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360 Articles

Aftershocks from Chevron-Anadarko: Experts Discuss What’s Next for U.S. Oil Companies

Aftershocks from Chevron-Anadarko: Experts Discuss What’s Next for U.S. Oil Companies

ConocoPhillips, Oxy, Apache, Noble Energy are the cleanest comps in upstream energy – John Gerdes Permian pure-plays Pioneer, Concho and Diamondback have the assets but will be tougher deals to do while trading at a premium to their peers – Noah Barrett Pioneer, Concho, Diamondback and Endeavor: at the end of the day they are inclined to be merged into[Read More…]

Who Beats? Who Misses? BAM: It’s Earnings Season (Again) – Here are the Q1 2019 Oil & Gas Company Estimates

Who Beats? Who Misses? BAM: It’s Earnings Season (Again) – Here are the Q1 2019 Oil & Gas Company Estimates

Seems like just yesterday it was Q4 reporting season. But time between quarterly earnings reports accelerates within the public company universe, and Q1 reporting season is here. EnerCom, Inc. has compiled first quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 95 E&P and 76 Oilfield Service companies in the EnerCom database. Download EnerCom’s[Read More…]

Weekly Oil Storage: Small Surprise Draw

Weekly Oil Storage: Small Surprise 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 1,396 MBBL last week to 455,154 MBBL from 456,550 MBBL. This is 6% above the 427,567 MBBL that was in storage at this point last year, and is even with the five-year[Read More…]

New Era for Colorado Oil and Gas Permitting and Regulation Starts Now - Oil & Gas 360

New Era for Colorado Oil and Gas Permitting and Regulation Starts Now

Colorado Governor Jared Polis held a brief bill signing ceremony today at which he signed Senate Bill 19-181 into law. The act that overhauls much of Colorado’s energy regulation landscape became law today, effective immediately after being signed into law by Gov. Polis. The bill was enacted by the Colorado Legislature in recent weeks. It was signed by the president[Read More…]

Efficiency Stagnating in Key Shale Basins

Efficiency Stagnating in Key Shale Basins

EERC down for fourth straight month Oil & Gas 360 has released its latest Effective Rig Count, evaluating the state of drilling activity and reported production from the major shale basins. The Effective Rig Count fell once again in March, with an effective 51 rigs coming offline in the month. The major shale basins have a combined 2,723 effective rigs, meaning[Read More…]

Strong Well Results in the Gulf: Talos Energy’s Zama-2 ST1 Appraisal Well Reinforces Zama Predictions

Strong Well Results in the Gulf: Talos Energy’s Zama-2 ST1 Appraisal Well Reinforces Zama Predictions

Well flow tested at 7,900 BOEPD, core sets Mexican offshore record with 714 feet of whole core Zama will ‘be impactful for the company and for the Mexican economy’ – Talos CEO Duncan Talos Energy Inc. (stock ticker: TALO, $TALO) reported good results for its Zama appraisal program in Block 7, located in the offshore portion of Mexico’s Sureste Basin in the Gulf[Read More…]

April 16, 2019 - 1:11 pm 360 Articles, Closing Bell Story, Discoveries, E&P, Mexico
Which Companies are Attractive Enough to be the Next Oil Patch M&A Targets?

Which Companies are Attractive Enough to be the Next Oil Patch M&A Targets?

Oxy was actively looking, others are likely considering acquisitions By Richard Rostad, analyst, Oil & Gas 360 The logical question after a major oil and gas M&A deal like Chevron’s (ticker: CVX) announced acquisition of Anadarko Petroleum (ticker: APC) last week is “who’s next?” This question is pertinent because media reports suggested that Occidental Petroleum (ticker: OXY) also made an[Read More…]

Export Bonanza: the U.S. Exported 2 Million Barrels per Day of Crude Oil in 2018 to 42 Destinations

Export Bonanza: the U.S. Exported 2 Million Barrels per Day of Crude Oil in 2018 to 42 Destinations

LOOP’s addition of crude export capability stomps the export accelerator  In 2018, U.S. exports of crude oil rose to 2.0 million barrels per day (b/d), nearly double the 1.2 million b/d rate in 2017, according to new data from EIA. Export volumes by destination changed significantly during the year, as U.S. crude oil exports to China fell and exports to other[Read More…]

Former Oil and Gas COO Crosses over from Hydrocarbons to Helium

Former Oil and Gas COO Crosses over from Hydrocarbons to Helium

North American Helium, a Calgary-based private helium exploration and production company, said it has brought oil and gas producer Marlon McDougall on board as its president and COO. McDougall is a 30-year veteran of oil and gas industry operations, having recently served as COO of Grizzly Resources (private) and as COO of PennGrowth Energy (stock ticker: PGHEF, $PGHEF). Former E&P COO Crosses[Read More…]

April 15, 2019 - 2:07 pm 360 Articles, Canada, Closing Bell Story, E&P, People
Exporting LNG from Florida’s East Coast

Exporting LNG from Florida’s East Coast

Eagle LNG’s Jacksonville LNG small-scale export facility receives FEIS from FERC Eagle LNG Partners has received the Final Environmental Impact Statement from the United States Federal Energy Regulatory Commission (FERC), the company said late last week. Pushing small-scale LNG export forward with $500 million infrastructure investment The proposed Jacksonville LNG Export Facility will initially consist of three liquefaction trains, which,[Read More…]

April 15, 2019 - 1:06 pm 360 Articles, Closing Bell Story, LNG, Natural Gas News
Concho, Frontier Midstream JV Targets a New Midland Basin Crude Oil Transportation Project

Concho, Frontier Midstream JV Targets a New Midland Basin Crude Oil Transportation Project

Beta Crude Connector is targeting initial crude flows in mid-2019 – backed by Energy Spectrum Capital Concho Resources Inc. (NYSE: CXO)  and Frontier Midstream Solutions IV, LLC will create Beta Crude Connector, LLC, an entity that will build and provide crude oil gathering, transportation in the Northern Midland Basin. Concho and Frontier will each own a 50% equity interest in[Read More…]

April 15, 2019 - 12:18 pm 360 Articles, Closing Bell Story, E&P, Midstream
Chevron CEO Michael Wirth Talks about what Chevron is Getting with the Acquisition of Anadarko

Chevron CEO Michael Wirth Talks about what Chevron is Getting with the Acquisition of Anadarko

Chevron (stock ticker: CVX, $CVX) Chairman and CEO Michael Wirth went on the morning cable business shows and hosted a conference call today, saying his company’s acquisition of Anadarko Petroleum (stock ticker: APC, $APC) is “the highest return investment dollar that we can spend.” During his company’s conference call, Wirth responded to analyst questions about plunking down $33 billion in[Read More…]

New Mexico Drilling Boom Hits Multi-Decade Milestone

New Mexico Drilling Boom Hits Multi-Decade Milestone

New Mexico rig count exceeds Oklahoma’s for first time in at least 28 years By Richard Rostad, analyst, Oil & Gas 360 Drilling activity decreased in the U.S. this week, according to the latest edition of Baker Hughes Weekly Rig Count. A net three rigs shut down in the week, leaving 1,022 rigs active in the country. Four land-based rigs[Read More…]

Making History: Third-Largest U.S. Oil & Gas Transaction Wakes Up U.S. E&P

Making History: Third-Largest U.S. Oil & Gas Transaction Wakes Up U.S. E&P

Breaking down the numbers By Richard Rostad, analyst, Oil & Gas 360 Chevron (ticker: CVX) uprooted the eerily quiet U.S. exploration and production M&A landscape today when it announced it had agreed to acquire Anadarko Petroleum (ticker: APC). The total deal value is $50 billion, making it the third-largest U.S. oil and gas transaction in history, and the largest since[Read More…]

Shell to Sell Interest in Gulf of Mexico Caesar-Tonga Asset to Delek for $965 Million

Shell to Sell Interest in Gulf of Mexico Caesar-Tonga Asset to Delek for $965 Million

Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, signed an agreement yesterday to sell its 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Delek CT Investment LLC, a subsidiary of Delek Group Ltd (Delek). The total consideration for this deal is $965 million in cash. The field is operated by Anadarko[Read More…]

April 12, 2019 - 5:20 pm 360 Articles, Closing Bell Story, E&P, Offshore
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GeoPark Reports Record Production, Enters Sixth Country

Production up 23% YOY – conventional plays By Richard Rostad, analyst, Oil & Gas 360 GeoPark (ticker: GPRK) announced preliminary first quarter metrics today, providing an international counterpoint to the chorus of U.S. shale. GeoPark reports it produced a record net 39.6 MBOEPD, up 23% year-over-year. The vast majority of this volume is oil, as gas only accounts for 14%[Read More…]

Weekly Gas Storage: Build Continues

Weekly Gas Storage: Build Continues

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 25 Bcf last week, increasing to 1,155 Bcf from 1,130 Bcf. This is 13.7% below the 1,338 Bcf that was in storage at this point last year and[Read More…]

Taking questions after OPEC/non-OPEC joint production cut announcement on Dec. 7, 2018: left to right - Alexander Novak, Minister of Energy for the Russian Federation, Khalid A. Al-Falih, Saudi Arabia’s Minister of Energy, Industry & Mineral Resources, Suhail Mohamed Al Mazrouei, the UAE Minister of Energy & Industry and president of the conference. Far right: OPEC Secretary General Mohammad Sanusi Barkindo of Nigeria.

OPEC Production Drops to Three-Year Low

Saudi Arabia, Venezuela, Iraq show largest monthly drops By Richard Rostad, analyst, Oil & Gas 360 OPEC production fell sharply in March, as several countries reported sharp declines in production according to the cartel’s Monthly Oil Market Report. Total OPEC output fell by 534 MBOPD in March, the fifth decline in a row. OPEC output dropped to 30,022 MBOPD, the[Read More…]

April 10, 2019 - 4:55 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Approach Resources Appoints New Chairman, New CEO as Members of Executive Management Team Leave

Approach Resources Appoints New Chairman, New CEO as Members of Executive Management Team Leave

Permian producer Approach Resources (stock ticker: AREX, $AREX) has reported wide-scale management changes. Craft departs, Krylov is named Approach CEO Ross Craft has resigned from his role as chairman and CEO of Approach Resources. Sergei Krylov, who has served as EVP and Chief Financial Officer since January 2014, has been appointed the new CEO. Krylov will also retain his duties as[Read More…]

Ports Jockey for Booming U.S. Crude Oil Export Trade

Ports Jockey for Booming U.S. Crude Oil Export Trade

Texas ports are taking measures to deepen, widen ship channels, expand port capacity; Florida port receives cargo from new Aframax crude tanker By Bevo Beaven, Editor, Oil & Gas 360 The Texas Gulf Coast is host to two ports working to expand capacity to accommodate the booming U.S. crude oil export trade—Port of Houston and Port of Corpus Christi. The[Read More…]

Weekly Oil Storage: Large Builds Continue

Weekly Oil Storage: Large Builds Continue

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 7,029 MBBL last week to 456,550 MBBL from 449,521 MBBL. This is 7% above the 428,638 MBBL that was in storage at this point last year, and is 1% above the five-year[Read More…]

U.S. Energy Production Boom Softens: EIA Lowers Q1 Production, but Still Boosts 2019 Forecast

U.S. Energy Production Boom Softens: EIA Lowers Q1 Production, but Still Boosts 2019 Forecast

Looks for 25% LNG export growth in 2019 By Richard Rostad, analyst, Oil & Gas 360 The EIA released its monthly Short-Term Energy Outlook (STEO) today, outlining the agency’s forecasts for energy in 2019 and 2020. The EIA has shifted its oil and gas production forecasts, decreasing expected Q1 2019 output. The agency now expects the U.S. had produced 11.91[Read More…]

The Metrics of Callon’s $260-Million Portfolio Shuffle and Trade

The Metrics of Callon’s $260-Million Portfolio Shuffle and Trade

Ranger operating area sold By Richard Rostad, analyst, Oil & Gas 360 Callon Petroleum brought activity to a slow U.S. M&A market yesterday, shuffling its Permian portfolio in several deals. Callon has agreed to divest its non-core Midland Basin properties for $260 million in cash, plus up to $60 million in contingent payments. The company is selling its Ranger operating[Read More…]

Geopolitical Problems Drive WTI to $64

Geopolitical Problems Drive WTI to $64

Fighting breaks out in Libya By Richard Rostad, analyst, Oil & Gas 360 Oil prices rose today, as geopolitical risk threatening supply instability once again asserted itself in the markets. WTI prices rose by 2.16% today, finishing the day at $64.44. Brent, meanwhile, rose by 1.07% to $71.09. Instability in Libya has once again imperiled the country’s output, as rival[Read More…]

April 8, 2019 - 5:45 pm 360 Articles, Closing Bell Story, Crude Oil News
Callon Petroleum Sells Non-Core Midland Basin Assets

Callon Petroleum Sells Non-Core Midland Basin Assets

Selling Ranger area in southern Midland Basin – includes 9,850 net Wolfcamp acres, 4,000 BOEPD production Callon Petroleum Company (stock ticker: CPE, $CPE) said it is selling non-core assets in the Midland Basin for initial cash proceeds of $260 million. The agreement also provides for potential incremental cash payments of up to $60 million based upon future commodity prices with upside participation starting at the $60/Bbl West[Read More…]

April 8, 2019 - 2:25 pm 360 Articles, A&D Transactions, Closing Bell Story, E&P
U.S. Drilling Comes Roaring Back

U.S. Drilling Comes Roaring Back

Texas, Permian add 16 rigs By Richard Rostad, analyst, Oil & Gas 360 American oil and gas activity increased sharply this week after falling for six weeks in a row, according to Baker Hughes. A net 19 rigs started drilling in the week, bringing the national total to 1,025. This increase partially reverses the past six-week slide, when a total[Read More…]

If You Were Looking for $86 Billion In Free Cash Flow

If You Were Looking for $86 Billion In Free Cash Flow

Aramco’s bond prospectus lifts the tent on unrivalled metrics By Richard Rostad, analyst, Oil & Gas 360 Saudi Aramco’s bond prospectus, released this week, provides a wealth of information on the largest oil company in the world. Stretching nearly 470 pages, the prospectus illustrates everything from expected natural gas demand in the kingdom to the dangers of missiles falling on[Read More…]

April 5, 2019 - 4:48 pm 360 Articles, Closing Bell Story, Crude Oil News
Second West Coast LNG Project Takes a Step Forward

Second West Coast LNG Project Takes a Step Forward

Oregon’s Jordan Cove LNG project gets draft EIS About the same time as Sempra Energy’s (stock ticker: SRE, $SRE) Baja Mexico-located LNG export project received two authorizations from the U.S. Department of Energy, FERC, the Federal Energy Regulatory Commission, released a draft environmental impact statement (EIS) for the Jordan Cove LNG Project and the Pacific Connector Gas Pipeline Project proposed by[Read More…]

April 5, 2019 - 3:59 pm 360 Articles, Closing Bell Story, LNG
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Permian Gas Prices Go Up $9 – All the Way To $0

Pipeline outage sent Waha gas to record negatives By Richard Rostad, analyst, Oil & Gas 360 The natural gas takeaway crunch in the Permian has become extreme, with producers paying to get rid of gas instead of getting paid for it. Gas production in the overall Permian has grown even more rapidly than oil, and the EIA estimates that the[Read More…]

April 4, 2019 - 5:55 pm 360 Articles, Closing Bell Story, Natural Gas News
North America’s West Coast LNG Export Project Checks a Box

North America’s West Coast LNG Export Project Checks a Box

Sempra Energy’s Energía Costa Azul LNG (ECA) receives U.S. Non-FTA approval for LNG export project In Baja Mexico – Authorizes the export of U.S. LNG from both ECA LNG Phase 1 and Phase 2 – Once project is operational, U.S. natural gas could arrive at Pacific Rim locations in 11 days Sempra Energy (stock ticker: SRE, $SRE) subsidiary Energía Costa Azul (ECA) LNG[Read More…]

April 4, 2019 - 3:43 pm 360 Articles, Closing Bell Story, LNG, Natural Gas News