Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

360 Articles

Carrizo Snags Delaware Basin Acreage from Devon in $215 Million Cash Bolt-On

Carrizo Snags Delaware Basin Acreage from Devon in $215 Million Cash Bolt-On

Carrizo places deal at $13,000 per net acre Houston’s Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) said Tuesday it will acquire Delaware Basin properties from Devon Energy Corporation (NYSE: DVN) for $215 million in cash. Carrizo said it will fund the purchase with net proceeds from an equity offering. The underwritten public offering of 9,500,000 shares of common stock was priced[Read More…]

Cabot Oil & Gas Expands Share Repurchase Program

Cabot Oil & Gas Expands Share Repurchase Program

Cabot Oil & Gas (NYSE: COG) announced Q2 results, showing net income of $42.4 million, or $0.09 per share. Highlights Daily equivalent production of 1,895 MMcfe/d Adjusted net income of $57.9 million Net cash provided by operating activities of $273.9 million Discretionary cash flow of $196.5 million Returned $239.6 million of capital to shareholders through dividends and share repurchases Improved[Read More…]

July 30, 2018 - 4:23 pm 360 Articles, Canada, Closing Bell Story, E&P, Earnings, Finance
Northern Oil and Gas Reduces $9.9 Million of Par Value Notes

Northern Oil and Gas Reduces $9.9 Million of Par Value Notes

Northern Oil and Gas, Inc. (NYSE American: NOG) announced that it has entered into an additional independent, separately negotiated exchange agreement with an institutional holder of its 8% senior unsecured notes due 2020. The agreement represents a debt reduction of $9,943,000 par value of Notes. Through this and other recently announced exchanges, Northern has now entered into agreements to retire[Read More…]

July 18, 2018 - 4:54 pm 360 Articles, Closing Bell Story, Energy News, Finance, TOGC23
Dramatic Increase in Upstream M&A Seen for H2 2018

Dramatic Increase in Upstream M&A Seen for H2 2018

According to a recent report from Drilling Info, 2Q 2018 activity was low with only $8.7 billion in mergers and acquisitions compared to the quarterly average since 2009 of $17.8 billion. Drilling Info believes this was partially due to investors’ incessant cry for positive cash flow, forcing many companies to become pure-play to achieve this outcome. E&P company’s divestments now[Read More…]

ConocoPhillips Swaps UK Interests for More of Alaska

ConocoPhillips Swaps UK Interests for More of Alaska

ConocoPhillips (NYSE: COP) announced that it has entered into an agreement to sell a ConocoPhillips subsidiary to BP for an undisclosed price. The subsidiary will hold a 16.5 percent interest in the BP-operated Clair Field, with ConocoPhillips retaining a 7.5 percent interest in the field. ConocoPhillips also announced it has entered into simultaneous agreements to acquire BP’s 39.2 percent interest[Read More…]

July 5, 2018 - 1:15 pm 360 Articles, Closing Bell Story, Finance
Cheniere Energy to Acquire Cheniere Partners; Charters an LNG Carrier

Cheniere Energy to Acquire Cheniere Partners; Charters an LNG Carrier

Cheniere Energy, Inc. (NYSE American: LNG) announced today that it has reached a definitive agreement to acquire all of the publicly-held shares of Cheniere Partners Holdings (NYSE American: CQH). Cheniere Partners Holdings shareholders will receive a fixed ratio of 0.475 Cheniere Energy shares for each outstanding publicly-held share. The transaction is currently valued at $30.93 per common share of Cheniere[Read More…]

WaterBridge Secures $200 Million, Staffs Up

WaterBridge Secures $200 Million, Staffs Up

WaterBridge Resources LLC announced today that its subsidiary WaterBridge Operating LLC has entered a $200 revolving credit facility led by SunTrust Bank. This will further add to the $500 million acquired from Five Point Energy LLC, bringing WaterBridge Resources committed capital total to $700 million. This will be used for further growth in expansion in several domestic basins. The closing[Read More…]

Osprey Energy and Blackstone Create $894-Million Eagle Ford Venture

Osprey Energy and Blackstone Create $894-Million Eagle Ford Venture

Osprey Energy Acquisition Corp. announced today that it has reached a definitive agreement to acquire assets held by Royal Resources, a Blackstone owned entity, in exchange for $400 million cash and an ownership stake representing 47% of the outstanding common stock. The acquired assets from Royal Resources represent 100% of Blackstone’s mineral interests in the Eagle Ford Shale. The newly[Read More…]

June 4, 2018 - 3:53 pm 360 Articles, Closing Bell Story, Finance
"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…]

Africa’s Largest non-OPEC Producer is on a Roll

Africa’s Largest non-OPEC Producer is on a Roll

Egypt is the largest non-OPEC oil producer in Africa and the third-largest dry natural gas producer on the continent, according to the EIA’s newest report on Egypt. In recent years, the country has seen political instability accompanied by growing power demand and a recovering energy industry. Natural gas supply shortages often cause frequent blackouts in Egypt – and 2011’s political[Read More…]

How the U.S. Will Handle the OPEC-Russia Spigot

How the U.S. Will Handle the OPEC-Russia Spigot

Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered down, strengthened their balance sheets, made technological leaps and kept on producing oil and gas—without depending on the reappearance of[Read More…]

Warburg Pincus Invests $138 Million in Canadian E&P

Warburg Pincus Invests $138 Million in Canadian E&P

Calgary-based E&P Artis Exploration Ltd. closed a CDN$180 million (USD$138 million) growth equity investment from Warburg Pincus. Founded in 2015, Artis is focused on the Duvernay East Shale Basin of Western Canada, where the company holds a contiguous acreage position of over 260,000 net acres. Artis is led by Darryl Metcalfe, who was previously president and CEO at Artek Exploration.[Read More…]

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt. Vermilion acquired all of the issued and outstanding common shares of Spartan on the basis of 0.1476 of a Vermilion share for each Spartan common[Read More…]

Callon Petroleum Expands Permian Footprint with $570 Million Delaware Purchase

Callon Petroleum Expands Permian Footprint with $570 Million Delaware Purchase

Consolidation continues in the Permian, with Callon Petroleum (ticker: CPE) purchasing $570 million in assets Thursday. Callon intends to acquire 28,657 net acres in the Delaware, primarily in Ward and Loving Counties, from Cimarex Energy (ticker: XEC). This acreage is partially contiguous with Callon’s assets in the Delaware, and is all at least nearby. Over 90% of the new acreage[Read More…]

The U.S. Sanctions Venezuela

The U.S. Sanctions Venezuela

On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. Source: WhiteHouse.gov According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any[Read More…]

Courtesy of Cheniere

Cheniere’s LNG Express Moves Forward with FID for Train 3 at Corpus

Cheniere Energy, Inc. (ticker: LNG) made a positive final investment decision, clearing the way for its Train 3 project at Corpus Christi to reach the goal line. Cheniere said it plans to issue a full notice for Bechtel Oil, Gas and Chemicals, Inc. to continue construction. Courtesy of Cheniere The construction began in late 2017 under limited notice to proceed,[Read More…]

Iran’s Short-Lived Oil and Gas Boom

Iran’s Short-Lived Oil and Gas Boom

Iran’s energy sector will feel the repercussions of renewed sanctions Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment. Although some sanctions targeting the energy industry were temporarily lifted, and oil production reached ~3.8 MMBOPD in 2017, growth has remained[Read More…]

What’s Worth More to the State of Texas—Land or Oil?

Junior Canadian Texas and New Mexico Producer Goes Public

Permex Petroleum Corporation (ticker: OIL) has completed its initial public offering of 8,135,500 common shares at a price of $0.50 per share for proceeds of $4,067,750. The shares were listed on the Canadian Securities Exchange (CSE) on May 15, 2018 and started trading this morning (May 17, 2018) under the ticker “OIL.” Returning shut in wells to production in the[Read More…]

May 17, 2018 - 3:20 pm 360 Articles, Closing Bell Story, E&P, Finance
Steve Chazen’s Magnolia Assets: Q1 2018 Results

Steve Chazen’s Magnolia Assets: Q1 2018 Results

TPG Pace Energy Holdings Corp. (ticker: TPGE), an energy-focused special purpose acquisition entity led by former Occidental Petroleum Corporation CEO Steve Chazen, disclosed certain financial and operating results for the first quarter of 2018 for the Karnes County and Giddings Field assets (the Magnolia assets) that TPGE is under definitive agreements to acquire from affiliates of EnerVest, Ltd. Magnolia Assets,[Read More…]

Evolution Petroleum Acquires Assets from Bankrupt Enduro; Evolution CEO Randy Keys to Retire

Evolution Petroleum Acquires Assets from Bankrupt Enduro; Evolution CEO Randy Keys to Retire

Evolution Petroleum Corporation (ticker: EPM) will acquire certain oil and gas assets from an affiliate of Enduro Resource Partners LLC for a purchase price of $27.5 million. Evolution intends to fund the closing of this transaction primarily with cash on hand. According to Evolution, the agreement includes: A diversified package of producing properties in two primary areas: Permian Basin (approximately[Read More…]

Sterling Resources Taps Peru

Sterling Resources Taps Peru

Sterling Resources speeds up Bretana field development Peru-focused E&P Sterling Resources Ltd. (ticker: SLG) has advanced the 2018 capital program at the Bretana field in Northeast Peru. Last December, the company acquired 100% working interest in the field. At the time, the company estimated that the project would come online in 10 to 12 months for ~$24.6 million. SLG Bretana[Read More…]

Rosehill Resources Produced More Than 18,000 BOEPD in April 2018

Rosehill Resources Produced More Than 18,000 BOEPD in April 2018

Rosehill cuts Loving County spud-to-TD time in half Rosehill Resources Inc. (ticker: ROSE) reported a net loss attributable to Rosehill of $1.3 million, or $(0.22) per share. Rosehill said this loss included an $18.2 million non-cash, pre-tax loss on commodity derivative instruments. For the quarter, Rosehill incurred capital costs of $96 million. Operations Rosehill Completion Techniques, May 2018 Rosehill grew[Read More…]

May 15, 2018 - 5:13 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Goodrich Petroleum: Focused on Haynesville through 2019

Goodrich Petroleum: Focused on Haynesville through 2019

All CapEx in 2018 and 2019 focused on Haynesville Goodrich Petroleum Corporation (ticker: GDP) had a net loss of $5.3 million in the first quarter of 2018, or $(0.47) per share. Capital expenditures totaled $21 million in the quarter, of which $20.6 million was spent on D&C and $0.4 million on other expenditures, Goodrich said. All of Q1’s total capital[Read More…]

May 15, 2018 - 5:06 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Gulfport Energy Scores Big Gas Wells in the SCOOP

Gulfport Energy Scores Big Gas Wells in the SCOOP

Expects to fund all $780 million CapEx within cash flow in 2018 Gulfport Energy Corporation (ticker: GPOR) provided an update on two notable SCOOP well results. During its initial 30 days of production, the Lilly 3-15X10H cumulatively produced 395.5 MMcf of natural gas and 9.6 thousand barrels of oil. On a three-stream basis, the Lilly 3-15X10H produced at an average[Read More…]

May 15, 2018 - 4:59 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Lonestar Resources Hits 10 MBOEPD in April, Increases Full Year Guidance

Lonestar Resources Hits 10 MBOEPD in April, Increases Full Year Guidance

Texas-based E&P Lonestar Resources US Inc. (ticker: LONE) reported a net loss attributable to its common stockholders of $18.5 million, or ($0.75) per share in Q1 2018. The company produced 7,777 BOEPD on average in the quarter. CEO Frank D. Bracken, III, said, “In the first quarter, production increased by 48% and realized prices after hedging rose 24%, resulting in[Read More…]

May 14, 2018 - 3:25 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Courtesy of Extraction Oil & Gas, Inc.

Extraction Oil & Gas Targets Positive All-In Free Cashflow in 2H 2018

Extraction Oil & Gas, Inc. (ticker: XOG) reported a net loss of $52 million for Q1 2018, or $(0.32) per share. First quarter average net sales volumes were 68,874 BOEPD, including 36,052 BPD of crude oil, an increase of 106% year-over-year and 4% sequentially. XOG Laterals, May 2018 During the quarter, Extraction reached total depth on 41 gross (27 net)[Read More…]

WildHorse Resource Produced 52.4 MBOEPD in Q1

WildHorse Resource Produced 52.4 MBOEPD in Q1

WildHorse Resource Development Corporation (ticker: WRD) reported a net loss available to common stockholders of $123.2 million in Q1 2018, or $(1.24) per share. Net production was 52.4 MBOEPD for the quarter, consisting of 60% oil, 31% natural gas and 9% NGLs. The company said it realized 103% of WTI during Q1 2018. WRD Oil Pricing, May 2018 “In 2018,[Read More…]

OXY’s New Mexico Permian Wells Coming in with IP-30s of 3,100 BOEPD

OXY’s New Mexico Permian Wells Coming in with IP-30s of 3,100 BOEPD

Occidental Petroleum Corporation (ticker: OXY) reported a core income of $708 million for the first quarter of 2018, or $0.92 per diluted share. Total average daily production volumes were 609,000 BOE for the first quarter of 2018, compared to 621,000 BOE in the fourth quarter of 2017. Permian average daily production volumes improved from the prior quarter by 18,000 BOE,[Read More…]

Cimarex Produced 206 MBOEPD in Q1, with 55% from the Permian

Cimarex Produced 206 MBOEPD in Q1, with 55% from the Permian

Cimarex running 13 rigs: 10 in the Permian, 3 Mid-Con Cimarex Energy Co. (ticker: XEC) reported first quarter 2018 net income of $186.3 million, or $1.96 per share. Total company production for the quarter came in at the high end of guidance, Cimarex said, averaging 206.1 MBOEPD, with oil production averaging 65,212 BPD. Cimarex invested $313 million in exploration and[Read More…]

May 9, 2018 - 5:54 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Bonanza Creek Energy Bumps XRL Type Curves by 35%

Bonanza Creek Energy Bumps XRL Type Curves by 35%

Bonanza Creek Energy, Inc. (ticker: BCEI) posted a net income of $13.9 million, or $0.68 per share for the first quarter of 2018. Last year, the company had a net loss of $94.3 million, or $(1.91) per diluted share – the net loss in Q1 2017 was driven by reorganization items of $89.0 million, Bonanza Creek said. Exceeding its original[Read More…]

May 9, 2018 - 5:49 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing