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360 Articles

Baker Hughes 2Q: Orders Rose 15% Sequentially, 9% Annually

Baker Hughes 2Q: Orders Rose 15% Sequentially, 9% Annually

Financial Highlights Orders of $6.0 billion for the quarter, up 15% sequentially and up 9% year-over-year on a combined business basis Revenue of $5.5 billion for the quarter, up 3% sequentially and up 2% year-over-year on a combined business basis GAAP operating income of $78 million for the quarter, increased $119 million sequentially and increased $223 million year-over-year on a[Read More…]

July 20, 2018 - 5:53 pm 360 Articles, Closing Bell Story, Earnings
Schlumberger Sees Sequential Revenue Increase

Schlumberger Sees Sequential Revenue Increase

Schlumberger (NYSE: SLB) reported results for the second quarter of 2018 highlighted by sequential revenue increases and the mobilization of 29 new rigs for its international drilling business. The company also said it had removed one complete layer of its management and support structure. Financial Highlights Revenue of $8.3 billion increased 6% sequentially Pretax operating income of $1.1 billion increased[Read More…]

July 20, 2018 - 5:42 pm 360 Articles, Closing Bell Story, Earnings
U.S. Rig Count Declines

U.S. Rig Count Declines

Overall activity hovers around 1,050 Drilling activity in the U.S. declined this week as activity continues to hover around 1,050 active rigs, according to Baker Hughes Weekly Rig Count. Six land-based rigs shut down this week, and two offshore rigs also came offline. Inland waters activity was flat, so the overall U.S. rig count declined by eight this week. There[Read More…]

BAM: It’s Earnings Season (Again) – Here are the Q2 2018 Oil & Gas Company Estimates

BAM: It’s Earnings Season (Again) – Here are the Q2 2018 Oil & Gas Company Estimates

Seems like just yesterday it was Q1 reporting season. But time accelerates quarterly in the public company universe and it’s already that time again. Schlumberger (ticker: SLB) reports tomorrow. EnerCom, Inc. has compiled second quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 115 E&P and 83 Oilfield Service companies in the EnerCom database.[Read More…]

Colorado Governor John Hickenlooper

Colorado, Oil & Gas Industry Agree to Beef Up Safety Around Orphaned Wells

Colorado Gov. John Hickenlooper signed an executive order on Wednesday that addresses safety concerns with more than 260 orphaned wells and 360 orphaned sites in Colorado. The executive order follows a review that the governor ordered in the aftermath of the Firestone house explosion in 2017 that killed two people and injured another. Investigators found evidence of an abandoned gas[Read More…]

July 19, 2018 - 3:17 pm 360 Articles, Closing Bell Story, E&P, Regulatory
Independence Contract Drilling and Sidewinder Drilling to Merge

Independence Contract Drilling and Sidewinder Drilling to Merge

Independence Contract Drilling, Inc. (NYSE: ICD) and Sidewinder Drilling, LLC have jointly announced a merger agreement for ICD to acquire all outstanding Sidewinder equity interests. The acquisition allows ICD to more than double its fleet of rigs to 34, following upgrades to five of Sidewinder’s rigs. In conjunction with this acquisition ICD has received binding commitments for a $130 million,[Read More…]

EIA Weekly Gas Storage Report: Build Slowing

EIA Weekly Gas Storage Report: Build Slowing

The EIA released its weekly Natural Gas Storage Report today, outlining how national natural gas stocks have changed in the last week. In total, the EIA reports natural gas stocks rose by 46 Bcf last week, increasing to 2,249 Bcf from 2,203 Bcf. This is 24.0% below the 2,959 Bcf that was in storage at this point last year, and[Read More…]

Source: BP

Gas Bottleneck in Permian Widens Price Differential

According to the EIA’s most recent Drilling Productivity Report, the natural gas spot price spread between the Permian Basin, as priced at the Waha Hub in western Texas, and the U.S. national benchmark Henry Hub in Louisiana has grown dramatically thanks to increased Permian production. Natural gas prices at Waha are approximately one dollar per MMBtu lower than Henry Hub[Read More…]

July 18, 2018 - 5:50 pm 360 Articles, Closing Bell Story, LNG, Natural Gas News
Bills that Would Allow U.S. to Go After OPEC for Price Fixing are Now Moving Forward in Both Houses

Bills that Would Allow U.S. to Go After OPEC for Price Fixing are Now Moving Forward in Both Houses

Senate Takes Up NOPEC: a bill to amend the Sherman Act to make oil-producing and exporting cartels illegal may have positive reception from Pres. Trump; previous attempts to pass the bill died under veto threat by Bush, Obama Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) has introduced a bipartisan NOPEC bill in the Senate.  The Senate bill comes on the[Read More…]

July 18, 2018 - 5:04 pm 360 Articles, Closing Bell Story, Commodity Pricing, Law
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
LNG Permitting: FERC Chairman Says No Delay Letters Were Sent

LNG Permitting: FERC Chairman Says No Delay Letters Were Sent

McIntyre says FERC is streamlining the LNG plant permitting process, reducing the timing  The Federal Energy Regulatory Commission has issued a news release saying the commission has not sent letters to LNG project applicants announcing delays of 12 to 18 months for pending applications for liquefied natural gas terminals. Last week, Bloomberg reported that unnamed sources had described the letters.[Read More…]

July 18, 2018 - 3:44 pm 360 Articles, Closing Bell Story, LNG, Regulatory
Weekly Oil Storage: Unexpected Build

Weekly Oil Storage: Unexpected Build

The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week. Crude oil stocks rose by 5,836 MBBL last week to 411,084 MBBL from 405,248 MBBL. This is 16% below the 490,623 MBBL that was in storage at this point last year, and is 2% below the five-year[Read More…]

ConocoPhillips Finds Up to a Billion Gross Barrels in Recent Alaskan Exploration

ConocoPhillips Finds Up to a Billion Gross Barrels in Recent Alaskan Exploration

COP holds 100% working interest After adding more to its Alaskan portfolio, ConocoPhillips (NYSE:COP) has stated that its total of gross discovered resource has been estimated at 0.5-1.1 BBOE, with 100% working interest and 75% of the play yet to be drilled. Source: ConocoPhillips Looking at the Greater Willow Area the company now estimates its 2016-2018 exploration and appraisal campaign[Read More…]

July 17, 2018 - 4:59 pm 360 Articles, Closing Bell Story, Discoveries
Colorado 2,500-Foot Setback Initiative 97 Enters the Stretch, Proponents Accelerate Grassroots Campaign

Colorado 2,500-Foot Setback Initiative 97 Enters the Stretch, Proponents Accelerate Grassroots Campaign

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…]

July 17, 2018 - 2:57 pm 360 Articles, Closing Bell Story, Fracing, Politics, Regulatory
Eagle Ford and Permian Could Soon Produce as Much Oil as the Entire U.S. did in 2008

Eagle Ford and Permian Could Soon Produce as Much Oil as the Entire U.S. did in 2008

If current growth rates hold, the Eagle Ford and Permian will be producing as much oil as the entire U.S. in 2008 within two months The EIA released new data and it now estimates production growth will slow slightly from July to August, but will remain highly robust. In total, the major shale basins are expected to add 320.7 MBOEPD[Read More…]

Bakken-Only Light Oil Refinery to Break Ground in July

Bakken-Only Light Oil Refinery to Break Ground in July

U.S. refinery capacity remained in stasis during 2017-2018 The EIA reported on Monday that as of January 1, 2018, U.S. operable atmospheric crude distillation capacity totaled 18.6 million barrels per calendar day (b/cd), a slight decrease of 0.1% since the beginning of 2017 according to the administration’s annual Refinery Capacity Report. Source: EIA But in North Dakota at least, some[Read More…]

July 16, 2018 - 7:30 pm 360 Articles, Closing Bell Story, Downstream
3,370 Wells Await Completion in the Permian

3,370 Wells Await Completion in the Permian

Total U.S. DUC count stands at 7,945: EIA Drilling activity significantly outpaced completions this in June. The EIA estimates that the number of drilled uncompleted (DUC) wells in the major shale basins has grown by 193. There are now about 7,945 DUCs in the country. The increase in DUC count was driven by the Permian as usual, with operators drilling[Read More…]

Oil and Gas is Looking Up: Energy Executives

Oil and Gas is Looking Up: Energy Executives

Activity at record, still accelerating Energy executives are becoming steadily more optimistic about the industry, according to the Federal Reserve Bank of Dallas’ most recent Energy Survey. The Fed’s business activity index, which examines the overall activity level in oil and gas, reached 44.5 this quarter, the highest result seen by the Dallas Fed, which began its Energy Survey in[Read More…]

OPEC Members Swing Wildly

OPEC Members Swing Wildly

OPEC, driven by new 405 MBOPD of Saudi production, announces largest net production increase in 12 months OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. The group produced an estimated 32,327 MBOPD in June, up significantly from last month. Net output is up 173.4 MBOPD, the largest single-month[Read More…]

July 16, 2018 - 5:30 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Consolidation in the Wind as Offshore Recovery Advances

Consolidation in the Wind as Offshore Recovery Advances

Two offshore maritime providers to become $1.25 billion company Tidewater Inc. (NYSE: TDW) and GulfMark Offshore, Inc. (NYSE: GLF) offshore support vessel companies will combine as recovery gains traction, creating a combined company market value of approximately $1.25 billion, Tidewater said in a press release today. The combined company will provide customers with access to modern, high-specification vessels. Image: GulfMark Offshore[Read More…]

Colorado Regulator Outlines Disruption if Proposed 2,500 Foot Setback Rule Makes the 2018 Ballot, Wins Voter Approval

Colorado Regulator Outlines Disruption if Proposed 2,500 Foot Setback Rule Makes the 2018 Ballot, Wins Voter Approval

Of the 7 million acres of non-federal land in Colorado’s top oil and gas producing counties, proposed initiative #97 would exclude 6.5 million acres from drilling and development An estimated 54% of Colorado’s total land surface would be unavailable for new oil and gas development by adopting the buffer zone setbacks and federal land exemption proposed by initiative #97, according[Read More…]

July 16, 2018 - 7:57 am 360 Articles, Closing Bell Story, E&P, Law, Politics
Rig Count Rises in Sedate Week

Rig Count Rises in Sedate Week

Texas, U.S. adds two rigs Drilling activity rose in the U.S. again this week, according to the latest edition of Baker Hughes Weekly Rig Count. Shifts in activity were minor across the board this week, as most rigs simply continued drilling. One land-based and one inland waters rig began drilling this week, while offshore rigs held flat. There are now[Read More…]

Even with 955 DUCs Awaiting Completion, North Dakota has Record Month

Even with 955 DUCs Awaiting Completion, North Dakota has Record Month

Permian and Anadarko Basins are competition for capital and workforce The North Dakota Industrial Commission’s Department of Mineral Resources has released its production report for the month of May and the NDIC reports new all-time highs. Oil production: 1,244,629 barrels/day (New all-time high) Gas production: 2,318,754 MCF/day (New all-time high) Producing Wells: 14,755 (New all-time high) North Dakota rig count[Read More…]

July 13, 2018 - 5:07 pm 360 Articles, Closing Bell Story
Window is Closing for the U.S. to Become World LNG Leader, Sempra Energy Chief Strategy Officer Tells Congress

Window is Closing for the U.S. to Become World LNG Leader, Sempra Energy Chief Strategy Officer Tells Congress

U.S. opportunity may be closed for decades On June 26, the U.S. House of Representatives’ Energy & Commerce Committee held a hearing entitled “The Shifting Geopolitics of Oil & Gas.” The four energy sector experts who testified at the hearing included Sempra Energy (ticker: SRE) Chief Strategy Officer Dennis Arriola; Continental Resources (ticker: CLR) Chairman and CEO Harold Hamm; Dr.[Read More…]

July 13, 2018 - 8:01 am 360 Articles, Closing Bell Story, LNG
Frac Sand, You Are Now Free to Move about the Marcellus/Utica via Rail and Barge

Frac Sand, You Are Now Free to Move about the Marcellus/Utica via Rail and Barge

Appalachian region’s first unit train/barge transloading facility up and running In the heart of the Marcellus and Utica shale formations is a project called Long Ridge Energy Terminal. Long Ridge is owned by Fortress Transportation and Infrastructure Investors Ltd (NYSE: FTAI), which is managed by Fortress Investment Group (NYSE: FIG). Long Ridge offers natural gas liquids storage and transloading, and[Read More…]

July 12, 2018 - 5:45 pm 360 Articles, Closing Bell Story, Transportation
EIA Weekly Gas Storage Report: Build Eases

EIA Weekly Gas Storage Report: Build Eases

The EIA released its weekly Natural Gas Storage Report today, outlining how national natural gas stocks have changed in the last week. In total, the EIA reports natural gas stocks rose by 51 Bcf last week, increasing to 2,203 Bcf from 2,152 Bcf. This is 24.8% below the 2,928 Bcf that was in storage at this point last year, and[Read More…]

Painted Pony Energy Announces Montney Well Results

Painted Pony Energy Announces Montney Well Results

Painted Pony Energy Ltd. (TSX: PONY) posted results from two recent Lower Montney wells drilled on the northern edge of the South Townsend block. Preliminary results indicate production levels higher than Painted Pony management’s Townsend type curve and include higher liquid yields compared to previous wells in the Townsend block. Painted Pony is encouraged by the results to-date and anticipates[Read More…]

July 11, 2018 - 2:18 pm 360 Articles, Closing Bell Story, 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…]

First Physically Deliverable LNG Futures Contract Being Developed for Sabine Pass

First Physically Deliverable LNG Futures Contract Being Developed for Sabine Pass

Positioning Henry Hub as global natural gas price benchmark Chicago’s CME Group (ticker: CME) and Cheniere Energy (ticker: LNG) announced that the two companies are developing an LNG futures contract with physical delivery to Cheniere’s Sabine Pass terminal on the U.S. Gulf Coast. Image source: Cheniere Energy investor update “Through its Sabine Pass liquefaction facility, Cheniere is delivering Henry Hub-indexed natural gas to[Read More…]

Weekly Oil Storage: Enormous Draw

Weekly Oil Storage: Enormous Draw

The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week. Crude oil stocks fell by 12,633 MBBL last week to 405,248 MBBL from 417,881 MBBL. This is 18% below the 495,350 MBBL that was in storage at this point last year, and is 4% below the five-year[Read More…]