Story by Business News Network As a test of wills between OPEC nations and U.S. shale drillers fuels a global oil market slump, a brewing battle between Canadian and Saudi Arabia heavy crudes for America’s Gulf Coast refinery market threatens to drive prices even lower. While the stand-off between the oil cartel and U.S. producers of light, sweet shale oil
ConocoPhillips (COP) today announced first oil production from the Eldfisk II project in the Norwegian North Sea. “Eldfisk II joins Ekofisk South as the second major project startup in Norway since late 2013,” said Matt Fox, executive vice president, Exploration and Production. “These projects will increase ultimate resource recovery and extend the field life of this premier legacy asset for
Evolution Petroleum Corporation (NYSE MKT: EPM) today declared a monthly cash dividend on its perpetual non-convertible 8.5% Series A Cumulative Preferred Stock. The dividend is for the month of January 2015 and is payable on February 2, 2015 to holders of record at the close of business on January 15, 2015. The payment will be 1/12th of the 8.5% annualized
Concho Resources Inc. (CXO) (the “Company” or “Concho”) today announced an updated 2015 capital program of $2.0 billion, as a result of the sharp decline in commodity prices. With this level of activity, the Company expects to generate 16% to 20% year-over-year production growth in 2015. Tim Leach, Chairman, Chief Executive Officer and President, commented, “Reducing the capital program while
The oil and gas industry wasn’t given much of a respite following the unofficial ending to the holiday season. Oil prices continued their plunge on Monday, January 5, 2015, with West Texas Intermediate (WTI) and Brent prices closing at $49.78 and $53.12, respectively. The sub-$4.00 differential first appeared in December 2014. The last time the market saw a sub-$4.00 differential
Gulfport Energy Corp. (ticker: GPOR) has announced 2014 exit rate net production of approximately 68 MBOEPD (73% gas weighted), according to the company’s release. During the month of December 2014, Gulfport estimates average net production of approximately 66 MBOEPD. For the fourth quarter 2014, Gulfport currently estimates total net production was approximately 5,500 MBOE. Michael G. Moore, Gulfport’s CEO and
Update: Jordan wants to wait until anti-trust decision is made before proceeding with Noble deal Jordan suspended talks to import natural gas from Israel from Noble Energy (ticker: NBL) and will instead sign an agreement with BG Group (ticker: BG) to buy Gaza Strip gas. The kingdom halted negotiations after news that the Israeli anti-trust regulator might recommend breaking up
The United States Department of Commerce said it has begun approving requests to sell light processed oil on the international market. The transactions, which now can be conducted by companies without government approval, pertain only to selling crude that has either been processed or refined. The export of raw crude is still outlawed. The announcement, which Reuters describes as “wrapped in
Russia set a post-Soviet production record and Iraq exported the most oil since the 1980s in the month of December, according to a report from Bloomberg. The information, which was acquired from an email by the Russian Energy Ministry, said Russia’s total production for December was 10,667 MBOPD – a month-over-month increase of 0.3%. The United States is the only
What a difference a year makes. When Oil & Gas 360® released its year in review piece exactly 365 days ago, the Energy Information Administration (EIA) was projecting oil volumes to rise through 2016 and natural gas volumes to continue their climb through 2040. What the EIA could not project was a debatable glut in the market, first seen in
Weatherford International plc (WFT) closed the previously announced sale of the Company’s engineered chemistry and Integrity drilling fluids businesses to an affiliate of The Lubrizol Corporation, a Berkshire Hathaway company, for a purchase price of $750 million, subject to a customary post-closing working capital adjustment. Weatherford may also receive a potential increase of $75 million from an earnout tied to
CRUDE OIL INVENTORY/’000 bbls (Week Ended 12/26/14) Current: 385,455 Actual Build/(Withdrawal): (1,754) Economist Average Estimate: 133 Previous: 387,209 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy.
