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April 29, 2019

Core Lab Sees International Activity, Free Cash Focus Driving 2019

April 29, 2019

Slowing U.S. activity shifts focus By Richard Rostad, analyst, Oil & Gas 360 Core Laboratories (ticker: CLB) announced first quarter earnings last week, showing net income of $40.5 million, or $0.90 per share. Core reports revenue fell slightly year-over-year, down 0.5% to $169 million. However, the company’s ongoing corporate restructuring has yielded a significant tax benefit, which boosted results. Core

Merge, SCOOP and STACK producer Roan Resources, Inc. (stock ticker: ROAN) said it expects 2Q production to exceed 50 MBOEPD, - Oil & Gas 360

More Oil and Gas M&A: Roan Resources Confirms Indications of Interest, In-Basin Consolidation Opportunities

April 29, 2019

Roan Resources forms transaction committee Roan Resources, Inc. (NYSE: ROAN) said it has received multiple unsolicited indications of interest to purchase the company. Roan reports it has an 150,000-acre position with an estimated resource potential of more than 2 billion Boe and multiple zones. Roan is focused on developing unconventional oil and natural gas reserves in the Merge, SCOOP and

U.S. SEC Freezes Assets Over Suspected Insider Trading in Anadarko

April 29, 2019

From Reuters The U.S. Securities and Exchange Commission on Monday obtained an asset freeze in connection with suspected insider trading in Anadarko Petroleum Corp before the oil company agreed to be acquired by rival Chevron Corp. U.S. District Judge Gregory Woods in Manhattan granted the freeze over accounts linked to suspicious purchases between Feb. 8 and April 1 by unknown

anadarko-600w Chevron, Anadarko Megadeal Portends Billions in Asset Divestment - Oil & Gas 360

Anadarko Board to Consider Occidental Bid

April 29, 2019

From Bloomberg Anadarko Petroleum Corp. plans to resume talks about a potential $38 billion takeover by Occidental Petroleum Corp., a move that threatens to scupper a previously agreed deal with Chevron Corp. In a unanimous decision, Anadarko’s board of directors determined the Occidental bid “could reasonably be expected to result in a superior proposal,” the company said in a statement Monday. It added

Rig Count Sinks Beneath a Milestone Marker

April 29, 2019

First time below 1,000 since March 2018 By Richard Rostad, analyst, Oil & Gas 360 Drilling activity fell sharply today continuing the overall downward trend according to Baker Hughes’ Weekly Rig Count. A net 21 rigs shut down in the week, the largest decline since mid-January. This week’s drop has pushed the U.S. rig count below 1,000 rigs, the first

Saudi Aramco Sees Shale Gas as Kingdom’s Next Energy Bonanza

April 29, 2019

From Bloomberg The world’s biggest oil exporter is ramping up efforts to develop natural gas with plans for a 15-fold boost in output from unconventional deposits of the fuel. Saudi Aramco is building facilities to tap shale gas in the kingdom’s oil-rich eastern region and is making “a lot of progress” toward this goal, Chief Executive Officer Amin Nasser told reporters

Fracing in England

Britain’s Fracing Dream Is Fading Fast

April 29, 2019

From Bloomberg Britain’s quest to tap domestic supplies of shale gas is looking increasingly bleak as the government’s liaison between the industry and local communities resigned after just six months in the job. Natascha Engel left the government appointed job telling a newspaper that the U.K.’s policy on hydraulic fracturing technology is being driven by environmental protesters and not scientific

Oil Giants Won't Bail Out Overpriced Independents in the Permian Basin - Oil & Gas 360

The Fastest-Growing U.S. City Is Scrambling to Survive the Shale Boom

April 29, 2019

From Bloomberg In a state known for its oil-based booms and busts, Jerry Morales is convinced Midland, Texas, the unofficial capital of the Permian Shale Basin, has a chance to break from the pattern. In the Permian, “we don’t say boom anymore,” according to Morales, who serves as mayor of the nation’s fastest growing city. “We’re very sustainable. The boom-and-bust era

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