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360 Articles

Colorado Could Potentially See the End of Oil & Gas Drilling if Voters Pass Initiative 97 on Nov. 6

Colorado Could Potentially See the End of Oil & Gas Drilling if Voters Pass Initiative 97 on Nov. 6

It’s a scenario that could possibly send oil and gas reserve values toward $0 and start an exodus of energy companies, capital investment and high paying jobs from the state From “theoretical to real” in a day The threat to the oil and gas industry posed by initiative 97 went from theoretical to real yesterday when the Colorado Secretary of[Read More…]

August 30, 2018 - 6:59 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Fracing, Law, Politics
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 70 Bcf last week, increasing to 2,505 Bcf from 2,435 Bcf. This is 20.5% below the 3,151 Bcf that was in storage at this point last year, and[Read More…]

Colorado Setback Measure—Initiative 97—Makes the Ballot

Colorado Setback Measure—Initiative 97—Makes the Ballot

Colorado Secretary of State Wayne Williams announced that the setback measure for oil and gas development has qualified to be on the November 6 statewide ballot. The measure would mandate that new oil and gas development, including fracing, be a minimum distance of 2,500 feet from occupied buildings, waterways and other areas designated as “vulnerable.” Backers of Initiative 97 submitted signatures[Read More…]

August 29, 2018 - 4:33 pm 360 Articles, Closing Bell Story, E&P, Law, Politics, Popular 4
Weekly Oil Storage: Modest Draw

Weekly Oil Storage: Modest 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 2,566 MBBL last week to 405,792 MBBL from 408,358 MBBL. This is 11% below the 457,773 MBBL that was in storage at this point last year, and is even with the five-year[Read More…]

Permian’s Pipeline Constraints Produced $1.4 Billion in Deferred Completions, but Midstream Construction is on a Tear: Westwood

Permian’s Pipeline Constraints Produced $1.4 Billion in Deferred Completions, but Midstream Construction is on a Tear: Westwood

Firm sees $6.7 billion CapEx going into Permian pipeline construction in 2018-2019 Research firm Westwood Global has quantified the result of takeaway constraints in the Permian Basin. Westwood calculates 345 completions are likely to be deferred by the end of 2019 due to pipeline takeaway capacity constraints, according to the firm’s latest US Drilling & Completion report. “Pipeline capacity is[Read More…]

Middle East’s Oil Depends on South China Sea to Reach Asian Customers

Middle East’s Oil Depends on South China Sea to Reach Asian Customers

30%+ of global maritime crude oil moves through the South China Sea: EIA The South China Sea is a major trade route for crude oil, and in 2016, more than 30% of global maritime crude oil trade, or about 15 million barrels per day (b/d), passed through the South China Sea, according to a new report by the EIA. Source: U.S.[Read More…]

August 28, 2018 - 7:15 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Colorado’s Proposed “Takings” Amendment, Initiative 108, Makes the November Ballot

Colorado’s Proposed “Takings” Amendment, Initiative 108, Makes the November Ballot

Initiative 97, which mandates a 2,500-foot setback from occupied structures, schools, homes, waterways and other ‘vulnerable’ areas, is one of the two remaining ballot initiatives with signatures still being verified Colorado Secretary of State Wayne Williams announced today that a proposed constitutional amendment that would require that property owners be compensated for any reduction in property value caused by state laws[Read More…]

August 28, 2018 - 5:27 pm 360 Articles, Closing Bell Story, E&P, Law, Regulatory
Courtesy of Enbridge

Pipeline Giants to Join in $3.3 Billion Deal—Finally

Enbridge to acquire all public equity of Spectra Energy Partners; companies hope for Q4 close Their effort to combine has rumbled through the news for about the past two years. On Aug. 24, 2018, Enbridge Inc. (ticker: ENB) and Spectra Energy Partners, LP (ticker: SEP) announced that they had entered into a definitive agreement under which Enbridge will acquire all[Read More…]

Anti- 97 Advertising Has Already Started in Colorado

Anti- 97 Advertising Has Already Started in Colorado

2018 Colorado ballot initiative requiring 2,500-foot drilling setback, or higher, is in the state verification queue: 6 business days till verification deadline  Even though the Colorado Secretary of State hasn’t yet announced the signature verification count for initiative 97, which calls for a mandatory 2,500-foot setback for new oil and gas operations, advertising aimed at convincing voters not to vote[Read More…]

Courtesy of Chesapeake

Utica Merger Looks for Q4 Close

Eclipse Resources and Blue Ridge Mountain Resources to merge Combined companies’ enterprise value: $1.4 billion Eclipse Resources Corporation (ticker: ECR) and Blue Ridge Mountain Resources, Inc. (ticker: BRMR) have entered into a definitive merger agreement under which Eclipse Resources and Blue Ridge will combine in an all-stock transaction, the companies said in a news release. Blue Ridge stockholders will receive[Read More…]

August 27, 2018 - 3:29 pm 360 Articles, Closing Bell Story, E&P
Berry Petroleum Reports First Public Quarterly Earnings

Berry Petroleum Reports First Public Quarterly Earnings

California conventional producer is unique Berry Petroleum (ticker: BRY) announced second quarter results today, giving the investment world a first look at the U.S.’s newest mid-cap E&P. Berry Petroleum went public in late July, so this is the first quarterly results Berry has published as a public firm. Berry reported a net loss of $34 million, or ($0.84) per share[Read More…]

Extraction Oil & Gas: 84-Well Comprehensive Drilling Plan Approved by Broomfield, Colorado

Extraction Oil & Gas: 84-Well Comprehensive Drilling Plan Approved by Broomfield, Colorado

After two years of public comment and revisions, Extraction will be allowed to drill in Broomfield–but will Colo. voters stop it in November with positive setback vote on 97? Extraction Oil & Gas (ticker: XOG) got the news this week that its Comprehensive Drilling Plan (CDP), dated July 27, 2018, was conditionally approved by the City and County of Broomfield,[Read More…]

Weekly Gas Storage: Standard Build

Weekly Gas Storage: Standard Build

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 48 Bcf last week, increasing to 2,435 Bcf from 2,387 Bcf. This is 21.9% below the 3,119 Bcf that was in storage at this point last year, and[Read More…]

$2.15 Billion Acquisition

$2.15 Billion Acquisition

Santos to Acquire Quadrant Energy for $2.15 Billion Cash Up Front, Bedout Payouts Asia-Pacific E&P Santos (ticker: STO), which is active in Australia with liquefied natural gas (LNG), pipeline gas and oil assets, will acquire Quadrant Energy for US $2.15 billion, the company announced in a press release. Key Highlights Acquisition of 100% of Quadrant Energy (Quadrant) for US$2.15 billion[Read More…]

August 22, 2018 - 12:23 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions
Weekly Oil Storage: Moderate Draw

Weekly Oil Storage: Moderate 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 5,836 MBBL last week to 408,358 MBBL from 414,194 MBBL. This is 12% below the 463,165 MBBL that was in storage at this point last year, and is even with the five-year[Read More…]

Chazen’s Magnolia Adds to Acreage

Chazen’s Magnolia Adds to Acreage

Adds 114,000 net acres in North Eagle Ford Magnolia Oil & Gas (ticker: MGY) announced the acquisition of significant non-operated assets in the Eagle Ford today, as Steve Chazen’s new company continues to increase its holdings. Magnolia will acquire a net 114,000 net acres in the northern portion of the Eagle Ford, adding to the company’s Giddings Field position. Magnolia[Read More…]

Port District of Houston-Galveston is Now Net Exporter of Crude

Port District of Houston-Galveston is Now Net Exporter of Crude

April data confirms flip from importer The U.S. port district of Houston-Galveston in Texas recently began exporting more crude oil than it imported for the first time on record. Crude oil exports from the Houston-Galveston port district have increased since the restrictions on U.S. crude oil exports were lifted at the end of 2015. In April 2018, crude oil exports from Houston-Galveston surpassed crude[Read More…]

Source: PDS

U.S. Rig Count Holds Steady at 1,057

Oil, gas-targeting rigs both unchanged for fourth time in 31 years Drilling activity held flat this week, the first unchanged week since February, according to the latest edition of Baker Hughes’ Weekly Rig Count. One land-based rig shut down this week, while one offshore rig began drilling. This means there are 1,034 land, two inland waters and 21 offshore rigs[Read More…]

Talos Energy High Bidder on 6 Deepwater, 8 Shallow Water GOM Lease Sale Blocks

Talos Energy High Bidder on 6 Deepwater, 8 Shallow Water GOM Lease Sale Blocks

Houston-based Talos Energy Inc. (NYSE: TALO) was a top five bidder in the recent Gulf of Mexico lease sale held by the Bureau of Ocean Energy Management (BOEM) on August 15, 2018. Talos was the high bidder on six deepwater and eight shallow water blocks. Talos Energy was the high bidder on 6 deepwater, 8 shallow water GOM Lease Sale Blocks, Aug.[Read More…]

August 16, 2018 - 6:14 pm 360 Articles, Closing Bell Story, E&P, Offshore, Popular 3, TOGC23
Contango, CEO Part Ways

Contango, CEO Part Ways

Houston-based Contango Oil & Gas Company (NYSE American: MCF) President and CEO Allan D. Keel has resigned all positions at the company effective immediately, Contango said in a news release yesterday. Contango said it has appointed John C. Goff and Wilkie S. Colyer, Jr. to its board and that Colyer has been appointed Interim President and Chief Executive Officer effective immediately.[Read More…]

August 16, 2018 - 2:49 pm 360 Articles, Closing Bell Story, E&P, People
Weekly Gas Storage: Modest Build

Weekly Gas Storage: Modest Build

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 33 Bcf last week, increasing to 2,387 Bcf from 2,354 Bcf. This is 22.3% below the 3,074 Bcf that was in storage at this point last year, and[Read More…]

Chazen’s Magnolia Announces Q2 Production

Chazen’s Magnolia Announces Q2 Production

Guidance raised on outperformance Magnolia Oil & Gas (ticker: MGY) announced its first quarterly results since its acquisition of assets from EnerVest, giving an initial view into Steve Chazen’s new company. Magnolia was formed from TGP Pace Energy Holding’s $2.66 billion acquisition of EnerVest’s Eagle Ford assets earlier this year. The transaction closed at the end of July, giving Magnolia[Read More…]

Diamondback – Energen to Combine in Second Largest Permian Deal Ever

Diamondback – Energen to Combine in Second Largest Permian Deal Ever

$9.2 billion transaction close second to $9.5 billion CXO-RSPP deal Diamondback Energy (ticker: FANG) continued the recent trend of consolidation in the Permian with the acquisition of Energen (ticker: EGN). This $9.2 billion all-stock deal adds to an active year for large M&A transactions. This deal is the second-largest Permian transaction ever, falling just short of Concho’s (ticker: CXO) $9.5[Read More…]

Anadarko Names EVP, General Counsel

Anadarko Names EVP, General Counsel

The directors of Anadarko Petroleum Corporation (NYSE: APC) have named Amanda M. McMillian EVP and General Counsel, effective immediately. Robert K. Reeves, Anadarko’s EVP, Law and Chief Administrative Officer, will remain EVP, CAO until his retirement at the end of 2018. Anadarko Names Amanda McMillan EVP, General Counsel McMillian joins Danny Brown, Executive Vice President, U.S. Onshore Operations; Bob Gwin, Executive[Read More…]

August 15, 2018 - 5:19 pm 360 Articles, Closing Bell Story, People
Carrizo Snags Delaware Basin Acreage from Devon in $215 Million Cash Bolt-On

Carrizo Snags Delaware Basin Acreage from Devon in $215 Million Cash Bolt-On

Carrizo places deal at $13,000 per net acre Houston’s Carrizo Oil & Gas, Inc. (Nasdaq: CRZO) said Tuesday it will acquire Delaware Basin properties from Devon Energy Corporation (NYSE: DVN) for $215 million in cash. Carrizo said it will fund the purchase with net proceeds from an equity offering. The underwritten public offering of 9,500,000 shares of common stock was priced[Read More…]

Weekly Oil Storage: Surprise Large Build

Weekly Oil Storage: Surprise Large 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 6,805 MBBL last week to 414,194 MBBL from 407,389 MBBL. This is 11% below the 466,492 MBBL that was in storage at this point last year, and is 1% above the five-year[Read More…]

Jagged Peak Boosts Oil Guidance, CapEx

Jagged Peak Boosts Oil Guidance, CapEx

Oil production guidance up 12%, CapEx up 18% Jagged Peak Energy (ticker: JAG) reported second quarter earnings last week, showing net income of $45.1 million, or $0.21 per share. Jagged Peak produced a record 34.6 MBOEPD in Q2, 8% above the high end of guidance. This means the company’s production grew by 25% sequentially and 135% year-over-year. Like many other[Read More…]

PDC Warns of Well Costs Rise on Steel Tariffs

PDC Warns of Well Costs Rise on Steel Tariffs

Total CapEx up to $970 million in 2018; new Wattenberg completion design allows $5 million worth of stages on a pad for $2.5 million PDC Energy (ticker: PDCE) announced second quarter results last week, showing net losses of $160.3 million, or ($2.43) per share. Primarily due to derivative losses and an impairment to non-core acreage, this is well below the[Read More…]

U.S. Refineries: Near-Record High Inputs on Global, Domestic Gasoline, Distillate Fuel Oil Demand

U.S. Refineries: Near-Record High Inputs on Global, Domestic Gasoline, Distillate Fuel Oil Demand

For the week ending July 6, 2018, the four-week average of U.S. gross refinery inputs surpassed 18 million barrels per day (b/d) for the first time on record. U.S. refineries are running at record levels in response to robust domestic and international demand for motor gasoline and distillate fuel oil. Despite record-high inputs, refinery utilization as a percentage of capacity[Read More…]

August 13, 2018 - 6:39 pm 360 Articles, Closing Bell Story, Downstream, Energy News
Permian Efficiency Falling on Transportation Constraints

Permian Efficiency Falling on Transportation Constraints

Effective Rig Count drops to 2,771: Permian oil growth slowing EnerCom has released its latest Effective Rig Count, examining the state of drilling activity in major shale basins. The Effective Rig Count fell to 2,771 in July, marking the first decline in the EERC since the downturn bottomed out in May 2016. The EERC expresses current activity measured in terms[Read More…]