Crude Oil News

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 …

Long Bets on Oil Increase as Summer Approaches

Long Bets on Oil Increase as Summer Approaches

Refinery utilization hits 90.8%, the highest since the first week of the year

U.S. refiners are picking up activity as the summer driving months approach, encouraging markets to increase the number of long bets on oil.

Utilization is expected to …

Hurricane Energy Triples Recoverable Resource from Lancaster Field

Hurricane Energy Triples Recoverable Resource from Lancaster Field

Recent drilling successes indicate 591 MMBOE recoverable

Hurricane Energy (ticker: HUR) announced the results of its 2016/17 drilling campaign today, tripling estimated recoverable reserves from the Lancaster field.

The Lancaster field is an oil play in the North Sea, just …

U.S. Rig Count Now 396 Rigs Higher Than Year-Ago Levels

U.S. Rig Count Now 396 Rigs Higher Than Year-Ago Levels

Drilling continues to pick up in the U.S. as oil remains above $50 per barrel

Baker Hughes Industries (ticker: BHI) released the North American rig count Friday showing yet another week of increased drilling activity in the United States. The …

welcome sign along the beirut - damascus highway a couple of kilometres after the border crossing from lebanon

Oil Prices Jump as Markets Worry about Syria

U.S. missile strike on Syria has some wondering about the return of a risk premium

Crude futures jumped as much as 2% after the U.S. military attacked the Shayrat air base near Homs with Tomahawk missiles in response to Syria’s …

Sunoco Sells 1,110 Stores to 7-Eleven for $3.3 Billion

Sunoco Sells 1,110 Stores to 7-Eleven for $3.3 Billion

Sunoco refocuses on selling wholesale gasoline

Sunoco LP (ticker: SUN) announced the sale of 1,108 convenience stores to Seven & i Holdings Co today, in a transaction valued at approximately $3.3 billion. This transaction implies a value of $2.98 million …

Canada’s Equity Markets Embrace Energy

Canada’s Equity Markets Embrace Energy

Cenovus announces $3.0 billion bought deal common share financing

Cenovus Energy (ticker: CVE) announced Thursday that the company closed a previously announced $3.0 billion common share financing deal. A total of 187.5 million common shares were sold at a price …

Oil Hits One-Month High:  Markets Account for North Sea Outage, OPEC Compliance

Oil Hits One-Month High: Markets Account for North Sea Outage, OPEC Compliance

Inventories build 1.6 million barrels, but prices hang on above $50

Crude oil prices continued to show improvements Wednesday even as the EIA reported builds in crude oil inventories. The agency reported an increase of 1.6 MMBO in stockpiles for …

WildHorse Borrowing Base Rises to $450 Million

WildHorse Borrowing Base Rises to $450 Million

WildHorse Resource Development’s (ticker: WRD) existing borrowing base under its $1.0 billion multi-year revolving credit facility was increased by its 15-lender bank group to $450 million from $362.5 million, the company announced today.

WRD’s revolving credit facility matures in December …

Executive Order has Broad Implications for Oil Regulation

From E&E News

President Trump last week laid out a wide-ranging strategy to reduce the regulatory burden on companies extracting fossil fuels from public lands.

Yesterday, the Interior Department took a first step toward implementing that plan by announcing a …

April 4, 2017 - 1:10 pm Closing Bell Story‎, Crude Oil News, Energy News
Unit Acquires 8,300 Acres in Hoxbar Play for $57 Million

Unit Acquires 8,300 Acres in Hoxbar Play for $57 Million

Acquisition increases Hoxbar holdings by 42%

Unit Corporation (ticker: UNT) announced the acquisition of 8,335 net acres in western Oklahoma for approximately $57 million. The acreage is located primarily in Grady and Caddo Counties, in the Hoxbar area of the …

Uncovering the Secret History of Wall Street’s Largest Oil Trade

From Bloomberg:

The men huddled in the same first-floor conference room as always, only this time they’d decided to make their annual oil bet bigger and bolder than ever before. Fewer than a dozen representatives from three Mexican government …

April 4, 2017 - 11:18 am Closing Bell Story‎, Crude Oil News, Energy News
Oil’s Q4 2016 CapEx Up 72% from Q4 2015: EIA

Oil’s Q4 2016 CapEx Up 72% from Q4 2015: EIA

$4.9 billion increase largest since at least 2012

Capital expenditures for onshore oil companies increased in Q4 2017, the first year-over-year increase in CapEx since 2014. According to the EIA, CapEx in Q4 2016 increased by $4.9 billion, or 72%, …

Oil Above $50 Despite 15 Additional Rigs

Oil Above $50 Despite 15 Additional Rigs

Onshore drilling continues to spool up as oil remains near $50 per barrel

The U.S. rig count continued to climb in the week ended March 31, 2017, with Baker Hughes reporting 15 additional rigs added to fleets across the country …