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360 Articles

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…]

Inventories Back at Five-Year Averages—for Now

Inventories Back at Five-Year Averages—for Now

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…]

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

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…]

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…]

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…]

Courtesy of RSP Permian

OECD Inventories Lowest in Three Years: IEA

Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA[Read More…]

U.S. Oil Exports Take Complex Route to Foreign Markets

U.S. Oil Exports Take Complex Route to Foreign Markets

Exports hit all-time high last week U.S. exports of crude oil are on the rise, and has surpassed 2 MMBOPD in three of the past four weeks, according to the EIA. Preliminary data suggests the U.S. exported 2,566 MBOPD last week, an all-time high. Overall crude exports have averaged just under 1.7 MMBOPD this year, representing rapid growth. The country[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…]

We Can Ramp Production Back Up to Pre-Cut Levels in 60 Days: Rosneft

We Can Ramp Production Back Up to Pre-Cut Levels in 60 Days: Rosneft

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…]

May 14, 2018 - 5:57 pm 360 Articles, Closing Bell Story, E&P, Fracing, International
President Trump Pulls U.S. Out of Iran Nuclear Deal, Reimposes Sanctions

President Trump Pulls U.S. Out of Iran Nuclear Deal, Reimposes Sanctions

Measures will likely only remove 300,000-500,000 barrels a day of Iranian crude from the market: analyst Saying “the Iran Deal was one of the worst and most one-sided transactions the United States has ever entered into,” President Trump pulled the U.S. out of the Joint Comprehensive Plan of Action (JCPOA) with Iran today, ending U.S. participation in the Iran nuclear agreement that[Read More…]

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco (ticker: NOV) reported a first quarter 2018 net loss of $68 million, or $(0.18) per share. Revenues for the first quarter were $1.8 billion, a decrease of 9% compared to the fourth quarter of 2017 and an increase of 3% from the first quarter of 2017. Operating loss for the first quarter of 2018 was $1 million,[Read More…]

Core Laboratories Stim-Lab

Core Lab Q1 Revenues Up 8%, Operating Income Jumps ~40%

For the first quarter, 2018, Core Laboratories N.V. (ticker: CLB) reported a net income of approximately $23.5 million, or $0.54 per share for Q1 2018. Revenue from continuing operations was $170 million, up over 8% year-over-year and operating income was $32.3 million, up almost 40% year-over-year. Reservoir description and production enhancement Reservoir description operations revenue in the first quarter of[Read More…]

April 26, 2018 - 6:13 pm 360 Articles, Closing Bell Story, Earnings, Finance, International
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…]

ConocoPhillips Due $2.04 Billion from Venezuela: Tribunal

ConocoPhillips Due $2.04 Billion from Venezuela: Tribunal

Final and binding ICC award is for “Venezuela’s unlawful and uncompensated expropriation of ConocoPhillips’ investments” ConocoPhillips (NYSE: COP) said that an international arbitration tribunal ruled it was due $2.04 billion from Petróleos de Venezuela, S.A. (PDVSA) and two of its subsidiaries, under arbitration rules of the International Chamber of Commerce (ICC). The ruling arises out of ConocoPhillips’ contracts with those[Read More…]

April 26, 2018 - 4:00 pm 360 Articles, Closing Bell Story, E&P, International
Weatherford Ramps Up Cost Savings Plan

Weatherford Ramps Up Cost Savings Plan

Weatherford International plc (ticker: WFT) reported a net loss of $245 million, or a loss of $(0.25) per share for the first quarter of 2018. Weatherford President and CEO Mark A. McCollum said, “The goals we have set forth for 2018 and 2019 are realistic and achievable. We are on track and, in the first quarter, have already achieved 10%[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…]

Aramco’s Huge Numbers: 2017’s First Half Net Income Exceeded that of 5 Global Supermajors Combined – Bloomberg

Aramco’s Huge Numbers: 2017’s First Half Net Income Exceeded that of 5 Global Supermajors Combined – Bloomberg

Redefining ‘Big Oil’:  add up the first half 2017 income of Shell, Exxon, BP, Chevron and Total—Aramco, the world’s largest oil company, is bigger than all of them combined If Saudi Aramco has its way, it will soon be the most valuable public company in the world. The oil giant is planning what will almost certainly be the largest IPO[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. GeoPark Cash Flow and Funding, Mar. 2018 Oil production increased by 33% to 27,345 BOPD (up 8% compared to Q4 2017) Colombian oil production increased by 37% to 26,303[Read More…]

Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

Saudi Aramco and Total (ticker: TOT) have signed a memorandum of understanding to build a giant petrochemical complex in Jubail, Saudi Arabia. Located next to the SATORP refinery in the same industrial area, the complex will comprise a mixed-feed steam cracker (50% ethane and refinery off-gas) with a capacity of 1.5 million tons per year of ethylene and related high-added-value[Read More…]

Australia’s Swirling $10.3 Billion Oil & Gas Mega-Deal

Australia’s Swirling $10.3 Billion Oil & Gas Mega-Deal

U.S. firm’s fourth offer for large Australian natural gas, LNG producer One of the largest private equity-backed energy deals in history inched closer to reality today, as Australia’s Santos (ticker: STO) opened its books to Harbour Energy Ltd. The U.S.-based Harbour, a private energy firm backed by EIG Global Energy, is finally seeing its obvious determination and persistence pay off.[Read More…]

Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Offshore Bidding Round Sets a Record

Brazil’s 15th Bidding Round raised over USD$2.4 billion – this sets a new record for Brazil’s auctions. According to the Brazilian National Petroleum Agency, the 15th round will generate investments of USD$361.6 million in the first/exploration phase of the concession contracts alone. Brazil said that 22 offshore blocks were acquired out of the 47 offered. However, there were no offers[Read More…]

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…]

Halliburton Nisku, Alberta Canada
Victor Gribansiciy
November 2006

American Energy Imports Lowest Since 1982

U.S. continues to import less while exporting more Total net energy imports to the United States fell to 7.3 quadrillion BTUs (quads) in 2017, a 35% decrease from 2016 and the lowest level since 1982, when both gross imports and gross exports were much lower, the EIA said today in a new report. Gross energy imports have been generally decreasing[Read More…]

Oil Hedges: Brazil and Mexico

Oil Hedges: Brazil and Mexico

Brazil’s state-controlled oil company, Petrobras, has hedged a portion of its 2018 oil production. The move should protect cash flow against downturns in the marketplace. Bloomberg reported that the company hedged 128 MMBbls, or 350,685 BOPD at an average Brent price of $65/bbl. The average cost, a company filing on Wednesday said, is about $3.48 a barrel. Petrobras has become[Read More…]

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…]

Shell Divests Ownership in Iraq’s West Qurna 1 Oil Field

Shell Divests Ownership in Iraq’s West Qurna 1 Oil Field

Earlier today Shell EP Middle East Holdings (ticker: RDS) agreed to sell the entire share capital of Shell Iraq B.V, which holds its 19.6% stake in the West Qurna 1 Oil Field, for $406 million, to a subsidiary of Itochu Corporation. Itochu will assume debt of $144 million as part of the transaction. The sale has received the necessary regulatory[Read More…]

March 23, 2018 - 5:25 pm 360 Articles, Closing Bell Story, International
Illustrative Map of Turkey

TransAtlantic Petroleum Drilling Turkey

TransAtlantic Petroleum Ltd. (ticker: TAT) recorded a net loss in 2017 of $23.9 million, or $(0.50) per share. For Q4 2017, the company had a net loss of $4 million, or $(0.09) per share. The company’s wellhead production from continuing operations was 1.2 MMBOE in 2017, as compared to 1.8 MMBOE in 2016. Drilling continues Illustrative Map of Turkey Southeastern[Read More…]

March 22, 2018 - 2:52 pm 360 Articles, Closing Bell Story, E&P, Earnings, Fracing, International