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360 Articles

With Brent Near $80, OPEC Considers Raising Production Output

With Brent Near $80, OPEC Considers Raising Production Output

Supply disruptions threaten in coming months After orchestrating the most successful coordinated action by the group in decades, OPEC is now considering whether to phase out its supply cuts. Since its implementation in January last year, the OPEC cut agreement has seen compliance well above previous attempts at coordinated action by the cartel. The group reconfirmed its commitments to the[Read More…]

May 24, 2018 - 5:18 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Mexico Consumes 56% of U.S. Gasoline Exports, But A New President May Bring Change

Mexico Consumes 56% of U.S. Gasoline Exports, But A New President May Bring Change

American gasoline exports to Mexico have doubled in past five years U.S. exports of crude, LNG and gasoline are all on the rise, driven by the renaissance in the American energy industry. Crude and LNG exports commonly travel far overseas, supplying countries in Europe and East Asia. American exports of gasoline, on the other hand, are much more concentrated, with[Read More…]

May 24, 2018 - 5:14 pm 360 Articles, Closing Bell Story, Mexico
Venezuela’s Maduro Admits Mistakes, Calls for Oil Investments

Venezuela’s Maduro Admits Mistakes, Calls for Oil Investments

From Bloomberg Venezuelan President Nicolas Maduro said his government isn’t “doing things well” and needs to boost oil output by 1 million barrels a day as he prepares for another six-year term in the midst of the country’s worst ever economic downturn. “Let’s not lie to ourselves or to anyone, we need to drastically relearn things and to do them[Read More…]

May 24, 2018 - 3:21 pm 360 Articles, Closing Bell Story, Crude Oil News
Weekly Gas Storage: Build As Expected

Weekly Gas Storage: Build As Expected

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 91 Bcf last week, increasing to 1,629 Bcf from 1,538 Bcf. This is 33.0% below the 2,433 Bcf that was in storage at this point last year, and[Read More…]

Texas Producers Add Takeaway Capacity

Texas Producers Add Takeaway Capacity

Texas E&Ps are preparing for growth, as two companies announced midstream takeaway agreements today. Sanchez Midstream Partners (ticker: SNMP) announced it will expand its midstream JV with Targa Resources (ticker: TRGP), expanding its takeaway in the Eagle Ford. The tow companies have merged their holdings of gathering lines and a gas processing plant to form the Carnero JV, which will[Read More…]

Boone Pickens, 90, Rang the Closing Bell at the NYSE Today

Boone Pickens, 90, Rang the Closing Bell at the NYSE Today

On the heels of celebrating his 90th birthday on May 22, 2018, legendary oil man and philanthropist T. Boone Pickens traveled to the New York Stock Exchange to ring the Closing Bell in celebration of the recent listing of his NYSE® Pickens Oil Response ETF (NYSE Arca: BOON). The video shows a strong Pickens laughing and smashing down the gavel after[Read More…]

May 23, 2018 - 4:44 pm 360 Articles, Closing Bell Story, E&P, People
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. The construction began in late 2017 under limited notice to proceed, but with the[Read More…]

Lilis Adds Crude Gathering Capacity

Lilis Adds Crude Gathering Capacity

Permian E&P Lilis Energy, Inc. (ticker: LLEX) has entered into a crude oil gathering agreement with Salt Creek Midstream, LLC. Salt Creek’s system will be constructed, managed and operated by ARM Midstream Management, LLC. Construction of the project is expected to commence immediately with service to begin in 2019. No volume commitments, Salt Creek provides all capital Salt Creek is[Read More…]

May 23, 2018 - 4:21 pm 360 Articles, Closing Bell Story, E&P, Midstream
Weekly Oil Storage: Large Surprise Build

Weekly Oil Storage: Large Surprise 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 5,778 MBBL last week to 438,132 MBBL from 432,354MBBL. This is 15% below the 516,340 MBBL that was in storage at this point last year, and is marginally below the five-year average.[Read More…]

Passive Investment Rising in E&Ps, But Active Holders Still Dominate

Passive Investment Rising in E&Ps, But Active Holders Still Dominate

Active funds still hold two thirds of most E&P companies The rise of passive investment is rippling through the investment world, causing shifts in the shareholder makeup for many companies. Investors looking to benefit from investing in an entire sector instead of a specific company, to lower fees, or to minimize their exposure to the success or failure of just[Read More…]

May 22, 2018 - 5:18 pm 360 Articles, Closing Bell Story, E&P
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…]

BP Snaps Up LNG From Venture Global’s Calcasieu Pass

BP Snaps Up LNG From Venture Global’s Calcasieu Pass

Venture Global has contracted 60% of expected Calcasieu Pass output Venture Global LNG’s planned Calcasieu Pass LNG project moved closer to realization today, as BP (ticker: BP) announced a long-term LNG purchase agreement. Venture Global will supply 2 MTPA to BP for 20 years under the new agreement on a free on board basis. BP is the fourth company to[Read More…]

May 21, 2018 - 4:38 pm 360 Articles, Closing Bell Story, LNG, Natural Gas News
U.S. Reigns Supreme as World’s Largest Oil and Gas Producer

U.S. Reigns Supreme as World’s Largest Oil and Gas Producer

America produced just under 30 MMBOEPD last year The shale revolution has transformed the American energy industry, making the U.S. the world’s largest producer of oil and gas. The country has now retained this crown for five years in a row, surpassing both Russia and Saudi Arabia. The U.S. produced just under 30 MMBOEPD in 2017, an all-time record. Natural[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…]

Rig Count Rises for Seventh-Straight Week

Rig Count Rises for Seventh-Straight Week

Highest activity level since 2015 Drilling activity continued its rise this week, according to the latest edition of Baker Hughes’ Rig Count, meaning activity has risen in 12 of the last 13 weeks. The U.S. rig count rose only slightly, with one net rig coming online. Two land-based rigs and one inland waters rig began drilling this week, while two[Read More…]

2018 Promises Record Marcellus Pipeline Growth

2018 Promises Record Marcellus Pipeline Growth

Takeaway from Northeast has tripled in four years After years of strained capacity and punishing differentials, producers in the Marcellus are finally seeing light at the end of the tunnel. According to the EIA, the Northeast will see record growth in natural gas takeaway this year. If all projects start operations on schedule, the Northeast will have more than 23[Read More…]

A Look at Activity in the Permian from Three Players’ Perspectives

A Look at Activity in the Permian from Three Players’ Perspectives

Oil & Gas 360® takes a look at three companies with operations in the Permian: Halcón Resources Company (ticker: HK) Approach Resources Company (ticker: AREX) Apache Corporation (ticker: APA) Halcón Resources Production for the first quarter of 2018 averaged 10,967 BOEPD for Halcón, comprised of 70% oil. This production rate represents a 75% growth rate from the fourth quarter of[Read More…]

May 17, 2018 - 4:51 pm 360 Articles, Closing Bell Story, E&P, Fracing
MLPs Fall from Grace as Companies Announce $20 Billion in Consolidation

MLPs Fall from Grace as Companies Announce $20 Billion in Consolidation

Enbridge, Williams and Cheniere all simplifying structure The wave of consolidation in pipeline companies continues, with three companies announcing transactions worth a combined $20 billion. Like many other pipeline firms, Enbridge (ticker: ENB) has a complex corporate structure, with several large subsidiary companies. The company holds at least partial ownership of Spectra Energy Partners (ticker: SEP), Enbridge Energy Partners (ticker:[Read More…]

What’s Worth More to the State of Texas—Land or Oil?

Junior Canadian Texas and New Mexico Producer Goes Public

Permex Petroleum Corporation (ticker: OIL) has completed its initial public offering of 8,135,500 common shares at a price of $0.50 per share for proceeds of $4,067,750. The shares were listed on the Canadian Securities Exchange (CSE) on May 15, 2018 and started trading this morning (May 17, 2018) under the ticker “OIL.” Returning shut in wells to production in the[Read More…]

May 17, 2018 - 3:20 pm 360 Articles, Closing Bell Story, E&P, Finance
Weekly Gas Storage: Build Accelerates

Weekly Gas Storage: Build Accelerates

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 106 Bcf last week, increasing from 1,538 Bcf to 1,432 Bcf. This is 34.8% below the 2,359 Bcf that was in storage at this point last year, and[Read More…]

Steve Chazen’s Magnolia Assets: Q1 2018 Results

Steve Chazen’s Magnolia Assets: Q1 2018 Results

TPG Pace Energy Holdings Corp. (ticker: TPGE), an energy-focused special purpose acquisition entity led by former Occidental Petroleum Corporation CEO Steve Chazen, disclosed certain financial and operating results for the first quarter of 2018 for the Karnes County and Giddings Field assets (the Magnolia assets) that TPGE is under definitive agreements to acquire from affiliates of EnerVest, Ltd. The Magnolia[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…]

Evolution Petroleum Acquires Assets from Bankrupt Enduro; Evolution CEO Randy Keys to Retire

Evolution Petroleum Acquires Assets from Bankrupt Enduro; Evolution CEO Randy Keys to Retire

Evolution Petroleum Corporation (ticker: EPM) will acquire certain oil and gas assets from an affiliate of Enduro Resource Partners LLC for a purchase price of $27.5 million. Evolution intends to fund the closing of this transaction primarily with cash on hand. According to Evolution, the agreement includes: A diversified package of producing properties in two primary areas: Permian Basin (approximately[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. Project’s budgeted[Read More…]

Weekly Oil Storage: Minor Draw

Weekly Oil Storage: Minor 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 1,401 MBBL last week to 432,354 MBBL, from 433,758 MBBL. This is 17% below the 520,772 MBBL that was in storage at this point last year, and is 2% below the five-year[Read More…]

North Dakota Setting Records

North Dakota Setting Records

Another gas production record North Dakota’s State Industrial Commission has released new production stats for the month of March 2018. Oil production reached 36,024,209 barrels in March, or 1,162,071 BPD (preliminary). The report said that 95% (1,106,836 BPD) of production came from the Bakken/Three Forks, with the remaining 5% (55,235 BPD) from legacy conventional pools. Gas production reached an all-time[Read More…]

May 15, 2018 - 7:52 pm 360 Articles, Closing Bell Story, E&P
EnerCom Effective Rig Count Rises to 2,826 – But Permian Efficiency Gains Tap the Brakes

EnerCom Effective Rig Count Rises to 2,826 – But Permian Efficiency Gains Tap the Brakes

Current operations 3.15 times more productive than those of January 2014 EnerCom has released the latest Effective Rig Count, examining the state of drilling activity in major shale basins. The EERC rose in April, reaching 2,826 rigs. This indicates it would take 2,826 rigs from January 2014 to match the current activity level, due to the significant improvements in techniques[Read More…]

Rosehill Resources Produced More Than 18,000 BOEPD in April 2018

Rosehill Resources Produced More Than 18,000 BOEPD in April 2018

Rosehill cuts Loving County spud-to-TD time in half Rosehill Resources Inc. (ticker: ROSE) reported a net loss attributable to Rosehill of $1.3 million, or $(0.22) per share. Rosehill said this loss included an $18.2 million non-cash, pre-tax loss on commodity derivative instruments. For the quarter, Rosehill incurred capital costs of $96 million. Operations Rosehill grew average net first quarter production[Read More…]

May 15, 2018 - 5:13 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Goodrich Petroleum: Focused on Haynesville through 2019

Goodrich Petroleum: Focused on Haynesville through 2019

All CapEx in 2018 and 2019 focused on Haynesville Goodrich Petroleum Corporation (ticker: GDP) had a net loss of $5.3 million in the first quarter of 2018, or $(0.47) per share. Capital expenditures totaled $21 million in the quarter, of which $20.6 million was spent on D&C and $0.4 million on other expenditures, Goodrich said. All of Q1’s total capital[Read More…]

May 15, 2018 - 5:06 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing
Gulfport Energy Scores Big Gas Wells in the SCOOP

Gulfport Energy Scores Big Gas Wells in the SCOOP

Expects to fund all $780 million CapEx within cash flow in 2018 Gulfport Energy Corporation (ticker: GPOR) provided an update on two notable SCOOP well results. During its initial 30 days of production, the Lilly 3-15X10H cumulatively produced 395.5 MMcf of natural gas and 9.6 thousand barrels of oil. On a three-stream basis, the Lilly 3-15X10H produced at an average[Read More…]

May 15, 2018 - 4:59 pm 360 Articles, Closing Bell Story, E&P, Earnings, Finance, Fracing