From BNN: Credit has started to flow more freely to Canada’s battered oil and gas sector, though some executives say lenders are favouring larger and more financially secure producers. Many Canadian energy companies had their credit lines cut in recent years as crude prices crashed, with benchmark West Texas Intermediate oil prices hitting a 12-year low of US$26.05 per barrel
Geopark finds success in Latin America While there are scores of independent E&P’s in the United States, Latin America has always been the domain of supermajors and NOC’s. As the only independent pan-regional Latin American E&P, GeoPark (ticker: GPRK) aims to change all that. Founded in 2002, GeoPark has grown over the last 15 years to hold 6 million gross
From Economic Times India’s $2 trillion economy imports 80% of crude it uses; PM looking to reduce oil imports by 10% India approved awarding rights for 31 small discovered oil and gas fields in its first auction in six years, entrusting most of these to new entrants as it seeks to boost local production. Sun Petrochemicals Pvt., a privately owned company
From BNN/Reuters CALGARY, Alberta – Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company’s Line 3 should be one of them. Monaco’s comments come amid growing speculation that Canada faces pipeline overbuild after years of struggling with
Iraq Update – from various sources From CNN Before departing for his first trip to Baghdad as US Defense Secretary, James Mattis told reporters, “We’re not in Iraq to seize anybody’s oil.” His comments appeared to be a departure from President Donald Trump, who since taking office has made controversial comments about Iraq and its oil. A day after his inauguration,
Despite relatively low rig activity, the Utica shows the strongest gains in production efficiency since January 2014 Baker Hughes Industries (ticker: BHI) released its weekly update on the number of rigs operating in the United States Friday, showing ten more rigs active in the country from last week. The Permian remains the most active basin in the country, but despite
2017 Development to focus on Permian, Eagle Ford, Montney Encana (ticker: ECA) announced fourth quarter earnings and 2016 reserves Thursday, showing a net loss of $281 million, ($0.29) per share. Full year results were a loss of $944 million, or ($1.07) per share. These results were hampered by special charges including impairments and a net loss on risk management. After
It’s like being in the Midland, but with better financial terms – TransAtlantic discusses its operations in Turkey The last nine years have been marked by explosive growth in the North American oil and gas sector, but many companies continue to exploit hydrocarbon resources successfully in other parts of the world as well. TransAtlantic Petroleum (ticker: TAT) is one such
2016 reserve replacement ratio 409% Diamondback Energy (ticker: FANG) announced fourth quarter results and reserves Wednesday, reporting a net income of $26 million, or $0.32 per share. Full year results are a loss of $165 million, or ($2.20) per share. These results are far better than 2015, when Q4 and full year earnings per share were ($2.80) and ($8.74), respectively.
Black Stone Minerals is on track to maintain 9% CAGR for its common units Increasing distribution to stockholders and unitholders has become difficult over the course of the downcycle. Low commodity prices stymied growth, reducing cash flow for companies and stressing company balance sheets. Despite that, some companies, like Black Stone Minerals (ticker: BSM) have been able to continue to
From Bloomberg: Iraqi crude shipments rose 3 percent in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut that has put pressure on oil prices. Exports increased to 3.93 million barrels a day in the first 15 days of the month, 122,000 barrels a day more than
From CBC: The stabilization in oil prices has Alberta businesses growing increasingly optimistic about 2017’s economic climate. According to the Conference Board of Canada’s Mid-Year Pulse Check — an update report on the board’s annual Compensation Planning Outlook — that optimism has resulted in a 1.4 to 1.6 per cent rise in salary projections in the oil and gas sector this year. The
