Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

360 Articles

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…]

rig

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
Weekly Oil Storage: Seventh Consecutive Build

Weekly Oil Storage: Seventh Consecutive 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 5,783 MBBL last week to 431,787 MBBL from 426,004 MBBL. This is 6% below the 457,143 MBBL that was in storage at this point last year, and is 3% above the five-year[Read More…]

Space Heating, Water Heating Account for Nearly Two Thirds of U.S. Home Energy Use: EIA

Space Heating, Water Heating Account for Nearly Two Thirds of U.S. Home Energy Use: EIA

Space heating and water heating were the top two energy-consuming uses in U.S. homes in 2015, according to EIA’s latest Residential Energy Consumption Survey (RECS). Space heating consumption can vary considerably by climate and building characteristics, while variation in water heating consumption is driven primarily by the number of occupants in a home—and who’s taking a shower today and who isn’t. Source: U.S.[Read More…]

November 7, 2018 - 8:39 am 360 Articles, Closing Bell Story
Prop 112 is Not Going to Pass: DCP Midstream CEO van Kempen

Prop 112 is Not Going to Pass: DCP Midstream CEO van Kempen

Colorado ballot count tops 2 million at 2:33 p.m. on election day Graphic: Colo. Sec. of State DCP Midstream (ticker: DCP) is one of the one of the largest producers of natural gas liquids and one of the largest natural gas processing companies in the U.S. DCP has significant gathering and processing operations in the DJ Basin in Colorado. The[Read More…]

November 6, 2018 - 5:54 pm 360 Articles, Closing Bell Story, Midstream, Politics, Regulatory
‘Most Corporate M&As are Value Destructive’: Papa

‘Most Corporate M&As are Value Destructive’: Papa

Centennial Resource Development CEO says 2020 plan looks to organic growth, is not targeting big M&A deals Centennial Resource Development (ticker: CDEV) announced third quarter results today, showing net income of $39.3 million, or $0.15 per share. Centennial produced 62.9 MBOEPD in Q3, up 81% from last year and up 9% from Q2 2018. The company spent $273.6 million this[Read More…]

Northern Delaware Basin Operations 

From Concho.com

PDC: Prop 112 Would Not Affect 2019 Plans, After That Impact Would Be “Dramatic”

Midstream constraints impact DJ results PDC Energy (ticker: PDCE) announced third quarter results today, showing net losses of $3.4 million, or ($0.05) per share. PDC produced about 110 MBOEPD in Q3, up 21% from last year and up 6% sequentially. This is slightly below expectations, due to constraints in the DJ Basin. PDC reports the Delaware produced above expectations, however,[Read More…]

Carrizo Avoids Delaware Differentials with Pivot to Eagle Ford

Carrizo Avoids Delaware Differentials with Pivot to Eagle Ford

Planning frac holiday in November and December Carrizo Oil & Gas (ticker: CRZO) announced third quarter results today, showing net earnings of $76.1 million, or $0.85 per share. Carrizo produced 64.6 MBOEPD this quarter, up 17% from 2017 and above the high end of the company’s guidance. This outperformance led Carrizo to increase its full-year production guidance from 58.9 MBOEPD[Read More…]

Colorado Ballot Count Begins at 1.85 Million as Election Day Dawns

Colorado Ballot Count Begins at 1.85 Million as Election Day Dawns

Colorado voters could set a mid-term record Here’s how the ballot count breaks down before polls officially opened on election day, according to the Colorado Secretary of State’s ballot count report as of 12:34 a.m. Nov. 6, 2018: DEMOCRAT BALLOTS RECEIVED: 625,650 – 34% REPUBLICAN BALLOTS RECEIVED: 618,922 – 33% UNAFFILIATED BALLOTS RECEIVED: 584,560 – 32% GRAND TOTAL RECEIVED: 1,853,103[Read More…]

November 6, 2018 - 12:13 pm 360 Articles, Closing Bell Story, Law, Politics, Regulatory
DCIM100MEDIADJI_0108.JPG

Major Midstream Producers Discuss Differentials, Industry Prospects

Several of the largest oil and gas midstream companies have reported Q3 earnings, giving a glimpse into the midstream side of the industry. The conference calls of Enbridge (ticker: ENB), TransCanada (ticker: TRP), Enterprise Products Partners (ticker: EPD) and Kinder Morgan (ticker: KMI), which represent over $410 billion in combined enterprise value, can give an overview of both the midstream[Read More…]

1.5 Million Ballots are In but the Fate of Colorado Oil & Gas Development Will Remain a Mystery until Tuesday Night

1.5 Million Ballots are In but the Fate of Colorado Oil & Gas Development Will Remain a Mystery until Tuesday Night

With 1.5 million ballots turned in, the split between the Yes and No vote in an ‘Educated Guess Scenario’ for Prop 112 has closed to two-tenths of one percent The Colorado Secretary of State published the latest ballot count this morning, with two days left to vote. 1.5 Million Ballots are In: Fate of Colorado Oil & Gas Development Will[Read More…]

November 5, 2018 - 5:10 pm 360 Articles, Closing Bell Story, E&P, Fracing, Politics, Popular 1, Regulatory
Colorado E&Ps, Service Companies Weigh In on Proposition 112

Colorado E&Ps, Service Companies Weigh In on Proposition 112

“It’s a shame that we have to go to such lengths to defend our rights to produce a product that is beneficial to every individual’s life” – Lynn Peterson, CEO, SRC Energy As most companies active in Colorado will report before the election, investors are attempting to assess the potential effects of the measure when talking to executives during conference[Read More…]

Parsley Sticks to Capital Budget with Lower Q4 CapEx

Parsley Sticks to Capital Budget with Lower Q4 CapEx

Recycled water program shows promise Parsley Energy (ticker: PE) announced third quarter results today, showing earnings of $113.3 million, or $0.41 per share. This result is significantly improved from Q3 2017, when the company lost $13.3 million, but falls slightly short of the $119.2 million Parsley earned in Q2 2018. This decrease is primarily due to derivative losses, as after[Read More…]

Rigs Move from Texas to SCOOP/STACK

Rigs Move from Texas to SCOOP/STACK

Rig Count Declines After Three Weeks of Growth Drilling activity fell this week, reversing last week’s increase, according to the latest edition of Baker Hughes’ Weekly Rig Count. A net one rig shut down this week, meaning there are 1,067 rigs active in the country. There was little change in rigs by location type, as land and inland waters rigs[Read More…]

With One Million Ballots In: Will Colorado Voters Stop Drilling by Voting for Proposition 112?

With One Million Ballots In: Will Colorado Voters Stop Drilling by Voting for Proposition 112?

An ‘educated guess scenario’ puts Colorado Prop 112 in the ‘fail’ column—by four-tenths of 1% Frac site in the Wattenberg field – northern Colorado. The Colorado Secretary of State’s ‘ballots received’ count topped one million as of today’s ballot count report, with six days remaining for voters to turn in their ballots. Colorado Secretary of State Wayne Williams reported Thursday[Read More…]

November 1, 2018 - 5:56 pm 360 Articles, Closing Bell Story, E&P, Politics, Regulatory
Upstream Buying Spree Continues With $7.7 Billion Deal

Upstream Buying Spree Continues With $7.7 Billion Deal

Encana acquires Newfield in all-stock transaction resulting in North America’s No. 2 unconventional producer Encana (ticker: ECA) announced the third major acquisition in the past four days today, acquiring Newfield Exploration (ticker: NFX). Newfield is a primarily SCOOP/STACK company, producing 143.7 MBOEPD from the basin. While the company also has operations in the Williston, Uinta and Arkoma basins, and produces[Read More…]