Crude Oil News

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 …

Canada’s Equity Markets Embrace Energy

Canada’s Equity Markets Embrace Energy

Cenovus announces $3.0 billion bought deal common share financing

Cenovus Energy (ticker: CVE) announced Thursday that the company closed a previously announced $3.0 billion common share financing deal. A total of 187.5 million common shares were sold at a price …

Oil Hits One-Month High:  Markets Account for North Sea Outage, OPEC Compliance

Oil Hits One-Month High: Markets Account for North Sea Outage, OPEC Compliance

Inventories build 1.6 million barrels, but prices hang on above $50

Crude oil prices continued to show improvements Wednesday even as the EIA reported builds in crude oil inventories. The agency reported an increase of 1.6 MMBO in stockpiles for …

WildHorse Borrowing Base Rises to $450 Million

WildHorse Borrowing Base Rises to $450 Million

WildHorse Resource Development’s (ticker: WRD) existing borrowing base under its $1.0 billion multi-year revolving credit facility was increased by its 15-lender bank group to $450 million from $362.5 million, the company announced today.

WRD’s revolving credit facility matures in December …

Executive Order has Broad Implications for Oil Regulation

From E&E News

President Trump last week laid out a wide-ranging strategy to reduce the regulatory burden on companies extracting fossil fuels from public lands.

Yesterday, the Interior Department took a first step toward implementing that plan by announcing a …

April 4, 2017 - 1:10 pm Closing Bell Story‎, Crude Oil News, Energy News
Unit Acquires 8,300 Acres in Hoxbar Play for $57 Million

Unit Acquires 8,300 Acres in Hoxbar Play for $57 Million

Acquisition increases Hoxbar holdings by 42%

Unit Corporation (ticker: UNT) announced the acquisition of 8,335 net acres in western Oklahoma for approximately $57 million. The acreage is located primarily in Grady and Caddo Counties, in the Hoxbar area of the …

Uncovering the Secret History of Wall Street’s Largest Oil Trade

From Bloomberg:

The men huddled in the same first-floor conference room as always, only this time they’d decided to make their annual oil bet bigger and bolder than ever before. Fewer than a dozen representatives from three Mexican government …

April 4, 2017 - 11:18 am Closing Bell Story‎, Crude Oil News, Energy News
Oil’s Q4 2016 CapEx Up 72% from Q4 2015: EIA

Oil’s Q4 2016 CapEx Up 72% from Q4 2015: EIA

$4.9 billion increase largest since at least 2012

Capital expenditures for onshore oil companies increased in Q4 2017, the first year-over-year increase in CapEx since 2014. According to the EIA, CapEx in Q4 2016 increased by $4.9 billion, or 72%, …

Oil Above $50 Despite 15 Additional Rigs

Oil Above $50 Despite 15 Additional Rigs

Onshore drilling continues to spool up as oil remains near $50 per barrel

The U.S. rig count continued to climb in the week ended March 31, 2017, with Baker Hughes reporting 15 additional rigs added to fleets across the country …

PetroChina Production Down 5.3% in 2016, Further Drops Expected

PetroChina Production Down 5.3% in 2016, Further Drops Expected

Decreasing production creates demand for foreign crude

PetroChina reported fourth quarter results on Thursday, showing net earnings of ¥7.9 billion ($1.15 billion), or ¥0.04 per share. While not a loss, this is the lowest profit in the company’s history, according …

Slowing Demand For Coal Sees Total Energy Production Fall 4%: EIA

Slowing Demand For Coal Sees Total Energy Production Fall 4%: EIA

Natural gas exports exceed coal exports in record milestone

Total energy production in the U.S. was down in 2016, the first decrease since 2009, according to a note released by the EIA today. U.S. primary energy production totaled 84.1 quadrillion …

Glencore Looks to Sell Crude Storage Assets as Futures Curve Flattens

Glencore Looks to Sell Crude Storage Assets as Futures Curve Flattens

Crude storage is becoming less attractive as futures prices decline

Swiss mining giant and commodity trader Glencore (ticker: GLEN) is looking to divest its global storage assets, following similar moves by rivals Vitol and Gunvor. As the futures curve begins …

Source: Energybc.ca

ConocoPhillips Sells Oil Sands, Deep Basin for $13.3 Billion

Cenovus to become largest Canadian thermal oil sands producer

ConocoPhillips (ticker: COP) announced the sale of its Canadian oil sands and Deep Basin gas assets Wednesday, in a $13.3 billion transaction. Cenovus Energy (ticker: CVE) will purchase most of ConocoPhillips’ …

Focus on Short-Cycle Returns Could Spell Trouble for Future Supply

Focus on Short-Cycle Returns Could Spell Trouble for Future Supply

Oil traders warn of impending supply crunch

Investors’ preference for projects with fast returns could spell trouble for future supply, warn oil traders and service executives. Many of these short-cycle projects involve U.S. shale operations, but with demand continuing to …

Dana Gas Iraq Operations

Oil Jumps on 220 MBOEPD Libyan Pipeline Shutdown

Pipeline difficulties represent 20% drop in national oil output

Oil prices jumped today on news of major supply disruptions in Libya, with WTI gaining 2.13% to close at $49.40/bbl. Libyan output dropped to 560 MBOEPD after one of the main …

ExxonMobil Sells Operated Norwegian Fields

ExxonMobil Sells Operated Norwegian Fields

Deal value estimated at $935 million

ExxonMobil (ticker: XOM) is selling its operated upstream business in Norway to HitecVision and Point Resources, according to a release from Point. While the purchase price was not released, Bloomberg estimated in September that …

Two New Refineries Planned in Texas

Two New Refineries Planned in Texas

Shale production provides new opportunities

The shale boom has not gone unnoticed by refiners, as two companies are looking to Texas to join some of the biggest plays in the United States. MMEX Resources (ticker: MMEX) and Raven Petroleum both …

Russia Can Wait for $70 Oil Before Re-Entering Arctic Waters

From Bloomberg

Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields.

“We estimate production costs …

March 29, 2017 - 3:38 pm Arctic, Closing Bell Story‎, Crude Oil News
U.S. International Crude Exports Surge in 2016: EIA

U.S. International Crude Exports Surge in 2016: EIA

Exports delivered to more destinations than ever

U.S. crude oil exports grew 12% in 2016, despite a decline in domestic production, according to a note released by the EIA today. In addition, these exports were delivered to more countries than …

$16.7 Billion in Pipeline Projects Awaiting FERC Approval

$16.7 Billion in Pipeline Projects Awaiting FERC Approval

No quorum until at least late-May

After approving seven pipelines in 2017 FERC lost quorum with the resignation of Norman Bay, halting all project approval. Bloomberg Intelligence held an analyst briefing today to discuss the state of pipelines and FERC, …