Crude Oil News

Baker Hughes Reports 3% Revenue Drop, Merger Integration Continues

Baker Hughes Reports 3% Revenue Drop, Merger Integration Continues

All segments up sequentially, year-over-year results mixed

Baker Hughes (ticker: BHGE) announced third quarter results today, in the second earnings release since the company merged with GE.

Baker Hughes reported a net loss of $92 million, or $(0.07) per share, …

Source: XOM

Who Will Save the East Coast’s Oldest Refiner After Bankruptcy?

From Bloomberg

After nearly 150 years in business, the biggest oil refinery along the U.S. East Coast has operated through the Great Depression, two world wars and the 1970s Saudi oil embargo. It’s faced more than one shutdown. Now, its …

January 24, 2018 - 2:24 pm Closing Bell Story‎, Crude Oil News
Weekly Oil Storage: Record Draw Continues

Weekly Oil Storage: Record Draw 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 fell by 1,071 MBBL last week to 411,583 MBBL, from 412,654 MBBL. This is …

Elk Petroleum Brings EOR to EnerCom Dallas

Elk Petroleum Brings EOR to EnerCom Dallas

Elk Petroleum (ticker: ELK) is Australia’s only ASX-listed CO2 EOR oil and gas company, and is one of the largest oil producers in the country.

Elk is active in several EOR fields in the Rocky Mountains, with projects in Utah, …

Eagle Ford Pure-Play Lonestar Resources Will Bring Its Geo-Engineered Completions to EnerCom Dallas, February 21-22, 2018

Eagle Ford Pure-Play Lonestar Resources Will Bring Its Geo-Engineered Completions to EnerCom Dallas, February 21-22, 2018

Lonestar (ticker: LONE) is a pure-play Eagle Ford producer, with operations throughout the play. The company owns a total of over 57,000 acres, and holds 76.8 MMBOE of proved reserves.

The company significantly expanded this position in mid-2017 through a …

Razor Energy to Drill Newly Consolidated Kaybob Position in 2018

Razor Energy to Drill Newly Consolidated Kaybob Position in 2018

EnerCom Dallas presenter Razor Energy Corp. releases 2018 corporate budget and guidance

Alberta-based Razor Energy Corp. (ticker: RZE) announced Monday that the company has approved a corporate budget of $38.4 million for fiscal 2018. The budget will be deployed to …

EnerCom Dallas Presenter Rosehill Resources Records 135% Reserve Growth

EnerCom Dallas Presenter Rosehill Resources Records 135% Reserve Growth

Growth achieved without any reserves from recent acquisitions

Permian-based Rosehill Resources (ticker: ROSE) announced year-end reserves, the first reserves data published by the new company.

Rosehill was formed through a merger of KLR Energy Acquisition and Tema Oil and Gas, …

Schlumberger, MIT Team Up to Examine E&P Breakevens

Schlumberger, MIT Team Up to Examine E&P Breakevens

Lifting costs, half-cycle and full-cycle metrics all have a place

Breakevens are a critical metric in the oil and gas industry that are commonly referenced in both investor presentations and economic discussions about the industry and the viability of various …

U.S. Rig Count Drops by Three

U.S. Rig Count Drops by Three

Oil drilling rigs down five, gas up two

Drilling activity decreased in the U.S. this week, as activity pulled back slightly from the large increase seen last week, according to Baker Hughes’ Rig Count.

Three rigs shut down this week, …

Source: PDS

Nine Energy Services Launches Second Successful Oilfield Service IPO in 2018

Company shares up 26% in intraday trading

Nine Energy Service (ticker: NINE) launched its IPO today, becoming the second major service company to go public this year.

Last night, Nine said it would offer a total of 7,000,000 shares of …

Pipeline Builders Try New Growth Strategy: Bigger Pipes

Pipeline Builders Try New Growth Strategy: Bigger Pipes

From The Wall Street Journal

Some of North America’s biggest new pipeline projects are already in the ground.

As environmentalists and local activists make it extraordinarily difficult to build new oil and gas lines, energy companies are working around the …

OPEC: Too Close to Call - Oil & Gas 360

OPEC Cut Compliance Rises to 118% on Venezuelan Production Decline

Nigerian actions confirm it will not cap its oil output

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

The cartel increased production in December, partially reversing the …

Weekly Oil Storage: Draw Beyond Expectations

Weekly Oil Storage: Draw Beyond Expectations

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 6,861 MBBL last week to 412,654 MBBL, from 419,515 MBBL. This is …

BAM: It’s Earnings Season (Again) – Here are the Q4’17 Oil & Gas Company Estimates

BAM: It’s Earnings Season (Again) – Here are the Q4’17 Oil & Gas Company Estimates

Seems like just yesterday it was Q3 reporting season. But time flies—quarter by quarter—in the public company universe.

EnerCom, Inc. has compiled third quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 112 E&P …

EnerCom Effective Rig Count Breaks 2,400

EnerCom Effective Rig Count Breaks 2,400

Rigs, efficiency both up

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

The Effective Rig Count rose once again in December, growing from 2,345 to 2,429. Increasing rig count combined …

Since August, Oil E&Ps and Oilfield Service Stocks Have Outraced the Rocketing Dow

Since August, Oil E&Ps and Oilfield Service Stocks Have Outraced the Rocketing Dow

The Dow Jones Industrial Average reached and briefly exceeded the 26,000 milestone today in intraday trading, checking off another box in the current Wall Street sprint. The Dow ended the trading day on Tuesday at 25,796.

The Dow climbed steadily …

INEOS Launches Six Oil and Gas Businesses

INEOS Launches Six Oil and Gas Businesses

Operations will run INEOS’s 95 MBOEPD

INEOS, Britain’s largest closely held company, announced the formation of six new oil and gas related businesses today as it follows up on its expansion in the oil and gas E&P sector.

INEOS has …

Evolution Petroleum Corporation Presenting at EnerCom Dallas Feb. 21-22, 2018

Evolution Petroleum Corporation Presenting at EnerCom Dallas Feb. 21-22, 2018

Evolution Petroleum Corporation (ticker: EPM), with headquarters in Houston, Texas is in the business of development and production of natural gas and oil reserves concentrated in the Delhi Field in Louisiana.

One of the key principal assets for Evolution Petroleum …

January 12, 2018 - 5:08 pm Closing Bell Story‎, Crude Oil News, EnerCom Dallas 2018
At 939 U.S. Rig Count Highest in 4 Months; Canada Adds 102

At 939 U.S. Rig Count Highest in 4 Months; Canada Adds 102

Permian operators activate 3 more rigs

Drilling activity increased in the U.S. this week, more than reversing the decline seen over the past two weeks according to Baker Hughes’ Rig Count.

A total of fifteen rigs came online this week, …

Legendary Oil Tycoon T. Boone Pickens Shuts Main Fund

Legendary Oil Tycoon T. Boone Pickens Shuts Main Fund

From Bloomberg

Legendary oil tycoon T. Boone Pickens is closing his hedge fund, saying oil trading has lost its luster.

Instead, the onetime Texas oil wildcatter wrote in a LinkedIn post that he wants to invest in “personal passions like …

January 12, 2018 - 11:45 am Closing Bell Story‎, Crude Oil News
OPEC: Too Close to Call - Oil & Gas 360

Kazakhstan Overtakes Iraq as OPEC Pact’s Biggest Over-Producer

From Bloomberg

Kazakhstan has overtaken Iraq to become the biggest over-producer in the pact between OPEC and its allies to curb oil output.

The Caspian Sea nation’s output has been rising over the past year as the giant Kashagan field …

January 11, 2018 - 4:40 pm Closing Bell Story‎, Crude Oil News
Weekly Oil Storage: Draw As Expected

Weekly Oil Storage: Draw As Expected

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 4,948 MBBL last week to 419,515 MBBL, from 424,463 MBBL. This is …

U.S. Oil Output Will Hit 11 MMBOPD in 2019: EIA

U.S. Oil Output Will Hit 11 MMBOPD in 2019: EIA

Production averaged 9.9 MMBOPD in December

On a day when U.S. commodities benchmark West Texas Intermediate (WTI) traded at $63.24, the highest in more than two years, the EIA came out with new production figures. As U.S. shale producers blaze …

Rail gains steam in race to supply Mexico with U.S. fuel

Rail gains steam in race to supply Mexico with U.S. fuel

From Reuters

A big winner from surging imports of energy products into Mexico from the United States is the rail industry, benefiting from weak pipeline systems beset by a lack of connectivity, limited capacity and rampant theft.

Fuel exports from …

January 9, 2018 - 12:13 pm Closing Bell Story‎, Crude Oil News
‘Drunken Sailor’ Oilfield Spending May Stir Investor Merger Push

‘Drunken Sailor’ Oilfield Spending May Stir Investor Merger Push

From Bloomberg

Ben Dell doesn’t just want to change how oilfield executives are paid. He thinks there could be a lot fewer of them around.

If crude prices continue to rise, companies will be tempted to spend more and more …

January 9, 2018 - 12:04 pm Closing Bell Story‎, Crude Oil News, Natural Gas News
There’s a Big Victim From OPEC’s Oil Cuts

There’s a Big Victim From OPEC’s Oil Cuts

From Bloomberg

OPEC’s strategy to end a worldwide crude glut is causing havoc for a vital link in the oil industry’s supply chain: the fleet of supertankers that shuttle fuel between continents.

The ships’ average earnings plunged last year by …

January 9, 2018 - 11:16 am Closing Bell Story‎, Crude Oil News
EnCap-Backed PetroLegacy Snags 20,000 Midland Acres from Pioneer

A $5.5 Billion Private Giant in the Midland: Endeavor Energy Resources

At 44.1 MBOEPD, Endeavor Energy Resources is a private name which stands large in the Midland Basin

The Permian Basin continues to be the hottest basin in the country, with companies piling in and investors willing to give them premium …

Weekly Oil Storage: Significant Draw

Weekly Oil Storage: Significant Draw

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 7,419 MBBL last week to 424,463 MBBL, from 431,882 MBBL. This is …

Liberty Oilfield Services Relaunches IPO Process

Liberty Oilfield Services Relaunches IPO Process

Offering 10.7 million shares for $14 to $16 per share

Denver-based Liberty Oilfield Services announced the launch of its initial public offering today, marking the resumption of prior efforts to go public.

Liberty will offer a total of 10,714,286 shares …

Weatherford Sells U.S. Fracturing Business

Weatherford Sells U.S. Fracturing Business

Deal replaces proposed OneStim JV

Weatherford (ticker: WFT) announced the sale of its U.S. pressure pumping business today, completing a major portion of the company’s refocusing project.

Schlumberger (ticker: SLB) will pay Weatherford $430 million in cash for Weatherford’s U.S. …