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360 Articles

Weekly Oil Storage: Another Surprise Build

Weekly Oil Storage: Another 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 2,072 MBBL last week to 436,584 MBBL from 434,512 MBBL. This is 15% below the 513,207 MBBL that was in storage at this point last year, and is marginally above the five-year[Read More…]

Two Oilfield Service Companies Combine

Two Oilfield Service Companies Combine

AKITA Drilling Ltd. (ticker: AKT) and Xtreme Drilling Corp. (ticker: XDC)  are combining under the AKITA name and will be operating 44 high-spec drilling rigs across multiple basins in the U.S. and Canada. The transaction value is approximately CAD$209 million, which includes CAD$10 million of Xtreme’s net debt. Per agreement terms, Xtreme shareholders will receive 0.29 of an AKITA class[Read More…]

June 5, 2018 - 5:46 pm 360 Articles, Canada, Closing Bell Story, Popular 1
Guess Where They’re Drilling the Bulk of the USA’s Vertical Wells?

Guess Where They’re Drilling the Bulk of the USA’s Vertical Wells?

Rightly regarded as the very heart of modern unconventional oil and gas drilling activity, the Permian Basin has some of the most concentrated horizontal drilling and completions operations in the country. However, there is a side of the Permian that is often overlooked—the vertical side. Vertical activity dominated the Permian long after most other major plays in the U.S. had[Read More…]

American Oil Producers Face Pain from Rising Differentials

American Oil Producers Face Pain from Rising Differentials

WTI-Brent, Midland-WTI both near multi-year highs Oil markets are beginning to separate, as several trends drive rising differentials in local and national pricing. The WTI-Brent spread rose to over $11/bbl in intraday trading on both Thursday and Friday, the highest level in over three years. Even after the recent drop in oil prices on speculation that OPEC may increase output,[Read More…]

June 4, 2018 - 5:36 pm 360 Articles, Closing Bell Story, Crude Oil News
Osprey Energy and Blackstone Create $894-Million Eagle Ford Venture

Osprey Energy and Blackstone Create $894-Million Eagle Ford Venture

Osprey Energy Acquisition Corp. announced today that it has reached a definitive agreement to acquire assets held by Royal Resources, a Blackstone owned entity, in exchange for $400 million cash and an ownership stake representing 47% of the outstanding common stock. The acquired assets from Royal Resources represent 100% of Blackstone’s mineral interests in the Eagle Ford Shale. The newly[Read More…]

June 4, 2018 - 3:53 pm 360 Articles, Closing Bell Story, Finance
Obsidian Energy Announces $50 Million Cardium Development

Obsidian Energy Announces $50 Million Cardium Development

Thanks to its recent success in the Willesden Green play fairway, Obsidian Energy, will be moving forward with an incremental $50 million development of the Cardium. The development will include 13 wells in the eastern part of Willesden Green, both inside and along the halo flank of the area. Obsidian Energy’s development of the Willesden Green Cardium; Source: Obsidian Energy[Read More…]

June 4, 2018 - 3:33 pm 360 Articles, Closing Bell Story
Source: WPX

Unemployment Rate Reaches 18-year Low

Oil & Gas industry gains 8,000 jobs in May The U.S unemployment rate has now dropped to 3.8%. Unemployment rates have not been this low since 2000, and the trajectory is down from double digit unemployment in 2009-2010 in the wake of the Great Recession.   Overall U.S. Unemployment Rate 1999-2018. Source: Bureau of Labor and Statistics In total, payroll[Read More…]

June 1, 2018 - 5:53 pm 360 Articles, Closing Bell Story
Rigs Up Again: Slight Increase Marks Ninth-Straight Rig Count Rise

Rigs Up Again: Slight Increase Marks Ninth-Straight Rig Count Rise

1,060 rigs currently drilling; 929 are horizontal rigs Drilling activity in the U.S. rose by only one rig his week, but it was enough to continue the positive momentum, with overall net U.S. rig count showing growth for the ninth-straight week, according to Baker Hughes. A net one rig began drilling this week, a far lower increase than the 13[Read More…]

Strikes Rock Petrobras

Strikes Rock Petrobras

Truck drivers, oil workers strike in Brazil; Petrobras CEO resigns Brazil’s national oil company Petrobras (ticker: PBR) has experienced significant turmoil over the past two weeks, as multiple labor actions affected operations. The roots of Petrobras’ current difficulties lie in its fuels policy, which shifted in 2016. Historically, the price of gasoline and diesel in Brazil has been subsidized and[Read More…]

United Nations Seems a Bit Fearful that Shale Gas Will Be What Achieves Global Prosperity

United Nations Seems a Bit Fearful that Shale Gas Will Be What Achieves Global Prosperity

New UN report warns members to approach hydraulic fracturing with caution; says don’t invest in shale at the expense of renewables The United Nations Conference on Trade and Development has published a new report looking at the global shale gas phenomenon. The report is called “Commodities at a Glance, Special Issue on Shale Gas.” In an accompanying press release, the[Read More…]

June 1, 2018 - 3:59 pm 360 Articles, Closing Bell Story, Fracing, LNG
API Says Steel Tariffs Will Hurt Oil, Gas, NGLs

API Says Steel Tariffs Will Hurt Oil, Gas, NGLs

Jack Gerard, president and chief executive officer of the American Petroleum Institute, issued a statement on behalf of its oil and gas industry members speaking against the decision by the White House to activate steel tariffs on Canada, Mexico and the EU. The tariffs became effective at midnight June 1, 2018. “We are deeply discouraged by the administration’s actions to[Read More…]

June 1, 2018 - 2:34 pm 360 Articles, Closing Bell Story
Schlumberger Exits Fortuna LNG Project

Schlumberger Exits Fortuna LNG Project

Exit puts deepwater FLNG plans in jeopardy One of the largest LNG projects in Africa was put in peril today, as the largest backer of the Fortuna project pulled out. Targeting deepwater LNG in Equatorial Guinea, Fortuna is expected to be the first deepwater LNG in West Africa. With water depths from 3,000 to 6,000 feet, current plans call for[Read More…]

Daily Dry Gas Production for March Sets 45-Year Record

Daily Dry Gas Production for March Sets 45-Year Record

According to the EIA, March 2018 marked the tenth consecutive month of increased production of dry natural gas. The average daily rate of dry natural gas production in March 2018 was also at an historic high at 79.6 BcF/ day. The average daily rate of dry natural gas production for March was the highest for any month since EIA began[Read More…]

May 31, 2018 - 5:58 pm 360 Articles, Closing Bell Story, Natural Gas News
Schematic of Shell's Kaikias project in the US Gulf of Mexico, which is an economically resilient, subsea development with an estimated peak production of 40,000 barrels of oil equivalent per day (boe/d). Kaikias is started production approximately one-year ahead of schedule. (PRNewsfoto/Shell)

Kaikias Starts One Year Early

Shell is projecting estimated peak production of 40 MBOEPD from Kaikias Shell Offshore, Inc. (ticker: RDS.A) started production early at the first phase of the Kaikias project, a subsea development in the U.S. Gulf of Mexico with estimated peak production of 40,000 BOEPD. Shell has reduced costs by around 30% at this deep-water project since taking the investment decision in[Read More…]

May 31, 2018 - 5:55 pm 360 Articles, Closing Bell Story, E&P, Mexico, Offshore
PETRONAS Back In: Buys 25% of LNG Canada

PETRONAS Back In: Buys 25% of LNG Canada

Malaysian energy company PETRONAS is apparently back as an active LNG player in Canada, with the announcement today that it is buying a 25% equity stake in LNG Canada. LNG Canada is a proposed natural gas export project that is planned for Kitimat, British Columbia, Canada. The move was unexpected after PETRONAS withdrew from the $36 billion Pacific NorthWest LNG[Read More…]

May 31, 2018 - 4:32 pm 360 Articles, Canada, Closing Bell Story, LNG
"El Merk, Algeria, March 2013: The CPF


Photo by Mike Goldwater"

Canada’s Proposed Bill C-69 Would Require Energy Project Environmental Assessments to Take Climate Change into Account

Bill gives cabinet and environment minister final power to approve or reject a project regardless of the findings of an environment assessment In February 2018, Catherine McKenna, the federal Minister of Environment and Climate Change, introduced Bill C-69. The bill may replace the Canadian Environmental Assessment Act of 2012 (CEAA 2012) with the Impact Assessment Act. McKenna claimed the new[Read More…]

Africa’s Largest non-OPEC Producer is on a Roll

Africa’s Largest non-OPEC Producer is on a Roll

Egypt is the largest non-OPEC oil producer in Africa and the third-largest dry natural gas producer on the continent, according to the EIA’s newest report on Egypt. In recent years, the country has seen political instability accompanied by growing power demand and a recovering energy industry. Natural gas supply shortages often cause frequent blackouts in Egypt – and 2011’s political[Read More…]

Weekly Oil Storage: Inventory Draw

Weekly Oil Storage: Inventory 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 3,620 MBBL last week to 434,512 MBBL from 438,132 MBBL. This is 15% below the 509,912 MBBL that was in storage at this point last year, and is marginally below the five-year[Read More…]

Weekly Gas Storage: Spring Build Continues

Weekly Gas Storage: Spring 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 99 Bcf last week, increasing to 1,725 Bcf from 1,629 Bcf. This is 31.4% below the 2,513Bcf that was in storage at this point last year, and is[Read More…]

How the U.S. Will Handle the OPEC-Russia Spigot

How the U.S. Will Handle the OPEC-Russia Spigot

Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered down, strengthened their balance sheets, made technological leaps and kept on producing oil and gas—without depending on the reappearance of[Read More…]

Vehicle Miles Traveled Hit the Brakes

Vehicle Miles Traveled Hit the Brakes

The U.S. Department of Transportation reported total vehicle miles traveled for March, outlining one of the main end uses of crude oil in the U.S.—highway transportation. U.S. vehicles traveled an estimated 268.7 billion miles in March, or 8.67 billion miles per day. This represents slight growth from this point last year, when vehicles traveled 8.62 billion miles per day. Miles[Read More…]

May 30, 2018 - 4:49 pm 360 Articles, Closing Bell Story, Crude Oil News
Trans-Alaska oil pipeline

A Minimum of 5.7 Billion Barrels Await Drillers at ANWR

The Arctic National Wildlife Refuge (ANWR) is located on the northern coast of Alaska, due east of both Prudhoe Bay and the National Petroleum Reserve-Alaska (NPRA). The coastal plain (the 1002 Area) covers 1.5 million acres and is about 8% of the total area of ANWR. USGS 1002 Area Map In its latest (1998) resource assessment, the United States Geological[Read More…]

Inventories Back at Five-Year Averages—for Now

Inventories Back at Five-Year Averages—for Now

The production cuts may have erased the surplus, but for how long? Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA. The production cuts took effect in January 2017, reducing[Read More…]

Oil Prices Recover After a Million-Barrel Comment Spooked Oil Markets Friday

Oil Prices Recover After a Million-Barrel Comment Spooked Oil Markets Friday

OPEC and Russia looking hard at ending cuts, but maybe not till after end of the year Reacting to comments from the Saudi oil minister, crude oil prices fell more than $5 per barrel between Friday and Tuesday. Brent crude oil grew from about $73 per barrel at the beginning of May to kissing $80 last week, then falling to[Read More…]

May 30, 2018 - 8:54 am 360 Articles, Closing Bell Story, Commodity Pricing, OPEC
Talos Energy Updates Production Guidance

Talos Energy Updates Production Guidance

Houston-based Gulf of Mexico producer Talos Energy Inc. (ticker: TALO) outlined the company’s strategy today in a new update. The company projects 2018 pro forma production sales volumes of 18 – 19.5 MMBOE, or an average daily production 49 – 53 MBOEPD. Capital expenditures are expected to be $430 – $450 million, funded by cash on hand and cash flows[Read More…]

Goodrich Announces Strong Haynesville Wells

Goodrich Announces Strong Haynesville Wells

Goodrich Petroleum (ticker: GDP) announced two strong Haynesville wells today, in an update on the company’s North Louisiana operations. Goodrich’s Cason Dickson 1H well in Red River Parish achieved a 24-hour IP of 31 MMcf/d. The company reports the well has a lateral length of about 8,000 feet and was completed with 4,000 pounds of proppant per foot from 64[Read More…]

May 29, 2018 - 4:19 pm 360 Articles, Closing Bell Story, E&P, Natural Gas News
EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported today that it has agreed to provide its primary customer in the STACK with additional dedicated horsepower and equipment, including natural gas-powered pumping units. The company refers to this collaborative plan as a “super fleet.” According to the company’s most recent investor presentation, Eco-Stim has a total capacity of ~168,000 HHP, including 53[Read More…]

Warburg Pincus Invests $138 Million in Canadian E&P

Warburg Pincus Invests $138 Million in Canadian E&P

Calgary-based E&P Artis Exploration Ltd. closed a CDN$180 million (USD$138 million) growth equity investment from Warburg Pincus. Founded in 2015, Artis is focused on the Duvernay East Shale Basin of Western Canada, where the company holds a contiguous acreage position of over 260,000 net acres. Artis is led by Darryl Metcalfe, who was previously president and CEO at Artek Exploration.[Read More…]

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt. Vermilion acquired all of the issued and outstanding common shares of Spartan on the basis of 0.1476 of a Vermilion share for each Spartan common[Read More…]

Colorado’s 2,500-Foot Oil & Gas Setback Ballot Initiative in Signature-Gathering Mode

Colorado’s 2,500-Foot Oil & Gas Setback Ballot Initiative in Signature-Gathering Mode

Will they gather enough signatures this time around? The 2018 Colorado ballot initiative that would change state law to require 2,500-foot setbacks from occupied structures, playgrounds and water sources for new oil and gas development projects is in the signature gathering phase. It is Initiative #97. The groups behind the newest setback initiative have just 68 more days to collect[Read More…]

May 29, 2018 - 2:19 pm 360 Articles, Closing Bell Story, Politics, Regulatory