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360 Articles

"El Merk, Algeria, March 2013: The CPF


Photo by Mike Goldwater"

Canada’s Proposed Bill C-69 Would Require Energy Project Environmental Assessments to Take Climate Change into Account

Bill gives cabinet and environment minister final power to approve or reject a project regardless of the findings of an environment assessment In February 2018, Catherine McKenna, the federal Minister of Environment and Climate Change, introduced Bill C-69. The bill may replace the Canadian Environmental Assessment Act of 2012 (CEAA 2012) with the Impact Assessment Act. McKenna claimed the new[Read More…]

Oil tumbled below $54 per barrel

2018: The World’s Largest Public Oil & Gas Companies

In this update to our 2016 rankings, the top two slots in the list still belong to the Russian giants, Exxon is still third, and PetroChina held onto fourth place – but Shell and BP flipped positions, changing the makeup of the world’s five largest oil companies With 2017 in the books, it is a good time to see where[Read More…]

BP Clair Ridge 2018

India will be the Largest Growth Market for Energy by the 2030s: BP

BP released its 2018 Energy Outlook Tuesday, this year extending its projections out five additional years to 2040. BP’s 2018 Outlook’s findings are tied to what it labels ‘the energy transition’. “The speed of the energy transition is uncertain and the new Outlook considers a range of scenarios. The ‘evolving transition’ scenario assumes that government policies, technologies and societal preferences[Read More…]

U.S. NatGas Reserves Went Up, but Oil Stands Pat in 2016: EIA

U.S. NatGas Reserves Went Up, but Oil Stands Pat in 2016: EIA

U.S. proved reserves of natural gas increased 5% in 2016, compared with a 17% decline in 2015 The United States had 341.1 trillion cubic feet (Tcf) of natural gas proved reserves as of December 31, 2016, according to U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2016, released by the EIA. U.S. crude oil and lease condensate proved reserves[Read More…]

February 13, 2018 - 3:30 pm 360 Articles, Analytics, Closing Bell Story, Fracing
The Capital Markets are Open to Oil & Gas: PLS

PLS Tracks $129.3 Billion in New Oil and Gas Capital in 2017

Capitalize, PLS Inc.’s proprietary comprehensive capital markets tracking platform, released a statistical review of the oil and gas industry’s capital markets activity for calendar year 2017. Key findings: $34 billion in equity raised through offerings in 2017, down 36% from 2016’s $53 billion Of 2017’s eight upstream equity offerings, six were SPACs Big names such as Hess, Antero and BP[Read More…]

February 9, 2018 - 5:47 pm 360 Articles, Analytics, Closing Bell Story, E&P, Finance, Fracing, Midstream
Texas Economic Activity, Oilfield Hiring Up: Dallas Federal Reserve

Texas Economic Activity, Oilfield Hiring Up: Dallas Federal Reserve

Activity in the Eleventh Federal Reserve District’s energy sector gained momentum in the fourth quarter of 2017, according to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of business conditions—climbed over 10 points to 38.1, with the increase driven by the exploration and production side of the industry. Oil and gas production increased for the fifth[Read More…]

A Serious Canadian Valuation Gap

A Serious Canadian Valuation Gap

Market disconnect for a Canadian junior “Our company is undervalued” is a common phrase heard around investor conferences. Executives are their own best cheerleaders and they constantly seek innovative ways to create value with their companies. Sometimes the assertion that a company is not being valued in a fashion similar to its peers is more compelling than others, however, and[Read More…]

Former MarkWest CEO John M. Fox to Marathon and MPLX: Your Multiple is Over the Top

Former MarkWest CEO John M. Fox to Marathon and MPLX: Your Multiple is Over the Top

Stated target value to eliminate Incentive Distribution Rights (IDRs) is in question: Fox says that Marathon Petroleum’s 15x – 20x multiple for elimination of IDRs will damage MPLX unitholders, including MPC, the largest MPLX unitholder John M. Fox, co-founder and former chairman, president and CEO of MarkWest Energy Partners, yesterday published two letters directed towards the MPLX GP LLC Conflicts[Read More…]

December 6, 2017 - 4:49 pm 360 Articles, Analytics, Closing Bell Story, Finance, People
Calgary-based Precision Drilling Corporation (ticker: PDS) announced planned capital expenditures for 2017 of CAD$109 million.

Oil Company Return Metrics Nearing Levels Not Seen Since $100 Oil

Return on invested capital breaks from historic patterns as companies reap the benefits of efficiencies Oil and gas companies are beginning to take a more measured approach to growing even as oil prices hover above $55 per barrel, a move that many investors have been asking to see for months. A report published by EnerCom Analytics this month found that[Read More…]

When Does the Balance Sheet Stop Being the Market’s First Concern?

When Does the Balance Sheet Stop Being the Market’s First Concern?

Companies are beginning to put capital to work away from the drill bit, but should they be targeting debt? Several high-profile share repurchase programs have been announced recently as oil and gas companies look for ways to reinvest their free-cash flow. Anadarko Petroleum Corp. (ticker: APC) said in September that the company plans to repurchase $2.5 billion of its stock[Read More…]

October 19, 2017 - 5:34 pm 360 Articles, Analytics, Closing Bell Story
Show Me Your Full-Cycle Metrics for the Delaware Basin

Show Me Your Full-Cycle Metrics for the Delaware Basin

Permian oil producers continue to tout enviable half-cycle metrics, but what does the complete picture show? The mad dash of capital into the Permian’s Delaware sub-basin over the last two years has been awe-inspiring considering the backdrop of oil prices careening down to half their 2014 highs, with $45-$52 oil turning into a new normal. Oil and gas companies throughout[Read More…]

Should E&Ps Borrow to Grow or Stay Within Cash Flow? Here is Where 119 North American E&Ps Stand

Should E&Ps Borrow to Grow or Stay Within Cash Flow? Here is Where 119 North American E&Ps Stand

Only 16 E&Ps are expected to grow production and keep spending within cash flow U.S. unconventional E&Ps often find themselves in a difficult position in the current environment. The environment has long been “grow or die,” with high emphasis placed on companies growing production. Firms that have little growth prospects generally trade at significantly lower multiples. On the other hand,[Read More…]

Completions Remain Below 2014 Levels, Despite D&C Improvements: Seaport Global

Completions Remain Below 2014 Levels, Despite D&C Improvements: Seaport Global

A report by Seaport Global indicated that, since monthly numbers for drilled and completed wells bottomed out in mid-2016, the number of wells drilled and completed has made a significant comeback but have not come close to pre-crash levels in the top four oily plays—the Permian, Eagle Ford, Bakken and Niobrara. Source: Seaport Global Even though completions have not yet[Read More…]

July 18, 2017 - 5:31 pm 360 Articles, Analytics, Closing Bell Story, E&P
BAM: It’s Earnings Season (Again)-Q2’17 Estimates

BAM: It’s Earnings Season (Again)-Q2’17 Estimates

Seems like just yesterday it was year-end and Q1 reporting season. But time flies in the public company world. EnerCom, Inc. has compiled second quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 110 E&P and 81 OilService companies in our database. Download EnerCom’s full chart of estimates. The median OilServices company earnings estimate[Read More…]

Marathon Oil (ticker: MRO) has agreed to acquire approximately 70,000 net surface acres in the Permian basin from BC Operating, Inc. and other entities for $1.1 billion in cash.

Halcon Shrinks Williston Footprint to Become Full-On Delaware-Focused Operator

Halcon Resources sells operated Williston assets for $1.4 billion Houston-based Halcon Resources Corp. (ticker: HK) announced Tuesday that the company sold its operated assets in the Willison Basin to an affiliate of Bruin E&P Partners, a portfolio company of Arclight Capital Partners, for $1.4 billion in cash. The company said it will keep its non-operated assets in the basin, although[Read More…]

Expect Higher Crude Oil Exports to European, Asian Markets:  WoodMac

Expect Higher Crude Oil Exports to European, Asian Markets:  WoodMac

In its appearance at EIA’s annual Energy Conference last week, Wood Mackenzie gave a presentation on crude oil exports, saying that U.S. crude oil exports rose in tandem with U.S. oil production following the repeal of the U.S.’s 40-year crude oil export ban in December, 2015. Oil from North Dakota, Texas moves to users in Asia and Europe According to[Read More…]

Reduced Risk of Shale Lured Energy Capital Onshore, but Which Delivers the Better Reward—Onshore or Offshore?

Reduced Risk of Shale Lured Energy Capital Onshore, but Which Delivers the Better Reward—Onshore or Offshore?

EnerCom analysts take a look Advancements in unconventional drilling have fundamentally changed the types of oil and gas projects that attract capital. When hydraulic fracturing and horizontal drilling unlocked vast hydrocarbon resources onshore in the U.S. shale basins about a decade and a half ago, the business strategy of U.S. E&Ps changed forever. And energy capital formation changed with it.[Read More…]

Non-OPEC Supply Growth will Hold Down Prices: EIA, IEA

Non-OPEC Supply Growth will Hold Down Prices: EIA, IEA

International oil prices are contingent upon both the worldwide growth in oil production and the worldwide growth in oil inventories. Understanding the balance of these movements, and interpreting those movement is undertaken by the Energy Information Agency (EIA) and the International Energy Agency (IEA), in order to better evaluate and predict oil price movements. In the U.S., and across the[Read More…]

WTI Stays near $49 if OPEC Cuts Continue: EnerCom

WTI Stays near $49 if OPEC Cuts Continue: EnerCom

OPEC’s meeting to decide the future of production cuts is quickly approaching, and many expect that the group will extend their deal through at least the end of this year. The production cuts, when they were first initiated, helped to bring both WTI and Brent crude oils back above $50 per barrel, but prices have struggled to maintain that position[Read More…]

OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC to make decision on cuts as part of regular meeting The Organization of Petroleum Exporting Countries will hold meetings with its non-OPEC counterparts to decide the future of production cuts on the same day as the group’s scheduled semi-annual meeting on May 25, according to multiple sources. The group’s decision to pull back on production helped to bolster oil[Read More…]

April 19, 2017 - 4:40 pm 360 Articles, Analytics, Closing Bell Story, Crude Oil News, OPEC
BAM! It’s Earnings Season Again – Q1’17 Estimates

BAM! It’s Earnings Season Again – Q1’17 Estimates

EnerCom, Inc. has compiled first quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 155 E&P and OilService companies in our database. Download EnerCom’s 155-company earnings tables here. The median OilServices company earnings estimate for the quarter ending March 31, 2017, is ($0.09) per share compared to actual earnings per share of ($0.22) and ($0.16)[Read More…]

Is the Delaware Losing its Allure?

Is the Delaware Losing its Allure?

High per-acre costs make turning a profit in the Delaware more difficult Capital has rushed into the Permian as oil prices stabilize and operators look for the best acreage possible. The majority of that capital has been focused in the Delaware Basin where layers of stacked pay have made acreage extremely attractive, and the cost per acre significantly higher than[Read More…]

April 17, 2017 - 4:15 pm 360 Articles, Analytics, Closing Bell Story, Crude Oil News, E&P
Canada’s Equity Markets Embrace Energy

Canada’s Equity Markets Embrace Energy

Cenovus announces $3.0 billion bought deal common share financing Cenovus Energy (ticker: CVE) announced Thursday that the company closed a previously announced $3.0 billion common share financing deal. A total of 187.5 million common shares were sold at a price of $16.00 per share, according to the company’s press release. Thursday’s deal came on the heels of a $2.9 billion[Read More…]

Valuations of Appalachian E&Ps Could Start to Surpass the Permian Herd

Valuations of Appalachian E&Ps Could Start to Surpass the Permian Herd

Pipeline constraints limiting the value of Appalachian operators It’s a Wall Street quandary. It is no secret that the Permian has become the hottest play in the United States with E&Ps competing to acquire acreage, but the companies operating there may not always attract the most attractive multiples from investors. In January, EnerCom Analytics took an in-depth look at what[Read More…]

The Best Acquisitions Are Not All in the Permian: a Comparison of 4 U.S. Deals

The Best Acquisitions Are Not All in the Permian: a Comparison of 4 U.S. Deals

Markets reward companies making good transactions, but sometimes even the Permian can’t move the needle The most recent downturn in oil and gas prices has forced the industry to find the most economic acreage available in order to generate returns and attract investors. It’s no secret that for many companies, that has meant buying Permian acreage, particularly the stacked zones[Read More…]

Utica Wells Producing 4.2x More than in January 2014, Beating Permian Efficiencies

Utica Wells Producing 4.2x More than in January 2014, Beating Permian Efficiencies

Despite relatively low rig activity, the Utica shows the strongest gains in production efficiency since January 2014 Baker Hughes Industries (ticker: BHI) released its weekly update on the number of rigs operating in the United States Friday, showing ten more rigs active in the country from last week. The Permian remains the most active basin in the country, but despite[Read More…]

What Does a Growth Company Look Like Following the Downcycle?

What Does a Growth Company Look Like Following the Downcycle?

Investors valued debt-adjusted growth even more in 2016 The crash in oil prices which started at the end of 2014 exposed a number of oil and gas companies that had sacrificed their balance sheet in the name of growth. Many were left over-levered and forced to sell assets or file for bankruptcy in order to make it through the ensuing[Read More…]

Will Increased Oil Hedging Hold Prices Down?

Will Increased Oil Hedging Hold Prices Down?

With Physical Hedging on Rise, Production Response May Weaken With OPEC and non-OPEC production cuts on the horizon (although not guaranteed), institutions exposed to oil have shifted their outlooks for price risk, as reflected in their current positions in NYMEX WTI futures and options. As the WTI forward curve has shifted into backwardation, analysts are calling for swollen inventories to[Read More…]

A Look at Key Midland Players

A Look at Key Midland Players

Midland Basin E&Ps Set to Benefit From Play’s Massive Resources It’s no secret the Permian Basin has enough oil to produce for many years ahead. On November 15, USGS estimated that the Wolfcamp Shale of the Midland Basin alone held an estimated mean 20 billion barrels of oil, 16 trillion feet of associated natural gas, and 1.6 billion barrels of[Read More…]

December 19, 2016 - 11:00 am 360 Articles, Analytics, Closing Bell Story, E&P
OPEC Cut Good, Demand Growth Better

OPEC Cut Good, Demand Growth Better

OPEC Production Cut of 1 MMBOPD Would Raise Oil Prices About $3; Equal Demand Growth Would Add another 4$ As OPEC’s November 30 meeting in Vienna draws closer, the outlook for a production cut agreement is mixed. Sentiment has been positive today with WTI rising 5.2% to above $45 after falling 4% in previous trading sessions. A positive report from[Read More…]

November 15, 2016 - 5:30 pm 360 Articles, Analytics, Closing Bell Story, International, OPEC