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Initiative 97 imposes a mandatory statewide minimum 2,500-foot drilling setback, also cedes power to local governments to increase setbacks This is the final week for environmental activist groups 350.org and Colorado Rising to gather signatures for Colorado ballot initiative 97. It’s the initiative that asks voters to change existing state law to impose a 2,500-foot setback on new oil and[Read More…]
Extremely well-organized ‘keep it in the ground’ groups tell like-minded voters exactly what to do to get initiative 97 on the ballot, what to say at the COGCC hearing “We’re calling on the COGCC to prioritize public health and safety over profit – and to get on the right side of history” – 350 Colorado campaign promoting initiative 97 Campaign[Read More…]
Junex (CVE: JNX) and Cuda Energy Inc. have announced a strategic business partnership, which will operate under the name Cuda Oil and Gas Inc. The newly formed Cuda Oil and Gas has also announced it has entered into an agreement to acquire 25,000 gross acres of high growth light oil asset in the Powder River Basin in Wyoming from an[Read More…]
Locally sourced frac sand gets the job done at a discount Last week, Alpine Silica, a private supplier of frac sand, announced that it will open two new frac sand projects—one in Van Horn, Texas and the other in Fay, Oklahoma, further adding to its existing sand portfolio. Alpine estimates that the Oklahoma plant and the Van Horn facility will[Read More…]
New UN report warns members to approach hydraulic fracturing with caution; says don’t invest in shale at the expense of renewables The United Nations Conference on Trade and Development has published a new report looking at the global shale gas phenomenon. The report is called “Commodities at a Glance, Special Issue on Shale Gas.” In an accompanying press release, the[Read More…]
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…]
The production cuts may have erased the surplus, but for how long? Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA. The production cuts took effect in January 2017, reducing[Read More…]
Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported today that it has agreed to provide its primary customer in the STACK with additional dedicated horsepower and equipment, including natural gas-powered pumping units. The company refers to this collaborative plan as a “super fleet.” According to the company’s most recent investor presentation, Eco-Stim has a total capacity of ~168,000 HHP, including 53[Read More…]
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 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…]
In this Midland/Delaware Basin infrastructure roundup, the following E&Ps are covered: Halcón Resources Company (ticker: HK) Approach Resources Company (ticker: AREX) Apache Company (ticker: APA) Callon Petroleum Company (ticker: CPE) Waterworks Halcón plans water saving costs Halcon reported a LOE and workover expense at $6.3 million for the quarter, or $6.36 per Boe. This amount included approximately $700,000[Read More…]
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…]
Oil & Gas 360® takes a look at three companies with operations in the Permian: Halcón Resources Company (ticker: HK) Approach Resources Company (ticker: AREX) Apache Corporation (ticker: APA) Halcón Resources Halcon Resources Overview, May 2018 Production for the first quarter of 2018 averaged 10,967 BOEPD for Halcón, comprised of 70% oil. This production rate represents a 75% growth rate[Read More…]
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…]
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 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…]
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…]
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…]
Russian giant Rosneft Oil Company (ticker: ROSN) reported a Q1 2018 net income of USD$1.5 billion (RUB$81 billion) with a spending budget of $3.9 billion (RUB$223 billion). Rosneft Production, May 2018 More multistage fracs, horizontal wells The company produced 5.71 MMBOE in Q1 2018. The number of new wells commissioned increased by 22% to 809 wells, Rosneft said, with horizontal[Read More…]
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…]
Alta Mesa Resources, Inc. (ticker: AMR) produced 24,000 BOEPD in Q1 2018 and exited the quarter with average net production of 25,800 BOEPD in March. Overall, total production for the first quarter of 2018 was 2,162 MBOE. According to Alta Mesa, production for 2018 is expected to average between 33 MBOEPD and 38 MBOEPD. The company added rig number eight[Read More…]
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 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…]
HighPoint Resources Corporation (ticker: HPR) reported a net income loss of $24.9 million, or $(0.20) per share for the first quarter of 2018. HighPoint produced 1.91 MMBoe in the quarter, which was at the midpoint of its guidance range of 1.8-2.0 MMBoe. Wattenberg Courtesy of HighPoint Resources For Q1 2018, the NE Wattenberg produced 20,845 BOEPD (59% oil), representing 47%[Read More…]
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 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…]
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…]
CDEV likes oil’s prospects and New Mexico well results Centennial Resource Development, Inc. (ticker: CDEV) reported a net income of $66.1 million, or $0.25 per share for Q1 2018. The company’s average daily net production was 54,069 BOEPD for the quarter. “We saw consistent well performance during the quarter, with the average well producing approximately 1,200 barrels of oil per[Read More…]
Sanchez Energy Corporation (ticker: SN) reported a net loss of $4.8 million for the first quarter 2018, or $(0.30) per share attributable to common stockholders. The quarter included $24.4 million in non-cash mark-to-market losses related to hedging activities, Sanchez said. Production Sanchez had production of ~7.3 MMBOE, or 80,572 BOEPD in Q1 2018. According to Sanchez, the company’s first quarter[Read More…]
Eagle Ford, Delaware drilling and completions are moving the needle Carrizo Oil & Gas, Inc. (ticker: CRZO) had a net income of $14.7 million, or $0.18 per share in Q1 2018. The company went above the high-end of its guidance range, producing 51,257 BOEPD in the quarter. Carrizo said that the increased production was due to its recent A&D activity.[Read More…]
Effective Rig Count drops to 2,771: Permian oil growth slowing EnerCom has released its latest Effective Rig Count, examining the state of drilling activity in major shale basins. The Effective Rig Count fell to 2,771 in July, marking the first decline in the EERC since the downturn bottomed out in May 2016. The EERC expresses current activity measured in terms[Read More…]
