Crude Oil News

Permian Thought Leaders Talk Turkey

Permian Thought Leaders Talk Turkey

“It will get to a point where it’s actually artificial intelligence that’s drilling our wells for us, with us observing” – Tim Dove, CEO, Pioneer Natural Resources

There are a lot of smart E&P companies rambling around West Texas, the …

Source: WPX

U.S. Rig Count Climbs Sixteenth-Straight Week

Permian, minor basins add most

Drilling activity in the U.S. has increased yet again, with Baker Hughes weekly rig count reporting seven additional rigs this week. The total number of rigs active in the U.S. is now 877, more than …

Mexico’s Pemex Says March Crude Oil Exports Hit Record Low

From Reuters

Mexican national oil company Pemex said on Friday that March crude exports fell to a record low of just above 1 million barrels per day (bpd), while oil output for the month also dipped.

Pemex’s March crude shipments …

May 5, 2017 - 11:45 am Closing Bell Story‎, Crude Oil News

TransCanada Keystone XL Shipper Talks Complicated, CEO Says as Profit Up

From Reuters

Lower oil prices and alternative export routes are complicating negotiations for shipper commitment for TransCanada Corp’s Keystone XL pipeline project, and the company does not have a firm deadline for concluding the talks, Chief Executive Russell Girling said …

May 5, 2017 - 9:27 am Closing Bell Story‎, Crude Oil News
Profitable WPX Sees 3 Keys for Ramping Up in the Delaware

Profitable WPX Sees 3 Keys for Ramping Up in the Delaware

“World class rock, tons of opportunity”: WPX

In today’s conference call, WPX (ticker: WPX) discussed three main requirements for ramping up production.

Geology

First and foremost is the local geology. However, WPX believes that it has mostly solved this question. …

State of Colorado Orders Inspections of Oil and Gas Wells, Pipelines after Weld County Home Explosion

State of Colorado Orders Inspections of Oil and Gas Wells, Pipelines after Weld County Home Explosion

Operators must test facilities within 1,000 feet of occupied buildings in next 30 days

Colorado has ordered thousands of wells and pipelines inspected after the fatal April 17th home explosion in Firestone, Colorado, set off a series of investigations, …

Eagle Ford, STACK Shine for Devon in Q1

Eagle Ford, STACK Shine for Devon in Q1

Devon targets 20 U.S. operated rigs by year-end

Devon Energy Corp. (ticker: DVN) reported stronger than expected production results Tuesday as the company’s U.S. resources outperformed its earlier guidance. Oil production averaged 261 MBOPD, up 7% sequentially, 5 MBOPD more …

Anadarko, Bill Barrett Add Sand, Reduce Stage Spacing in DJ Basin

Anadarko, Bill Barrett Add Sand, Reduce Stage Spacing in DJ Basin

Q1 production up despite low 2016 activity; Anadarko drills a long lateral in record 5.2 days

Two major Niobrara players, Anadarko Petroleum (ticker: APC) and Bill Barrett Corporation (ticker: BBG) held conference calls today, reporting similar strategies for success in …

A $9.7 Billion Canadian Energy Merger

A $9.7 Billion Canadian Energy Merger

Heavy oil transporter Pembina to acquire Veresen:  combined EV of $33 billion creates one of the largest Canadian infrastructure companies

Western Canada heavyweight Pembina Pipeline (ticker: PPL) announced the acquisition of Veresen (ticker: VSN) today, a $9.7 billion deal.

This …

No Slowing the Permian Land Grab: Centennial Resource Development Enters the Northern Delaware

No Slowing the Permian Land Grab: Centennial Resource Development Enters the Northern Delaware

Raising our 2020 oil production target to 60,000 BOPD: Centennial CEO Mark Papa

Denver’s Centennial Resource Development, Inc. (ticker: CDEV) said on Monday it is acquiring undeveloped acreage and producing oil and gas properties in the core of the Northern …

Samson Oil & Gas Reports Improving Differentials in the Williston

Samson Oil & Gas Reports Improving Differentials in the Williston

Samson Oil & Gas lowers differential from $8.00 per barrel to $5.50-$6.50

Samson Oil & Gas (ticker: SSN) announced its quarterly results for the first quarter of 2017 indicating that the company is seeing stronger pricing for its Williston Basin …

Another FERC Commissioner Announces Departure

From The Hill

Federal Energy Regulatory Commissioner (FERC) Colette Honorable said Friday she will leave the board when her term expires in June.

“After much prayer and consideration I’ve decided not to pursue another term,” Honorable wrote in a note …

Cabot is Looking for New Exploration Opportunities

Cabot is Looking for New Exploration Opportunities

Cabot allocating $125 million toward exploration this year

U.S. unconventional producers significantly reduced exploration activities during the downturn.

As low commodity prices squeezed producers, most companies focused on reducing costs rather than finding new fields to develop. However, as prices …

Rig Count Sees Double-Digit Gains

Rig Count Sees Double-Digit Gains

More than twice as many rigs active today compared to a year ago

Drilling activity in the United States continues to increase with the rig count making a double-digit jump in the week ended April 28, 2017, according to Baker …

Source Red Barricades

ExxonMobil Reports $4 billion in Earnings as Commodities Recover

Big quarter for acquisitions: $9.4 billion in Permian, Mozambique

ExxonMobil (ticker: XOM) announced first quarter earnings today, reporting earnings of $4 billion, or $0.95 per diluted share. This result is significantly better than ExxonMobil’s earnings in Q1 2016 or Q4 …

Photo: Free Range Longmont -- Drilling near Mead, Colorado

Two Shale Companies in Two Parts of the Country with the Same Set of Keys

Design and consolidation driving returns

EQT Corporation (ticker: EQT) and QEP Resources (ticker: QEP) each released first quarter earnings today, giving a snapshot of U.S. shale in 2017.

EQT reported net earnings of $164 million, or $0.95 per diluted share, …

Whiting Economic at $40: Volker

Whiting Economic at $40: Volker

Focused on completions: 233 wells will be completed in 2017

Whiting Petroleum (ticker: WLL) announced first quarter results yesterday, showing a net loss of $87 million, or ($0.24) per share. After adjusting for impairments, derivative losses and other special charges, …

Noble Energy Captures 171,000 Permian Acres and 10 MBOEPD Production as Clayton Williams Deal Closes

Noble Energy Captures 171,000 Permian Acres and 10 MBOEPD Production as Clayton Williams Deal Closes

Noble becomes 2nd largest Southern Delaware acreage holder

Noble Energy, Inc. (ticker: NBL) has completed its acquisition of Clayton Williams Energy as of market close on April 24, 2017.  In conjunction with the closing, Clayton Williams Energy became a wholly …

Anadarko Shuts In 3,000 Colorado Vertical Wells

Anadarko Shuts In 3,000 Colorado Vertical Wells

Wells represent production of 13,000 net BOEPD

In the wake of an April 17th home explosion in Firestone, Colorado, in Weld County, where it is one of the largest oil and gas operators, Anadarko Petroleum (ticker: APC) announced that it …

International Frontier Resources Prepares for 2017 Drilling Program in Mexico

International Frontier Resources Prepares for 2017 Drilling Program in Mexico

International Frontier preps for Tecolutla workovers in the near-term and new drilling in Q3

Calgary-based International Frontier Resources (ticker: IFR) announced its fourth quarter and year-end operating results for 2016 Wednesday. In the company’s release, IFR said it anticipates …

Hess Offshore Projects to Add 35 MBOEPD by Early 2018

Hess Offshore Projects to Add 35 MBOEPD by Early 2018

Bakken well costs decrease, productivity increases

Hess Corporation (ticker: HES) reported first quarter results today, with a net loss of $324 million, or ($1.07) per common share. This improves the $509 million loss the company reported in Q1 2016, and …

Tamarack Valley Cranks Up the Viking: 35 Wells Drilled in 2017 So Far

Tamarack Valley Cranks Up the Viking: 35 Wells Drilled in 2017 So Far

Tamarack Valley Energy’s accelerated development of its acquired Viking assets is already moving the needle—acquisition immediately added 6,250 BOEPD; TVE production 19,750 BOEPD exiting Q1

Tamarack Valley (ticker: TVE) released its fourth quarter and year-end results for 2016 on March …

Everything Keeps Getting Bigger in Texas: No Slowing Permian Basin Growth Spurt

Everything Keeps Getting Bigger in Texas: No Slowing Permian Basin Growth Spurt

Permian produces 45% of lower 48 onshore oil – half of all rigs are in the Permian

Crude oil production from the Permian Basin is expected to grow to 2.4 MMBOPD in May, according to a note released by the …

PrairieSky: Q1 Drilling Focused on Viking, Mannville

PrairieSky: Q1 Drilling Focused on Viking, Mannville

PrairieSky Royalty Ltd. (ticker: PSK) released its first quarter operating and financial results for 2017. The company  is the largest fee simple mineral title land owner in western Canada, including approximately 7.8 million acres of fee simple mineral title lands …

Halliburton U.S. Revenue Growth Exceeds Rig Count Growth

Halliburton U.S. Revenue Growth Exceeds Rig Count Growth

The flight to quality is happening: Jeff Miller

Halliburton (ticker: HAL) announced first quarter 2017 results today, showing a net loss of $32 million, or ($0.04) per diluted share. After adjusting for early extinguishment of debt, earnings were a profit …

Rig Growth Continues

Rig Growth Continues

Fourteenth week adding rigs

The recovery in U.S. drilling activity shows no signs of slowing, according to Baker Hughes’ weekly rig count. Active rigs in the U.S. increased by 10 this week, the fourteenth straight increase, bringing the total number …

Core Lab Exposes Four Trends Shaping the Industry’s Future

Core Lab Exposes Four Trends Shaping the Industry’s Future

Macro trends will influence future development

In its first quarter conference call, Core Laboratories (ticker: CLB) identified four major industry trends that it believes will shape tomorrow’s oil field:

  1. Increasing interest in EOR from tight oil reservoirs
  2. Finer proppants in
North American Recovery Drives Schlumberger Revenue Growth

North American Recovery Drives Schlumberger Revenue Growth

Year-over-year revenue growth returns

Schlumberger (ticker: SLB) announced first quarter earnings today, reporting net earnings of $297 million, or $0.20 per share. Total revenue was $6.89 billion, up from the $6.52 billion earned in Q1 2016. This is the first …

Conventional Drilling in “Canada’s Delaware” Unlocks New Value

Conventional Drilling in “Canada’s Delaware” Unlocks New Value

Razor Energy announces Kaybob acquisition

Calgary-based Razor Energy Corp. (ticker: RZE) announced Wednesday that it entered into an agreement to acquire assets in Kaybob, located in west central Alberta, for $9.6 million. The assets compliment Razor’s existing Swan Hill assets …

Abu Dhabi’s Oil Co. Wants to Sell Canadian Wells

Abu Dhabi’s Oil Co. Wants to Sell Canadian Wells

Sale would provide capital for development

Taqa, Abu Dhabi’s NOC, is looking to sell some of its assets in North America, according to a report by Bloomberg.

Founded in 2005, Taqa is Abu Dhabi’s primary energy holding company.

The company …