Crude Oil News

Source: WPX

Rigs End 23-Week Climb: Streak Broken as Rig Count Drops by One

940 rigs active in U.S.; Texas is the only state to add a rig

The longest streak of increasing drilling activity since at least 1986 has finally been broken, according Baker Hughes Weekly Rig Count.

The total number of rigs …

Carrizo Grabs 23,700 Delaware Basin Acres

Carrizo Grabs 23,700 Delaware Basin Acres

$648 million pushes Carrizo’s Delaware acreage to 42,600 acres

Carrizo Oil & Gas (ticker: CRZO) announced the acquisition of Delaware Basin acreage, the latest in a series of Permian transactions.

Carrizo will acquire 23,656 gross (16,488 net) acres in Reeves …

Dallas Fed Surveys Oil & Gas Execs: ‘There’s a Lot of Tiger in this Tank’

Dallas Fed Surveys Oil & Gas Execs: ‘There’s a Lot of Tiger in this Tank’

Executives expect $48.80/bbl WTI at yearend, down from Q1 survey expectation of $53.50

“The exploration and production industry needs to get used to the paradigm that oil prices will be set for the next several years by the breakeven prices …

OPEC: Too Close to Call - Oil & Gas 360

OPEC’s Share of U.S. Crude Imports Nears All-Time Lows

Only 40% of imported crude came from OPEC in 2016

OPEC’s share of U.S. oil imports has been declining, and has dropped sharply over the last few years. In 1990, OPEC supplied 62% of all crude imported into the U.S. …

U.S. Crude, Refined Products Exports Growing — Fast

U.S. Crude, Refined Products Exports Growing — Fast

Total exports more than doubled since 2010; Canada drops from 92% of U.S. exports to 58%

Rising production from shale formations has fundamentally changed the U.S. petroleum products trade.

After being flat for many years, exports of both crude oil …

IFR Joint Venture Cleared to Bid in Next Mexican Onshore Round

IFR Joint Venture Cleared to Bid in Next Mexican Onshore Round

The Mexican government estimates fields in Round 2.3 contain 251 MBOE of recoverable resources

International Frontier Resources (ticker: IFR) announced Monday that its 50/50 joint venture company Groupo Idesa, Tonalli Energia, is one of 12 companies and seven consortiums named …

Reduced Risk of Shale Lured Energy Capital Onshore, but Which Delivers the Better Reward—Onshore or Offshore?

Reduced Risk of Shale Lured Energy Capital Onshore, but Which Delivers the Better Reward—Onshore or Offshore?

EnerCom analysts take a look

Advancements in unconventional drilling have fundamentally changed the types of oil and gas projects that attract capital.

When hydraulic fracturing and horizontal drilling unlocked vast hydrocarbon resources onshore in the U.S. shale basins about a …

Eleven More Rigs Add Up to 23 Weeks of Increasing Activity

Eleven More Rigs Add Up to 23 Weeks of Increasing Activity

More rigs in 31 of 32 past weeks

Rigs active in the U.S. have stretched their inexorable climb into the 23rd week, according to Baker Hughes’ Rotary Rig Count. In total, eight rigs came online in the U.S. over …

Mexico’s CNH to International Frontier Resources: You are Cleared for Takeoff

Mexico’s CNH to International Frontier Resources: You are Cleared for Takeoff

IFR scores approval for Tecolutla evaluation plan; next step–drilling permits

Clagary-based International Frontier Resources (ticker: IFR) announced Friday that the company received approval from the National Hydrocarbons Commission (CNH) for its evaluation plan of Block 24 Tecolutla. IFR’s joint venture …

Liquids Reserves Declined in 2016

Liquids Reserves Declined in 2016

U.S. independents reported combined 790 MMBBL decrease; Canada’s oil sands drug down the total

Independent E&P companies saw liquids reserves decline again in 2016, as lower prices continued to squeeze producers.

Oil prices in early 2016 dropped to the lowest …

June 22, 2017 - 5:03 pm Canada, Closing Bell Story‎, Crude Oil News
OPEC Compliance at Record 106%: Reuters

OPEC Compliance at Record 106%: Reuters

Bloomberg’s numbers are less

OPEC cut compliance has hit its highest point in in this round of cuts, according to a story released by Reuters today.

Total cut compliance, including both OPEC and non-OPEC countries, reached 106% in May, Reuters …

Operators Shut Down Gulf of Mexico Oil Output Ahead of Storm Cindy

From the Bureau of Safety and Environmental Enforcement

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in preparation for Tropical Storm Cindy. The Bureau of Safety and Environmental Enforcement (BSEE) Hurricane Response Team …

Refinery Runs at All-Time Highs

Refinery Runs at All-Time Highs

Week of May 26 set new record

U.S. refineries are breaking records processing crude oil this year but crude inventories are still high, according to a note released by the EIA Tuesday.

According to the EIA, gross inputs to U.S. …

Texas Scientific Group Examines Shale Development Effects

Texas Scientific Group Examines Shale Development Effects

Elite science group looked at 6 impacts

The Academy of Medicine, Engineering and Science of Texas (TAMEST) released a report on the effects of shale development in Texas yesterday.

The report, Environmental and Community Impacts of Shale Development in Texas

How Encana Attacks the Permian: “Developing the Cube”

How Encana Attacks the Permian: “Developing the Cube”

Large-scale development delivers improved yields in the Permian

Encana (ticker: ECA) released an update to its Permian operations today, outlining the company’s current practices in the world’s most popular shale play.

Instead of drilling a few wells in a given …

Is the Permian Getting Too Hot to Touch?

Is the Permian Getting Too Hot to Touch?

High acreage costs beginning to affect economics in the Delaware

The Permian has enjoyed a rush of capital since oil prices began to recover from a low of $26.21 in February of last year.

The play is home to some …

A rig site in North Dakota

Oxy Shuffles Permian Properties in $1.2 Billion Deals

13,000 non-core acres sold for $600 million

Occidental Petroleum (ticker: OXY) announced a series of transactions in the Permian with a total value of $1.2 billion. These transactions are a series of purchases and sales that in total require no …

ExxonMobil, Hess, CNOOC Announce $4.4 Billion Offshore Guyana Development

ExxonMobil, Hess, CNOOC Announce $4.4 Billion Offshore Guyana Development

Phase 1 will produce 450 MMBO

ExxonMobil (ticker: XOM), Hess (ticker: HES) and CNOOC today announced FID for Phase 1 development of the Liza field in offshore Guyana.

Initially discovered in May 2015, the Liza field is located about 120 …

Rig Count 933: Up 22 Consecutive Weeks

Rig Count 933: Up 22 Consecutive Weeks

North Dakota adds most rigs

U.S. drilling activity continues to ramp up, stretching the rig rally to 22 weeks, according to Baker Hughes’ Weekly Rig Count.

Six additional rigs came online this week, bringing the total number of rigs active …

Tanker Firm Frontline Expects Rise in Storage of Oil on Vessels

From Reuters

Tanker firm Frontline, controlled by billionaire investor John Fredriksen, expects a growing number of supertankers to be used for storing crude in anticipation of higher oil prices, its chief executive told Reuters on Friday.

While none of Frontline’s …

June 16, 2017 - 10:29 am Closing Bell Story‎, Crude Oil News

Mexico Awaits Next Oil Round with Cautious Optimism

From Reuters

Mexico is looking forward to its next round of offshore oil auctions on Monday with guarded optimism thanks to robust interest from oil majors for the shallow-water tenders.

On Monday, Mexico auctions 15 oil and gas blocks along …

June 16, 2017 - 9:33 am Closing Bell Story‎, Crude Oil News
Source: Energybc.ca

Canada Production to Grow by 1.3 MMBOPD by 2030, But Where’s the Pipe?

Oil sands to drive growth

The recent political fracas over pipelines like the Keystone XL and the Dakota Access Pipeline generated a significant amount of attention on pipelines from Canada. With the current administration’s approval or expected approval of both …

Qatar Crisis Spills Into Libya, Entangling Glencore Over Oil

From Bloomberg

The Qatar crisis is reverberating in Libya, inflaming political divisions in the war-torn oil exporter and dragging commodity-trading giant Glencore Plc (ticker: GLEN) into a dispute over crude sales.

The row involves competing administrations of the National Oil …

June 15, 2017 - 4:32 pm Closing Bell Story‎, Crude Oil News
Saudi Arabia Now Targeting U.S. Data to Boost Prices

Saudi Arabia Now Targeting U.S. Data to Boost Prices

As production cuts fail to raise prices further, Saudi Arabia looks to influence U.S. data to strengthen commodity prices

Crude oil prices hit a five-week low Wednesday as OPEC production rose and U.S. inventories showed smaller than expected draws. OPEC …

Goodnight Midstream Expands Operations With Permian Basin Acquisitions And Adds Key Personnel To Support Ongoing Growth Initiatives

Goodnight Midstream, the professional fluids management company, today announces multiple acquisitions and the addition of key personnel to support the Company’s on-going expansion in the Permian Basin. Following these transactions, Goodnight now offers produced water gathering and disposal from 10

June 15, 2017 - 11:27 am Closing Bell Story‎, Crude Oil News, Energy News

Rosneft, Partners To Invest Over $8 Billion in Russia’s Offshore Energy Sector

From Reuters

Rosneft and its partners plan to invest 480 billion roubles ($8.4 billion) in developing Russia’s offshore energy industry in the next five years, part of a bid to boost output from new areas, the Russian oil major told …

June 15, 2017 - 10:35 am Closing Bell Story‎, Crude Oil News
Crude Falls Again on Unhappy Inventory Report

Crude Falls Again on Unhappy Inventory Report

Gasoline stocks increase for second week

Crude oil prices have fallen on disappointing inventory data today, in a repeat of what occurred after the inventory build last week.

Unlike last week’s Petroleum Supply Weekly, the EIA did not announce …

North Dakota Gas Production, 13,700 Active Wells Break Records

North Dakota Gas Production, 13,700 Active Wells Break Records

Overall activity up in Bakken; pipes starting to replace rail

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

Oil production up

The NDIC reported …

OPEC Production Up in May with New Oil from Libya and Nigeria

OPEC Production Up in May with New Oil from Libya and Nigeria

Countries exempt from the OPEC production deal are ramping up production

Even as the Organization of Petroleum Exporting Countries looks to rebalance markets through coordinated production cuts within its ranks and with other non-members, production from the group is up.…

WPX and Howard Energy Create Delaware Midstream JV

WPX and Howard Energy Create Delaware Midstream JV

Venture develops WPX’s Stateline properites

WPX Energy (ticker: WPX) announced today the formation of a joint venture with Howard Energy Partners to develop midstream capacity in the Delaware basin.

This venture will support WPX’s operations in the Stateline area, on …