February 23, 2015 – Oil & Gas 360

Rosetta Resources Inc. Announces Two-Year Strategic Outlook and Provides 2014 Operations and Reserve Update

February 23, 2015

Updated two-year capital spending outlook of up to $350 million per year, targeting cash flow neutrality in 2015 and 2016 Released production guidance of 58 to 62 thousand barrels of oil equivalent per day for 2015 and 2016 Replaced 113 percent of production from all sources in 2014; 106 percent replaced through the drill bit Increased total net risked resources,

Kosmos Energy Bucks the Capex Cut Trend

February 23, 2015

Kosmos Energy (ticker: KOS), an oil and gas E&P company headquartered in Bermuda, announced a 2015 capital budget of $800 million in its Q4’14 results on February 23, 2015. The planned expenditures represents an increase of 52% compared to its 2014 budget, and is a result of “An increase in activity,” said the company release. An estimated $300 million, or

Refinery Strikes May Lead to Market Disruptions

February 23, 2015

Gasoline Prices Continue Edging Up As if the dwindling rig counts, record inventories and falling temperatures weren’t enough for the oil and gas industry, another complication is arising at the tail-end of the system. Strikes spearheaded by the United Steelworkers Union (USW) increased on February 23, 2015, and now consists of a total of 15 facilities, including 12 refineries. The

British Columbia Expected to Lead Provinces in Economic Growth

February 23, 2015

Conference Board of Canada reports that B.C. will see the largest growth of any province in 2015 LNG projects would be “a game changer” The Conference Board of Canada released its Provincial Outlook: Winter 2015, and expects economic growth in British Columbia to outpace all other provinces in Canada. British Columbia’s economy grew by 2.8% in 2014, with growth in

Shell Retracts Application for Oilsands Mine

February 23, 2015

The oil major withdrew an application for its Pierre River Mine, may reapply ‘when the time is right’ Royal Dutch Shell (ticker: RDSA) withdrew its regulatory application today for the proposed Pierre River Mine north of Fort McMurray, Alberta. The company said it made this decision in order to focus its attention on its existing oil sands operations. The project

Chevron relinquishes Romania shale gas project

February 23, 2015

Story by Reuters Chevron Corp said it will give up shale gas exploration plans in Romania, after an assessment showed the Black Sea state does not compete favourably with other investment opportunities. Energy firms have been attracted by estimates of massive shale gas reserves in Poland and Romania. Last month, the U.S. energy major took a similar decision to discontinue its

ExxonMobil 2014 Reserves Replacement Totals 104 Percent

February 23, 2015

Exxon Mobil Corporation (XOM) announced today it replaced 104 percent of its 2014 production by adding proved oil and gas reserves totaling 1.5 billion oil-equivalent barrels, including a 162 percent replacement ratio for crude oil and other liquids. “ExxonMobil’s diverse global portfolio of attractive opportunities puts us in a unique position to execute our strategy to identify, evaluate and develop

Chart of the Week: WTI/Brent Spread Widens

February 23, 2015

So it appears the “floor” for West Texas Intermediate prices (at the moment) is $40, as evidenced by a January Fed survey by CNBC. Prices are currently roughly $5 above the January 28 low of $44.45 – a climb of approximately 10%. The price of Brent, on the other hand, is flirting with the $60 range – up more than 20%

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