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360 Articles

Baker, GE Sign Agreements Outlining Collaboration during/after Separation

Baker, GE Sign Agreements Outlining Collaboration during/after Separation

The Baker Hughes GE conflicts committee approved a series of agreements following the negotiations with GE. GE’s board also has approved the agreements, the companies said. Source: Baker Hughes, a GE Company – SEC filing Nov. 14, 2018 In brief: BHGE and GE agreed on a release from the lock-up restrictions under their stockholders’ agreement that previously prevented GE from[Read More…]

November 19, 2018 - 3:43 pm 360 Articles, Closing Bell Story
QEP Resources Sells its Haynesville/Cotton Valley Assets for $735 Million

QEP Resources Sells its Haynesville/Cotton Valley Assets for $735 Million

QEP will become a Permian pure-play oil producer soon as Bakken, Haynesville deals close QEP Resources, Inc. (stock ticker: QEP) said its subsidiaries, QEP Energy Company, QEP Marketing Company, and QEP Oil & Gas Company, have entered into a definitive agreement to sell natural gas and oil producing properties, undeveloped acreage and associated gas gathering and treating systems in the Haynesville/Cotton[Read More…]

Rig Count Increases Slightly

Rig Count Increases Slightly

Texas adds three in sedate week Rig counts increased slightly this week, reinforcing the major increase seen last week, according to Baker Hughes Weekly Rig Count. A net one rig began operations this week, meaning there are 1,082 rigs active in the U.S. One land and one offshore rig began operations, while one inland waters rig shut down. There are[Read More…]

U.S. Steel Names Concho CEO Tim Leach “Chief Roughneck” for 2018

U.S. Steel Names Concho CEO Tim Leach “Chief Roughneck” for 2018

Concho Resources (stock ticker CXO) Chairman and CEO Timothy A. Leach was tapped by U. S. Steel Tubular Products, Inc., a subsidiary of United States Steel Corporation (stock ticker: X), as the recipient of the industry’s Chief Roughneck Award for 2018.  The announcement was made at the 89th annual meeting of the Independent Petroleum Association of America (IPAA) this week.[Read More…]

November 16, 2018 - 5:24 pm 360 Articles, Closing Bell Story, E&P, People
Anadarko Reveals 2019 Capital Plan

Anadarko Reveals 2019 Capital Plan

Bulk earmarked for shale, company expects lower spending than 2018 Anadarko Petroleum (stock ticker: APC) announced its 2019 capital program and guidance today, outlining the next year’s spending plan for the company. Anadarko expects to spend $4.3 to $4.7 billion in capital investment in 2019, down from this year’s program. About 70% of this will go to shale development, while[Read More…]

November 16, 2018 - 5:00 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P
Professional Climate Groups Staff Up for Next Colorado Attack

Professional Climate Groups Staff Up for Next Colorado Attack

Climate organizations hiring full-time professionals for next salvo against oil & gas industry in Colorado National climate groups, which were the strong forces behind the Prop 112 ballot initiative that was intended to shut down new oil and gas drilling in Colorado, are already ramping up preparation efforts for the 2020 election cycle. While 112 was defeated at the 2018[Read More…]

November 16, 2018 - 3:48 pm 360 Articles, Closing Bell Story, Politics
Anadarko Names New President to Lead Worldwide Operations

Anadarko Names New President to Lead Worldwide Operations

Anadarko elevates other executives, adds board members Anadarko Petroleum Corporation (stock ticker: APC) has named Bob Gwin, formerly the company’s EVP finance and CFO, to the position of president. In his new role, Gwin will be responsible for leading Anadarko’s worldwide operations, project management, exploration, midstream and marketing, as well as the company’s expanding next-generation technology development and systems solutions.[Read More…]

November 15, 2018 - 5:16 pm 360 Articles, Closing Bell Story, Corporate Governance, E&P, People
$2 Trillion Annual Investment in New Supply is Needed to Meet Energy Demand to 2040: IEA

$2 Trillion Annual Investment in New Supply is Needed to Meet Energy Demand to 2040: IEA

Worldwide, government policy decisions will be prime determinant of world’s energy direction In a new report, the International Energy Agency outlines new scenarios regarding fuels use and supply and demand, saying government policy decisions will determine what happens in the energy space, and that to meet global energy demand, investment in new supply of $2 trillion per year will be[Read More…]

November 15, 2018 - 2:00 pm 360 Articles, Closing Bell Story, International, Trade
Weekly Gas Storage: Regional Draws Begin

Weekly Gas Storage: Regional Draws Begin

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 39 Bcf last week, increasing to 3,247 Bcf from 3,208 Bcf. This is 14.0% below the 3,775 Bcf that was in storage at this point last year, and[Read More…]

Weekly Oil Storage: Massive Crude Build, Products Draw

Weekly Oil Storage: Massive Crude Build, Products 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 rose by 10,270 MBBL last week to 442,057 MBBL from 431,787 MBBL. This is 4% below the 458,997 MBBL that was in storage at this point last year, and is 5% above the five-year[Read More…]

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13.5% of the Nation’s Total Oil Production Came from Just 205 Wells in 2017, and They’re Not in the Permian

U.S. achieves record production despite falling well count The U.S. achieved record oil production in 2017 while the number of wells in the country were decreasing, according to the EIA. The country produced 10.1 MMBOPD in November 2017, breaking the all-time record of 10 MMBOPD set in 1970. Oil production rose rapidly last year, with the country adding 1,263 MBOPD[Read More…]

November 14, 2018 - 5:51 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P
Courtesy of Chesapeake

Alta Mesa Announces 30% Quarterly Production Growth

Well spud to first oil shrinks by 31% Alta Mesa Resources (stock ticker: AMR) announced third quarter results today, showing net earnings of $7.1 million, or $0.04. The company produced an average of 33.4 MBOEPD in Q3, up over 30% from Q2, and averaged 36.8 MBOEPD in September. Kingfisher Midstream, Alta Mesa’s midstream subsidiary, is growing nearly as quickly. The[Read More…]

November 14, 2018 - 5:49 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Natural Gas News
Hi-Crush will Supply Northern White Frac Sand to Chesapeake’s Marcellus and PRB Ops

Hi-Crush will Supply Northern White Frac Sand to Chesapeake’s Marcellus and PRB Ops

Chesapeake Energy (stock ticker: CHK) has signed up with Hi-Crush Partners LP (stock ticker: HCLP) for a new, long-term frac sand supply agreement for the in-basin purchase of Northern White frac sand to support Chesapeake’s completions program in the Marcellus and Powder River basins. Hi-Crush Partners announced a long-term contract with Chesapeake Energy to supply Northern White sand to Chesapeake’s Marcellus and[Read More…]

November 14, 2018 - 5:01 pm 360 Articles, Closing Bell Story, Fracing, Oilfield Services
Shale Boom Helped Lower U.S. Trade Deficit by $250 Billion: Report

Shale Boom Helped Lower U.S. Trade Deficit by $250 Billion: Report

Falling U.S. petroleum imports have lowered the U.S. merchandise trade deficit by $250 billion from what it would have been otherwise, according to a report from IHS Markit. IHS reports that the U.S. production boom has exerted a moderating force on what is a large domestic merchandise trade deficit by helping reduce the country’s net petroleum imports. Furthermore, U.S. production[Read More…]

November 14, 2018 - 8:54 am 360 Articles, China, Closing Bell Story, E&P
OPEC’s Abu Dhabi Meeting: We Will Need “New Strategies to Balance the Market” in 2019

OPEC’s Abu Dhabi Meeting: We Will Need “New Strategies to Balance the Market” in 2019

With OPEC/non-OPEC conformity at 104% oil prices fall 7%-8% today The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) for November met this weekend in Abu Dhabi and noted that countries participating in the Declaration of Cooperation achieved a conformity level of 104% in October 2018. In today’s trading, Brent was off 7%. The international oil benchmark is off more than $20[Read More…]

November 13, 2018 - 5:52 pm 360 Articles, Closing Bell Story, Commodity Pricing, OPEC, Popular 1
Chazen’s Magnolia: Creating A Company for The Generalists

Chazen’s Magnolia: Creating A Company for The Generalists

Magnolia Oil & Gas (stock ticker: MGY) announced third quarter results today, showing pro forma net earnings of $57.9 million. Magnolia produced an average of 55.2 MBOEPD on a pro forma basis in Q3, up 11% from Q2. The company is increasing its overall 2018 performance guidance on the strength of this growth, with projections rising from 50 MBOEPD to[Read More…]

November 13, 2018 - 5:27 pm 360 Articles, Closing Bell Story, E&P
Appalachian Monthly Gas Growth Exceeds 400 MMcf/d

Appalachian Monthly Gas Growth Exceeds 400 MMcf/d

Effective Rig Count up on reported rig counts EnerCom has released its latest Effective Rig Count, examining the state of drilling activity and the reported production from the major shale basins. The Effective Rig Count rose in October, reversing the past month’s decline. The Effective Rig Count is currently 2,780, up 14 from last month. This increase was entirely due[Read More…]

Pioneer Flips Permian Basin Pressure Pumping Operation to ProPetro for $110 Million Cash plus 17% Ownership

Pioneer Flips Permian Basin Pressure Pumping Operation to ProPetro for $110 Million Cash plus 17% Ownership

Deal to sell Pioneer Pumping Services’ HHP, coiled tubing units and maintenance operations includes a long-term service contract to provide pressure pumping in the Permian Basin for up to a decade Pioneer Natural Resources Company (stock ticker: PXD) said it is selling its pressure pumping assets–Pioneer Pumping Services–to Midland-based ProPetro Holding Corp. (stock ticker: PUMP), and in the process locking up dedicated[Read More…]

Berry Petroleum Announces First Full Quarter as Public Company

Berry Petroleum Announces First Full Quarter as Public Company

Brent pricing dominates California operations Berry Petroleum (ticker: BRY) announced third quarter results today, its first full quarter as a public company, showing net losses of $50 million. After adjusting for the dividend and hedging, Berry earned an adjusted $41 million in the quarter. Berry produced 27.1 MBOEPD in Q3, up slightly from the 26.8 MBOEPD the company produced in[Read More…]

November 12, 2018 - 4:48 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P
Rosehill Reports 273% YOY Production Growth

Rosehill Reports 273% YOY Production Growth

Houston-based Rosehill Resources Inc. (ticker: ROSE) reported its Q3 results yesterday and held its earnings call last week. Highlights from the Q3 earnings report included: Reported a net loss attributable to Rosehill of $31.4 million, or $4.76 per share, for the three months ended September 30, 2018, which included a $62.3 million non-cash, pre-tax loss on commodity derivative instruments. Third[Read More…]

November 12, 2018 - 4:44 pm 360 Articles, Closing Bell Story, E&P, Earnings
Source: WPX

Rigs Surge Ahead in Wild Week

Activity breaks out of five-month equilibrium Drilling activity increased sharply this week, reaching another post-downturn high, according to the latest edition of Baker Hughes’ Weekly Rig Count. A net 14 rigs began drilling this week, meaning there are now 1,081 rigs active in the U.S. This represents a decisive break from the past five months, when rig counts hovered around[Read More…]

Cimarex Reports Major Lea County Wells

Cimarex Reports Major Lea County Wells

Production up 8% quarterly, 17% year-over-year Cimarex Energy (ticker: XEC) announced third quarter results today, showing net income of $148.4 million, or $1.56 per share. Cimarex produced an average of 218.6 MBOEPD in Q3, 63.9 MBOPD of which was oil. This oil production level represents 17% pro forma growth year-over-year, or 8% quarterly growth. Cimarex brought net 46 wells online[Read More…]

"El Merk, Algeria, March 2013: The CPF


Photo by Mike Goldwater"

Anadarko Divests Midstream Assets for $4 Billion

Western Gas announces drop-down, simplification Western Gas Partners (ticker: WES) announced several moves today, expanding its holdings and simplifying its corporate structure. Western Gas Partners will acquire $4 billion in midstream assets from its parent Anadarko (ticker: APC), all the company’s remaining midstream assets. These assets include oil and water gathering pipelines in the Delaware, including associated treatment and disposal[Read More…]

Pioneer Exporting 70% of its Oil Production: We Are Now a Brent-Priced Company – Tim Dove

Pioneer Exporting 70% of its Oil Production: We Are Now a Brent-Priced Company – Tim Dove

Pioneer Natural Resources (ticker: PXD) reported third quarter results yesterday, showing net income of $411 million, or $2.39 per share. The company produced 288 MBOEPD in the Permian, up 5% from the previous quarter. This is at the high end of guidance, driven by 7% growth in Permian oil production. A few surprises Considering the differential pressure most operators are[Read More…]

Tamarack Valley Reports Record Production

Tamarack Valley Reports Record Production

Differentials may lead to deferred completions Tamarack Valley Energy (ticker: TVE) announced third quarter results today, showing net income of $13 million, or $0.06 per share. The company reported record production this quarter, with an output of 24,765 BOEPD, up 21% year-over-year. Tamarack spent $78.1 million drilling and completing wells in Q3, a program that the company reports has demonstrated[Read More…]

November 8, 2018 - 5:05 pm 360 Articles, 360 Profile Member, Canada, Closing Bell Story
Ultra Petroleum Appoints CFO, General Counsel – Reports Q3 Profits

Ultra Petroleum Appoints CFO, General Counsel – Reports Q3 Profits

Pad drilling program for Pinedale vertical wells is lowering costs Ultra Petroleum Corp. (ticker: UPL) has appointed two officers. David Honeyfield has been named CFO, and Andrew Kidd was named general counsel. David Honeyfield has more than 25 years of experience in the energy and natural resources fields with a strong background in accounting and the corporate management of public oil and gas companies,[Read More…]

November 8, 2018 - 3:27 pm 360 Articles, Closing Bell Story, E&P, Earnings
Weekly Gas Storage: Approaching Winter Below 5-Year Average

Weekly Gas Storage: Approaching Winter Below 5-Year Average

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 65 Bcf last week, increasing to 3,208 Bcf from 3,143 Bcf. This is 15.3% below the 3,788 Bcf that was in storage at this point last year, and[Read More…]

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Diamondback’s Buying Spree Rolls Ahead

$312.5 million deal adds to $10.8 billion year Diamondback (ticker: FANG) reported third quarter results today, showing net earnings of $157 million, or $1.59 per share. Diamondback produced 123 MBOEPD in Q3, up 9% sequentially and 45% year-over-year. This result, which exceeded expectations, has led Diamondback to slightly increase its overall 2018 production guidance, the company now forecasts 50% yearly[Read More…]

Another Blockbuster Oil Deal Creates Largest Bakken Pure-Play

Another Blockbuster Oil Deal Creates Largest Bakken Pure-Play

After QEP Williston asset buy, Vantage Energy will be $1.5 billion Bakken operator QEP Resources (ticker: QEP) continued its shift toward a pure-play Permian company today, selling its Williston Basin assets. Vantage Energy Acquisition Corp. (ticker: VEAC), a SPAC backed by NGP and led by former Encana President and Vantage Energy LLC Chairman and CEO Roger Biemans, is the buyer.[Read More…]

Drilling in Colorado Lives to See Another Day: Proposition 112 Fails - Photo: Oil & Gas 360

Drilling in Colorado Lives to See Another Day: Proposition 112 Fails

Colorado oil and gas companies breathe a sigh of relief – and their share prices respond Turns out DCP Midstream CEO Wooter van Kempen’s ‘glass more than half full’ philosophy was prophetic. During his company’s Q3 conference call yesterday van Kempen made multiple predictions as to the fate of 112 and he repeated his faith in Colorado voters in response[Read More…]

November 7, 2018 - 2:46 pm 360 Articles, Closing Bell Story, E&P, Fracing, Politics, Popular 2, Regulatory