2015 – Page 834 – Oil & Gas 360

Crude Oil Cuttings for the Week Ended January 9, 2015

January 14, 2015

CRUDE OIL INVENTORY/’000 bbls (Week Ended 1/9/15) Current: 387,782 Actual Build/(Withdrawal): 5,389 Economist Average Estimate: 1,750 Previous: 382,393 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY KLR Group Demand Demand of ~19.2 Mmbpd decreased ~0.6% w/w, and the four-week moving average decreased ~160 bps to ~4.9% higher y/y. Gasoline

Exxon to Invest $25 Billion in BC LNG

January 14, 2015

Exxon and its Canadian partners have filed to move forward on a new LNG project in western Canada ExxonMobil (ticker: XOM) and its Canadian partner Imperial Oil Ltd. (ticker: IMO) have taken a step forward in the process of developing the WCC LNG project in British Columbia, Canada. WCC LNG filed an environmental assessment and project description for its proposed

Qatar Petroleum and Shell not to pursue Al Karaana petrochemicals project

January 14, 2015

Qatar Petroleum and Shell have decided not to proceed with the proposed Al Karaana petrochemicals project, and to stop further work on the project. The decision came after a careful and thorough evaluation of commercial quotations from EPC (engineering, procurement and construction) bidders, which showed high capital costs rendering it commercially unfeasible, particularly in the current economic climate prevailing in

Oil & Gas 360® Exclusive Interview: Stephens E&P Research

January 13, 2015

Short Term Oversupply, Permian in the Pole Position Oil & Gas 360® interviewed Stephens Inc. Senior Vice President E&P Research, Will Green, and Vice President E&P Research, Ben Wyatt, this week, in pursuit of their view of the current commodities cycle and related effect on the E&P space, looking at 2015 and beyond. Will Green, Stephens E&P Analyst Green

Russia Faces More Obstacles than Falling Oil Prices

January 13, 2015

Low prices will hurt the Russian economy, but they are far from being Russia’s only problem The World Bank last month released its growth projections for Russia in 2015 and 2016, offering a glimpse into a potentially bleak future for the country. The report included three separate projections for the Russian economy for the next two years based off the

Refineries, Gasoline Prices Experiencing the Silver Lining of Commodity Environment

January 13, 2015

United States refineries are running at utilization rates well above 90%, but don’t count them as part of the oil and gas industry being squeezed in the current commodity market. The Energy Information Administration (EIA) still expects domestic production to increase in 2015 (albeit, at slightly lower numbers than before), and refiners are prepared to take advantage of margins that

Conference Board: Alberta to likely face recession due to low oil prices

January 13, 2015

Story by the Associated Press Alberta’s oil-heavy economy will likely dip into recession as oil prices plunge, according to a report by a Canadian economic think-tank. The Conference Board of Canada said the western Canadian province’s latest employment and new housing start numbers are holding steady, but that Alberta will slip into recession if oil prices stay low. “It’s going

Newfield Exploration Provides Update on its China Business Marketing Process

January 13, 2015

Newfield Exploration Company(NFX) today disclosed that the Company has concluded its marketing process for its China business and now plans to retain the assets. For financial purposes, the China business will be reclassified as “continuing operations” in the fourth quarter of 2014. “The recent and significant pull back in global oil prices created headwinds for our China sales process,” said

Diamondback Energy, Inc. and Viper Energy Partners LP, a Subsidiary of Diamondback Energy, Inc., Provide Interim Q4 2014 Operational Update and Preliminary 2015 Guidance

January 13, 2015

Diamondback Energy, Inc. (FANG) (“Diamondback” or the “Company”) and Viper Energy Partners LP (VNOM) (“Viper”), a subsidiary of Diamondback, today provided an operational update for the quarter ended December 31, 2014, and announced preliminary financial and operating guidance for the full year of 2015. PRODUCTION Diamondback’s Q4 2014 production increased 25% to 25.7 Mboe/d, from 20.6 Mboe/d in Q3 2014.

Samson Oil & Gas Advisory

January 13, 2015

Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN): TOTAL COMPANY PRODUCTION Samson’s net monthly production for the December 2014 quarter is as follows: October November December OIL, BO 6,591 17,619 18,906 GAS, MCF 11,861 9,363 12,102 BOE 8,567 19,180 20,923 BOEPD 285 618 675 Samson’s net production by quarter for the calendar year ended December 31, 2014 is

Petrobras reaches daily, monthly and annually records in oil and natural gas production in December

January 13, 2015

Rio de Janeiro, January 12, 2015 – Petróleo Brasileiro S.A. – Petrobras´ total oil and natural gas production in December, in Brazil and abroad, has reached an average of 2 million 863 thousand barrels of oil equivalent per day, representing the best result ever achieved in the history of the Company. This volume has an increase of 4.4% from 2

Swift Energy Announces Revised 2015 Capital Budget and Updates Operations

January 13, 2015

Swift Energy Company (SFY) today announced a revised 2015 capital budget range of $100 – $125 million in response to recent hydrocarbon price declines. This revised level of activity is projected to yield between 11.2 and 11.4 million barrels of oil equivalent (“MMBoe”) of production. Terry Swift, CEO of Swift Energy, commented, “Our revised budget, representing a 70-75% decrease in

Premium Content