Crude Oil News

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 …

Codell Sandstone Attracting Oil Drillers to Wyoming

Codell Sandstone Attracting Oil Drillers to Wyoming

Success in the Codell sandstone: Wyoming Geological Survey examines 119 producing Codell horizontal oil wells in Laramie County 

The Codell sandstone could be a formation that operators might begin to take seriously. A new report from the State of Wyoming …

Permian Thought Leaders Talk Turkey

Permian Thought Leaders Talk Turkey

“It will get to a point where it’s actually artificial intelligence that’s drilling our wells for us, with us observing” – Tim Dove, CEO, Pioneer Natural Resources

There are a lot of smart E&P companies rambling around West Texas, the …

Source: WPX

U.S. Rig Count Climbs Sixteenth-Straight Week

Permian, minor basins add most

Drilling activity in the U.S. has increased yet again, with Baker Hughes weekly rig count reporting seven additional rigs this week. The total number of rigs active in the U.S. is now 877, more than …

Mexico’s Pemex Says March Crude Oil Exports Hit Record Low

From Reuters

Mexican national oil company Pemex said on Friday that March crude exports fell to a record low of just above 1 million barrels per day (bpd), while oil output for the month also dipped.

Pemex’s March crude shipments …

May 5, 2017 - 11:45 am Closing Bell Story‎, Crude Oil News

TransCanada Keystone XL Shipper Talks Complicated, CEO Says as Profit Up

From Reuters

Lower oil prices and alternative export routes are complicating negotiations for shipper commitment for TransCanada Corp’s Keystone XL pipeline project, and the company does not have a firm deadline for concluding the talks, Chief Executive Russell Girling said …

May 5, 2017 - 9:27 am Closing Bell Story‎, Crude Oil News
Profitable WPX Sees 3 Keys for Ramping Up in the Delaware

Profitable WPX Sees 3 Keys for Ramping Up in the Delaware

“World class rock, tons of opportunity”: WPX

In today’s conference call, WPX (ticker: WPX) discussed three main requirements for ramping up production.

Geology

First and foremost is the local geology. However, WPX believes that it has mostly solved this question. …

State of Colorado Orders Inspections of Oil and Gas Wells, Pipelines after Weld County Home Explosion

State of Colorado Orders Inspections of Oil and Gas Wells, Pipelines after Weld County Home Explosion

Operators must test facilities within 1,000 feet of occupied buildings in next 30 days

Colorado has ordered thousands of wells and pipelines inspected after the fatal April 17th home explosion in Firestone, Colorado, set off a series of investigations, …

Eagle Ford, STACK Shine for Devon in Q1

Eagle Ford, STACK Shine for Devon in Q1

Devon targets 20 U.S. operated rigs by year-end

Devon Energy Corp. (ticker: DVN) reported stronger than expected production results Tuesday as the company’s U.S. resources outperformed its earlier guidance. Oil production averaged 261 MBOPD, up 7% sequentially, 5 MBOPD more …

Anadarko, Bill Barrett Add Sand, Reduce Stage Spacing in DJ Basin

Anadarko, Bill Barrett Add Sand, Reduce Stage Spacing in DJ Basin

Q1 production up despite low 2016 activity; Anadarko drills a long lateral in record 5.2 days

Two major Niobrara players, Anadarko Petroleum (ticker: APC) and Bill Barrett Corporation (ticker: BBG) held conference calls today, reporting similar strategies for success in …

A $9.7 Billion Canadian Energy Merger

A $9.7 Billion Canadian Energy Merger

Heavy oil transporter Pembina to acquire Veresen:  combined EV of $33 billion creates one of the largest Canadian infrastructure companies

Western Canada heavyweight Pembina Pipeline (ticker: PPL) announced the acquisition of Veresen (ticker: VSN) today, a $9.7 billion deal.

This …

No Slowing the Permian Land Grab: Centennial Resource Development Enters the Northern Delaware

No Slowing the Permian Land Grab: Centennial Resource Development Enters the Northern Delaware

Raising our 2020 oil production target to 60,000 BOPD: Centennial CEO Mark Papa

Denver’s Centennial Resource Development, Inc. (ticker: CDEV) said on Monday it is acquiring undeveloped acreage and producing oil and gas properties in the core of the Northern …