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

360 Articles

Tamarack Valley Records Another Production Record

Tamarack Valley Records Another Production Record

Tamarack Valley Energy Ltd. (stock ticker: TVE) has released its 2019 capital budget, guidance and a 2018 operational update that includes record production of approximately 24,780 BOEPD in Q4/18 with an oil and natural gas liquids (“NGL”) weighting of approximately 66%. Tamarack said it spent about $7.0 million less than the budgeted capital for the quarter due to the volatility[Read More…]

January 15, 2019 - 5:18 pm 360 Articles, Canada, Closing Bell Story, E&P
Big Win for Colorado Oil and Gas:  State Supreme Court Reverses Martinez Decision

Big Win for Colorado Oil and Gas:  State Supreme Court Reverses Martinez Decision

High court reverses appeals court on view of COGCC permitting priorities On Monday, the Colorado Supreme Court issued its decision on the high-profile case brought to the state judicial system by a group of youth petitioners who sought to stop oil companies from being given drilling permits unless the Colorado Oil & Gas Conservation Commission and the drilling applicants could[Read More…]

January 14, 2019 - 5:00 pm 360 Articles, Closing Bell Story, E&P, Law, Popular 3, Regulatory
Rig Count: Flat Overall Count Conceals Shift to Gas

Rig Count: Flat Overall Count Conceals Shift to Gas

Drilling activity was flat this week as rigs shuffled around the country, according to the latest edition of Baker Hughes’ rig count. The total number of rigs operating in the country was unchanged this week, meaning there are 1,075 rigs active in the U.S. Two land-based rigs came online in the week, while inland waters and offshore saw rig counts[Read More…]

Executives Don’t See Drilling Surge Any Time Soon: KC Fed

Executives Don’t See Drilling Surge Any Time Soon: KC Fed

Oil and gas activity declining in Oklahoma, Colorado, Wyoming Executives do not anticipate a significant increase in drilling in the near future, according to the Federal Reserve Bank of Kansas City’s most recent Energy Survey. The Kansas City Fed’s energy survey is quite similar to that of the Dallas Fed, but covers a different area. This survey contains responses from[Read More…]

Source: Energybc.ca

Alberta Keeps Production Cuts Steady Despite Vanishing Differential

February cuts will be at same level as January Alberta is holding course on its production cut plan even though the program has already achieved one of its primary goals, based on a release today. The province’s production cut plan requires all major oil companies to cut output, starting January. The cuts are intended to fade away over time, with[Read More…]

January 10, 2019 - 5:11 pm 360 Articles, Canada, Closing Bell Story, Crude Oil News
Oil & Gas Bankruptcies Slow in 2018, but E&Ps Continue to Fold

Oil & Gas Bankruptcies Slow in 2018, but E&Ps Continue to Fold

E&P companies account for 67% of 2018 bankruptcies Energy attorneys Haynes and Boone have released the firm’s updated list of oil and gas bankruptcies, detailing how the continuing downcycle has affected companies. While oil prices were robust for much of the year, this did not save companies from falling into bankruptcy in 2018. A total of 43 oil and gas[Read More…]

Weekly Gas Storage: Large Midwestern Draw

Weekly Gas Storage: Large Midwestern Draw

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 fell by 91 Bcf last week, decreasing to 2,614 Bcf from 2,705 Bcf. This is 7.2% below the 2,818 Bcf that was in storage at this point last year and[Read More…]

Courtesy of Chesapeake

Chesapeake Replaces Utica Oil in Only Two Months

Q4 production exceeds expectations by 14 MBOEPD Chesapeake Energy (stock ticker: CHK) announced preliminary Q4 production, significantly exceeding expectations. Chesapeake produced about 463 MBOEPD in Q4, 86.5 MBOEPD of which was composed of oil. Bloomberg reports Chesapeake was expected to produce 449 MBOEPD in Q4, so this result significantly exceeds expectations. While the company’s production fell short of the 537[Read More…]

Marcellus Producer Joins Oil Heavyweights in Cutting 2019 Spending

Marcellus Producer Joins Oil Heavyweights in Cutting 2019 Spending

Antero CapEx down 15% from 2018 levels The recent decrease in oil prices has driven many companies to curtail capital spending plans, as Permian heavyweights Diamondback Energy (stock ticker: FANG) and Parsley Energy (stock ticker: PE) have both announced slow spending. This shift is not constrained to merely oil producers, however, as Antero Resources’ (stock ticker: AR) spending plan reveals.[Read More…]

January 9, 2019 - 5:15 pm 360 Articles, Closing Bell Story, E&P, Natural Gas News
Weekly Oil Storage: Forecasted Draw

Weekly Oil Storage: Forecasted 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 1,680 MBBL last week to 439,738 MBBL from 441,418 MBBL. This is 5% above the 419,515 MBBL that was in storage at this point last year, and is 8% above the five-year[Read More…]

BP Identifies 1.4 Billion Barrels of Oil in Gulf

BP Identifies 1.4 Billion Barrels of Oil in Gulf

Atlantis Phase 3 FID announced BP (stock ticker: BP) has big plans for the Gulf of Mexico, as the company announced several new developments in the GOM today. BP has approved Phase 3 development at the Atlantis field, authorizing a new subsea production system that will be tied into the existing platform. The company will drill eight new wells targeting[Read More…]

January 8, 2019 - 5:13 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Offshore
International Offshore Drilling Surged in December

International Offshore Drilling Surged in December

28 offshore rigs come online, 23% of activity International drilling activity rose sharply in December, reaching levels not seen since the beginning of 2016, according to Baker Hughes. A net 34 rigs began drilling internationally last month, meaning there are 1,025 active rigs. This is the largest international rig count since January 2016, when activity was still falling in the[Read More…]

Source: QEP Resources

Elliott Targets Permian with $2 Billion Buyout Offer

QEP offer represents 44% premium American oil and gas is once again being rocked by an activist investor, as Elliott Management has submitted a bid to acquire QEP Resources (stock ticker: QEP). Elliott is proposing to acquire QEP for $8.75/share in cash, $2.07 billion in total. Elliott is already a major owner of QEP, with 4.94% of the company. This[Read More…]

Hi-Crush Reports Second Kermit Facility Completed On Time and Under Budget

Hi-Crush Reports Second Kermit Facility Completed On Time and Under Budget

Sand volumes down YOY and sequentially Frac sand producers are feeling the recent oil price decline, according to an update from Hi-Crush Partners (stock ticker: HCLP). Hi-Crush reports it sold 1.98 million tons of sand in Q4 2018, compared to 2.78 million tons in Q3 2018 and 2.99 million tons in Q4 2017. While Hi-Crush expected some decline in sand[Read More…]

January 7, 2019 - 5:20 pm 360 Articles, Closing Bell Story, Oilfield Services
California Drilling Plummets

California Drilling Plummets

Eight rigs shut down, all targeting oil Drilling activity declined this week, countering two weeks of expansion according to Baker Hughes’ Weekly Rig Count. A net eight rigs shut down this week, leaving 1,075 rigs active. This is even with the activity level seen in early December, and is just below the post-downturn high of 1,083. Six land-based rigs shut[Read More…]

Oil and Gas Workers Are the Most Efficient in 15 Years

Oil and Gas Workers Are the Most Efficient in 15 Years

Oil and gas companies have received well deserved acclaim for improving efficiencies in the wake of the downturn, particularly in terms of per-rig output and breakeven costs. One metric that is often overlooked, however, is productivity per person. The BLS reports 516,000 people worked in oil and gas extraction in October 2018. This figure includes both people directly involved in[Read More…]

Weekly Oil Storage: Flat Once Again

Weekly Oil Storage: Flat Once Again

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 MBBL last week to 441,418 MBBL from 441,411 MBBL. This is 4% above the 424,463 MBBL that was in storage at this point last year, and is 8% above the five-year[Read More…]

Weekly Gas Storage: Draw Decelerates

Weekly Gas Storage: Draw Decelerates

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 fell by 20 Bcf last week, decreasing to 2,705 Bcf from 2,725 Bcf. This is 14.3% below the 3,143 Bcf that was in storage at this point last year and[Read More…]

Oil and Gas Executives Weigh In on How the Oil Price Drop is Affecting their Companies and the Industry

Oil and Gas Executives Weigh In on How the Oil Price Drop is Affecting their Companies and the Industry

“I can’t help but feel we are in for another extended period of low prices. The only way for me to survive is to quit spending money.” “The administration is our largest uncertainty in our business at this point, as they want low oil prices and will do everything in their power to deliver low oil prices.” “Relying upon the[Read More…]

Climate Group-Led Petition Demands New Colo. Governor Revamp COGCC’s Mission

Climate Group-Led Petition Demands New Colo. Governor Revamp COGCC’s Mission

Groups behind Colorado Prop. 112 want new governor and legislature to change oil and gas commission; soliciting public support for petition Anti-oil and gas industry factions have already sprung out of the gates in 2019 by asking Colorado’s newly elected state legislature and its new governor-elect to reboot the mission of the state’s oil and gas regulator. As it reads[Read More…]

January 2, 2019 - 5:49 pm 360 Articles, Closing Bell Story, Politics, Regulatory
Halliburton CEO Miller Becomes Chairman

Halliburton CEO Miller Becomes Chairman

Lesar retires as exec chairman Halliburton (stock ticker: HAL) CEO Jeff Miller has been named chairman, effective Jan. 1, 2019, following the retirement of Executive Chairman Dave Lesar on Dec. 31, 2018. “I appreciate the confidence that the Board has placed in me,” Miller said in a statement. “Halliburton has a 100-year legacy of delivering industry-leading returns and superior customer[Read More…]

Kinder Morgan General Counsel Curt Moffatt Passes Away

Kinder Morgan General Counsel Curt Moffatt Passes Away

Kinder Morgan Inc. (stock ticker: KMI) said that the company’s general counsel, James Curtis “Curt” Moffatt, passed away on December 28th. Moffatt suffered a cardiac arrest while spending the holidays with his family, according to a statement by Kinder Morgan. “Curt was a leading figure in the energy bar, and his contributions to the energy sector and to federal law[Read More…]

Rigs Shifting into Minor Basins, 2 Rigs Start Up in Alaska

Rigs Shifting into Minor Basins, 2 Rigs Start Up in Alaska

Horizontal activity highest since February 2015 Drilling activity rose once again in the U.S. this week, extending the increase seen last week according to Baker Hughes Rig Count. A net three rigs began drilling in the week, all land-based. These three rigs mean there are a total of 1,056 land, 24 offshore and three inland waters rigs active in the[Read More…]

Weekly Gas Storage: Slowing Draw Meets Expectations

Weekly Gas Storage: Slowing Draw Meets Expectations

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 fell by 48 Bcf last week, decreasing to 2,725 Bcf from 2,773 Bcf. This is 18.6% below the 3,348 Bcf that was in storage at this point last year and[Read More…]

Weekly Oil Storage: Flat

Weekly Oil Storage: Flat

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 46 MBBL last week to 441,411 MBBL from 441,457 MBBL. This is 2% above the 431,882 MBBL that was in storage at this point last year, and is 7% above the five-year[Read More…]

Most-Read Stories of 2018

Most-Read Stories of 2018

Jury slams Texas frac company with $100-million verdict, M&A deals proliferate, and Colorado oil and gas flirts with a setback disaster: 2018’s most read stories In addition to Oil & Gas 360’s coverage of oil and gas company financial and operating results, shifting C-suites, global industry trends, new technologies, and OPEC+, readers were alerted each day to most-read industry stories in[Read More…]

December 27, 2018 - 6:49 pm 360 Articles, Closing Bell Story, E&P, Law, OPEC, Politics, Trending
Oil Prices Go on Wild Christmas Ride

Oil Prices Go on Wild Christmas Ride

Prices drop sharply on Monday, recover 8.7% on Wednesday Oil prices have experienced a wild ride in the past week, with major jumps and drops in individual days. WTI prices have been erasing much of the gains seen since the downturn bottomed out in early 2016, reaching multi-year lows. Prices declined sharply on Monday, dropping by 6.7% overall and reaching[Read More…]

December 27, 2018 - 5:45 pm 360 Articles, Closing Bell Story, Crude Oil News
The Oil & Gas Story in 2018 was Written by Strong Oil Prices

The Oil & Gas Story in 2018 was Written by Strong Oil Prices

Oil prices above breakeven for three quarters of the year positive for drillers Source: Federal Reserve Bank of Dallas On the whole, 2018 produced good news for U.S. oil and gas companies, at least through the first three quarters of the year. Prices were above breakeven level for the first nine months of 2018, allowing producers to kick drilling plans[Read More…]

December 27, 2018 - 3:44 pm 360 Articles, Closing Bell Story, Commodity Pricing, E&P, Popular 4
California Snubs Natural Gas Buses, Issues Mandate for 100% Statewide Electric Transit Fleet by 2040

California Snubs Natural Gas Buses, Issues Mandate for 100% Statewide Electric Transit Fleet by 2040

No further purchases of diesel, gasoline or natural gas-fueled buses for public transit after 2028 The California Air Resources Board (CARB) has made a move that eliminates the use of natural gas-powered buses to lower emissions for the state’s public transit fleets. The clean, low emissions CNG buses that are being adopted by other transit systems in the U.S. will[Read More…]

Rigs Tell the Tale: Alabama, Mississippi Activity Doubles while Canadian Drillers Take Christmas Off

Rigs Tell the Tale: Alabama, Mississippi Activity Doubles while Canadian Drillers Take Christmas Off

Drilling activity rose in the U.S. this week, reversing the last four weeks of decline according to the latest edition of Baker Hughes’ Rig Count. A net nine rigs came online in the week, meaning there are 1,080 rigs active in the country. This is only slightly below the post-downturn high of 1,082 rigs seen in mid-November and counteracts almost[Read More…]