Crude Oil News

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.…

The Capital Markets are Open to Oil & Gas: PLS

The Capital Markets are Open to Oil & Gas: PLS

PLS Capitalize™ Report: Oil & gas industry raised $186 Billion through U.S. public offerings in 2016; PLS predicts surge in M&A activity in 2017

Houston’s oil and gas research firm PLS Inc. provided the following statistical review of capital markets …

Noble Energy Announces 63% Year-over-Year Increase in Capital Budget

Noble Energy Announces 63% Year-over-Year Increase in Capital Budget

Noble Energy announces $2.3-$2.6 billion budget with a focus on liquids in the DJ, Delaware and Eagle Ford

Houston-based Noble Energy (ticker: NBL) announced the company’s capital guidance for the year, stating that the company plans to increase its spending …

Earthstone Energy Likes Midland Basin Opportunities

Earthstone Energy Likes Midland Basin Opportunities

EarthStone Energy plans to grow production 200% to 400% on acquired Midland assets in 2017

With 2016 in the books and many companies reporting their year-end numbers, markets are beginning to look forward to the year ahead. A stable oil …

Pioneer Natural Resources: 2016 Production Jumps 15% from Spraberry/Wolfcamp Hz Drilling

Pioneer Natural Resources: 2016 Production Jumps 15% from Spraberry/Wolfcamp Hz Drilling

Pioneer expects to place ~260 horizontal wells on production in 2017

Pioneer Natural Resources: 2016 Production Jumps 15% from Spraberry/Wolfcamp Hz Drilling

  • Pioneer produced 234 MBOEPD in 2016, up 15% from prior year

  • One of the best years in Pioneer’s 20-year history: Dove

  • Exported 525,000 barrels of Permian basin oil in

Raging River Finds Success in Canadian Light Oil

Raging River Finds Success in Canadian Light Oil

Viking formation’s shallow light oil keeps well costs low

There are several world-class oil and gas plays in Canada. The Montney has excellent stacked play potential, and the Cardium field has been known for years. When it comes to …

Parsley Energy Makes $2.8 Billion Permian Acreage Acquisition

Parsley Energy Makes $2.8 Billion Permian Acreage Acquisition

Acquisition makes Parsley second largest publicly traded E&P in the Midland basin

Parsley Energy (ticker: PE) announced the acquisition of 71,000 net acres in the Midland basin for $2.8 billion today, increasing its Permian acreage by 45%. The acreage will …

Global Crude Inventories to Decrease in 2017: EIA

Global Crude Inventories to Decrease in 2017: EIA

U.S. oil production to grow 1 million bpd in 2018

The EIA released its monthly Short-Term Energy Outlook today, outlining predicted energy production and consumption through 2018.

The EIA revised its estimates of the 2016 crude supply build, decreasing the …

Corps of Engineers Ready to Approve Dakota Access Oil Pipeline Immediately

From The Hill

The Army Corps of Engineers will grant the final approval needed to complete the controversial Dakota Access oil pipeline within a day, it told lawmakers Tuesday.

The news from the Army Corps, in letters to Congress and …

February 7, 2017 - 3:58 pm Closing Bell Story‎, Crude Oil News, Energy News

Synergy Resources Issues Preliminary Q4, Year-End Results

Wattenberg operator Synergy Resources Corporation (ticker: SYRG)  issued preliminary  December 31, 2016 financial results.

Highlights

  • Production sales volumes for three and twelve months ended December 31, 2016 were 13,269 BOE/day (58% oil) and 11,670 BOE/day (53% oil), respectively
  • Drilling
February 7, 2017 - 3:21 pm Closing Bell Story‎, Crude Oil News, Energy News
Crude Oil, Bitumen Exports from Canada Up Almost 16%

Crude Oil, Bitumen Exports from Canada Up Almost 16%

U.S. still Canada’s biggest customer

From The Globe and Mail

Canada posted a second consecutive monthly trade surplus for the first time in more than two years in December, but booming oil exports obscured weakness in some key sectors.

The …

February 7, 2017 - 2:49 pm Canada, Crude Oil News, Energy News
Source: WPX

Contango Oil & Gas Scored Big: 12,000 Delaware Basin Acres for $5,000 per Acre

Contango Oil & Gas built a position in the hottest play in the U.S. at a fraction of the going cost

The Delaware Basin has become the U.S.A. focal point for oil and gas acquisitions over the course of the …

It’s ambitious to think that oil prices could reach $65: IEA

From CNBC:

Despite a recent OPEC agreement to cut oil production and boost prices, it is unrealistic to expect that the commodity will reach $65 a barrel in the near term, an analyst at the Paris-based International Energy Agency …

February 3, 2017 - 10:13 am Closing Bell Story‎, Crude Oil News

India’s oil minister unveils strategy to integrate state firms

From S&P Global Platts:

India is embarking on a plan to create a few integrated state oil firms by consolidating some of the existing ones, which is expected to help the firms absorb the shock of wild price fluctuations …

February 3, 2017 - 10:11 am Closing Bell Story‎, Crude Oil News, Natural Gas News

American steel companies ‘fully prepared’ to supply pipelines, US Steel CEO says

From CNBC:

United States Steel and other American manufacturers are “absolutely” prepared to produce steel for the pipelines President Donald Trump wants built, the company’s CEO told CNBC on Wednesday.

Earlier in the week, Trump reiterated his insistence that …

February 3, 2017 - 10:03 am Closing Bell Story‎, Crude Oil News, MLP News, Natural Gas News
PDC Energy Tallies 25% Reserves Growth, 44% Production Growth in 2016

PDC Energy Tallies 25% Reserves Growth, 44% Production Growth in 2016

PDC Energy year-end proved reserves reach 341.4 MMBOE, $1.7 Billion PV-10, up 25% from 2015

Denver-based PDC Energy (ticker: PDCE) released an update on the company’s year-end production estimates and reserves. The press release put out by the company Wednesday …