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360 Articles

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…]

WPX Energy, Catalyst Midstream Partners, LLC Delaware basin Joint Venture construction. Pipeline construction near Tucker Draw wells. Phoenix rig 10, left and H&P rig 566, right.

WPX Plans 30% Production Growth and Free Cash in 2019

May sell pipeline interests to fund additional CapEx WPX Energy (ticker: WPX) announced third quarter results today, showing a net loss of $7 million, or ($0.01) per share. This loss was due to WPX’s derivative losses, as if these and other special charges are excluded the company earned an adjusted $29 million in Q3. WPX produced 123.8 MBOEPD in Q3,[Read More…]

Weekly Gas Storage: Build Slowing

Weekly Gas Storage: Build Slowing

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 3,143 Bcf from 3,095 Bcf. This is 16.5% below the 3,766 Bcf that was in storage at this point last year, and[Read More…]

Whiting Chalks Up Largest Earnings In Four Years

Whiting Chalks Up Largest Earnings In Four Years

Highest net income since Q3 2014 Whiting Petroleum (ticker: WLL) announced third quarter results today, showing net income of $121.4 million, or $1.33 per share. This is the strongest earnings reported by Whiting since Q3 2014. Whiting produced 128.7 MBOEPD in Q3, up 2% from last quarter’s output. The company spent $207 million in CapEx this quarter, nearly even with[Read More…]

Anadarko Waiting Until Election to Announce 2019 Plans

Anadarko Waiting Until Election to Announce 2019 Plans

Achieves record oil production of 175 MBOPD Anadarko Petroleum (ticker: APC) announced third quarter results today, showing income of $363 million, or $0.72 per share. Anadarko achieved a record 175 MBOPD from its onshore U.S. activities, up 37% from last year after adjusting for divestitures. In total, the company produced 682 MBOEPD in Q3. The company spent a total of[Read More…]

Earnings Announcements Will Dispel Little Uncertainty for DJ Companies

Earnings Announcements Will Dispel Little Uncertainty for DJ Companies

Company earnings announcements are often one of the best opportunities to evaluate the health of a company, typically giving an overview of the state of a firm and its operations. Earnings announcements generally remove immediate uncertainty regarding company earnings, production and immediate plans. For DJ companies, on the other hand, actual company earnings are not the primary focus of investors[Read More…]

BP is Big on its Unconventional Buy, Gives Lower 48 a New Name: ‘BPX Energy’

BP is Big on its Unconventional Buy, Gives Lower 48 a New Name: ‘BPX Energy’

BP has completed the $10.5 billion acquisition of BHP’s U.S. unconventional assets in a landmark deal that will significantly upgrade BP’s U.S. onshore oil and gas portfolio. The acquisition – which was announced in July and closed October 31– adds oil and gas production of 190,000 barrels of oil equivalent per day (boe/d) and 4.6 billion oil equivalent barrels (boe)[Read More…]

October 31, 2018 - 3:46 pm 360 Articles, Closing Bell Story, E&P
Weekly Oil Storage: Continued Build

Weekly Oil Storage: Continued 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 3,217 MBBL last week to 426,004 MBBL from 422,787 MBBL. This is 6% below the 454,906 MBBL that was in storage at this point last year, and is 3% above the five-year[Read More…]

Final Week of Voting in Colorado: COGCC Hears from Both Sides of Proposition 112 Issue

Final Week of Voting in Colorado: COGCC Hears from Both Sides of Proposition 112 Issue

Ballots counted are rising: Colorado Sec. of State reports 801,000 ballots have been received to date – Dems and Republicans close gap to within 1,000 of one another – one week remains  With only one week to go before final results are tallied, the Colorado Oil and Gas Conservation Commission’s (COGCC) regular meeting on Oct. 29 provided a public platform[Read More…]

October 30, 2018 - 5:48 pm 360 Articles, Closing Bell Story, Law, Politics, Popular 1, Regulatory
Courtesy of Chesapeake

$3.98 Billion Deal Creates Major Eagle Ford Player

Second Eagle Ford deal in two days Chesapeake Energy (ticker: CHK) announced a major acquisition today, buying Eagle Ford operator WildHorse Resource Development (ticker: WRD). WildHorse holds a large position in the northern portion of the Eagle Ford, near a portion of Chesapeake’s acreage in the play. The company is currently producing 47 MBOEPD from its 420,000 net acres in[Read More…]

STACK’s Where It’s At: Continental Plans More Wells While Spending 25% Less

STACK’s Where It’s At: Continental Plans More Wells While Spending 25% Less

18 STACK wells had combined 24-hour IP of 74,260 BOEPD Continental Resources (ticker: CLR) announced third quarter results today, showing net income of $314.2 million, or $0.84 per share. After adjusting for impairments and other special charges, Continental earned $337 million in Q3, up 23% from Q2. Continental produced 296.9 MBOEPD in Q3, above expectations. The company plans to continue[Read More…]

Denbury Pivots to Unconventionals with $1.7 Billion ‘New Frontier’

Denbury Pivots to Unconventionals with $1.7 Billion ‘New Frontier’

Acquiring Penn Virginia’s Eagle Ford presence Denbury Resources (ticker: DNR) announced a major change today, with the acquisition of Penn Virginia (ticker: PVAC). The $1.7 billion deal represents a significant shift for Denbury, adding unconventional assets to the company’s portfolio of conventional and EOR fields. Penn Virginia owns a major position in the Eagle Ford, holding over 84,000 net acres[Read More…]