Crude Oil News

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 …

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 …