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360 Articles

Stepping on the Accelerator: Parsley Energy Snags $607 Million in Midland, Delaware Assets

Stepping on the Accelerator: Parsley Energy Snags $607 Million in Midland, Delaware Assets

Parsley plans to complete 120-140 gross operated horizontal wells in 2017, company targets 60% annual production growth in 2017 Parsley Energy, Inc. (ticker: PE) has entered into unrelated transactions for undeveloped acreage and producing oil and gas properties adjacent to its existing operating areas in the Midland and Southern Delaware Basins. The company said it acquired the properties for an aggregate purchase[Read More…]

January 11, 2017 - 5:10 pm 360 Articles, A&D Transactions, Closing Bell Story, E&P, Finance
Permian Growth Underpinned 117% Surge in Deal Value in 2016: PLS

Permian Growth Underpinned 117% Surge in Deal Value in 2016: PLS

2017 M&A Market “Primed for Growth” 2016 merger and acquisition activity for the upstream energy sector in the United States more than doubled to $69 billion in 385 deals, according to market research firm PLS. Deal value increased 117% over 2015, which saw $32 billion transacted in 285 deals. $85 billion was transacted in 437 deals during the much higher-priced[Read More…]

Wells Fargo Sees Increasing “Risks and Rewards” for U.S. and World in 2017

Wells Fargo Sees Increasing “Risks and Rewards” for U.S. and World in 2017

Bank’s Annual Economic Outlook Covers Positive Growth in U.S., World-wide Concerns Wells Fargo’s Economics Group presented its 2017 Annual Economic Outlook this week. The theme of the presentation was “risk and reward in an aging business cycle,” reflecting the potential upsides and downsides to growth. The presentation emphasized that “there is no life expectancy for the business cycle,” opening with[Read More…]

December 9, 2016 - 4:28 pm 360 Articles, Closing Bell Story, Finance
Centennial Resource Development Equity Private Placements Now Total $910 Million

Centennial Resource Development Equity Private Placements Now Total $910 Million

Centennial readies itself for a busy 2017 in the Permian Centennial Resource Development, Inc. and its affiliates (ticker: CDEV) has entered into agreements to issue and sell $910 million of equity securities to third-party investors in a private placement, including its previously announced agreement to issue and sell to an affiliate of Riverstone Holdings LLC (“Riverstone”) up to $500 million of equity securities. Centennial expects to use[Read More…]

December 5, 2016 - 2:32 pm 360 Articles, Closing Bell Story, E&P, Finance
WildHorse Resource Development IPO Targets $650 Million

WildHorse Resource Development IPO Targets $650 Million

Eagle Ford, North Louisiana Operations WildHorse Resource Development Corporation (ticker: WRD) will join Centennial Resource Development (ticker: CDEV) and Extraction Oil & Gas (ticker: XOG) as one of 2016’s new public E&P companies. The shares of WildHorse are expected to trade on the New York Stock Exchange under the ticker symbol “WRD,” the company said in a press release. WildHorse said[Read More…]

December 2, 2016 - 6:50 pm 360 Articles, Closing Bell Story, E&P, Finance
ETF Funds Pump $1.9 Billion into Energy in the First Half of November

ETF Funds Pump $1.9 Billion into Energy in the First Half of November

Range bound or not, ETFs invest capital into energy An analysis of commodity markets from Bloomberg Intelligence today pointed to oil likely being in the $40-$60 per barrel range for the foreseeable future, but that hasn’t stopped ETFs from pumping more money into energy in November. Commodity market strategist Mike McGlone said it would take “a substantial development to get[Read More…]

November 15, 2016 - 5:14 pm 360 Articles, Closing Bell Story, Finance
Perella Weinberg Partners and Tudor, Pickering, Holt & Co. to Become One Company

Perella Weinberg Partners and Tudor, Pickering, Holt & Co. to Become One Company

Combined firm will have over $12 billion in AUM, 650 employees in New York, Houston, London, Denver, San Francisco, Dubai, Abu Dhabi, and Calgary Long-time energy bankers and advisors Tudor, Pickering, Holt & Co. (TPH) and global advisors and asset managers Perella Weinberg Partners announced this morning that they have entered into a definitive transaction agreement to combine the two[Read More…]

November 14, 2016 - 6:54 pm 360 Articles, Closing Bell Story, Finance
OPEC: Too Close to Call - Oil & Gas 360

Managed Money Cuts Long Crude Position amid OPEC Disputes

Money managers have reduced their bullish crude oil bets due to disputes among OPEC members on how to implement the output ceiling agreed to in late September. Managers reduced their net long positions by 9% (28 million barrels) the week before November 1. According to Reuters, hedge funds ramped up their net long positions by 218 MMBO in the two[Read More…]

November 8, 2016 - 6:41 pm 360 Articles, Closing Bell Story, Finance, OPEC
The Carlyle Group Raises $2.8 Billion for Energy Credit Investments

The Carlyle Group Raises $2.8 Billion for Energy Credit Investments

New Carlyle Group Fund Provides Investment Capital to Energy Projects Unable to Tap Traditional Sources Global alternative asset manager The Carlyle Group (ticker: CG) raised $2.8 billion for energy credit investments, the company announced. Carlyle Energy Mezzanine Opportunities Fund II (CEMOF II) primarily targets investments in projects and companies in the power generation and energy sectors requiring capital of $50 million to $500[Read More…]

Netherland Sewell: School is Back in Session

Netherland Sewell: School is Back in Session

Financial professionals are encouraged to register now for 2017 Netherland Sewell Oil & Gas Property Evaluation Seminars Each year since 1994, Netherland Sewell & Associates, Inc. (NSAI), one of the industry’s most highly regarded petroleum consulting firms, has conducted its popular Oil & Gas Property Evaluation Seminars for non-technical financial professionals whose work relates to the petroleum industry. The seminars[Read More…]

November 1, 2016 - 1:48 pm 360 Articles, Closing Bell Story, E&P, Finance, People, Private Equity
A Nine-Year High for Short Positions in U.S. Crude Oil Futures and Options

A Nine-Year High for Short Positions in U.S. Crude Oil Futures and Options

Short positions in crude oil futures and options held by producers, merchants, processors, and users (PMPU) totaled 608,261 as of October 11, 2016, according to the CFTC’s Commitments of Traders Report. The PMPU category represents futures and options contracts held by commercial businesses that trade the physical commodity. According to EIA, this represents a nine-year high for short positions in[Read More…]

October 24, 2016 - 6:28 pm 360 Articles, Closing Bell Story, Commodity Pricing, E&P, Finance
Source: Company Presentations

E&Ps Implementing Variety of Hedging Strategies

Hedging programs that E&Ps have in place in 2016 vary considerably. The chart below shows the range of oil and gas production for several E&Ps covered by hedging contracts. Pioneer Natural Resources (ticker: PXD) and Cimarex Energy (ticker: XEC) have hedged the largest portions of their remaining production at 85/75 and 80/90 percent, respectively, for oil and gas. This chart[Read More…]

October 18, 2016 - 1:59 pm 360 Articles, Analytics, Chart of Week, Closing Bell Story, E&P, Finance
E&Ps with the Best Capital Yields Grow 1% Since 2014, Outperform Peers by 45%

E&Ps with the Best Capital Yields Grow 1% Since 2014, Outperform Peers by 45%

Companies Generating OCF from Cash Capex Thrive During the Downturn With the second anniversary of the oil price downturn nearing, KLR Group decided to take a look at which companies have managed to create value in the downturn and what differentiated them. Capital yield, also known as the cash recycle ratio, is the clear differentiator of the winners since the[Read More…]

Is the U.S. Government Too Big to Fail?

Is the U.S. Government Too Big to Fail?

Assets: South of $5 Trillion; Liabilities: North of $21 Trillion In February of each year, the Government Accountability Office puts out an updated snapshot of the books, written in plain language. Since Congress is working and this is an election year, it’s prudent to revisit the basic assets and liabilities graph published in the latest Financial Report of the United States[Read More…]

October 7, 2016 - 5:52 pm 360 Articles, Chart of Week, Closing Bell Story, Finance, Politics
Paperwork

FASB Releases Updated Rules to Standardize Reporting and Classification of Cash Receipts and Payments

Board Addresses Cash Flow Issues for which GAAP Currently Offers no Guidance As part of its ongoing review of emerging issues, the Financial Accounting Standards Board (FASB) issued a new update that seeks to narrow variations in how cash receipts and payments are presented and classified in cash flow statements. Under Accounting Standards Update 2016-15, Statement of Cash Flows (Topic 230):[Read More…]

September 22, 2016 - 10:09 am 360 Articles, Closing Bell Story, Finance, Regulatory
Penn Virginia Corporation Emerges From Bankruptcy after 4 Months

Penn Virginia Corporation Emerges From Bankruptcy after 4 Months

Penn Virginia Secures Commitment for up to $200 Million in New Financing, Closes on a $50 Million Rights Offering The U.S. Bankruptcy Court for the Eastern District of Virginia on August 11, 2016, confirmed that Penn Virginia Corporation has satisfied the conditions precedent to the effectiveness of its Plan of Reorganization. The company had filed voluntary Chapter 11 in May[Read More…]

September 13, 2016 - 12:43 pm 360 Articles, 360 Profile Member, Closing Bell Story, E&P, Finance, People
World’s Largest Hedge-Fund Looking for New Investors

World’s Largest Hedge-Fund Looking for New Investors

Bridgewater Associates raising new capital; fund has returned an average 12% annually since 1991 Bridgewater Associates LP, the world’s largest hedge-fund manager, is raising new money for its flagship Pure Alpha fund for the first time since 2009. The firm is looking for new investors to bring the fund back to its optimal size, as the $70 billion Pure Alpha[Read More…]

September 12, 2016 - 5:41 pm 360 Articles, Closing Bell Story, Finance
W&T Offshore Announces Debt Exchange Results

W&T Offshore Announces Debt Exchange Results

W&T Offshore announced early participation results for the company’s tender offer to exchange its 8.5% senior notes due 2019 ($900 million aggregate principal outstanding) for new second lien paid-in-kind (PIK) toggle notes due 2020 and third lien PIK toggle notes due 2021, and equity. To date, the company has exchanged 78.9% of qualifying notes for a total of $710.2 million.[Read More…]

August 31, 2016 - 6:51 pm 360 Articles, Analytics, Closing Bell Story, Finance
Energy Bankruptcies: We’ve only Seen a Third of Them

Energy Bankruptcies: We’ve only Seen a Third of Them

90 oil and gas operators with more than $60 billion in debt have already filed for bankruptcy: here’s what it’s like Depressed oil prices that are unable to support heavy debt loads have pushed 90 oil and gas companies into Chapter 11 since the beginning to of 2015, according to the Haynes and Boone Bankruptcy Monitor. These companies have approximately[Read More…]

August 31, 2016 - 6:35 pm 360 Articles, Closing Bell Story, Finance, Popular
PetroQuest Enhances Liquidity

PetroQuest Enhances Liquidity

PetroQuest Energy (ticker: PQ) has taken steps to enhance the liquidity of the company and shore up the balance sheet. The company announced that it is commencing an exchange offer for its outstanding 10% senior notes due 2017, and outstanding second lien senior secured notes due 2021. The noteholders have the option of receiving the New Notes and/or common stock.[Read More…]

August 29, 2016 - 12:27 pm 360 Articles, 360 Profile Member, Closing Bell Story, Finance
Slower Economic Growth Could Be the New Normal

Slower Economic Growth Could Be the New Normal

Global growth appears to be slowing down, but the U.S. remains at the forefront of developed countries Chief Economist of North America for Credit Agricole Michael Carey presented a macro view of world economics Monday at EnerCom’s The Oil & Gas Conference 21. Global economic growth appears to be slowing down, said Carey, but the U.S. continues to lead the[Read More…]

August 15, 2016 - 5:40 pm 360 Articles, Closing Bell Story, Finance, TOGC21
Did You Hedge Your Bet, or Bet Your Hedge?

Did You Hedge Your Bet, or Bet Your Hedge?

In the oil and gas industry not everyone hedges all the time, but the vast majority of exploration and production companies have an active hedge book aimed at mitigating risk against volatile commodity markets. Hedging utilizes a futures contract to lock in a set price (or range of prices) in most cases. A futures contract gives the buyer of the[Read More…]

July 27, 2016 - 6:45 pm 360 Articles, Closing Bell Story, E&P, Finance
Southwestern Energy Completes $1.2 Billion Offering

Southwestern Energy Completes $1.2 Billion Offering

Proceeds go toward paying debt, completing DUCs, capital projects Southwestern Energy Company (ticker: SWN) today announced the completion of its previously announced underwritten public offering of 98,900,000 shares of its common stock, with net proceeds from the offering to the company totaling approximately $1,247 million after underwriting discounts and offering expenses. The company said the net proceeds from the offering will be used to[Read More…]

July 6, 2016 - 6:07 pm 360 Articles, Closing Bell Story, Energy News, Finance
Whiting Reduces Debt via a Debt for Equity Transaction

Whiting Reduces Debt via a Debt for Equity Transaction

Whiting Petroleum (ticker: WLL) has initiated an exchange offering for senior notes aimed at lowering debt and leverage through the mandatory conversion of senior notes to equity. The announcement on June 22, 2016, will encompass $377.0 million worth of nonconvertible notes and $697.9 million of convertible notes. The exchange will replace the old notes with new mandatory convertible senior notes[Read More…]

June 23, 2016 - 5:53 pm 360 Articles, Closing Bell Story, Energy News, Finance
Canadian Banks Beat Estimates Despite Oil Exposure

Canadian Banks Beat Estimates Despite Oil Exposure

Canada’s big three banks all beat quarterly estimates Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce all topped profit estimates despite their exposure to the embattled oil and gas sector. Gross impaired loans to the oil and gas sector increased at all three lenders, but each saw strong results in other sectors. CIBC CIBC reported a[Read More…]

May 26, 2016 - 4:31 pm 360 Articles, Canada, Closing Bell Story, Finance
BP Wins in Colorado Courts, but Questions Remain

BP Wins in Colorado Courts, but Questions Remain

Colorado Supreme Court decision changes tax burden of oil and gas companies The Colorado Supreme Court found in favor of BP (ticker: BP) in a case that could have major tax ramifications for the state. The court unanimously sided with the company that the State of Colorado incorrectly disallowed tax deductions related to BP’s cost of capital in the transportation,[Read More…]

May 19, 2016 - 5:33 pm 360 Articles, Closing Bell Story, Finance
Banks Becoming Increasingly Wary of Energy Defaults

Banks Becoming Increasingly Wary of Energy Defaults

Median Debt to EBITDA is 3.6 Times across 77 U.S. E&P Companies: EnerCom Analytics It happened when ‘lower for longer’ went from being a popular catch phrase to bitter reality. Today, bankruptcy has become an increasingly common word across the energy sector. Increasing federal oversight of oil and gas lending, decreasing cash flows and higher leverage ratios for oil and[Read More…]

Canada May Need Two Years to Recover from Oil Price Drop

Canada May Need Two Years to Recover from Oil Price Drop

Bank of Canada sees the commodity sector shrinking as part of the overall economy Models run by Bank of Canada predict that it could take two years for the country to recovery from the dramatic downturn in oil prices. Bank of Canada Deputy Governor Lynn Patterson estimated the commodity sector may only account for 40% of exports by 2020, down[Read More…]

April 4, 2016 - 5:49 pm 360 Articles, Canada, Closing Bell Story, Finance
Southwestern Energy Announces It Will Make Preferred Dividend Payment with Common Stock

Southwestern Energy Announces It Will Make Preferred Dividend Payment with Common Stock

On March 16, 2015, Southwestern Energy (ticker: SWN) announced a quarterly dividend payment on the company’s 6.25% Series B Mandatory Convertible Preferred Stock. Southwestern has elected to make this payment in common shares as opposed to cash, or a “payment-in-kind” (PIK) dividend. Southwestern’s quarterly dividend amounts to $27.3 million that will be paid using up to 3.35 million shares of[Read More…]

March 17, 2016 - 5:30 pm 360 Articles, Analytics, Closing Bell Story, Finance
New FASB Standard Requires Leases Obligations to be Shown on Balance Sheets – Hein

New FASB Standard Requires Leases Obligations to be Shown on Balance Sheets – Hein

Hein & Associates provides an update on new FASB standard After years of review, the Financial Accounting Standards Board (FASB) issued a new standard that will require both public and private companies to show lease obligations on their balance sheet, according to Hein & Associates. As far back as 2005, financial regulators had pegged leases as an area for review,[Read More…]

March 17, 2016 - 2:00 pm 360 Articles, Closing Bell Story, Finance