Crude Oil News

Canada Oil Industry Gets $173 Million Loan to Clean Up Abandoned Wells

Canada Oil Industry Gets $173 Million Loan to Clean Up Abandoned Wells

From Reuters

The oil industry in Canada’s resource-rich Alberta will be on the hook for a C$235 million ($172.7 million) government loan to clean up a rising number of oil wells abandoned by owners who have gone bankrupt, the province …

OPEC’s Steep Price for Market Share

OPEC’s Steep Price for Market Share

Flooding the market has quickly emptied the kingdom’s checkbook

In case you missed the past three years, on Thanksgiving Day 2014, OPEC announced it would not cut oil production in the name of gaining customers and growing market share for …

Analyst Overview – Crude Oil Inventories

Baird

While constructive on balance, this week’s report failed to meet lofty expectations. Contrasting last week’s broad bullish readings, this week’s data proved more balanced. While crude and product inventories declined, overall inventory retrenchment fell shy of consensus projections. And …

May 17, 2017 - 9:35 am Closing Bell Story‎, Crude Oil News
RBC Examines 3 Paths to Oil Rebalance

RBC Examines 3 Paths to Oil Rebalance

U.S. crude oil stocks at this point in 2017 have dropped below the record highs of 2016. But inventories are still high. So in the face of predicted increasing oil production from shale in 2017, rebalancing inventories will be difficult, …

Tamarack Valley Energy Reports Positive Earnings Following Transformational Acquisition

Tamarack Valley Energy Reports Positive Earnings Following Transformational Acquisition

Tamarack Valley reports production growth and earnings of $2.3 million in the first quarter

Calgary-based Tamarack Valley Energy (ticker: TVE) announced its first quarter results Monday reporting more production along with earnings of $2.3 million following its combination with Spur …

SM Keeping Bakken Assets

SM Keeping Bakken Assets

Bids for Divide County acreage didn’t add up

SM Energy (ticker: SM) announced today that it has postponed indefinitely the sale of its Divide County North Dakota assets.

SM expressed its desire to sell its Divide County assets in January, …

BHP Studying Shale Sale as Activist Fund Elliott Demands Review

From Bloomberg

BHP Billiton Ltd. is considering further sales of its U.S. shale gas assets as it fends off the second round of attack from activist hedge fund Elliott Management Corp. over the future of the energy business within the …

May 16, 2017 - 11:46 am Closing Bell Story‎, Crude Oil News, Natural Gas News

Aramco Plans at Least 10 Energy Deals During Trump Visit

From Bloomberg

Saudi Aramco plans to sign agreements with at least 10 companies including General Electric Co. and oil field-service businesses Schlumberger Ltd. and Halliburton Co. when President Donald Trump visits Saudi Arabia, according to two people familiar with the …

May 16, 2017 - 10:36 am Closing Bell Story‎, Crude Oil News, Natural Gas News
Land of Oil: North Dakota’s Producing Wells at All-Time High

Land of Oil: North Dakota’s Producing Wells at All-Time High

Oil production down, gas production up

The North Dakota Industrial Commission released its latest Oil and Gas Production Report Friday, outlining hydrocarbon activity in the state for March 2017.

Oil production down in spite of all-time high producing wells

The …

Permian Effective Rig Count 1,109

Permian Effective Rig Count 1,109

Nationwide EERC higher than ever at 1,873

EnerCom released its monthly EnerCom Effective Rig Count today. Launched in January, the EnerCom Effective Rig Count seeks to account for improved productivity in recent developments.

The downturn forced companies to innovate and …

Canada’s Crude Oil Pacific Exports and Northern Gateway Likely Dead if Proposed Tanker Ban Becomes Law

Canada’s Crude Oil Pacific Exports and Northern Gateway Likely Dead if Proposed Tanker Ban Becomes Law

On Friday, the Canadian government introduced C-48, the Oil Tanker Moratorium Act

It’s no longer living as a temporary moratorium or simply a political threat. On Friday Canada’s federal government introduced legislation that will turn its informal ban on crude …

Permian Dominates Again:  Rig Count Rises 17th Week

Permian Dominates Again: Rig Count Rises 17th Week

Texas has 51% of all active rigs in the U.S.

Baker Hughes (ticker: BHI) released its weekly rig count today, announcing the seventeenth straight week of increasing drilling activity.

In total, eight rigs came online in the U.S. this week, …

Newly Emerging Play is ‘One of the Best Kept Secrets in the Permian’

Newly Emerging Play is ‘One of the Best Kept Secrets in the Permian’

$2-million wells in the San Andres are generating 50% to 70% ROR

Profitable Yuma Energy (ticker: YUMA) reported first quarter earnings Thursday, showing net earnings of $2.6 million, or $0.16 per diluted share. This compares favorably with the $12.8 million …

Permian Pure Play Jagged Peak Checks Off 53% Production Growth in Q1

Permian Pure Play Jagged Peak Checks Off 53% Production Growth in Q1

Jagged Peak has six rigs on its Delaware acreage, planning five frac fleets for 2017

Jagged Peak Energy (ticker: JAG) released first quarter earnings Thursday, showing a net loss of $465.9 million, or ($0.42) per share. The vast majority of …

WildHorse Ups Eagle Ford Stake with $625 Million Purchase from Anadarko, KKR

WildHorse Ups Eagle Ford Stake with $625 Million Purchase from Anadarko, KKR

$625 million Eagle Ford acreage acquisition makes WildHorse the second largest Eagle Ford player—for one fifth the price of Permian acreage

WildHorse Resource Development (ticker: WRD) today announced the purchase of 111,000 net acres in the Eagle Ford from Anadarko …

Source: Sweetcrudereport.com

Largest Crude Draw of the Year Sends Prices North

The 5.2 MMBO crude oil inventory draw is the largest since December 2016

U.S. crude oil inventory levels fell 5.2 MMBO in the week ended May 5, according to the EIA, sending traders into action yesterday. Oil markets have been …

Rosneft’s $12.9 Billion Essar Oil Deal Delayed Over Debt Issues

From Reuters

Russian state oil firm Rosneft (ROSN.MM) is struggling to close its $12.9 billion acquisition of India’s Essar Oil Ltd because six of Essar’s Indian creditors have yet to approve the deal, sources close to the talks said.

The …

May 11, 2017 - 11:42 am Closing Bell Story‎, Crude Oil News
OPEC: Too Close to Call - Oil & Gas 360

Oil Producers in Consensus to Extend Cuts, OPEC Members Say

From Bloomberg

OPEC and other oil producers taking part in output cuts have reached a consensus to extend the limits until the end of the year, oil ministers for two of the group’s members said.

All members of the Organization …

May 11, 2017 - 11:35 am Closing Bell Story‎, Crude Oil News, OPEC
U.S. Oil Production to Grow 4% in 2017, 7.5% in 2018: EIA

U.S. Oil Production to Grow 4% in 2017, 7.5% in 2018: EIA

Canada’s oil production rose in February, up 4% YoY

Shale producers will continue pumping more and more hydrocarbons according to the latest analysis from the Department of Energy. The EIA released its Short Term Energy Outlook for the month of …

Cimarex: Running 8 Rigs in the Permian, 6 in Mid-Continent

Cimarex: Running 8 Rigs in the Permian, 6 in Mid-Continent

Realized NGL prices more than doubled

Cimarex Energy (ticker: XEC) reported first quarter earnings today, announcing net income of $131 million, or $1.38 per share. This result compares favorably to the $38.2 million income in Q4 2016 and the $231.5 …

Shale Drillers Are Outspending the World With $84 Billion Spree

From Bloomberg

U.S. shale explorers are boosting drilling budgets 10 times faster than the rest of the world to harvest fields that register fat profits even with the recent drop in oil prices.

Flush with cash from a short-lived OPEC-led …

Sanchez Increases Completion Intensity 60% in Shorter Eagle Ford Wells

Sanchez Increases Completion Intensity 60% in Shorter Eagle Ford Wells

3,000 lbs proppant per foot yielding flatter decline curves

Sanchez Energy (ticker: SN) announced results for first quarter 2017 today, showing a net loss of $12.5 million, or ($0.18) per share. This exceeds the $69.8 million loss the company reported …

EOG Whirling Wind Pad Breaks 30-Day IP Record in Upper Wolfcamp

EOG Whirling Wind Pad Breaks 30-Day IP Record in Upper Wolfcamp

Four-well pad producing combined 20,000 BOEPD 30-day IP

EOG Resources: (ticker: EOG) reported first quarter earnings today and also said that it set a company record for crude oil production in Q1, producing 315.7 MBOPD, 18% above last year’s Q1 …

White House Nominees May Restore FERC Quorum

White House Nominees May Restore FERC Quorum

President Donald Trump nominates Neil Chatterjee and Robert Powelson to FERC

The White House announced Monday that President Donald Trump has nominated a number of people to key administration posts, including two nominees for the Federal Energy Regulatory Commission (FERC), …

Saudi to Cut June Oil Supply to Asia as Local Demand Rises

From Reuters

Saudi Aramco will reduce oil supplies to Asia by about 7 million barrels in June, a source said on Tuesday, as the oil giant cuts output as part of global supply pact and trims exports to meet rising …

May 9, 2017 - 9:58 am Closing Bell Story‎, Crude Oil News, International

Libya Adds to OPEC’s Burden as Output at Highest Since 2014

From Bloomberg

Libya is pumping the most oil in more than two years as the OPEC member restores output amid progress in mending the nation’s political divisions. The increase adds pressure on the world’s biggest producers who just signaled they …

May 9, 2017 - 8:50 am Closing Bell Story‎, Crude Oil News, International
Northern Oil and Gas: Enhanced Completions Generate 13 MBOEPD

Northern Oil and Gas: Enhanced Completions Generate 13 MBOEPD

Northern anticipates more production growth in 2H 2017

Northern Oil and Gas, Inc. (ticker: NOG) reported total production of 1.2 million BOE for the first quarter, averaging 13,299 BOEPD.

Northern’s business model is as a non-operator franchise in the  Bakken …

PDC Targets 42% Production Growth in 2017

PDC Targets 42% Production Growth in 2017

$750 Million CapEx split between Wattenberg and Delaware

Wattenberg producer PDC Energy (ticker: PDCE) reported first quarter results on May 5, showing net income of $46.1 million, or $0.70 per diluted share. This significantly outperforms the $71.5 million net loss …

Diamondback “Very Comfortable” at $45 to $50 oil

Diamondback “Very Comfortable” at $45 to $50 oil

Cost reduction major focus

Diamondback Energy (ticker: FANG) held its first quarter conference call last week, where the pure-play Permian operator discussed current activity.

“Very comfortable” at $45 to $50 oil

During the conference call, Diamondback CEO Travis Stice commented …

OPEC: We Will Do “Whatever it Takes” to Rebalance Oil Markets

OPEC: We Will Do “Whatever it Takes” to Rebalance Oil Markets

OPEC could extend cuts to 2018, but in the long run U.S. shale “won’t make a dent”

As oil prices struggle to stay above $50 per barrel, OPEC appears to be ready to extend production cuts through the second half …