Crude Oil News

Hurricane Harvey Creates Major Disruption in Oil Markets

Hurricane Harvey Creates Major Disruption in Oil Markets

22% of GOM oil down, 26% of GOM gas down, 25% of Gulf refining offline

Hurricane Harvey has made landfall, becoming a major disruption to the U.S. oil and gas industry.

The Gulf Coast is the heart of U.S. oil …

Double Eagle Back For Round Three

Previous company formed with Apollo was bought by Parsley for $2.8 billion

Double Eagle Energy is back again, as the private development company just announced the formation of third iteration of the company.

The first Double Eagle Energy was formed …

Source: WPX

Rig Activity Continues to Drop

Land rigs drop by seven

U.S. drilling activity continues to fall, dropping for the fourth straight week according to Baker Hughes Weekly Rig Count. The total number of rigs active in the U.S. fell by six to 940, down 18 …

Statoil Looks to Shale-But Not in the U.S.

Statoil Looks to Shale-But Not in the U.S.

Agreement with YPF marks Statoil’s entry into Argentina

Statoil (ticker: STO) and YPF announced today an agreement to explore hydrocarbons in the Vaca Muerta shale. This represents Statoil’s entry into Argentina.

Under the terms of the agreement, Statoil will enter …

Iraq Faces Resistance from Asian Buyers on ‘Ambitious’ Oil Price Change

From Reuters

Iraq’s proposal to change the way it prices crude oil in Asia faces resistance from refiners who fear that longer lead times between pricing and deliveries will expose them to more risk.

Iraq’s state oil marketer SOMO surprised …

August 25, 2017 - 3:29 pm Closing Bell Story‎, Crude Oil News

OPEC, non-OPEC panel says all options open to ensure market rebalance

From Reuters

A joint OPEC, non-OPEC monitoring ministerial committee said on Thursday it was confident the oil market was moving in the right direction but that all options, including an extension to the supply-cut pact beyond March, were open to …

August 24, 2017 - 6:05 pm Closing Bell Story‎, Crude Oil News
Halliburton Joins with Microsoft to Bring Big Data to the Oilfield

Halliburton Joins with Microsoft to Bring Big Data to the Oilfield

Cloud computing, internet of things will be major contributors to success in oil and gas

Halliburton (ticker: HAL) and Microsoft (ticker: MSFT) announced a strategic partnership yesterday, combining a digital empire and a services giant. The partnership will strive to …

Oilfield Tech and Innovation: Core Laboratories Enhancing Production

Oilfield Tech and Innovation: Core Laboratories Enhancing Production

Unconventional EOR a major new frontier for the industry with a possible 50%+ recovery improvement

The fourth day of EnerCom’s Oil & Gas Conference® saw the debut of the Oilfield Tech and Innovation Day, when companies with innovative ideas for …

BHP Looks to Sell its U.S. Shale Assets: We are Prepared to be Patient

BHP Looks to Sell its U.S. Shale Assets: We are Prepared to be Patient

Sale signals success for Paul Singer’s activist efforts

BHP Billiton (ticker: BHP) announced its intent to exit its onshore U.S. oil and gas operations, after a long campaign by activist investor Paul Singer.

BHP reported fiscal year-end results today, showing …

Sanchez Sells Dry Gas Portion of Eagle Ford Acreage for $105 Million

Sanchez Sells Dry Gas Portion of Eagle Ford Acreage for $105 Million

No current plans to develop sold properties

Sanchez Energy (ticker: SN) announced the sale of a portion of its Eagle Ford assets last week in a $105 million all-cash deal.

Sanchez is divesting the Javelina portion of its acreage, totaling …

Source: CatholicVoices.org

Mexico Looks to Replicate U.S. Shale Success

Private companies may investigate Mexican portion of the Eagle Ford

Mexico is beginning to recognize the benefits of private investment, and is opening its Burgos basin to development by private companies. This is notable as the Burgos basin has been …

Total Buys Maersk Oil in $7.45 Billion Deal

Total Buys Maersk Oil in $7.45 Billion Deal

Synergies to generate $400 million/year in savings

Total S.A. (ticker: TOT) announced the acquisition of Maersk Oil, a subsidiary of the Maersk Group, today in a deal valued at $7.45 billion. The transaction will make Total the second largest operator …

Silver Run, Alta Mesa and Kingfisher Midstream Announce Merger

Silver Run, Alta Mesa and Kingfisher Midstream Announce Merger

Estimated combined value of $3.8 billion

Silver Run Acquisition Corporation II (ticker: SRUN) announced its merger with Alta Mesa Holdings and Kingfisher Midstream last week, forming Alta Mesa Resources.

Silver Run is a special purpose acquisition company (SPAC) that rose …

Rig Count Falls by Three as Operations Stabilize

Rig Count Falls by Three as Operations Stabilize

Offshore activity down by one-third since July

Drilling activity decreased last week as operators approach equilibrium in the current oil price market, according to Baker Hughes’ Weekly Rig Count.

The total number of rigs active in the U.S. fell by …

Shell Loads Oil in Libya for the First Time in Five Years

From Bloomberg

Royal Dutch Shell Plc, the world’s largest oil trader, is said to have loaded its first crude from Libya in five years over the weekend, adding to evidence of the OPEC nation’s comeback.

The cargo on Saturday is …

August 21, 2017 - 2:38 pm Closing Bell Story‎, Crude Oil News

Goodbye contango? Oil’s long march toward backwardation

From Reuters

“The rebalancing of the oil market desired by the leading producers has been a stubborn process,” the International Energy Agency wrote in its latest monthly oil market report.

The agency’s evident frustration about the slow and uneven pace …

August 17, 2017 - 6:00 pm Closing Bell Story‎, Crude Oil News, MLP News

Whatever Happened to Indonesia’s Mighty Oil and Gas Industry?

From Bloomberg

Once a cornerstone of the economy, Indonesia’s oil and gas sector is in a slump, even as the country’s appetite for energy soars.

Hit by a drop in global prices, changing regulations and competition from neighbors that are …

August 17, 2017 - 5:01 pm Closing Bell Story‎, Crude Oil News, Natural Gas News

OPEC Oil-Glut Fight Could Last Years

From Bloomberg

When OPEC and Russia first embarked on their strategy to clear a global oil glut, it was expected to succeed within six months. It now looks like the battle could last for years.

The Organization of Petroleum Exporting …

August 16, 2017 - 4:50 pm Closing Bell Story‎, Crude Oil News, MLP News

Oil Slips as Rising Production Outweighs Shrinking U.S. Supplies

From Bloomberg

Oil declined to the lowest level in more than three weeks as investors focused in on a rise in U.S. crude production, even as stockpiles slipped by the most since September.

Futures fell for a third day, dropping …

August 16, 2017 - 4:47 pm Closing Bell Story‎, Crude Oil News
SCOOP/STACK Comes to the Effective Rig Count

SCOOP/STACK Comes to the Effective Rig Count

Anadarko EERC is 404, 2.5 times higher than reported rig count

EnerCom has added the Anadarko Basin to the Effective Rig Count, bringing in the second most active basin in the U.S. With the addition of the Anadarko Basin, the …

EnerCom Conference Buzzes with Discussions of Completions, Extended Laterals, Strategy

EnerCom Conference Buzzes with Discussions of Completions, Extended Laterals, Strategy

Tuesday was jammed with dual track presenters at the 22nd EnerCom conference in Denver. WPX Energy (ticker: WPX), Southwestern Energy (ticker: SWN), WildHorse Resource Development (ticker: WRD), Blackbird Energy (ticker: BBI) and QEP Resources (ticker: QEP) kicked off the …

EnerCom’s 22nd The Oil & Gas Conference® Opens

EnerCom’s 22nd The Oil & Gas Conference® Opens

E&Ps, oilfield technology companies present to a full house at EnerCom conference

The 22nd annual edition of EnerCom’s The Oil & Gas Conference® opened today. The conference was introduced by EnerCom CEO Glen Parrott whose presentation took a look …

EnerCom Conference Day One Breakout Notes: Bill Barrett Corp.

EnerCom Conference Day One Breakout Notes: Bill Barrett Corp.

Bill Barrett Corporation Breakout Notes

Scot Woodall, CEO of Bill Barrett Corp., (ticker: BBG) presented today at EnerCom’s The Oil & Gas Conference® 22.

Bill Barrett Corporation has core acreage in the DJ basin in Colorado and the Uinta basin …

EnerCom’s 2017 Conference Breakout Notes: PDC Energy

EnerCom’s 2017 Conference Breakout Notes: PDC Energy

PDC Energy Breakout Notes

Barton R. Brookman, Jr., president and CEO of PDC Energy Inc. (ticker: PDCE) presented today at EnerCom’s The Oil & Gas Conference® 22.

PDC Energy’s core production is sourced from its acreage in the Watteberg Field, …

EnerCom’s 2017 Conference Breakout Notes: Sanchez Energy

EnerCom’s 2017 Conference Breakout Notes: Sanchez Energy

Sanchez Energy Breakout Notes

 

Tony Sanchez, III., director and CEO of Sanchez Energy Corp., (ticker: SN) presented today at EnerCom’s The Oil & Gas Conference® 22.

Sanchez Energy is developing its core acreage in the Eagle Ford shale where …

EnerCom’s 2017 Conference Breakout Notes: Whiting Petroleum

EnerCom’s 2017 Conference Breakout Notes: Whiting Petroleum

Whiting Petroleum Corporation Breakout Notes

 

James J. Volker, president and CEO of Whiting Petroleum Corp., (ticker: WLL) presented today at EnerCom’s The Oil & Gas Conference® 22.

Whiting Petroleum is a dominant producer in the Bakken/Three Forks play in …

A rig site in North Dakota

North Dakota Producing Wells Set Another Record

13,915 wells active

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

1,032 MBOPD, 1,850 MMcf/d produced in June

Oil production fell in June, dropping to …

Source: WPX

U.S. Rig Count Falls for Second Week

Five rigs shut down

Activity in the oilfield may be softening a bit.

Drilling activity in the U.S. fell for the second week in a row, according to Baker Hughes’ Weekly Rig Count. There are now a total of 949 …

Jagged Peak Reports 50% Production Growth

Jagged Peak Reports 50% Production Growth

Full-year growth of 220% expected

Jagged Peak Energy (ticker: JAG) announced second quarter results today, showing net earnings of $16.4 million, or $0.08 per share. This exceeds the $5.7 million loss the company experienced in Q2 2016, before it was …

OPEC: Too Close to Call - Oil & Gas 360

OPEC Production Up on Libya, Nigeria Growth

Total production up 172.6 MBOPD

OPEC released its Monthly Oil Market Report today, outlining the state of the oil trade and the effects of the group’s output cuts. Total OPEC oil production increased in July, by 172.6 MBOPD, which does …