Crude Oil News

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 …

OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC to make decision on cuts as part of regular meeting

The Organization of Petroleum Exporting Countries will hold meetings with its non-OPEC counterparts to decide the future of production cuts on the same day as the group’s scheduled semi-annual …

PDC Energy (ticker: PDCE) CEO Bart Brookman rang the Nasdaq opening bell today in celebration of PDC’s 40 years trading on Nasdaq.

PDC Energy Celebrates 40 Years on Nasdaq

PDC Energy Celebrates 40 Years on Nasdaq

PDC Energy (ticker: PDCE) CEO Bart Brookman rang the Nasdaq opening bell today in celebration of PDC’s 40 years trading on Nasdaq. The company had numerous executives on site for the occasion at the Nasdaq MarketSite in Times Square.

PDC Energy Celebrates 40 Years on Nasdaq

PDCE:

BAM! It’s Earnings Season Again – Q1’17 Estimates

BAM! It’s Earnings Season Again – Q1’17 Estimates

EnerCom, Inc. has compiled first quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 155 E&P and OilService companies in our database.

Download EnerCom’s 155-company earnings tables here.

The median OilServices company earnings …

Undaunted by Oil Bust, Financiers Pour Billions into U.S. Shale

From Reuters

Investors who took a hit last year when dozens of U.S. shale producers filed for bankruptcy are already making big new bets on the industry’s resurgence.

In the first quarter, private equity funds raised $19.8 billion for energy …

April 18, 2017 - 1:30 pm Closing Bell Story‎, Crude Oil News

Is OPEC Gaming Exports to Move U.S. Inventories?

From SAFE

By targeting U.S. refineries through the production cut, OPEC producers have more flexibility in fighting for market share in the growing Asia-Pacific market.

The OPEC cuts may be finally starting to bite. While one week does not a …

April 18, 2017 - 12:01 pm Closing Bell Story‎, Crude Oil News, Energy News

Banned at sea: Venezuela’s crude-stained oil tankers

From Reuters:

In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can’t set sail in international waters.

The vessel …

April 18, 2017 - 10:23 am Closing Bell Story‎, Crude Oil News, Energy News
EnerCom Effective Rig Count Rises to 1,765

EnerCom Effective Rig Count Rises to 1,765

Utica rigs have seen largest productivity increase

EnerCom released its EnerCom Effective Rig Count today. Launched in January, the Effective Rig Count seeks to account for improved productivity from recent development. New technologies and techniques have allowed wells to be …

Is the Delaware Losing its Allure?

Is the Delaware Losing its Allure?

High per-acre costs make turning a profit in the Delaware more difficult

Capital has rushed into the Permian as oil prices stabilize and operators look for the best acreage possible. The majority of that capital has been focused in the …

Yuma Energy Enters Permian Race

Yuma Energy Enters Permian Race

Joint development venture will develop San Andres play

Yuma Energy (ticker: YUMA) announced entry into the Permian Basin Wednesday, and also released fourth quarter results and reserves.

Yuma entered into a joint development agreement regarding 33,280 acres with two private …

Source: WPX

U.S. Rig Count Up for Thirteenth Week

Permian Basin drilling continues to grow

The U.S. rig count has increased for the thirteenth consecutive week, according to Baker Hughes’ weekly rig count. Active rigs in the U.S. increased by eight this week to a total of 847. Land …

If Extended Past June, OPEC Cuts Would Normalize Inventories: KLR

If Extended Past June, OPEC Cuts Would Normalize Inventories: KLR

Inventories 350 MMBO above historical average

An extension of the OPEC production cuts should normalize global inventories this year, according to research by KLR Group.

Announced on September 28, 2016, OPEC agreed to limit production to 32.5 MMBOEPD in …

Source: WPX

Exco Sells Eagle Ford Assets for $300 million

Transaction is Venado’s second Eagle Ford purchase this year

Exco Resources (ticker: XCO) announced the sale of its South Texas assets on Monday, with an estimated closing cost of $300 million. Venado Oil & Gas will buy the property, adding …

Netherland Sewell 2017 Oil & Gas Property Evaluation Seminars Begin May 8

Netherland Sewell 2017 Oil & Gas Property Evaluation Seminars Begin May 8

Registration is open for Netherland Sewell’s 2017 Oil & Gas Property Evaluation Seminars 

Each year since 1994, Netherland Sewell & Associates, Inc. (NSAI), one of the industry’s most highly regarded petroleum consulting firms, has conducted its popular Oil & Gas …

GeoPark Reports Colombian Successes

GeoPark Reports Colombian Successes

Production in Colombia increases by 30%

Latin American producer GeoPark released a first quarter operations update on Monday, describing the results of recent development activities.

GeoPark is primarily active in the Llanos basin in Colombia. The company owns about one …

March Drilling Permits Surge by Factor of 2.56 in Texas Year over Year

March Drilling Permits Surge by Factor of 2.56 in Texas Year over Year

Midland district drilling permits represent almost half of the whole state

The Texas Railroad Commission released statistics on April 7 summarizing March drilling and completions activity in the state. The commission reported issuing a total of 1,310 drilling permits in …

U.S. Drillers Averaged 8.9 MMBOPD in 2016; EIA Forecasts 11% Production Jump in 2018

U.S. Drillers Averaged 8.9 MMBOPD in 2016; EIA Forecasts 11% Production Jump in 2018

EIA forecasts 9.9 MMBOPD production in 2018; predicts Brent to average $54 in 2017, $57 in 2018

In its April 11, 2017 “Short Term Energy Outlook,” the EIA said that U.S. crude oil production averaged an estimated 8.9 million barrels …

U.S. Crude Imports up by 514 MBOEPD in 2016: EIA

U.S. Crude Imports up by 514 MBOEPD in 2016: EIA

Imports still 22% below peak in 2005

U.S. imports of crude oil increased to 7.9 MMBOPD in 2016, according to a note released today by the EIA. Total crude oil imports increased by 514 MBOEPD last year, continuing the growth …

Rosneft Looks to Collect on a 49.9% Stake in U.S. Oil Company

Rosneft Looks to Collect on a 49.9% Stake in U.S. Oil Company

PDVSA may transfer 49.9% claim as part of  debt settlement

Russian state-owned oil giant Rosneft may end up owning U.S. downstream operator CITGO if Venezuela’s state-owned PDVSA is unable to pay back dues on a $1.5 billion loan from the …