Crude Oil News

The nightmare of shopping in Venezuela - NPR

Hungry Venezuelan Workers Are Collapsing. So Is the Oil Industry

From Bloomberg

At 6:40 a.m., Pablo Ruiz squats at the gate of a decaying refinery in Puerto La Cruz, Venezuela, steeling himself for eight Sisyphean hours of brushing anti-rust paint onto pipes under a burning sun. For breakfast, the 55-year-old …

February 22, 2018 - 4:00 pm Closing Bell Story‎, Crude Oil News
Weekly Oil Storage: Build Ends

Weekly Oil Storage: Build Ends

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 fell by 1,616 MBBL last week to 420,479 MBBL, from 422,095 MBBL. This is …

America’s Emerging Petro Economy Flips the Impact of Oil

America’s Emerging Petro Economy Flips the Impact of Oil

From The Wall Street Journal

The effect of oil prices on the U.S. economy used to be straightforward: Higher was bad. Yet between 2014 and early 2016, as oil collapsed, growth slowed sharply. Since then oil has doubled, yet …

February 21, 2018 - 7:43 pm Closing Bell Story‎, Crude Oil News
At 4 MMBOPD, Texas is Fifth Largest Oil Producing ‘Country’

At 4 MMBOPD, Texas is Fifth Largest Oil Producing ‘Country’

Fifth largest oil producer, fourth largest gas producer

Attendees of EnerCom Dallas heard Federal Reserve Bank of Dallas Senior VP and Research Advisor Mine Yücel outline the state of the modern oil and gas industry.

Yücel noted that the U.S. …

Encana Montney Liquids Production to Double in 2018, Permian up 30%

Encana Montney Liquids Production to Double in 2018, Permian up 30%

Permian and Montney will receive 70% of all 2018 CapEx

Encana (ticker: ECA) announced fourth quarter results and reserves today, showing a net loss of $229 million, or ($0.24) per share. Despite this quarter’s loss, the company earned a net …

Rig Count Holds at 975:  Highest Point Since April 2015

Rig Count Holds at 975: Highest Point Since April 2015

Alaska activity up 80%

Drilling activity in the U.S. was flat this week, holding steady at the highest rig count in three years according to Baker Hughes.

The total number of rigs operating in the country was unchanged at 975, …

North Dakota Oil Production Clocks in at 1.2 million BOPD, Gas at 2 Bcf/day

North Dakota Oil Production Clocks in at 1.2 million BOPD, Gas at 2 Bcf/day

Production down slightly as winter chills activity

The North Dakota Industrial Commission has released its latest Oil and Gas Production Report, outlining hydrocarbon activity in the state for December 2017.

Production was down slightly across the board, as the North …

Weekly Oil Storage: Build Continues

Weekly Oil Storage: Build Continues

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 1,841 MBBL last week to 422,095 MBBL, from 420,254 MBBL. This is …

Venezuelan Oil Production Continues Steep Slide: OPEC

Venezuelan Oil Production Continues Steep Slide: OPEC

Total OPEC production down 8.1 MBOPD

OPEC has released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry.

Total OPEC production fell slightly in January, dropping by 8.1 MBOPD to 32,302 …

EnerCom Effective Rig Count Approaches 2,500

EnerCom Effective Rig Count Approaches 2,500

Improvements in rigs, rapid pace for pad drilling, more pumping horsepower and higher efficiencies boost effective rig count to 2,495 rigs

EnerCom has released the latest Effective Rig Count, examining the state of drilling activity in major shale basins.

The …

U.S. Rig Count Hits Highest Level in Three Years

U.S. Rig Count Hits Highest Level in Three Years

975 rigs drilling today; Permian adds 10; horizontal rigs add 24 and are 85% of all U.S. drilling activity

Unconventional drilling activity came roaring back this week, according to the latest edition of Baker Hughes’ Weekly Rig Count.

The total …

Weekly Oil Storage: Small Build

Weekly Oil Storage: Small 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 1,895 MBBL last week to 420,254 MBBL, from 418,359 MBBL. This is …

U.S. Shale Is Here To Stay: EIA’s Annual Energy Outlook

U.S. Shale Is Here To Stay: EIA’s Annual Energy Outlook

Tight oil, gas will dominate production over next 30 years

The EIA released its Annual Energy Outlook today, examining the long-term prospects for oil, gas and other energy sources in the U.S. The Annual Energy Outlook makes predictions through 2050, …

Midstates Petroleum Proposes Merger with SandRidge

Midstates Petroleum Proposes Merger with SandRidge

Merger would create $1 billion Mid-Con company

Midstates Petroleum (ticker: MPO) proposed a merger with SandRidge Energy (ticker: SD), only a few weeks after the SandRidge-Bonanza Creek (ticker: BCEI) merger was scrapped.

This potential merger would see SandRidge holders …

WPX Exits San Juan Basin, Sharpens Sites on Permian, Williston

WPX Exits San Juan Basin, Sharpens Sites on Permian, Williston

$700 million proceeds for Gallup oil play 

‘Our bias for action has completely reshaped our story’ – Rick Muncrief 

WPX Energy (ticker: WPX) announced its exit from the San Juan Basin, selling its assets in the Gallup oil play.  

WPX …

China Becomes World’s Largest Crude Importer

China Becomes World’s Largest Crude Importer

China imported 8.4 MMBOPD

China took the crown as the world’s largest crude oil importer in 2017, according to a note released by the EIA today.

China imported an average of 8.4 MMBOPD in 2017, compared with 7.9 MMBOPD for …

U.S. Oil Production Reaches Highest Output in 47 Years

U.S. Oil Production Reaches Highest Output in 47 Years

10 MMBOPD+ has only been achieved twice before

U.S. crude oil production exceeded 10 MMBOPD in November 2017, a milestone that has not been surpassed for 47 years.

According to the EIA, the U.S. produced 10.038 MMBOPD in November, the …

Source: Helix Energy

U.S. Adds Six Oil-Targeting Rigs: Baker Hughes

Small activity shifts, overall count down one

Drilling activity decreased slightly this week, with only minor changes in most categories, according to Baker Hughes Weekly Rig Count.

The total number of rigs active in the U.S. dropped by one, falling …

PetroQuest Sold its GOM Properties, Sees Reserves Up 36%

PetroQuest Sold its GOM Properties, Sees Reserves Up 36%

Achieved 247% reserve replacement ratio

PetroQuest (ticker: PQ) announced 2017 reserves today, showing a 36% increase in reserves; The company also announced the divestiture of its offshore Gulf of Mexico assets.

Reserves grow PetroQuest now holds 156 Bcfe in reserves, …

Drilled, Baby, Drilled

Drilled, Baby, Drilled

From The Wall Street Journal

Readers of pre-millennial vintage may recall the 2008 presidential campaign when Republicans and especially Sarah Palin picked up the chant “drill, baby, drill” as a response to soaring oil prices. The theme was much derided, …

ConocoPhillips Announces $5.5 Billion 2018 Spend, $400 Million Alaska Acquisition

ConocoPhillips Announces $5.5 Billion 2018 Spend, $400 Million Alaska Acquisition

200% disposition-adjusted reserve replacement ratio

ConocoPhillips (ticker: APC) announced full year results and reserves today, showing how the world’s largest independent dealt with the past year’s developments.

ConocoPhillips earned $1.6 billion in Q4 2017, or $1.32 per share, but reported …

Weekly Oil Storage: Record Draw Ends

Weekly Oil Storage: Record Draw Ends

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 fell by 6.8 MMBBL last week to 418.4 MMBBL, from 411.6 MMBBL. This is …

Chevron Announces Gulf of Mexico Discovery

Chevron Announces Gulf of Mexico Discovery

Chevron (ticker: CVX) announced a major oil discovery in the Gulf of Mexico today, at the Ballymore prospect.

Ballymore is located in the Mississippi Canyon area of the Gulf, about three miles from Chevron’s Blind Faith platform. Located in over …

It’s Time for Us to Stomp on the Permian Accelerator: Exxon

It’s Time for Us to Stomp on the Permian Accelerator: Exxon

ExxonMobil says its tight oil production from Delaware and Midland basins will jump 5-fold by 2025

XOM plans to invest more than $2 billion in Permian terminal and transportation expansion

ExxonMobil (ticker: XOM) generally does things on a big scale. …

Exxon $50 Billion Bonanza Returns Spending to Pre-Rout Level

Exxon $50 Billion Bonanza Returns Spending to Pre-Rout Level

From Bloomberg

Exxon Mobil Corp. is set to spend $50 billion over the next half decade in a return to the oil giant’s spending habits before crude suffered its worst price rout in a generation.

With oil prices now hovering …

January 29, 2018 - 2:08 pm Closing Bell Story‎, Crude Oil News, Natural Gas News
Source: WPX

Permian Drilling Scores Largest Single-Week Jump

Total U.S. rig count up by 11 to 947

Drilling activity in the U.S. increased sharply this week, as producers continue to respond to rising prices, according to Baker Hughes’ Weekly Rig Count.

A total of 11 rigs began operations …

Longest Sustained Draw for Oil Since 1982

Longest Sustained Draw for Oil Since 1982

Oil at highest price since 2014, gas at 13-month high

Oil inventories approaching five-year average, NatGas below 5-year

Oil and gas inventories have been making waves this week, with both commodities generating major headlines.

Oil inventories fell this week, …

Oil’s Heavy Hitters Line Up to Dive Into Mexico’s Deep Waters

Oil’s Heavy Hitters Line Up to Dive Into Mexico’s Deep Waters

From Bloomberg

If you’re a super-major oil explorer, Mexico says it’s got a bargain for you.

The once-giant crude nation whose output plunged in the past decade is enticing the world’s richest explorers with cut-rate prices for drilling rights to …

January 25, 2018 - 3:14 pm Closing Bell Story‎, Crude Oil News
Keystone XL Pipeline Route Change is not Major Issue: TransCanada CEO

Keystone XL Pipeline Route Change is not Major Issue: TransCanada CEO

From Reuters

TransCanada Corp does not see a route change for the proposed Keystone XL oil pipeline to Nebraska as a major issue, and the company is confident a key regulatory approval will stand, Chief Executive Russ Girling said on …

January 25, 2018 - 2:19 pm Closing Bell Story‎, Crude Oil News
U.S. Tells Russia, Saudi Shale Oil Won’t Be Oil Market ‘Spoiler’

U.S. Tells Russia, Saudi Shale Oil Won’t Be Oil Market ‘Spoiler’

From Reuters

U.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.

Perry, …

January 25, 2018 - 1:21 pm Closing Bell Story‎, Crude Oil News