Crude Oil News

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 …

Big Oil back on the acquisition trail as outlook brightens

From Reuters:

The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices.

Since late November, major …

January 20, 2017 - 4:37 pm Closing Bell Story‎, Crude Oil News, Energy News
IFR Makes Early Dive into Mexico’s Round 2.3

IFR Makes Early Dive into Mexico’s Round 2.3

IFR has been granted access to the data room for the third tender of Round 2 in Mexico’s onshore oil and gas auction

Calgary-based International Frontier Resources (ticker: IFR) announced Thursday that its jointly owned Mexican company Tonalli Energia has …

China’s Cnooc to Raise Spending First Time Since Oil’s Plunge

From Bloomberg:

Cnooc Ltd. plans to raise capital spending for the first time since crude began its crash in 2014 as China’s biggest offshore oil and gas producer prepares for life after the slump and a second year of …

January 19, 2017 - 7:11 am Closing Bell Story‎, Crude Oil News, Energy News

Islamic State Steps Up Oil and Gas Sales to Assad Regime

From The Wall Street Journal:

Islamic State has ramped up sales of oil and gas to the regime of Syrian President Bashar al-Assad, U.S. and European officials said, providing vital fuel to the government in return for desperately needed …

January 19, 2017 - 6:37 am Closing Bell Story‎, Crude Oil News, Energy News
Tamarack Valley Reports Record Production

Tamarack Valley Reports Record Production

Tamarack Valley production exceeds guidance in Q4’2016; targets 140-150 new wells in 2017

Alberta-based Tamarack Valley (ticker: TVE) announced its fourth quarter results as well as the company’s 2017 capital program. The company said that production exceed it previous guidance …

ExxonMobil/XTO Doubles Permian Footprint with $6.6 Billion Acquisition of Bass Family Assets

ExxonMobil/XTO Doubles Permian Footprint with $6.6 Billion Acquisition of Bass Family Assets

ExxonMobil now has 6 billion BOE of resources in the Permian, with 3.4 billion BOEs in the Delaware

ExxonMobil Corporation (ticker: XOM) announced that the company will more than double its Permian Basin resources to 6 billion BOE through the …

Canadian Oil Patch Worried by Possible Trump Border Tax on Crude

From CBC:

Canadian oil industry leaders are trying to get a better idea what the impact of a new import tax in the United States would be on Canada’s energy sector if the Trump administration embraces it.

The tax …

January 18, 2017 - 4:41 pm Closing Bell Story‎, Crude Oil News, Energy News

Russian oil output seen reaching new highs in 2017

From Reuters:

Russian oil production is likely reach another post-Soviet record high in 2017 after a global deal to cut output expires at the end of June, a Reuters poll of analysts and consultants showed on Tuesday.

The Organization …

January 18, 2017 - 4:39 pm Closing Bell Story‎, Crude Oil News, Energy News

Global oil, gas discoveries drop to 70-year low: Rystad Energy

From Reuters:

Oil and gas discoveries around the world dropped last year to their lowest since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices.

The decline in discoveries means companies …

China Sees Falling Crude, Rising Natgas Production through 2020

China Sees Falling Crude, Rising Natgas Production through 2020

The National Development and Reform Commission releases its projections for the remainder of the decade

China expects crude oil production to fall by 7% compared with its previous five-year plan as production from some of the country’s largest, and oldest, …

Noble Energy Jumps to Second-Largest Southern Delaware Player with $3.2 Billion Acquisition

Noble Energy Jumps to Second-Largest Southern Delaware Player with $3.2 Billion Acquisition

Noble Energy purchases Clayton Williams Energy for $3.2 billion, inclusive of debt; NBL’s new full company production for 2020 is expected to reach 600 MBOEPD assuming $50 oil

Noble Energy (ticker: NBL) announced Monday that the company has purchased Clayton …

Saudis Expect 6-Mo. Limit on Production Cuts

“It’s unlikely that we will need to continue [production cuts past June.]” – Khalid al-Falih

OPEC may not continue oil production cuts after the middle of the year, according to estimations from Saudi Minister of Energy and Industry Khalid al-Falih. …

U.S. Rig Count Falls for the First Time in 12 Weeks

U.S. Rig Count Falls for the First Time in 12 Weeks

The total U.S. rig count fell by six in the week ended January 13, 2017

The U.S. rig count declined for the first time in 12 weeks in the week ended January 13, 2017, according to Baker Hughes Industries (ticker: …

WPX Gobbles Up 120,000 Delaware Acres, Ups Drilling Program with $775 Million Acquisition

WPX Gobbles Up 120,000 Delaware Acres, Ups Drilling Program with $775 Million Acquisition

WPX Energy acquires 6.5 MBOEPD of production and 120,000 net acres in the Delaware Basin

WPX Energy (ticker: WPX) announced today that the company has acquired Panther Energy Company II, LLC and Carrier Energy Partners, LLC, expanding its footprint in …

Anadarko, Chevron, Plains All American Top List of Best U.S. Oil & Gas Employers: Indeed

Anadarko, Chevron, Plains All American Top List of Best U.S. Oil & Gas Employers: Indeed

Indeed releases its ‘Best Places to Work’ rankings

International employment website Indeed serves more than 200 million people each month who are searching for jobs, posting resumes, and researching companies in 60 countries.

According to Indeed’s research, visitors who were …

Big Oil Hits Sweet Spot as Projects Reap Rewards of Recovery

From Bloomberg:

Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts.

Seven of the world’s largest energy companies will together boost oil and natural gas …

January 11, 2017 - 5:04 pm Closing Bell Story‎, Crude Oil News

Oil and Gas Firms Pledge $5 Billion in Investments in Argentina This Year

From The Wall Street Journal:

Oil and gas companies on Tuesday have pledged to invest at least $5 billion in Argentina this year and more than double that annually in coming years after unions agreed to lower labor costs, …

January 11, 2017 - 5:01 pm Closing Bell Story‎, Crude Oil News, Energy News

Biggest Indian Refiner Hunts for Oil Assets as Demand Surges

From Bloomberg:

India’s biggest fuel retailer is seeking to buy oil assets as demand surges in the world’s fastest growing energy market.

State-run Indian Oil Corp. wants to buy assets globally to ensure a tenth of its refining capacity …

January 11, 2017 - 4:59 pm Closing Bell Story‎, Crude Oil News, Energy News

Non-OPEC Delivers More Than a Quarter of Promised Cuts so Far

From Bloomberg:

Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more than a quarter of the total pledged …

January 11, 2017 - 4:57 pm Closing Bell Story‎, Crude Oil News, Energy News

Cold Helps Russia Comply with OPEC Deal

From Reuters:

It has defeated armies trying to invade Russia in the past, and now the fabled Russian winter has come to Moscow’s rescue again, this time helping it comply with a deal among world oil exporters on cutting …

January 11, 2017 - 9:58 am Closing Bell Story‎, Crude Oil News, Energy News

U.K. Offshore decommissioning bill to reach £24bn say analysts

From BBC:

UK taxpayers face a £24bn bill to decommission offshore oil and gas infrastructure, according to independent analysts.

Wood Mackenzie said tax relief on scrapping platforms and pipelines would “wipe out” the government’s expected future income from the …

January 10, 2017 - 5:07 pm Closing Bell Story‎, Crude Oil News, Energy News

API Chief: Offshore Oil and Gas Production Could Create 800,000-Plus U.S. Jobs, $200 Billion Annually to Treasury

From CNS News:

Jack Gerard, president and CEO of the American Petroleum Institute, said last week that opening up offshore production of oil and natural gas could create more than 800,000 U.S. jobs and provide some $200 billion in …

January 10, 2017 - 5:05 pm Closing Bell Story‎, Crude Oil News, Energy News

Total Increases Position in Uganda for $900 Million

Total and Tullow have entered into a package agreement under which Total will acquire an additional 21.57% interest from Tullow in the Uganda Lake Albert oil project.
Following this transaction, Total will hold a 54.9% interest, strengthening its position in
January 10, 2017 - 5:03 pm Closing Bell Story‎, Crude Oil News, Energy News
Prices, Promises and a Pumped Up U.S. Rig Count

Prices, Promises and a Pumped Up U.S. Rig Count

Oil in 2017

In WTI near month contracts, oil was trading above $55+ to start off the year, then it fell into a downward slog, dropping 4% to sub-$52 today. It feels like oil prices have been a tale of …

Texas Economy Finally Heading Up-ish: Comerica Bank

Texas Economy Finally Heading Up-ish: Comerica Bank

Permian rig count growth a boon to Texas’s overall economy

Dallas-based Comerica Bank (ticker: CMA), released its Texas Economic Activity Index last week, saying its measure of the Texas economy advanced for a second consecutive month, gaining 0.4 percentage points …

U.S. Petroleum Production and Exports Will Rise through 2040: EIA

U.S. Petroleum Production and Exports Will Rise through 2040: EIA

U.S. Product Demand Will Remain Below 200 Levels But Crude Production Will Rebound

In its recently released Annual Energy Outlook 2017, the EIA outlines U.S. petroleum demand and production  prospects through 2040.

To deal with the always tricky business of …

U.S. Rig Count Finally Exceeds Year-Ago Levels

U.S. Rig Count Finally Exceeds Year-Ago Levels

The U.S. rig count hits 665, one rig higher than at this time last year

The recovery in oil prices has spurred operators in the United States to add more rigs to the active fleet. This has pushed the total …

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Floating storage in Iran down nearly 50% in the last three months – up to 30 cargoes

Iran is using the recent uptick in oil prices to sell off crude oil that has been sitting in offshore storage since the …

Dana Gas Iraq Operations

Doubt Surrounds OPEC Deal as Iraq Struggles to Make Cuts

Iraq may owe international oil companies compensation for lost production

Less than a week into the new year, many oil market experts are beginning to wonder if OPEC will be able to follow through with its production cuts.

Already Iraq, …