Crude Oil News

Resolute Energy: New Credit Facility, 2016 Reserves and Production

Resolute Energy: New Credit Facility, 2016 Reserves and Production

Resolute Energy Corporation (ticker: REN) reported year-end 2016 reserves and production:

— Fourth quarter exit rate in excess of 20,800 Boe per day —
— Reserves increase 82% to 60.3 million Boe —
— Closed new bank facility; $150 …

ExxonMobil Reports 2016 Reserves

ExxonMobil Corporation (ticker:XOM) announced today proved reserves were 20 billion oil-equivalent barrels at year-end 2016, inclusive of a net reduction of 3.3 billion oil-equivalent barrels from 2015. Reserves changes in 2016 reflect new developments as well as revisions and extensions …

February 22, 2017 - 5:29 pm Closing Bell Story‎, Crude Oil News, Natural Gas News
Concho Puts 2017 CapEx between $1.6 and $1.8 Billion

Concho Puts 2017 CapEx between $1.6 and $1.8 Billion

Production to grow by 20%-24% in 2017

Concho Resources (ticker: CXO) announced fourth quarter earnings and reserves today, showing a net loss of $125.1 million, or ($0.86) per share. Full year results were a net loss of $1.5 billion, or …

Whiting Petroleum Exceeds Production Guidance with 118.9 MBOEPD

Whiting Petroleum Exceeds Production Guidance with 118.9 MBOEPD

Whiting Petroleum stays on target with capex budget while exceeding production forecast

Denver-based Whiting Petroleum (ticker: WLL) announced its fourth quarter and year-end numbers today. The Williston-focused company reported that average production for the fourth quarter averaged 118.9 MBOEPD, above …

China’s Sinochem may sell 40 percent stake in Brazil’s Peregrino oilfield: sources

From Reuters:

China’s Sinochem is exploring the sale of its 40 percent stake in Brazil’s Peregrino offshore oilfield, four people familiar with the matter told Reuters, a deal that could see the state-owned conglomerate walk away from what was …

February 22, 2017 - 10:15 am Closing Bell Story‎, Crude Oil News, Energy News
Hearing Feb. 22: Bill Requires Colo. Cities that Impose Frac Bans to Pay Operators, Lessees, Royalty Owners for Losses

Hearing Feb. 22: Bill Requires Colo. Cities that Impose Frac Bans to Pay Operators, Lessees, Royalty Owners for Losses

 

Important hearing for HB 17-1124 at Colorado State Capitol — Feb. 22

Legislators in Denver have proposed a bill that would require a local government that interferes with oil and gas operations in Colorado to compensate oil and gas …

EnerCom Dallas will Showcase Oil & Gas Industry Leaders Next Week

EnerCom Dallas will Showcase Oil & Gas Industry Leaders Next Week

EnerCom Dallas will feature upside opportunities in oil and gas March 1-2, 2017 – at the Tower Club Downtown Dallas

On March 1 at 7:00 a.m. CST, just one week away, the EnerCom Dallas oil and gas investment conference will …

OPEC Chief Barkindo Reports 90% Participation in Cuts, Predicts Inventories Will Decline in 2017

From Reuters/CNBC

Oil prices rose to near three-week highs on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher as it expects other producers join its …

February 21, 2017 - 2:22 pm Closing Bell Story‎, Crude Oil News, Energy News
Delaware Bound: Transformed WPX Looks to Wolfcamp in 2017

Delaware Bound: Transformed WPX Looks to Wolfcamp in 2017

WPX will execute on changes made in 2015, 2016

After its transformational years of 2015 and 2016, WPX Energy (ticker: WPX) plans to take advantage of its Delaware basin opportunities in 2017 and 2018. During the challenging environment of the …

Canadian banks ‘a little more comfortable’ with oil patch loans

From BNN:

Credit has started to flow more freely to Canada’s battered oil and gas sector, though some executives say lenders are favouring larger and more financially secure producers.

Many Canadian energy companies had their credit lines cut in …

A Latin American Independent E&P Heads to Dallas

A Latin American Independent E&P Heads to Dallas

Geopark finds success in Latin America

While there are scores of independent E&P’s in the United States, Latin America has always been the domain of supermajors and NOC’s. As the only independent pan-regional Latin American E&P, GeoPark (ticker: GPRK) aims …

India’s First Auction in Six Years Attracts New Breed of Energy Developers: Entrepreneurs

From Economic Times

India’s $2 trillion economy imports 80% of crude it uses; PM looking to reduce oil imports by 10%

India approved awarding rights for 31 small discovered oil and gas fields in its first auction in six years, …

February 20, 2017 - 3:55 pm Closing Bell Story‎, Crude Oil News, Energy News

Canada Only Needs Two More Export Pipelines: Enbridge CEO

From BNN/Reuters

CALGARY, Alberta – Two new crude oil export pipelines will provide enough capacity to ship Canadian production to market until at least the mid 2020s, Enbridge Inc Chief Executive Al Monaco said on Friday, making clear his company’s …

February 20, 2017 - 12:13 pm Closing Bell Story‎, Crude Oil News, Energy News
Mattis: We’re Not Going to Seize Iraq’s Oil

Mattis: We’re Not Going to Seize Iraq’s Oil

Iraq Update – from various sources

From CNN

Before departing for his first trip to Baghdad as US Defense Secretary, James Mattis told reporters, “We’re not in Iraq to seize anybody’s oil.”

His comments appeared to be a departure from …

February 20, 2017 - 12:03 pm Closing Bell Story‎, Crude Oil News, Energy News
Utica Wells Producing 4.2x More than in January 2014, Beating Permian Efficiencies

Utica Wells Producing 4.2x More than in January 2014, Beating Permian Efficiencies

Despite relatively low rig activity, the Utica shows the strongest gains in production efficiency since January 2014

Baker Hughes Industries (ticker: BHI) released its weekly update on the number of rigs operating in the United States Friday, showing ten more …

Encana Plans to Grow Permian Production by 50% in 2017

Encana Plans to Grow Permian Production by 50% in 2017

2017 Development to focus on Permian, Eagle Ford, Montney

Encana (ticker: ECA) announced fourth quarter earnings and 2016 reserves Thursday, showing a net loss of $281 million, ($0.29) per share. Full year results were a loss of $944 million, or …

Wells in Turkey are Outperforming the STACK: TransAtlantic Petroleum CEO

Wells in Turkey are Outperforming the STACK: TransAtlantic Petroleum CEO

It’s like being in the Midland, but with better financial terms – TransAtlantic discusses its operations in Turkey

The last nine years have been marked by explosive growth in the North American oil and gas sector, but many companies continue …

Diamondback Predicts 65% Production Growth in 2017

Diamondback Predicts 65% Production Growth in 2017

2016 reserve replacement ratio 409%

Diamondback Energy (ticker: FANG) announced fourth quarter results and reserves Wednesday, reporting a net income of $26 million, or $0.32 per share. Full year results are a loss of $165 million, or ($2.20) per share. …

Black Stone Minerals Continues to Expand its Distribution by 9%

Black Stone Minerals Continues to Expand its Distribution by 9%

Black Stone Minerals is on track to maintain 9% CAGR for its common units

Increasing distribution to stockholders and unitholders has become difficult over the course of the downcycle. Low commodity prices stymied growth, reducing cash flow for companies and …

Iraq’s February Oil Sales Accelerate Despite OPEC Effort to Cut

From Bloomberg:

Iraqi crude shipments rose 3 percent in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut that has put pressure on oil prices.

Exports …

February 16, 2017 - 2:32 pm Closing Bell Story‎, Crude Oil News, Energy News

Alberta oil and gas industry projects higher salaries as oil prices stabilize, Conference Board says

From CBC:

The stabilization in oil prices has Alberta businesses growing increasingly optimistic about 2017’s economic climate.

According to the Conference Board of Canada’s Mid-Year Pulse Check — an update report on the board’s annual Compensation Planning Outlook —  …

India reaches out to new players in quest to unlock oil, gas potential

From Platts:

India has decided to award the bulk of the operating licenses to new players following its first oil and gas fields auction in six years as New Delhi steps up efforts to boost domestic oil and gas …

North Dakota Oil, Gas Production Down 10% in December

North Dakota Oil, Gas Production Down 10% in December

November set records for gas production, producing wells

The North Dakota Industrial Commission released its December 2016 Oil and Gas Production Report today, outlining hydrocarbon activity in the state for December 2016. Overall activity in December is down about 10% …

Canadian Oil Production Sets Record

Canadian Oil Production Sets Record

From ESTEVAN MERCURY

The production of crude oil and equivalent products reached a record high in Canada in November of last year.

The increase was attributed to synthetic crude oil production which was up by 17.5 per cent to 5.8 …

February 15, 2017 - 12:19 pm Canada, Closing Bell Story‎, Crude Oil News, Energy News
Evolution Petroleum Increases Dividends as Delhi Field Development Continues

Evolution Petroleum Increases Dividends as Delhi Field Development Continues

Evolution Petroleum: a dividend paying company with a debt-free balance sheet – exclusive interview with EPM CFO David Joe

The downturn in oil prices proved a difficult storm to weather for much of the industry. Companies that had levered up …

Two Iranian Oil Tankers Head Westward

From Argus

Two Iranian very large crude carriers (VLCCs), belonging to state-owned NITC, are heading west from Europe across the Atlantic ocean.

The VLCC the Huge unloaded around 2.1mn bl of crude at the Shell oil terminal in Rotterdam and …

February 15, 2017 - 11:06 am Closing Bell Story‎, Crude Oil News, Energy News

Oil Price Fails to Make Big Gains Despite Opec Cuts

Trading remains stuck in mid-$50s despite output falling 890,000 barrels a day

From The Week UK

The oil price has failed to break out of its mid-$50s range, despite data from the powerful Opec cartel showing its members are sticking …

Iraq Oil Output to Decline in March

From The Oil & Gas Year

Iraq, OPEC’s second-biggest supplier, is set to see oil output decline significantly in March, international media reported on Monday. It is unclear whether this is the result of unforeseen circumstances or a direct push …

February 15, 2017 - 7:27 am Closing Bell Story‎, Crude Oil News, Energy News
EnerCom Dallas investment conference

What’s not to Love? EnerCom Dallas Showcases Oil Producers in Southeastern Europe, U.S., Canada, South America

Strong EnerCom Dallas conference registrations point to 2017 energy sector uptick

EnerCom Dallas, EnerCom’s Texas-based oil and gas investment conference, will bring together a slate of upstream producers and oilfield technology innovators working in key global oil and gas jurisdictions. …

BetaZi Puts Big Data to Work for Oil & Gas Evaluations

BetaZi Puts Big Data to Work for Oil & Gas Evaluations

Energy producers, banks can solve “massive problems, wicked fast”

“BetaZi™ products allow our customers to correctly solve massive problems, wicked fast.” That’s how BetaZi™ CEO Janette Conradson put what her company does, talking to Oil & Gas 360® this week.…