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360 Articles

Tight Oil Led by the Permian Tops a 2017 Oil Industry Revival: WoodMac

Tight Oil Led by the Permian Tops a 2017 Oil Industry Revival: WoodMac

Optimism returns: WoodMac calls for $450 billion in upstream O&G project FIDs in 2017 According to Wood Mackenzie’s global upstream outlook for 2017, confidence will start to return to the oil and gas sector in 2017, with exploration and production spend set to rise by 3% to US$450 billion. The investment level is still 40% below the heady days of 2014,[Read More…]

January 17, 2017 - 5:59 pm 360 Articles, Closing Bell Story, E&P, Oil & Gas Jobs
China Sees Falling Crude, Rising Natgas Production through 2020

China Sees Falling Crude, Rising Natgas Production through 2020

The National Development and Reform Commission releases its projections for the remainder of the decade China expects crude oil production to fall by 7% compared with its previous five-year plan as production from some of the country’s largest, and oldest, wells continues to decline. Output of natural gas, however, is expected to increase by almost two-thirds, according to a report[Read More…]

ExxonMobil/XTO Doubles Permian Footprint with $6.6 Billion Acquisition of Bass Family Assets

ExxonMobil/XTO Doubles Permian Footprint with $6.6 Billion Acquisition of Bass Family Assets

ExxonMobil now has 6 billion BOE of resources in the Permian, with 3.4 billion BOEs in the Delaware ExxonMobil Corporation (ticker: XOM) announced that the company will more than double its Permian Basin resources to 6 billion BOE through the acquisition of companies owned by the Bass family of Fort Worth, Texas. The Permian assets purchased from the Bass family[Read More…]

Goodrich Petroleum Announces Haynesville Shale Well Results And Operational Update

Goodrich Petroleum Announces Haynesville Shale Well Results And Operational Update

Goodrich Petroleum Corporation (OTCQX: GDPP) today announced preliminary results on two Haynesville Shale wells in North Louisiana. The Company has participated in two Haynesville Shale wells in Caddo Parish, Louisiana that have reached a combined 24-hour peak rate to date of approximately 72,000 Mcf per day. The Company owns a 17.4% working interest in each of the wells which came[Read More…]

January 17, 2017 - 11:22 am 360 Articles, Closing Bell Story, Natural Gas News
Noble Energy Jumps to Second-Largest Southern Delaware Player with $3.2 Billion Acquisition

Noble Energy Jumps to Second-Largest Southern Delaware Player with $3.2 Billion Acquisition

Noble Energy purchases Clayton Williams Energy for $3.2 billion, inclusive of debt; NBL’s new full company production for 2020 is expected to reach 600 MBOEPD assuming $50 oil Noble Energy (ticker: NBL) announced Monday that the company has purchased Clayton Williams Energy (ticker: CWEI) in a cash and stock deal valued at $2.7 billion, plus the assumption of approximately $500[Read More…]

Saudis Expect 6-Mo. Limit on Production Cuts

Saudis Expect 6-Mo. Limit on Production Cuts

“It’s unlikely that we will need to continue [production cuts past June.]” – Khalid al-Falih OPEC may not continue oil production cuts after the middle of the year, according to estimations from Saudi Minister of Energy and Industry Khalid al-Falih. The group is scheduled to meet in May to discuss whether or not production cuts should continue. “Based on my[Read More…]

January 16, 2017 - 5:21 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Stabilizing Oil Prices Lead Canadian Entrepreneurs to Target $96 Billion Investment for 2017

Stabilizing Oil Prices Lead Canadian Entrepreneurs to Target $96 Billion Investment for 2017

70% of entrepreneurs expect increased sales, up from 45% last year: Canadian businesses are ready to invest and they have growth on their minds–BDC Lack of confidence in the economy is no longer a top barrier to investment, according to the Business Development of Bank of Canada (BDC). Canadian entrepreneurs plan to boost business investment to $96.6 billion in 2017,[Read More…]

January 16, 2017 - 5:13 pm 360 Articles, Canada, Closing Bell Story, Commodity Pricing
$2.3 Billion in Eagle Ford Assets Depart Anadarko for Sanchez Energy

$2.3 Billion in Eagle Ford Assets Depart Anadarko for Sanchez Energy

Sanchez Energy and Blackstone Energy Partners form 50/50 venture to acquire Anadarko Comanche assets producing approximately 67,000 BOEPD (33,500 net to Sanchez) Sanchez Energy Corporation (ticker: SN) and funds managed by Blackstone Energy Partners (ticker: BX) have entered a strategic 50/50 partnership and together they have signed a definitive purchase agreement to acquire Anadarko Petroleum Corporation’s (ticker: APC) working interest in approximately 318,000 gross operated[Read More…]

January 13, 2017 - 5:55 pm 360 Articles, A&D Transactions, Closing Bell Story, E&P
U.S. Rig Count Falls for the First Time in 12 Weeks

U.S. Rig Count Falls for the First Time in 12 Weeks

The total U.S. rig count fell by six in the week ended January 13, 2017 The U.S. rig count declined for the first time in 12 weeks in the week ended January 13, 2017, according to Baker Hughes Industries (ticker: BHI). The total number of active rigs in the U.S. fell to 659, nine more than at this time last[Read More…]

WPX Gobbles Up 120,000 Delaware Acres, Ups Drilling Program with $775 Million Acquisition

WPX Gobbles Up 120,000 Delaware Acres, Ups Drilling Program with $775 Million Acquisition

WPX Energy acquires 6.5 MBOEPD of production and 120,000 net acres in the Delaware Basin WPX Energy (ticker: WPX) announced today that the company has acquired Panther Energy Company II, LLC and Carrier Energy Partners, LLC, expanding its footprint in the Delaware Basin. The acquisitions includes approximately 6.5 MBOEPD (55% oil) of existing production from 23 producing wells (17 horizontals),[Read More…]

Anadarko, Chevron, Plains All American Top List of Best U.S. Oil & Gas Employers: Indeed

Anadarko, Chevron, Plains All American Top List of Best U.S. Oil & Gas Employers: Indeed

Indeed releases its ‘Best Places to Work’ rankings International employment website Indeed serves more than 200 million people each month who are searching for jobs, posting resumes, and researching companies in 60 countries. According to Indeed’s research, visitors who were oil and gas sector employees, former employees and job seekers who visited Indeed.com who posted reviews of the oil and gas[Read More…]

Synergy Resources Divests 10,000 DJ Acres for $71 Million

Synergy Resources Divests 10,000 DJ Acres for $71 Million

Synergy will pursue further A&D opportunities in the DJ Synergy Resources Corporation (ticker: SYRG) announced it has entered into a purchase-sale agreement with a private party to divest 10,000 net undeveloped acres and approximately 700 BOEPD of associated production for $71 million. The divested acres are outside of its core Wattenberg development area in Colorado’s DJ Basin. The transaction is expected to close in[Read More…]

January 13, 2017 - 3:53 pm 360 Articles, Closing Bell Story, E&P
BOEM Issues Delay for New Financial Assurance Requirements for Offshore Operators

BOEM Issues Delay for New Financial Assurance Requirements for Offshore Operators

Government prioritizing implementation of new OCS financial assurance rule On January 6, 2017, the Bureau of Ocean Energy Management (BOEM) announced a six-month delay in the implementation of the rigorous financial assurances required by Notice to Lessees and Operators NTL No. 2016-N01, Haynes and Boone attorneys Robert Thibault and  Christopher J. Reagen announced in a notice to clients yesterday. “Although the[Read More…]

January 12, 2017 - 5:56 pm 360 Articles, Closing Bell Story, Offshore, Regulatory
Colorado’s City and County of Broomfield Seeks Frac Moratorium–Again: Council Puts off Decision

Colorado’s City and County of Broomfield Seeks Frac Moratorium–Again: Council Puts off Decision

Extraction Oil & Gas’s proposed drilling program spurred citizen action and reaction by Broomfield council On Jan. 10, 2017, the City and County of Broomfield, Colorado, held a public hearing on its proposed ordinance No. 2038 which calls for imposing a temporary moratorium on oil and gas drilling, hydraulic fracturing, and the processing of certain oil and gas related applications.[Read More…]

January 11, 2017 - 5:59 pm 360 Articles, Closing Bell Story, E&P, Fracing, Regulatory
Blackbird Energy Completes Elmworth Gathering System, Updates Montney Drilling and Stage Completions

Blackbird Energy Completes Elmworth Gathering System, Updates Montney Drilling and Stage Completions

Blackbird Energy Inc. (ticker: BBI) completed the construction of its 100% owned and operated 12-14-70-7W6 Elmworth facility and gathering system near the budget of $16.1 million. Commencement of production is anticipated by the end of January 2017, Blackbird said in a press release today. In conjunction with the construction of the facility and gathering system, Blackbird has tied-in the 6-26,[Read More…]

January 11, 2017 - 5:11 pm 360 Articles, 360 Profile Member, Canada, Closing Bell Story, E&P
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
PetroQuest Ups Q4 Production Guidance, Updates Thunder Bayou and Cotton Valley

PetroQuest Ups Q4 Production Guidance, Updates Thunder Bayou and Cotton Valley

Big 2017 in the offing for PQ PetroQuest Energy, Inc. (ticker: PQ) increases its fourth quarter 2016 production guidance to approximately 49-50 MMcfe/day, up from its previously issued guidance of 42-46 MMcfe/day. The increased production guidance is primarily due to greater than expected production from the Thunder Bayou well during December as a result of a change in the timing[Read More…]

Prices, Promises and a Pumped Up U.S. Rig Count

Prices, Promises and a Pumped Up U.S. Rig Count

Oil in 2017 In WTI near month contracts, oil was trading above $55+ to start off the year, then it fell into a downward slog, dropping 4% to sub-$52 today. It feels like oil prices have been a tale of two continents as 2017 unfurls. On one hand there have been media stories that shed positive light of late as to OPEC[Read More…]

Comerica Index Shows Texas Finally Heading Up-ish

Texas Economy Finally Heading Up-ish: Comerica Bank

Permian rig count growth a boon to Texas’s overall economy Dallas-based Comerica Bank (ticker: CMA), released its Texas Economic Activity Index last week, saying its measure of the Texas economy advanced for a second consecutive month, gaining 0.4 percentage points in October to a level of 91.0. September’s index reading was 90.6. October’s index reading is 25%, above the index cyclical[Read More…]

January 9, 2017 - 1:02 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Jobs
Antero to Increase Capex 7%, Expand Utica in 2017

Antero to Increase Capex 7%, Expand Utica in 2017

$1.5 Billion Planned for Drilling, Completions, Extensions, Additions: 7 Rigs, 170 Horizontal Completions Antero Resources Corporation (ticker: AR) announced its planned 2017 capital budget to $1.5 billion in a recent press release, which is a 7% increase over 2016. $1.3 billion will be allocated to drilling and completions and the company plans to operate seven drilling rigs in the Marcellus[Read More…]

January 6, 2017 - 5:58 pm 360 Articles, Closing Bell Story, E&P, Natural Gas News
U.S. Petroleum Production and Exports Will Rise through 2040: EIA

U.S. Petroleum Production and Exports Will Rise through 2040: EIA

U.S. Product Demand Will Remain Below 200 Levels But Crude Production Will Rebound In its recently released Annual Energy Outlook 2017, the EIA outlines U.S. petroleum demand and production  prospects through 2040. To deal with the always tricky business of oil and gas forecasting, EIA takes a scenario analysis approach, examining outcomes under six potential scenarios. These include a Reference[Read More…]

January 6, 2017 - 5:53 pm 360 Articles, Chart of Week, Closing Bell Story, Crude Oil News
AltaGas Announces Positive FID on Ridley Island, Canada’s First Opportunity to Ship its Propane Directly to Asia

AltaGas Announces Positive FID on Ridley Island, Canada’s First Opportunity to Ship its Propane Directly to Asia

Canadian advantage:  Ridley Island’s planned 1.2 MMTPA capacity will allow Western Canada’s producers to sell propane to Asia from B.C. with transit time of 10 days vs. 25 days from U.S. Gulf coast AltaGas Ltd. (ticker: ALA) announced a positive Final Investment Decision (FID) this week on its Ridley Island Propane Export Terminal, having received approval from federal regulators, the company[Read More…]

January 6, 2017 - 4:37 pm 360 Articles, Canada, Closing Bell Story, International
EPA Rule Change Adding Natural Gas Processing Facilities to Toxics Release Inventory

EPA Rule Change Adding Natural Gas Processing Facilities to Toxics Release Inventory

The Environmental Protection Agency (EPA) has officially proposed a rule change for natural gas processors, specifically affecting natural gas liquids extraction facilities. The clock started today when the notice was published in the Federal Register dated Jan. 6, 2017. What rule is the EPA is proposing? The EPA is proposing to add natural gas processing (NGP) facilities (also known as natural gas liquid[Read More…]

January 6, 2017 - 2:54 pm 360 Articles, Closing Bell Story, Regulatory
U.S. Rig Count Finally Exceeds Year-Ago Levels

U.S. Rig Count Finally Exceeds Year-Ago Levels

The U.S. rig count hits 665, one rig higher than at this time last year The recovery in oil prices has spurred operators in the United States to add more rigs to the active fleet. This has pushed the total number of rigs higher in the first week of 2017 than the first week of last year, as prices continued[Read More…]

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Floating storage in Iran down nearly 50% in the last three months – up to 30 cargoes Iran is using the recent uptick in oil prices to sell off crude oil that has been sitting in offshore storage since the end of international sanctions. The Islamic Republic sold more than 13 million barrels of oil that was held in tankers,[Read More…]

January 6, 2017 - 2:32 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Source: WPX

EIA Annual Energy Outlook Sees Low, Stable Natural Gas Price Driving Higher Consumption and Growing LNG Exports

The EIA released its newest energy consumption and production projections today in its newest release of Annual Energy Outlook 2017. Across most cases, natural gas production increases despite relatively low and stable natural gas prices, supporting higher levels of domestic consumption and natural gas exports. Projections are sensitive to resource and technology assumptions, the EIA said. U.S. natural gas consumption[Read More…]

January 5, 2017 - 5:56 pm 360 Articles, Closing Bell Story, Commodity Pricing, E&P
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…]

Dana Gas Iraq Operations

Doubt Surrounds OPEC Deal as Iraq Struggles to Make Cuts

Iraq may owe international oil companies compensation for lost production Less than a week into the new year, many oil market experts are beginning to wonder if OPEC will be able to follow through with its production cuts. Already Iraq, the group’s second-largest producer, appears to be facing problems in implementing cuts as the cash-strapped country looks to lower output[Read More…]

VAALCO Energy Announces Successful Workover of Avouma 2-H Well, Producing 2,700 BOPD Gross

VAALCO Energy Announces Successful Workover of Avouma 2-H Well, Producing 2,700 BOPD Gross

Company Net Production is Averaging 4,600 BOEPD VAALCO Energy, Inc. (ticker: EGY) announced today that the Avouma 2-H well on the Avouma Platform offshore Gabon is back on production after utilizing a hydraulic workover unit to replace a failed Electric Submersible Pump (ESP) system.  The well is currently producing at a stabilized rate of 2,700 barrels of oil per day[Read More…]

January 5, 2017 - 4:49 pm 360 Articles, Closing Bell Story, E&P, Offshore
Four New Members Join the U.S. House of Representatives Energy and Commerce Committee

Four New Members Join the U.S. House of Representatives Energy and Commerce Committee

House Oversight of Energy Legislation House Energy and Commerce Committee Chairman Greg Walden (R-OR) announced four incoming Republican members today: Buddy Carter (R-GA),  Ryan Costello (R-PA),  Tim Walberg (R-MI),  Mimi Walters (R-CA). The Committee on Energy and Commerce was established on December 14, 1795. It is the oldest standing legislative committee in the U.S. House of Representatives and it is vested with the[Read More…]

January 5, 2017 - 4:21 pm 360 Articles, Closing Bell Story, Regulatory