Producing Countries are Floundering, whileTwo Big Users Soar Crude oil is one of the most important commodities in the world, with many economies around the world depending on producing and selling oil for the bulk if not all of their national revenues. The precipitous drop in prices over the last 18 months has changed the playing field for oil and
Noble Energy, Inc. (“Noble Energy” or “the Company”) (NYSE: NBL) today announced the early tender results for its previously announced tender offers to purchase up to approximately $1.4 billion aggregate principal amount of its 5.875% Senior Notes due 2024, 5.875% Senior Notes due 2022 and 5.625% Senior Notes due 2021 (collectively, the “Notes”) that were validly tendered and not validly
Rowan Companies plc (“Rowan” or the “Company”) (RDC) announced today that its report of drilling rig status and contract information has been updated as of January 20, 2016. The report titled “Fleet Status Report” can be found on the Company’s website at www.rowan.com. Rowan intends to provide quarterly updates to this report in 2016. Notable events in the current report include:
Total and Zarubezhneft have agreed to adjust their participation in the Kharyaga Production Sharing Agreement whereby Total will transfer a 20% interest together with operatorship to Zarubezhneft. Following the completion of the transaction Total will retain a 20% interest in Kharyaga alongside Zarubezhneft (40%, operator), Statoil (30%) and Nenets Oil Company (10%). The transaction is subject to the approval of
Gran Tierra Energy Inc. (“Gran Tierra” or the “Company“) (NYSE MKT:GTE)(TSX:GTE), a company focused on oil exploration and production in Colombia, today announced the Company’s 2015 year-end estimated reserves as evaluated by the Company’s independent qualified reserve evaluator McDaniel & Associates Consultants Ltd. (“McDaniel“) in a report with an effective date of December 31, 2015 (the “GTE McDaniel Reserves Report“).
Clayton Williams (ticker: CWEI) and Concho Resources (ticker: CXO) each made significant announcements regarding their respective Delaware Basin positions yesterday, including an acreage swap that is “highly beneficial to both companies,” said Mel Riggs, President of CWEI, in the company’s press release. The two exploration and production companies also announced separate, unrelated transactions in their releases, but the direct exchange
PDC Energy, Inc. (“PDC,” the “Company,” “we” or “us”) (PDCE) today reported year-end 2015 proved reserves and full-year production. Year-End 2015 Highlights Proved reserves of 272.8 million barrels of oil equivalent (“MMBoe”), an approximate 9% increase over year-end 2014 proved reserves with estimated reserve replacement of 247% Increased well-density on proved undeveloped horizontal (“PUD”) Niobrara locations in the Wattenberg Field
KMI’s 2015 DCF/Share Increased to $2.14, Up 7% Over 2014 2016 Cash in Excess of Dividend Expected to Fully Fund Growth Projects Kinder Morgan, Inc. (KMI) today announced that its board of directors approved a quarterly cash dividend of $0.125 ($0.50 annualized) payable on Feb. 15, 2016, to shareholders of record as of the close of business on Feb. 1,
CNOOC’s 2016 plan looks to lower production for the first time in a decade Lower oil and gas prices are forcing at least one of China’s producers to lower its production goal for 2016. In a press release Tuesday, China National Offshore Oil Corporation (CNOOC, ticker: CEO) announced that it plans to produce 5% less than in 2015, and cut
Bank of Canada holds the overnight rate at 0.5% The Bank of Canada announced that it would continue to hold its overnight interest rate at 0.5%. Economists were split down the middle regarding whether or not the Bank of Canada would hold or cut the rate that retail banks charge each other for short-term loans. In maintaining its overnight rate
Haynes and Boone polled banks, producers, private equity firms, professional services and oilservice companies in January to take an early pulse of the spring redetermination expectations from the industry and the financial institutions supplying the credit. Key findings by Haynes and Boone: Overall respondents expect 79% of the borrowers to see a decrease in their borrowing base in spring 2016
WPX Energy (WPX) has added more hedges to protect cash flows and repurchased a portion of notes that are due in early 2017. Approximately three-fourths of WPX’s 2016 anticipated oil volumes are hedged well above current prices. The company now has 29,380 barrels of oil per day hedged at $60.85 per barrel in 2016. This includes another 2,000 bbl/d added
