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360 Articles

John Fox, Co-Founder of MarkWest Hydrocarbon, Issues Open Letter To MPC Board

Marathon Announces MPLX Executive Changes

Marathon Petroleum Corp. (NYSE: MPC) announced its leadership for MPLX (NYSE: MPLX), following the combination of MPC and Andeavor (NYSE: ANDV). Reporting to Michael J. Hennigan, previously announced as president: Phillip M. Anderson, currently Andeavor senior vice president, Northern Area Value Chain, will be MPLX senior vice president of Business Development Gregory S. Floerke, currently MPLX executive vice president of[Read More…]

August 13, 2018 - 12:50 pm 360 Articles, Closing Bell Story, E&P
Mark Papa, CEO of EOG Resources photographed in the lobby of Heritage Plaza in Houston, Texas on Thursday, January  21, 2011. © 2011 Robert Seale 

© 2011 Robert Seale.  
Robert Seale Photography
www.robertseale.com
832-654-9572

Oil States International Chairman Mark Papa Resigns to Join Schlumberger’s BOD

Oil States International, Inc. (NYSE:OIS) announced last week that its board of directors elected Robert “Bob” L. Potter as chairman of the board, following the resignation of Mark G. Papa as director and chairman. Papa served as a director of Oil States since going public in February 2001 and as chairman since February 2016. Papa, who was instrumental in building shale giant EOG Resources (NYSE: EOG), resigned from[Read More…]

August 13, 2018 - 12:40 pm 360 Articles, Closing Bell Story, E&P
New Mexico Rig Count Reaches Multi-Decade High

New Mexico Rig Count Reaches Multi-Decade High

U.S. count up 13 for the week U.S. drilling activity rose sharply today, as rig counts once again exceeded 1,050 rigs, according to the Baker Hughes Weekly Rig Count. A net 13 rigs came online this week, meaning there are now 1,057 rigs active in the U.S., the highest activity level since early June. Overall, this week’s increase continues the[Read More…]

Diamondback Looks to North Midland With $1.25 Billion Acquisition

Diamondback Looks to North Midland With $1.25 Billion Acquisition

Buys 25,500 acre-Ajax Resources Diamondback Energy (ticker: FANG) announced second quarter results today, showing net income of $219 million, or $2.22 per share. Diamondback produced 112.6 MBOEPD in Q2, up 10% sequentially and 46% year-over-year. The company is increasing production guidance slightly, and is now predicting overall 2018 output of around 117 MBOEPD. The company also announced a major acquisition[Read More…]

Flotek Industries Q2 Conference Call: Operators Are Asking for Expanded Chemistry Options

Flotek Industries Q2 Conference Call: Operators Are Asking for Expanded Chemistry Options

Flotek Industries Inc. (NYSE: FTK) reported Q2 results this week and executives discussed operations for the company’s oil and gas industry segment during the Q2 2018 earnings call. 2Q Financial Snapshot Revenue of $59.1 million for 2Q 2018 decreased 2.4% compared to 1Q 2018 and decreased 30.6% compared to 2Q 2017. Cash SG&A of $13.1 million for 2Q 2018 (excluding stock compensation expense of $2.4[Read More…]

LINN Energy Completes Spin-Off of Riviera Resources, Names New CEO

LINN Energy Completes Spin-Off of Riviera Resources, Names New CEO

LINN Energy, Inc. (OTCQB: LNGG) completed the spin-off of Riviera Resources, Inc., leaving Riviera as now an independent reporting company trading on the OTC Market under the ticker symbol “RVRA.” LINN stockholders who held LINN common stock on August 3, 2018 received a distribution of one share of Riviera common stock for each share of LINN common stock held on the record date. As[Read More…]

August 10, 2018 - 4:13 pm 360 Articles, A&D Transactions, Closing Bell Story, E&P
Permian Power: Apache and Kayne Anderson Birth a $3.5-Billion Midstream Corporation

Permian Power: Apache and Kayne Anderson Birth a $3.5-Billion Midstream Corporation

New company Altus Midstream will provide midstream ops for Apache’s Alpine High Apache Corp (ticker: APA) and Kayne Anderson Acquisition Corp (ticker: KAAC) announced today they will combine midstream assets, forming a $3.5 billion pure-play Permian midstream player. The combined company, called Altus Midstream, will be publicly traded. Altus’ primary asset will be Apache’s Alpine High gathering and processing systems,[Read More…]

Heard on The Call: Bonanza Creek Energy

Heard on The Call: Bonanza Creek Energy

Heard on The Call: Bonanza Creek Energy Bonanza Creek Energy is presenting at the EnerCom Conference on Wednesday, August 22nd in Denver. Bonanza Creek Energy Inc. reported Q2 results today and elaborated on its DJ Basin operations during the company’s Q2 2018 earnings call held August 9. Excerpts from the call are below. Second quarter sales volumes averaged 18.0 MBoe per[Read More…]

August 9, 2018 - 5:48 pm 360 Articles, Closing Bell Story, Company Earnings, E&P, Earnings
Courtesy of Extraction Oil & Gas, Inc.

Heard on The Call: Extraction Oil & Gas Inc.

Extraction Oil & Gas Inc. (NASDAQ: XOG) discusses Q2 2018 Earnings, Operation updates, and thoughts on Initiative 97. Excerpts from the earnings call are below: Q: Could you guys provide your thoughts on Initiative 97 in the news stream from this week? Extraction Chairman and CEO Mark A. Erickson: Firstly, I would like to just say some cautionary words with[Read More…]

August 9, 2018 - 5:22 pm 360 Articles, Closing Bell Story, E&P, Earnings
WildHorse Resource Development Reports Strong Q2 Margins As Eagle Ford Pure Play

WildHorse Resource Development Reports Strong Q2 Margins As Eagle Ford Pure Play

WildHorse is Presenting Tuesday, August 21st at the EnerCom Conference WildHorse Resource Development Corporation (NYSE: WRD) reported on operating and financial results for the three months ended June 30, 2018. Some of the operational highlights from its second quarter 2018 included an Increased average daily production by 107% to 46.7 MBOEPD compared to 22.6 MBOEPD for the second quarter 2017,[Read More…]

August 9, 2018 - 2:21 pm 360 Articles, Closing Bell Story, E&P, Earnings
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 46 Bcf last week, increasing to 2,354 Bcf from 2,308 Bcf. This is 22.2% below the 3,025 Bcf that was in storage at this point last year, and[Read More…]

Pioneer Has No Exposure to Midland Oil Pricing Through 2020

Pioneer Has No Exposure to Midland Oil Pricing Through 2020

Pioneer will be pure-play Permian by end of year Pioneer Natural Resources (ticker: PXD) reported second quarter results today, showing net income of $66 million, or $0.38 per share. After adjusting for derivative losses and other special charges, Pioneer earned an adjusted $243 million in Q2 2018. The company produced 280 MBOEPD from the Permian in Q2, 328 MBOEPD company-wide.[Read More…]

Razor’s WTI Torque High as Small Price Increase Brings Large Earnings Jump

Razor’s WTI Torque High as Small Price Increase Brings Large Earnings Jump

Razor Energy (ticker: RZE) announced second quarter results last week, showing net income of $2.5 million, or $0.16 per share. This result is a significant improvement over both Q2 2017 and Q1 2018, when the company reported a loss of 1.6 million and earnings of 0.3 million, respectively. Much of this improvement in results is due to the improved oil[Read More…]

Bonanza Creek Divests Cotton Valley Assets, Becomes Wattenberg Pure Play

Bonanza Creek Divests Cotton Valley Assets, Becomes Wattenberg Pure Play

Bonanza Creek Energy (NYSE: BCEI) sold its Mid-Continent assets this week to an undisclosed buyer for $117 million in cash, based on a February 1, 2018 effective date, the company reported. The divested operations include approximately 11,000 net acres located in Lafayette and Columbia Counties, primarily targeting the Cotton Valley formation. On Monday, Bonanza Creek announced it had divested its Mid-Continent assets. Source: BCEI Q1 2018 presentation The[Read More…]

August 8, 2018 - 3:09 pm 360 Articles, Closing Bell Story, E&P
Weekly Oil Storage: Small Draw

Weekly Oil Storage: Small 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 1,351 MBBL last week to 407,389 MBBL from 408,740 MBBL. This is 14% below the 475,437 MBBL that was in storage at this point last year, and is 1% below the five-year[Read More…]

Heard On The Call: Carrizo Oil & Gas Inc.

Heard On The Call: Carrizo Oil & Gas Inc.

Carrizo Oil & Gas Inc. (NASDAQ: CRZO) elaborates on current operations and Q2 earnings. The Excerpts from the Q2 Call are below. Q: Eagle Ford continues to look like you’re having really nice success there. Can you just talk about space in a little bit more there? I know you’ve been able to down space a bit with the Brown[Read More…]

August 7, 2018 - 6:41 pm 360 Articles, Closing Bell Story, Company Earnings, E&P, Earnings
Heard on The Call: Oasis Petroleum Inc.

Heard on The Call: Oasis Petroleum Inc.

Oasis Petroleum Inc. (NYSE:OAS) discusses earnings and operation updates on the 2018 Q2 earnings call. Excerpts and details from the call are below. Q: On the increase in the expected Delaware Q4 production rate, can you just talk more about the drivers there? How should we think about well performance versus the timing component, just thinking about the two wells[Read More…]

August 7, 2018 - 6:10 pm 360 Articles, Closing Bell Story, E&P, Earnings
Heard On The Call: Centennial Resource Development & Earthstone Energy Inc.

Heard On The Call: Centennial Resource Development & Earthstone Energy Inc.

Heard On The Call: Centennial Resource Development Centennial Resource Development (NASDAQ: CDEV) elaborates on pure play in the Delaware and Permian Basins. Excerpts from the Q2 Earnings call are below.  Q: Could give some more thoughts on the gas situation in Delaware, what’s your view about how things play out at a basin level when we bump into capacity and[Read More…]

August 7, 2018 - 5:40 pm 360 Articles, Closing Bell Story, E&P, Earnings
EIA Releases STEO

EIA Releases STEO

The EIA today released data on the main energy producing industries in the U.S, and its predictions for 2019. Commodities pricing In July 2018, Brent crude oil spot prices averaged $74 per barrel (b), which is largely unchanged from the average in June. EIA expects Brent spot prices will average $72/b in 2018 and $71/b in 2019. EIA also expects[Read More…]

August 7, 2018 - 3:59 pm 360 Articles, Closing Bell Story, Crude Oil News, E&P, Energy News
Heard On The Call: Gran Tierra Energy On New Well Performance

Heard On The Call: Gran Tierra Energy On New Well Performance

Gran Tierra Energy reported its Q2 earnings and held a conference call covering current well activity and production. Excerpts from the Q2 earnings call are below: Q : I’ll start with production. I’d like to drill you a bit more on production please. You increased your spending twice this year now, granted the – majority of that was for infrastructure,[Read More…]

August 6, 2018 - 6:29 pm 360 Articles, Closing Bell Story, E&P, Earnings
Heard on the Call: SM Energy Building Permian Momentum with Merlin-Maximus

Heard on the Call: SM Energy Building Permian Momentum with Merlin-Maximus

SM Energy Recently held its Q2 Earnings Call. Selected excerpts from the call are below. Q: As we look at CapEx coming down a little bit in the fourth quarter and a large pad looking to start up sometime during the first quarter, realizing that can move around, what’s the thoughts around the potential for fairly lumpy growth as you[Read More…]

August 6, 2018 - 6:17 pm 360 Articles, Closing Bell Story, E&P, Earnings
Heard on the Call: Concho Resources, Noble Energy, Southwestern Energy

Heard on the Call: Concho Resources, Noble Energy, Southwestern Energy

Concho Resources (ticker: CXO) now running 32 rigs Q: When I’m looking at the various kind of sizes of the projects, anywhere from kind of 5-well pads to 20-well pads. And you all do mention in the slides that, for example, on the Dominator pad like you all had to basically coordinate over a year in advance with the midstream[Read More…]

WPX Energy, Delaware basin. Three drilling rigs on multi-well pads. L to R: Orion Drilling, Pegasus on the CBR 22-10H, Aries on the CBR 22-14H.

WPX Oil Ramping Up Fast

Oil output comes in 5 MBOPD above expectations WPX Energy (ticker: WPX) announced second quarter results last week, showing a net loss of $83 million, or ($0.21) per share. WPX produced 125 MBOEPD in Q2, continuing the company’s recent pro forma growth. This quarter’s output is up 65% from Q2 2017 and represents 22% growth compared to Q1 2018. WPX[Read More…]

Heard On The Call: Eclipse Resources Details New Wells

Heard On The Call: Eclipse Resources Details New Wells

Eclipse Resources (NYSE: ECR) had its Q2 conference call last week. Excerpts from the Q&A are below. Q: I had a couple of questions on the Marcellus side, just seems like there’s a superior IRR case here now with some of the liquid strength, the wells are outperforming your initial expectations. How dominant could that program become, I guess, as[Read More…]

August 6, 2018 - 4:22 pm 360 Articles, Closing Bell Story, E&P, Earnings
Kosmos Energy Dives Into Gulf of Mexico with $1.225 Billion Acquisition of Deep Gulf Energy

Kosmos Energy Dives Into Gulf of Mexico with $1.225 Billion Acquisition of Deep Gulf Energy

Kosmos Energy (NYSE: KOS) said it will acquire privately held Deep Gulf Energy, a deep-water company operating in the Gulf of Mexico from First Reserve and other shareholders for a total consideration of $1.225 billion. This transaction will add approximately 25,000 BOEPD production (~85% oil), and estimated 2P reserves of approximately 80 MMBOE, the company said in a press release. The[Read More…]

August 6, 2018 - 3:40 pm 360 Articles, Closing Bell Story, E&P, Energy News
Edge of the Wattenberg: Moratorium Expires but will Drilling Return to Boulder County?

Colorado Fair Compensation for Takings Amendment Initiative Goes to the Secretary of State

On Friday Colorado Secretary of State Wayne Williams reported that the proponents of the private property rights measure – Initiative 108 – had turned the collected signatures over to the Secretary of State. The Secretary of State’s office now has 30 days to review the information provided on the petitions and determine whether the proposed measure has enough verified signatures for the[Read More…]

August 6, 2018 - 11:13 am 360 Articles, Closing Bell Story, Law, Regulatory
EOG Reports Nearly 3,000% Increase in Net Income

EOG Reports Nearly 3,000% Increase in Net Income

“The EOG Machine is Firing on All Cylinders”: Chairman and CEO Bill Thomas EOG Resources, Inc. (NYSE: EOG) reported second quarter 2018 results and beats its oil, natural gas, and NGL production targets. Highlights Net income of $696.7 million, or $1.20 per share a 2,916% increase YOY Total crude oil production of 384,600 BOPD, up 15% YOY (Company Record) Total[Read More…]

Rig Count Dips

Rig Count Dips

Operations reaching equilibrium near 1,050 rigs Drilling activity fell in the U.S. this week, as rig counts continue to meander near 1,050 total rigs, according to Baker Hughes Weekly Rig Count. A net four rigs shut down this week, leaving 1,044 active in the country. Five land-based rigs stopped drilling, while one offshore rig became active. There has been little[Read More…]

Energy Transfer on Trend: Consolidates MLP

Energy Transfer on Trend: Consolidates MLP

Energy Transfer Equity, L.P. (NYSE: ETE) and Energy Transfer Partners, L.P. (NYSE: ETP) announced that an agreement upon the merger of ETP with ETE in a unit-for-unit exchange. In connection with the transaction, ETE’s incentive distribution rights (IDRs) in ETP will be cancelled. Transaction Structure; Source: Energy Transfer ETP unitholders (other than ETE and its subsidiaries) will receive 1.28 common[Read More…]

TPG Pace Energy Holdings Closes $2.6 Billion Merger

TPG Pace Energy Holdings Closes $2.6 Billion Merger

Steve Chazen up and running in the Eagle Ford, Austin Chalk Steve Chazen’s newly formed company, Magnolia Oil & Gas, is up and running, its stock trading on the NYSE under ticker MSY. Magnolia came out of TPG Pace Energy Holdings Corp. (NYSE: TPGE) merger with EnerVest, Ltd.’s South Texas Division for $2.66 billion. The deal closed July 31. The[Read More…]

August 3, 2018 - 2:47 pm 360 Articles, Closing Bell Story, E&P, Mergers & Acquisitions