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360 Articles

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
The Government of Canada Agrees to Buy Trans Mountain Pipeline and Expansion Project from Kinder Morgan

The Government of Canada Agrees to Buy Trans Mountain Pipeline and Expansion Project from Kinder Morgan

Kinder Morgan (ticker: KMI) subsidiary Kinder Morgan Canada Limited (TSX: KML) has agreed to the purchase of the Trans Mountain Pipeline system and the expansion project (TMEP) by the Government of Canada for C$4.5 billion, the company said in a press release this morning. Kinder Morgan said it will work with the Government of Canada to seek a third-party buyer[Read More…]

U.S. Rig Count Heads Up to 1,059

U.S. Rig Count Heads Up to 1,059

Baker Hughes released its weekly rig count today. The total U.S. number of rigs went up 13, ending the week of May 25, 2018 at 1,059. A year ago at this time there were 881 U.S. rigs at work. Texas has the most rigs by far at 534. Oklahoma is the closest competitor at 140 rigs. Last year the two[Read More…]

May 25, 2018 - 4:04 pm 360 Articles, Closing Bell Story, E&P, Industry Insights
The Permian’s Precious Water: E&Ps Weigh In

The Permian’s Precious Water: E&Ps Weigh In

In this Midland/Delaware Basin infrastructure roundup, the following E&Ps are covered: Halcón Resources Company (ticker: HK) Approach Resources Company (ticker: AREX) Apache Company (ticker: APA) Callon Petroleum Company (ticker: CPE)   Waterworks   Halcón plans water saving costs Halcon reported a LOE and workover expense at $6.3 million for the quarter, or $6.36 per Boe. This amount included approximately $700,000[Read More…]

May 25, 2018 - 3:52 pm 360 Articles, Closing Bell Story, E&P, Fracing, Midstream
Callon Petroleum Expands Permian Footprint with $570 Million Delaware Purchase

Callon Petroleum Expands Permian Footprint with $570 Million Delaware Purchase

Consolidation continues in the Permian, with Callon Petroleum (ticker: CPE) purchasing $570 million in assets Thursday. Callon intends to acquire 28,657 net acres in the Delaware, primarily in Ward and Loving Counties, from Cimarex Energy (ticker: XEC). This acreage is partially contiguous with Callon’s assets in the Delaware, and is all at least nearby. Over 90% of the new acreage[Read More…]

Apache Dedicates Alpine High NGLs to Enterprise

Apache Dedicates Alpine High NGLs to Enterprise

Enterprise Products Partners L.P. (NYSE: EPD) and Apache Corporation (NYSE and NASDAQ: APA) executed a long-term agreement, in which Apache is committing 100 percent of its Alpine High natural gas liquids (“NGLs”) to Enterprise. Apache has 336,000 net acres in its Alpine High discovery in the Delaware Basin. Enterprise has committed to accept a minimum of 205,000 barrels per day[Read More…]

May 25, 2018 - 1:15 pm 360 Articles, Closing Bell Story, Midstream
The U.S. Sanctions Venezuela

The U.S. Sanctions Venezuela

On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. Source: WhiteHouse.gov According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any[Read More…]

With Brent Near $80, OPEC Considers Raising Production Output

With Brent Near $80, OPEC Considers Raising Production Output

Supply disruptions threaten in coming months After orchestrating the most successful coordinated action by the group in decades, OPEC is now considering whether to phase out its supply cuts. Since its implementation in January last year, the OPEC cut agreement has seen compliance well above previous attempts at coordinated action by the cartel. The group reconfirmed its commitments to the[Read More…]

May 24, 2018 - 5:18 pm 360 Articles, Closing Bell Story, Crude Oil News, OPEC
Mexico Consumes 56% of U.S. Gasoline Exports, But A New President May Bring Change

Mexico Consumes 56% of U.S. Gasoline Exports, But A New President May Bring Change

American gasoline exports to Mexico have doubled in past five years U.S. exports of crude, LNG and gasoline are all on the rise, driven by the renaissance in the American energy industry. Crude and LNG exports commonly travel far overseas, supplying countries in Europe and East Asia. American exports of gasoline, on the other hand, are much more concentrated, with[Read More…]

May 24, 2018 - 5:14 pm 360 Articles, Closing Bell Story, Mexico
Weekly Gas Storage: Build As Expected

Weekly Gas Storage: Build As Expected

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 91 Bcf last week, increasing to 1,629 Bcf from 1,538 Bcf. This is 33.0% below the 2,433 Bcf that was in storage at this point last year, and[Read More…]

Texas Producers Add Takeaway Capacity

Texas Producers Add Takeaway Capacity

Texas E&Ps are preparing for growth, as two companies announced midstream takeaway agreements today. Sanchez Midstream Partners (ticker: SNMP) announced it will expand its midstream JV with Targa Resources (ticker: TRGP), expanding its takeaway in the Eagle Ford. The tow companies have merged their holdings of gathering lines and a gas processing plant to form the Carnero JV, which will[Read More…]

Boone Pickens, 90, Rang the Closing Bell at the NYSE Today

Boone Pickens, 90, Rang the Closing Bell at the NYSE Today

On the heels of celebrating his 90th birthday on May 22, 2018, legendary oil man and philanthropist T. Boone Pickens traveled to the New York Stock Exchange to ring the Closing Bell in celebration of the recent listing of his NYSE® Pickens Oil Response ETF (NYSE Arca: BOON). The video shows a strong Pickens laughing and smashing down the gavel after[Read More…]

May 23, 2018 - 4:44 pm 360 Articles, Closing Bell Story, E&P, People
Courtesy of Cheniere

Cheniere’s LNG Express Moves Forward with FID for Train 3 at Corpus

Cheniere Energy, Inc. (ticker: LNG) made a positive final investment decision, clearing the way for its Train 3 project at Corpus Christi to reach the goal line. Cheniere said it plans to issue a full notice for Bechtel Oil, Gas and Chemicals, Inc. to continue construction. Courtesy of Cheniere The construction began in late 2017 under limited notice to proceed,[Read More…]

Lilis Adds Crude Gathering Capacity

Lilis Adds Crude Gathering Capacity

Permian E&P Lilis Energy, Inc. (ticker: LLEX) has entered into a crude oil gathering agreement with Salt Creek Midstream, LLC. Salt Creek’s system will be constructed, managed and operated by ARM Midstream Management, LLC. Construction of the project is expected to commence immediately with service to begin in 2019. No volume commitments, Salt Creek provides all capital Salt Creek is[Read More…]

May 23, 2018 - 4:21 pm 360 Articles, Closing Bell Story, E&P, Midstream
Weekly Oil Storage: Large Surprise Build

Weekly Oil Storage: Large 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 5,778 MBBL last week to 438,132 MBBL from 432,354MBBL. This is 15% below the 516,340 MBBL that was in storage at this point last year, and is marginally below the five-year average.[Read More…]

Passive Investment Rising in E&Ps, But Active Holders Still Dominate

Passive Investment Rising in E&Ps, But Active Holders Still Dominate

Active funds still hold two thirds of most E&P companies The rise of passive investment is rippling through the investment world, causing shifts in the shareholder makeup for many companies. Investors looking to benefit from investing in an entire sector instead of a specific company, to lower fees, or to minimize their exposure to the success or failure of just[Read More…]

May 22, 2018 - 5:18 pm 360 Articles, Closing Bell Story, E&P
Iran’s Short-Lived Oil and Gas Boom

Iran’s Short-Lived Oil and Gas Boom

Iran’s energy sector will feel the repercussions of renewed sanctions Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment. Although some sanctions targeting the energy industry were temporarily lifted, and oil production reached ~3.8 MMBOPD in 2017, growth has remained[Read More…]

BP Snaps Up LNG From Venture Global’s Calcasieu Pass

BP Snaps Up LNG From Venture Global’s Calcasieu Pass

Venture Global has contracted 60% of expected Calcasieu Pass output Venture Global LNG’s planned Calcasieu Pass LNG project moved closer to realization today, as BP (ticker: BP) announced a long-term LNG purchase agreement. Venture Global will supply 2 MTPA to BP for 20 years under the new agreement on a free on board basis. BP is the fourth company to[Read More…]

May 21, 2018 - 4:38 pm 360 Articles, Closing Bell Story, LNG, Natural Gas News
U.S. Reigns Supreme as World’s Largest Oil and Gas Producer

U.S. Reigns Supreme as World’s Largest Oil and Gas Producer

America produced just under 30 MMBOEPD last year The shale revolution has transformed the American energy industry, making the U.S. the world’s largest producer of oil and gas. The country has now retained this crown for five years in a row, surpassing both Russia and Saudi Arabia. The U.S. produced just under 30 MMBOEPD in 2017, an all-time record. Natural[Read More…]

Courtesy of RSP Permian

OECD Inventories Lowest in Three Years: IEA

Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA[Read More…]

Rig Count Rises for Seventh-Straight Week

Rig Count Rises for Seventh-Straight Week

Highest activity level since 2015 Drilling activity continued its rise this week, according to the latest edition of Baker Hughes’ Rig Count, meaning activity has risen in 12 of the last 13 weeks. The U.S. rig count rose only slightly, with one net rig coming online. Two land-based rigs and one inland waters rig began drilling this week, while two[Read More…]

2018 Promises Record Marcellus Pipeline Growth

2018 Promises Record Marcellus Pipeline Growth

Takeaway from Northeast has tripled in four years After years of strained capacity and punishing differentials, producers in the Marcellus are finally seeing light at the end of the tunnel. According to the EIA, the Northeast will see record growth in natural gas takeaway this year. If all projects start operations on schedule, the Northeast will have more than 23[Read More…]

A Look at Activity in the Permian from Three Players’ Perspectives

A Look at Activity in the Permian from Three Players’ Perspectives

Oil & Gas 360® takes a look at three companies with operations in the Permian: Halcón Resources Company (ticker: HK) Approach Resources Company (ticker: AREX) Apache Corporation (ticker: APA) Halcón Resources Halcon Resources Overview, May 2018 Production for the first quarter of 2018 averaged 10,967 BOEPD for Halcón, comprised of 70% oil. This production rate represents a 75% growth rate[Read More…]

May 17, 2018 - 4:51 pm 360 Articles, Closing Bell Story, E&P, Fracing