Forecasts cashflow of approximately $3.2 billion at current strip prices for the remainder of 2018 – $66 per barrel for oil and $2.80 per Mcf for natural gas Running 20 Permian Hz rigs Pioneer Natural Resources Company (ticker: PXD) reported Q1 2018 net income of $178 million, or $1.04 per diluted share. Companywide production was 312 MBOEPD in the quarter,
ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share. First quarter production, excluding Libya, was 1,224 MBOEPD. Production from Libya was 45 MBOEPD. Conoco said that it grew year-over-year production in the Eagle Ford, Bakken and Delaware by 20%.
From Reuters The chief executive of Mexico’s national oil company Pemex said on Wednesday it must move toward a stock exchange listing like Saudi Arabia’s Aramco has done but that such a step would take years. Speaking at an oil conference in London, Carlos Trevino pointed to a call by the head of Mexico’s National Hydrocarbons Commission to float a
Royal Dutch Shell’s (ticker: RDS.A) Shell Offshore Inc. finalized its investment decision for the deep-water development, Vito, located in the U.S. Gulf of Mexico. The company said it estimates a forward-looking, breakeven price to be less than $35 per barrel. Vito will be Shell’s 11th deep-water host in the Gulf of Mexico and it is currently scheduled to begin producing
From Global Legal Chronicle Vista Oil & Gas, S.A.B. de C.V. (BMV: VISTA), the first Mexican pure E&P listed company in the Mexican Stock Exchange, has agreed to acquire a fully operational oil & gas platform from Pampa Energía S.A. (“Pampa”) and Pluspetrol Resources Corporation (“Pluspetrol”) with interests in certain exploitation concessions, assessment blocks and exploration permits in Argentina (the
Brazil’s 15th Bidding Round raised over USD$2.4 billion – this sets a new record for Brazil’s auctions. According to the Brazilian National Petroleum Agency, the 15th round will generate investments of USD$361.6 million in the first/exploration phase of the concession contracts alone. Brazil said that 22 offshore blocks were acquired out of the 47 offered. However, there were no offers
Brazil’s state-controlled oil company, Petrobras, has hedged a portion of its 2018 oil production. The move should protect cash flow against downturns in the marketplace. Bloomberg reported that the company hedged 128 MMBbls, or 350,685 BOPD at an average Brent price of $65/bbl. The average cost, a company filing on Wednesday said, is about $3.48 a barrel. Petrobras has become
Results of Mexico’s Shallow Water Auction – Round 3.1 18 bidders participated in the event 16 contracts were tendered to 12 bidders On Tuesday, the opening of bids and awarding of exploration and hydrocarbons production contracts for the First Tender of Round Three Shallow Water GOM were held in a public session that included a live webcast by Mexico’s CNH.
Says Pemex Urgently Needs to Raise Capital From Reuters LONDON (Reuters) – The head of Mexico’s National Hydrocarbons Commission (CNH) urged the government on Wednesday to float a minority stake in national oil and gas firm Pemex on the Mexican stock exchange. Pemex controls the majority of hydrocarbon reserves in Mexico although the sector has been open to foreign investment
U.S. crude oil exports grew to an average of 1.1 MMBOPD in 2017, the EIA said, which is the second full year since restrictions on crude oil exports were removed. Crude oil exports in 2017 were nearly double the level of exports in 2016. Increased U.S. crude oil exports were supported by increasing U.S. crude oil production and expanded infrastructure, the
In the past three years, the U.S. has exported more energy products to Mexico than it imports. That’s a reversal from just a few years ago. Historically, energy trading between Mexico and the U.S. was characterized by Mexican sales of crude oil to the U.S. and American sales of refined petroleum products to Mexico. US-Mexico Imports-Exports Through 2014, the EIA
From the Houston Chronicle It’s been a year since Petróleos Mexicanos, Mexico’s national oil company better known as Pemex, and Australian-based BHP announced a deep-water drilling venture in the Gulf of Mexico. The oil and gas isn’t flowing yet but executives from both sides pronounced it a success during a press briefing during CERAWeek by IHS Markit, the week-long energy
