Crude Oil News

Oil Back Under $49: with OPEC Cuts Baked in, Prices Fall as Markets Expects More

Oil Back Under $49: with OPEC Cuts Baked in, Prices Fall as Markets Expects More

OPEC will keep cuts for nine more months

The Organization of Petroleum Exporting Countries announced Thursday that it will extend production cuts for nine more months, through the end of Q1, 2018.

Oil prices dropped more than 5% on Thursday …

OPEC: Too Close to Call - Oil & Gas 360

OPEC Committee: Let’s Have Nine More Months of Cuts

Recommendation echoes member country suggestions

OPEC appears ready to approve extending cuts beyond the current June expiration date, based on pronouncements by several groups.

The Joint Ministerial Monitoring Committee, a group composed of representatives from OPEC and non-OPEC nations, recommended …

Piattaforma in produzione

DONG Energy Sells Out of Oil & Gas for $1.3 Billion

DONG sells oil & gas assets to INEOS, making the company the largest private enterprise operating in the North Sea

Petrochemical manufacturer INEOS announced today that it agreed to acquire all of DONG Energy’s oil and gas assets for total …

Mexico Gets Its First Private Oil Well in 80 Years

From Bloomberg

For the first time in almost 80 years, a private company has sunk a new offshore oil well in Mexican waters — the latest step in the country’s drive to allow foreign competitors back into its energy markets.…

May 24, 2017 - 11:57 am Closing Bell Story‎, Crude Oil News, Energy News
Resilient U.S. Shale Has Flipped Oil Imports Upside Down

Resilient U.S. Shale Has Flipped Oil Imports Upside Down

With shale production booming, why does the U.S. still import oil?

It’s a common question. The U.S. shale boom has had a profound effect on the U.S. energy industry, on world energy markets and on geopolitics—in little more than a …

Reeves County: The Most Rigs in the U.S.

Reeves County: The Most Rigs in the U.S.

NBL, PDCE, REN, WPX and EOG are county’s best producers

Reeves County, Texas is currently the most active county in the U.S. by rig count, as it lies near the heart of the massively popular Delaware Basin. Capital One released …

Chesapeake Energy Announces Debt Refinancing

Chesapeake Energy Corporation (NYSE: CHK) announced today that it has commenced cash tender offers  to purchase up to $750,000,000 aggregate purchase price, exclusive of accrued interest, of outstanding notes of Chesapeake .

No more than $200,000,000 aggregate purchase price, exclusive …

Oil Above $50/bbl In Anticipation of OPEC Cuts

Oil Above $50/bbl In Anticipation of OPEC Cuts

Saudi Arabia predicts no opposition to cuts

Oil is above $50/bbl again as traders anticipate an OPEC agreement to continue price cuts. Crude oil closed the day at $53.75/bbl for Brent and $50.81/bbl WTI, continuing gains since the 17th

BP Announces First Oil from North Sea Project

BP Announces First Oil from North Sea Project

Quad 204 develops Schiehallion, Loyal fields

BP (ticker: BP) announced first oil today from its Quad 204 project, redeveloping the Schiehallion and Loyal fields in the North Sea.

The Schiehallion and Loyal fields have been producing since 1998, producing an …

Flotilla Carrying 10 Million Barrels of U.S. Crude Heads to Asia

Traders expect U.S. to export 1 MMBOPD in May

From Reuters

Oil tankers carrying around 10 million barrels of U.S. crude are en route to Asia, according to shipping data and trade sources, as U.S. producers take advantage of favorable …

May 22, 2017 - 12:49 pm Closing Bell Story‎, Crude Oil News, Energy News
More Than Half of All U.S. Oil and Gas Jobs Are In Texas: Dallas Fed

More Than Half of All U.S. Oil and Gas Jobs Are In Texas: Dallas Fed

Dallas Fed tracks breakevens, lowest opex

The Federal Reserve Bank of Dallas released its Energy Indicators report, outlining the continued recovery of the oil and gas industry.

No surprise

Texas is the heart of oil and gas activity, with both …

RSP Permian Announces $585 Million Offering

RSP Permian does not expect to receive any proceeds from the offering

RSP Permian, Inc. (Ticker: RSPP) announced Thursday that the company had underwritten a public offering of 15,000,000 shares of its common stock by Silver Hill Energy Partners Holdings, …

May 19, 2017 - 12:15 pm Closing Bell Story‎, Crude Oil News

Concho Resources Inc. Announces Appointment to the Board of Directors and Executive Management Changes

Concho Resources Inc. (Ticker: CXO) announced Thursday that Joe Wright, the company’s Executive Vice President and Chief Operating Officer, has been appointed to the Board of Directors. Wright has announced his intention to retire as an officer of the company …

May 19, 2017 - 12:00 pm Closing Bell Story‎, Crude Oil News
Round Two: OPEC vs. U.S. Shale

Round Two: OPEC vs. U.S. Shale

OPEC will meet to decide on further production cuts next week, but will their efforts be ruined by the power of U.S. shale producers?

OPEC has been restraining production since the beginning of the year, after a group of cartel …

WTI Stays near $49 if OPEC Cuts Continue: EnerCom

WTI Stays near $49 if OPEC Cuts Continue: EnerCom

OPEC’s meeting to decide the future of production cuts is quickly approaching, and many expect that the group will extend their deal through at least the end of this year.

The production cuts, when they were first initiated, helped to …

New Oil Projects Brighten North Sea Twilight Years

From Reuters

New oil projects over the next two years in the North Sea will have combined capacity to produce 1.2 MMBOPD, offsetting a slide in output from the oldest deepwater basin that produces the world’s benchmark crude.

The projects …

May 18, 2017 - 5:38 pm Closing Bell Story‎, Crude Oil News, Offshore
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 …