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Range Resources Reports Q1 2018

Range Resources Reports Q1 2018

Range Resources Corporation (ticker: RRC) reported a net income of $49 million, or $0.20 per diluted share. “The first quarter was a good start to the year, generating record quarterly cash flow while remaining on track to deliver our expected 11% growth within cash flow for 2018. Operationally, Range is focused on translating our peer leading inventory into shareholder value[Read More…]

April 26, 2018 - 6:25 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing, Midstream
ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share. First quarter production, excluding Libya, was 1,224 MBOEPD. Production from Libya was 45 MBOEPD. Conoco said that it grew year-over-year production in the Eagle Ford, Bakken and Delaware by 20%.[Read More…]

Stena Carron - Daytime

Hess Net Q1 Production: 233 MBOEPD – Bakken 111 MBOEPD

Bakken production up 11% over Q1 2017 Hess Corporation (ticker: HES) reported a net loss of $106 million, or $(0.38) per common share in Q1 2018. This compares to a net loss of $324 million, or $(1.07) per share in Q1 2017. Oil and gas production went above the company’s guidance estimates. Net production averaged 233 MBOEPD (excluding Libya) and[Read More…]

Pennsylvania NatGas Production Second Only to Texas

Pennsylvania NatGas Production Second Only to Texas

Pennsylvania natural gas production has been on an upward curve since 2009. According to the EIA, Pennsylvania averaged a record 15 Bcf/d in 2017. Producers have the Appalachian Basin to thank – Pennsylvania accounted for 19% of total U.S. marketed natural gas production. Increased permitting and drilling activity, combined with the expansion of regional pipeline capacity has helped Pennsylvania’s natural[Read More…]

EOG Resources, Mountrail County, North Dakota.

PermRock Royalty Trust Prepares IPO

PermRock Royalty Trust will soon launch its initial public offering of 6,250,000 trust units, representing approximately 51.4% beneficial interest in the trust. The initial offering price is expected to be between $19.00 and $21.00 per unit. Boaz Energy II, LLC is the sponsor of the trust and will be selling the units being offered. Additionally, Boaz intends to grant the[Read More…]

Halliburton

Halliburton Writes Down All Remaining Venezuela Investments

Market is 1 million to 1.5 million horsepower undersupplied Halliburton Company (ticker: HAL) reported an income of $46 million, or $0.05 per diluted share for the first quarter of 2018. This is an improvement over Q1 2017’s net loss of $32 million, or $(0.04) share. “We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the[Read More…]

PetroShale Doubles Production in the Bakken/Three Forks

PetroShale Doubles Production in the Bakken/Three Forks

Bakken-focused PetroShale Inc. (ticker: PSH) released financial and operating results for the year-ended December 31, 2017. Production averaged 2,121 BOEPD in the fourth quarter and 2017 production averaged 2,445 BOEPD, an increase of 50% over 2016. Financially, PetroShale reported 2017 revenues of $44.0 million (an increase of 89% over 2016) and 2017 EBITDA of $21.2 million (an increase of 123%[Read More…]

LINN Energy: Executive Departures and New Leadership

LINN Energy: Executive Departures and New Leadership

LINN Energy, Inc. (ticker: LNGG) has updated its plan to spinoff into three companies, and has provided more detail as to who will lead the branched-off companies. Riviera Resources formed, OTC ticker RVRA LINN Energy’s board has formed Riviera Resources, LLC. Riviera will hold the upstream assets in Hugoton, Michigan/Illinois, Arkoma, East Texas, North Louisiana, and Drunkards Wash, as well[Read More…]

Rosehill Resources Production Jumps to 15,000 BOEPD in March

Rosehill Resources Production Jumps to 15,000 BOEPD in March

Permian-based Rosehill Resources Inc. (ticker: ROSE) reported a Q4 2017 net loss of $5.3 million, or $(0.87) per diluted share. For the full year of 2017, the company reported a loss of $8.5 million, or $(1.43) per share. In 2017, Rosehill acquired 6,505 acres in the White Wolf acquisition, establishing a second core operating area in the Delaware Basin. The[Read More…]

April 18, 2018 - 4:44 pm 360 Articles, Closing Bell Story, E&P, Earnings, Fracing
SM Energy Expects to Produce up to 44.9 Million BOE in 2018

SM Energy Expects to Produce up to 44.9 Million BOE in 2018

100% year-over-year growth in Midland Basin production; realized price is SM’s highest level in 14 quarters: $37.76/BOE average Midland Basin operations up to nine rigs and five completions crews; SM expects to double completions in Q2 The Midland Basin produced strong results for Texas-focused SM Energy Company (ticker: SM) in the first quarter of 2018. In a brief update, the[Read More…]

April 18, 2018 - 2:52 pm 360 Articles, Closing Bell Story, E&P, Fracing
EOG Resources, Mountrail County, North Dakota.

North Dakota Produced 1.2 MMBOPD in Feb.; N.D. Gas Production Hit All Time High at 2.1 Bcf per Day

North Dakota’s State Industrial Commission has released new production numbers for 2018, covering the months of January and February. In January the state produced 36.6 MMbbls of oil, or 1.2 MMBOPD, and 64,226,435 Mcf, or 2,071,820 Mcf/day. February was another good month of production for the state, reaching an all-time high for natural gas production. The commission reported natural gas[Read More…]

April 16, 2018 - 2:46 pm 360 Articles, Closing Bell Story, E&P, Fracing, Industry Insights
Razor Energy Reports Q4

Razor Energy Reports Q4

Razor Energy Corp. (ticker: RZE) recorded a positive Q4 2017 net income of $2.3 million, or $0.14 per share. For 2017, the company had a net loss of $3.7 million, or $(0.27) per share. The company produced 4,534 BOEPD in Q4, and had a full-year average production of 3,813 BOEPD. In 2017, the company completed three asset acquisitions in the[Read More…]

GeoPark Production Moves to 35 MBOEPD

GeoPark Production Moves to 35 MBOEPD

Latin American E&P operator GeoPark Limited (ticker: GPRK) released a production update today, noting that current production is currently at 35 MBOEPD. This figure includes production from the recent Argentina acquisition. Oil production increased by 33% to 27,345 BOPD (up 8% compared to Q4 2017) Colombian oil production increased by 37% to 26,303 BOPD (up 8% compared to Q4 2017)[Read More…]

Proppant Company to Increase Capacity to 1 MM Tons by Mid-Year

Proppant Company to Increase Capacity to 1 MM Tons by Mid-Year

Select Sands delivered proppant by barge starting in Q4 Select Sands Corp. (ticker: SNS) reported full-year revenues of $15.1 million, with a gross profit of $2.9 million. However, the company had a full-year net loss of $1.6 million, or $(0.02) per basic and diluted common share. For Q4 2017, Select reported a net income of $1.3 million, or $0.01 per[Read More…]

April 11, 2018 - 3:51 pm 360 Articles, Closing Bell Story, Fracing
ConocoPhillips Doubles Down in British Columbia’s Montney with 35,000-Acre Acquisition

ConocoPhillips Doubles Down in British Columbia’s Montney with 35,000-Acre Acquisition

Oil and gas investment in politically risky British Columbia Just a few days before Kinder Morgan Canada said it would halt investment and construction on the Trans Mountain pipeline expansion due to political risk in British Columbia, ConocoPhillips (ticker: COP) announced an acreage buy in British Columbia’s Montney play. ConocoPhillips Company acquired about 35,000 net acres in the Montney play[Read More…]

Crestone Peak’s “Re-entry into Boulder County” Takes Another Step Forward

Crestone Peak’s “Re-entry into Boulder County” Takes Another Step Forward

Crestone Peak submits 4th Draft of Comprehensive Drilling Plan to COGCC Crestone Peak Resources, the privately held DJ Basin operator that is developing Encana’s former assets in in Northern Colorado, is getting a little closer to planting its flag on three planned drill pads in Boulder County. Developing the Encana DJ Basin assets Crestone Peak was formed in 2015 through[Read More…]

April 6, 2018 - 2:23 pm 360 Articles, Closing Bell Story, E&P, Fracing, Politics, Regulatory
Crescent Point Energy Grows USA Operations

Crescent Point Energy Grows USA Operations

Crescent Point Energy Corp. (ticker: CPG) said its Q1 2018 production and cash flow from its U.S. assets have grown year-over-year by approximately 60% and 175%, respectively. Additionally, the company said its land position in the east shale Duvernay light oil resource play now totals over 355,000 net acres ($315/acre), or 555 net sections. “Our U.S. assets continue to grow[Read More…]

April 4, 2018 - 5:17 pm 360 Articles, Canada, Closing Bell Story, E&P, Fracing
Yuma Energy Reduces Debt, Completes First Permian Horizontal

Yuma Energy Reduces Debt, Completes First Permian Horizontal

Yuma Energy, Inc. (ticker: YUMA) reported a net loss attributable to common stockholders of $6.8 million, or $(0.46) per share for 2017. Net average production for the year-ended December 31, 2017 was 2,454 BOEPD, or 34.8% higher than the prior year of 1,820 BOEPD. The company spud its first San Andres horizontal well in December 2017 and completed it during[Read More…]

April 3, 2018 - 5:53 pm 360 Articles, Closing Bell Story, E&P, Earnings, Fracing
COGCC Full House, Mar. 19, 2018

Martinez v. COGCC: Opening Briefs at the Colorado Supreme Court

Case background The beginning of the Martinez v. COGCC case dates back to November 15, 2013, when petitioners Xiuhtezcatl Martinez, Itzcuahtli Roske-Martinez, Sonora Brinkley, Aerielle Deering, Trinity Carter, and Emma Bray, minors appearing by and through their legal guardians Tamara Roske, Bindi Brinkley, Eleni Deering, Jasmine Jones, Robin Ruston, and Diana Bray, petitioned the Colorado Oil and Gas Conservation Commission[Read More…]

Bellatrix Starts Phase 2 at Adler Flats

Bellatrix Starts Phase 2 at Adler Flats

More than doubling throughput capacity, Bellatrix Exploration Ltd.’s (ticker: BXE) O’Chiese Nees-Ohpawganu’ck deep-cut gas plant at Alder Flats can now process 230 MMcf/d. The Adler Flats Plant was fully commissioned in mid-March and began selling volumes on March 19, 2018. Bellatrix said that the plant was brought on-stream ahead of schedule and was delivered ~5% under budget. Previously, the plant[Read More…]

April 3, 2018 - 5:51 pm 360 Articles, Canada, Closing Bell Story, Downstream, E&P, Fracing
Strategic Oil & Gas Ltd. Reports 2017 Results

Strategic Oil & Gas Ltd. Reports 2017 Results

Northern Alberta operator Strategic Oil & Gas Ltd. (ticker: SOG) has posted Q4 and full year 2017 results. The company had a net loss of $41.3 million, or $(0.89) per share in Q4 2017. For 2017, Strategic had a net loss of $89.5 million, or $(1.94) per share. Strategic said the loss was driven by an impairment charge of $58.8[Read More…]

April 2, 2018 - 4:25 pm 360 Articles, Canada, Closing Bell Story, E&P, Earnings, Finance, Fracing
Closed and Closed: WildHorse, WPX Divest Assets

Closed and Closed: WildHorse, WPX Divest Assets

WPX Energy (ticker: WPX) has closed the San Juan Basin oil play sale to Enduring Resources IV, LLC for $700 million. A significant portion of the proceeds are slated for debt reduction, WPX said, and the company now believes it can reduce its net debt/EBITDAX to a target level of 1.5x during 2019. The transaction completes WPX’s exit from operations[Read More…]

Unit Corp Accelerates Drilling Program with $300 Million Sale

Unit Corp Accelerates Drilling Program with $300 Million Sale

Divesting 50% Interest in Superior Pipeline Unit Corporation (ticker: UNT) has agreed to sell a fifty percent equity interest in its wholly owned subsidiary, Superior Pipeline Company, LLC for cash proceeds of $300 million. The purchaser, SP Investor Holdings, LLC, is jointly owned by OPTrust and funds managed by Partners Group, a global private markets investment manager. The sale is[Read More…]

Lonestar Resources Plans 50% Production Growth in 2018

Lonestar Resources Plans 50% Production Growth in 2018

Lonestar Resources US Inc. (ticker: LONE) reported a net loss attributable to common stockholders of $13.7 million, or $(0.58) per share for Q4 2017. For 2017, the company had a net loss of $42.6 million, or $(1.92) per share. Net oil and gas production in Q4 2017 was 7,272 BOEPD. For 2017, Lonestar produced about 6,495 BOEPD. Reserves Proved reserves[Read More…]

March 29, 2018 - 4:40 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Frontera Drums Up 70 MBOEPD in 2017, Plans 2018 Encore

Frontera Drums Up 70 MBOEPD in 2017, Plans 2018 Encore

Frontera Energy Corporation (ticker: FEC) reported a net loss of $217 million, or $(4.33) per share for 2017. In Q4 2017, the company posted a net loss of $33 million, or $(0.65) per share. The company attributed the year’s loss to impairment charges in the aggregate amount of $123 million and mark to market loss on risk management activities of[Read More…]

Bohrturm, Österreich: Weißer Hof 2014

ProPetro Profitable in 2017, Approaches One Million HHP

Permian-concentrated oilfield service provider ProPetro Holding Corp. (ticker: PUMP) had a net income of $12.6 million, or $0.16 per share for 2017. In Q4 2017 the company had a net income of $10.1 million, or $0.12 per share. The company reported total revenues of $981.9 million for 2017 and total revenues of $313.7 million for Q4 2017. Yearend capacity grew[Read More…]

Blackbird Energy Reports Q2 2018

Blackbird Energy Reports Q2 2018

Blackbird Energy Inc. (ticker: BBI) reported for the three months ended January 31, 2018, a net loss of CDN$1.71 million, or a net loss per share of $(0.00). For the six months ended January 31, 2018, the company reported a net loss of $3.4 million, or $(0.00) per share. Note: (1) See the company’s Q2 2018 financial statements and related[Read More…]

March 27, 2018 - 5:13 pm 360 Articles, Canada, Closing Bell Story, E&P, Earnings, Fracing
Canacol Energy Ltd.: Largest Caribbean Supplier of Natural Gas

Canacol Energy Ltd.: Largest Caribbean Supplier of Natural Gas

Calgary’s Canacol Energy Ltd. (ticker: CNE) recorded a net loss of USD$148 million for the year ended December 31, 2017, or $(0.48) per share – this compares to a net income of $23.6 million for the same period in 2016. For Q4 2017, the company had a net loss of $150.3 million, or $(0.85) per share – this compares to[Read More…]

Eclipse Resources Chairman and CEO Ben Hulburt

Eclipse Resources Utica Well Goes to 30,000 Feet TD with a 19.3K Horizontal

Super laterals made the difference: Eclipse had eight of Q4 2017’s top ten producing wells in Ohio – Hulburt Eclipse Resources Corporation (ticker: ECR) successfully drilled its longest Utica Dry Gas well to date. The Wiley D 8H had a total measured depth of approximately 30,130-feet and a lateral extension of approximately 19,335-feet in 20.5 days from spud to total[Read More…]

March 26, 2018 - 6:18 pm 360 Articles, Closing Bell Story, E&P, Fracing
EIA Covers TRRC Blind Spot, Explains How and Why

EIA Covers TRRC Blind Spot, Explains How and Why

Data published by state agencies, like the Texas Railroad Commission, are often incomplete when first published because of a combination of late reporting and processing delays, the EIA explained today as it compared TRRC and EIA data sets. TRRC’s most recent report (published March 2018, with estimates through December 2017) is consistent through January 2017 with production estimates in the[Read More…]

March 26, 2018 - 4:10 pm 360 Articles, Closing Bell Story, E&P, Fracing, Industry Insights