Back when the dinosaurs roamed the Earth in the late 1980s and 1990s, oil and gas companies started to use a term called EBITDAX instead of Net Income to describe the amount of cash that was generated from ongoing operations. Net Income includes non-cash expenses like depletion, depreciation, amortization, and interest expense. EBITDAX? Don’t you mean EBITDA? Actually, we mean
Members may offer Iran special terms The world’s two largest crude oil producers, Russia and Saudi Arabia, announced that they would freeze their production at January levels along with several other OPEC members in an attempt to stabilize crude oil prices. While the news seems like a positive step toward lifting the price for crude oil, Iran remains a key
Ten anti fracing ballot propositions remain; group hopes one or two make the Nov. ballot Coloradans Resisting Extreme Energy Development (CREED) has removed one of its eleven anti fracing measures from the 2016 ballot. The measure removed by the group was for a full ban of hydraulic fracturing in the state, a proposal that would have been difficult to pass
Sinopec shuts-in four production sites As the oil price slump continues amid OPEC’s battle to maintain market share, the group’s goal of eliminating high-cost production appears to be working, but perhaps not where OPEC had originally hoped. Sinopec (ticker: SNP), China’s second largest crude oil producer, announced today that the company will be shutting in four of its least profitable
From FOX25 OKLAHOMA CITY — Employees at Devon Energy will begin to get notifications of layoffs this morning, the company said. Devon announced earlier this year layoffs would be necessary, given the oil and gas market’s decline. Tuesday, the company announced it would lay off 20 percent of its workforce, or 1,000 employees company wide. That represents 700 employees in
HOUSTON, TX–(Marketwired – Feb 16, 2016) – Midcoast Energy Partners, L.P. (NYSE: MEP) 2015 HIGHLIGHTS Exceeded the top-end of previously communicated full year 2015 adjusted EBITDA and distributable cash flow guidance. Full-year 2015 adjusted EBITDA and distributable cash flow of $104.1 and $73.4 million, respectively; distribution coverage of 1.12x. Achieved over $70 million of annual operating & administrative cost reductions
From Reuters (Reuters) – Canadian oil producer Cenovus Energy Inc CVE.TO said it may sell up to $5 billion of stock, debt or other securities, a day after it announced a dividend cut, as the company shores up its balance sheet amid a slump in oil prices. The company filed with the U.S. Securities and Exchange Commission for a mixed
As previously announced, Samson Oil and Gas USA Inc (a wholly owned subsidiary of Samson Oil and Gas Limited) entered into a contract to acquire oil and gas leases, producing oil and gas wells, currently shut-in wells and associated facilities in North Dakota and Montana for consideration of $16.5 million. That acquisition was due to close on February 15th but
Manitok Energy Inc. (“Manitok” or the “Corporation“) (TSX VENTURE:MEI) is pleased to announce that on February 16, 2016, Manitok has closed the final tranche of its previously announced concurrent brokered and non-brokered private placement offering of common shares (the “Common Shares“) in the capital of Manitok issued at a price of $0.13 per Common Share and Common Shares (“Flow-through Shares”
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