December 3, 2014 – Oil & Gas 360

Crude Oil Cuttings for the Week Ended November 28, 2014

December 3, 2014

CRUDE OIL INVENTORY/’000 bbls (Week Ended 11/28/14) Current: 379,335 Actual Build/(Withdrawal): (3,689) Economist Average Estimate: 950 Previous: 383,024 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports UBS Investment Research Note (12.3.14) Crude stocks draw as refinery runs rise and imports dip: Crude stocks fell 3.7 MMBbls last week (bullish vs.

Kinder Morgan Announces 2015 Financial Expectations; Expects to Declare Dividends of $2.00 Per Share With Over $500 Million of Excess Coverage

December 3, 2014

Kinder Morgan, Inc. (KMI) today announced its preliminary 2015 financial projections. KMI expects to declare dividends of $2.00 per share for 2015, an approximately 16 percent increase over the 2014 dividend budget of $1.72 per share. Chairman and CEO Richard D. Kinder stated, “We believe the recently closed transaction merging the Kinder Morgan companies paves the way for superior growth

Stone Energy Corporation Provides Update on Deep Water Cardona Project

December 3, 2014

Stone Energy Corporation (SGY) today provided an operational update on its Cardona deep water development project. The Cardona project initial production testing started in late November and the two wells (Cardona #4 and #5) have been tested and will be closely monitored with flow rates ramping up over a four week period. The wells are expected to reach a combined

Devon Energy President and CEO, John Richels, to Retire July 31, 2015

December 3, 2014

John Richels (63), president and CEO of Devon Energy Corporation (DVN), has announced his retirement effective July 31, 2015. The board of directors intends to elect Dave Hager (58), currently Devon’s chief operating officer, to succeed Richels as president and CEO. The board of directors has elected Richels vice chairman of the board, effective immediately, with the intent for Richels

Supermajors Prepare for New Oil Frontier by Centralizing Budgets, Focus

December 3, 2014

Dozens, even hundreds of E&Ps and service providers in the oil and gas industry have recently announced intentions to dial back expenditures in 2015. Supermajors like Shell (NYSE: RDSB) and ExxonMobil (NYSE: XOM), on the other hand, both pledged to reduce expenditures in analyst days in the spring of this year, when WTI and Brent prices were resting comfortably in the $90 to

Southwestern Energy Expands Acreage in Marcellus

December 3, 2014

Southwestern announced yesterday the addition of 46,700 net acres to its expanding Marcellus play. Southwestern Energy Company (ticker: SWN) released a statement yesterday saying that it has signed an agreement to purchase oil and gas assets, including approximately 46,700 net acres in northeast Pennsylvania, from WPX Energy, Inc. (ticker: WPX) for approximately $300 million. The acreage is currently producing approximately

CAMAC Energy Announces Additional Drilling Rig for Offshore Nigeria

December 3, 2014

CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT:CAK) announced today that it has signed a contract with a subsidiary of Transocean Ltd. for the provision of the semi-submersible drilling unit Sedco Express for drilling and completion activities offshore Nigeria. The contract allows for the drilling or completion of up to three wells, and CAMAC intends to use the rig

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