growth Oklahoma City-based Continental Resources (ticker: CLR) announced its second quarter earnings this week, reporting increased production guidance for the year, lower production costs, and a $281 million deal to pay down debt. Continental reported a net loss for the quarter totaled $119.4 million, or $0.32 per share.[Read More…]

August 5, 2016 - 5:10 pm 360 Articles, Closing Bell Story, E&P, Earnings
Occidental Can Realize “the Same Amount of Productivity with Half the Rigs” – In the Permian

Occidental Can Realize “the Same Amount of Productivity with Half the Rigs” – In the Permian

Occidental looks to add 2 rigs to the Permian in 2017 Occidental Petroleum (ticker: OXY) announced its second quarter results this week, reporting quarter-end cash balance of $3.8 billion, and Permian Resources production of 126 MBOEPD, up 16% year-over-year. OXY’s total company production increased to 609 MBOEPD due in large part to production in Abu Dhabi and Oman, but the Permian[Read More…]

August 4, 2016 - 4:36 pm 360 Articles, Closing Bell Story, E&P, Earnings
WPX More than Doubles Resource Potential Estimates in the Delaware Basin

WPX More than Doubles Resource Potential Estimates in the Delaware Basin

WPX Energy reports 15% higher oil volumes in the Delaware WPX Energy (ticker: WPX) released its second quarter results today, reporting that the company joined the 100,000-acre club in the Delaware Basin. WPX undertook a $5.5 billion transformation to become a more oily company following Rick Muncrief’s  appointment as CEO, after which the company made the Delaware its flagship basin. Following[Read More…]

30%-50% of Concho’s Assets Work at $40 Oil

30%-50% of Concho’s Assets Work at $40 Oil

Increased drilling efficiencies keep Concho Resources’ assets profitable It wasn’t that long ago that oil reached above $50 per barrel. Then the recovery faltered as production reentered the market after the unplanned supply interruptions in Nigeria and Canada had started prices on the upswing. With the price settling in near $40 per barrel, producers are coming to grips with the[Read More…]

August 4, 2016 - 8:09 am 360 Articles, Closing Bell Story, E&P, Earnings
Chevron, Exxon, and ConocoPhillips Remain Focused on U.S. Onshore, LNG

Chevron, Exxon, and ConocoPhillips Remain Focused on U.S. Onshore, LNG

Q2 proves to be a disappointing quarter for majors like Chevron, ExxonMobil and ConocoPhillips in terms of earnings, but the companies remain focused on the future U.S.-based oil and gas majors Chevron (ticker: CVX), ExxonMobil (ticker: XOM), and ConocoPhillips (ticker: COP) all reported their second quarter earnings last week, each showing significant hits from the continued oil and gas downturn.[Read More…]

August 1, 2016 - 5:28 pm 360 Articles, Closing Bell Story, E&P, Earnings
Samson Oil & Gas Reports 61% Increase in Production Following Acquisition

Samson Oil & Gas Reports 61% Increase in Production Following Acquisition

Samson Foreman Butte Acquisition increases production 61% Samson Oil & Gas (ticker: SSN) reported second quarter results today, posting a 61% increase in production from last quarter with the inclusion of production from their Foreman Butte acquisition. Production for the second quarter reached 18.2 MBOPD, according to the company’s press release. Interest On April 1, Samson closed on the acquisition[Read More…]

Even at “The Most Punitive Pricing,” Cabot is Seeing 100% IRR in the Marcellus

Even at “The Most Punitive Pricing,” Cabot is Seeing 100% IRR in the Marcellus

Cabot Oil & Gas increases CAPEX $20 million for 2016 to add completion crew Houston-based Cabot Oil & Gas (ticker: COG) announced its second quarter earnings today, with the company reporting “modest production growth” and positive free cash flow. Equivalent production grew 10% year-over-year to 151.8 Bcfe, while discretionary cash flow was $97.6 million, according to the company’s press release.[Read More…]

July 29, 2016 - 6:13 pm 360 Articles, Closing Bell Story, E&P, Earnings
Industry Needs Minimum of Upper $50s for Sustainable Recovery: BHI

Industry Needs Minimum of Upper $50s for Sustainable Recovery: BHI

But BHI Chairman Predicts “Continued Uncertainty” in Global Oil Markets Before the markets opened today, Baker Hughes (ticker: BHI) hosted the company’s second quarter conference call. BHI reported an adjusted net loss of $0.90 per share, with revenue falling 39.3% year over year to $2.41 billion. Baker Hughes said it was hurt by a “continued steep decline” in drilling activity[Read More…]

Whiting Petroleum Says Oil Above $50 for Two Quarters Would Spur Drilling

Whiting Petroleum Says Oil Above $50 for Two Quarters Would Spur Drilling

Whiting expects its production to flatten out over Q3 and Q4 Whiting Petroleum (ticker: WLL) reported its second quarter results today, with production averaging 134.2 MBOEPD for the quarter, down 21% from the same quarter last year. During the company’s conference call, management said it expects production to even out through the end of the year, and plans to wait[Read More…]

Anadarko Sees Sustained $60 Oil Prices in 2017

Anadarko Sees Sustained $60 Oil Prices in 2017

Demand growth will drive prices up; APC targets $3.5 billion in divestitures by yearend Anadarko Petroleum (ticker: APC) said during its conference call today that the company expects demand to surprise to the upside while U.S. production bottoms out around 8 MMBOPD, helping to support prices at $60 per barrel in 2017. At that price, Anadarko believes it should have[Read More…]

July 28, 2016 - 5:10 pm 360 Articles, Closing Bell Story, E&P, Earnings