Crude Oil News

Parsley Energy Makes $2.8 Billion Permian Acreage Acquisition

Parsley Energy Makes $2.8 Billion Permian Acreage Acquisition

Acquisition makes Parsley second largest publicly traded E&P in the Midland basin

Parsley Energy (ticker: PE) announced the acquisition of 71,000 net acres in the Midland basin for $2.8 billion today, increasing its Permian acreage by 45%. The acreage will …

Global Crude Inventories to Decrease in 2017: EIA

Global Crude Inventories to Decrease in 2017: EIA

U.S. oil production to grow 1 million bpd in 2018

The EIA released its monthly Short-Term Energy Outlook today, outlining predicted energy production and consumption through 2018.

The EIA revised its estimates of the 2016 crude supply build, decreasing the …

Corps of Engineers Ready to Approve Dakota Access Oil Pipeline Immediately

From The Hill

The Army Corps of Engineers will grant the final approval needed to complete the controversial Dakota Access oil pipeline within a day, it told lawmakers Tuesday.

The news from the Army Corps, in letters to Congress and …

February 7, 2017 - 3:58 pm Closing Bell Story‎, Crude Oil News, Energy News

Synergy Resources Issues Preliminary Q4, Year-End Results

Wattenberg operator Synergy Resources Corporation (ticker: SYRG)  issued preliminary  December 31, 2016 financial results.

Highlights

  • Production sales volumes for three and twelve months ended December 31, 2016 were 13,269 BOE/day (58% oil) and 11,670 BOE/day (53% oil), respectively
  • Drilling
February 7, 2017 - 3:21 pm Closing Bell Story‎, Crude Oil News, Energy News
Crude Oil, Bitumen Exports from Canada Up Almost 16%

Crude Oil, Bitumen Exports from Canada Up Almost 16%

U.S. still Canada’s biggest customer

From The Globe and Mail

Canada posted a second consecutive monthly trade surplus for the first time in more than two years in December, but booming oil exports obscured weakness in some key sectors.

The …

February 7, 2017 - 2:49 pm Canada, Crude Oil News, Energy News
Source: WPX

Contango Oil & Gas Scored Big: 12,000 Delaware Basin Acres for $5,000 per Acre

Contango Oil & Gas built a position in the hottest play in the U.S. at a fraction of the going cost

The Delaware Basin has become the U.S.A. focal point for oil and gas acquisitions over the course of the …

It’s ambitious to think that oil prices could reach $65: IEA

From CNBC:

Despite a recent OPEC agreement to cut oil production and boost prices, it is unrealistic to expect that the commodity will reach $65 a barrel in the near term, an analyst at the Paris-based International Energy Agency …

February 3, 2017 - 10:13 am Closing Bell Story‎, Crude Oil News

India’s oil minister unveils strategy to integrate state firms

From S&P Global Platts:

India is embarking on a plan to create a few integrated state oil firms by consolidating some of the existing ones, which is expected to help the firms absorb the shock of wild price fluctuations …

February 3, 2017 - 10:11 am Closing Bell Story‎, Crude Oil News, Natural Gas News

American steel companies ‘fully prepared’ to supply pipelines, US Steel CEO says

From CNBC:

United States Steel and other American manufacturers are “absolutely” prepared to produce steel for the pipelines President Donald Trump wants built, the company’s CEO told CNBC on Wednesday.

Earlier in the week, Trump reiterated his insistence that …

February 3, 2017 - 10:03 am Closing Bell Story‎, Crude Oil News, MLP News, Natural Gas News
PDC Energy Tallies 25% Reserves Growth, 44% Production Growth in 2016

PDC Energy Tallies 25% Reserves Growth, 44% Production Growth in 2016

PDC Energy year-end proved reserves reach 341.4 MMBOE, $1.7 Billion PV-10, up 25% from 2015

Denver-based PDC Energy (ticker: PDCE) released an update on the company’s year-end production estimates and reserves. The press release put out by the company Wednesday …

U.S. Oil Growth Driven by Tight Oil

U.S. Oil Growth Driven by Tight Oil

EIA Predicts Production Growth from Permian and Other Shale Plays

In a piece of news that is not a surprise to anyone who follows U.S. oil and gas, the EIA released a note this week projecting that tight oil basins …

What Does a Growth Company Look Like Following the Downcycle?

What Does a Growth Company Look Like Following the Downcycle?

Investors valued debt-adjusted growth even more in 2016

The crash in oil prices which started at the end of 2014 exposed a number of oil and gas companies that had sacrificed their balance sheet in the name of growth. Many …

Netherland Sewell: School is Back in Session

Netherland Sewell: School is Back in Session

Financial professionals are encouraged to register now for Netherland Sewell 2017 Oil & Gas Property Evaluation Seminars while seats are available

Each year since 1994, Netherland Sewell & Associates, Inc. (NSAI), one of the industry’s most highly regarded petroleum consulting …

Anadarko Reports Q4: Looks to Focus on Delaware, DJ, GOM

Anadarko Reports Q4: Looks to Focus on Delaware, DJ, GOM

Anadarko Earnings Miss On Divestitures

Anadarko Petroleum (ticker: APC) announced fourth quarter results today, showing a larger-than-predicted loss. Net loss was $515 million, or $0.94 per share, making full year results a loss of $3.07 billion, or $5.90 per share. …

Exxon Mobil: $2 Billion Rocky Mountain Dry Gas Impairment Thunks Earnings

Exxon Mobil: $2 Billion Rocky Mountain Dry Gas Impairment Thunks Earnings

Exxon Mobil will start developing Delaware basin assets in 2017

Exxon Mobil (ticker: XOM) reported fourth quarter results today, showing lower earnings than expected. Net fourth quarter earnings were $1.680 billion, or $0.405 per share. Overall 2016 earnings are $7.840 …

Shell Selling North Sea Assets to Chrysaor for $3.8 Billion

Shell Selling North Sea Assets to Chrysaor for $3.8 Billion

Deal will make Chrysaor one of the largest UK oil and gas producers 

Royal Dutch Shell (ticker: RDSA) has agreed to sell a package of UK North Sea assets to privately held UK producer Chrysaor for a total of up …

Photo: Oil & Gas 360 - Permian - Delaware Basin Action Virtually Nonstop Since Oct. 1

Permian – Delaware Basin Action Virtually Nonstop Since Oct. 1

No slowdown for the Permian

Everybody is getting into the action in the Permian basin and in the Delaware portion of the basin in particular.

Even Norway’s TGS-NOPEC Geophysical Company (ticker: TGS) has landed in the Permian. TGS announced today …

Project Slowdown in North Sea and UK Drag Down BHI Revenue, Earnings

Project Slowdown in North Sea and UK Drag Down BHI Revenue, Earnings

GE merger on schedule

Baker Hughes (ticker: BHI) reported fourth quarter earnings on Thursday, showing a wider loss than expected.

Net loss was $417 million, or ($0.98) per common share, which includes charges related to asset impairments, restructuring charges, loss …

Permian Player Jagged Peak Energy Goes Public

Permian Player Jagged Peak Energy Goes Public

Jagged Peak Energy is developing 60,000 net acres in the Southern Delaware basin

Jagged Peak Energy (ticker: JAG), made its official debut today after the pricing of its IPO on the New York Stock Exchange. Jagged Peak also launched its …

Permian Rig Count Now 60% Higher than Last Year: BHI

Permian Rig Count Now 60% Higher than Last Year: BHI

Total U.S. rig count up 18 from last week

The rig count continued to rise in the United States for the week ended January 27, 2017, according to Baker Hughes Industries (ticker: BHI). The total count now stands at 712, …

EnerCom Launches EnerCom’s Effective Rig Count

EnerCom Launches EnerCom’s Effective Rig Count

EnerCom’s Effective Rig Count is a measure of drilling efficiency that accounts for the unique attributes of shale and the way shale plays are being developed in 2017

The industry has traditionally relied on the BHI weekly rig count as …

Chevron Looks to Expand Permian Activity in 2017

Chevron Looks to Expand Permian Activity in 2017

Chevron targets Permian, Western Australia, Kazakhstan for 2017 capital expenditures

Chevron Corporation (ticker: CVX) released its fourth quarter results today, showing significantly lower earnings than expected. Net earnings were $415 million, or $0.22 per share, bringing total 2016 results in …

DOE Announces Sales from Strategic Petroleum Reserve

DOE Announces Sales from Strategic Petroleum Reserve

First sales of largest SPR drawdown in history

The DOE awarded contracts for the sale of 6.4 million barrels of crude from the Strategic Petroleum Reserve (SPR) yesterday, with additional future sales planned. Contracts were awarded to Shell Trading Company …

Federal Revenue from Energy Hits 12-Year Low in 2016 at only $6 Billion

Federal Revenue from Energy Hits 12-Year Low in 2016 at only $6 Billion

Lower oil prices see federal revenues from oil and gas operations at their lowest point since at least 2004

Federal revenue from energy production on federal and American Indian lands fell for a second consecutive year to the lowest point …

Trump Administration Action Signals Plans to Move Forward with Keystone XL and Dakota Access

Trump Administration Action Signals Plans to Move Forward with Keystone XL and Dakota Access

Trump executive action could expedite energy pipeline projects

President Donald Trump signed executive actions to accelerate the Keystone XL and Dakota Access pipeline projects and to decree that American steel should be used for pipelines built in the United States, …

Higher OPEC Crude Prices Opening Doors for U.S. Grades in Asia

From Bloomberg:

Add Southern Green Canyon and Mars Blend to the growing list of American crude that’s challenging OPEC’s dominance in the world’s biggest oil market.

Cargoes of the two varieties produced in the Gulf of Mexico, which are …

January 24, 2017 - 4:44 pm Closing Bell Story‎, Crude Oil News, Energy News

Nigeria Sees Oil Hitting Mid-$60s in Coming Months as OPEC Bites

From Bloomberg:

Crude oil prices, hovering around $55 a barrel since early December, will climb by about $10 in the coming months as OPEC-led measures to curb a glut take hold, Nigeria’s oil minister said.

“Ultimately, the effects over …

January 24, 2017 - 4:41 pm Closing Bell Story‎, Crude Oil News, Energy News

US oil and gas mergers gained momentum and almost hit $200 billion last year

From CNBC:

Mergers across the U.S. oil and gas industry totaled nearly $200 billion in 2016 as crude prices stabilized and major producers agreed to output cuts, a new report from PwC shows.

The auditing firm expects the tailwinds …

OPEC Says Cuts Are Ahead of Schedule

OPEC Says Cuts Are Ahead of Schedule

OPEC, Russia said they are not worried about U.S. shale production

OPEC and non-OPEC producers are off to a good start in meeting the goals set in a production cut plan initiated at the start of the year, according to …

Double-Digit Gains in the Permian Lead Growth in the Rig Count

Double-Digit Gains in the Permian Lead Growth in the Rig Count

U.S. rig count is growing, particularly in the Permian, as OPEC appears to be complying

The United States rig count grew by 35 in the week ended January 20, 2017, according to Baker Hughes Industries (ticker: BHI). The total count …