Crude Oil News

Shell Selling North Sea Assets to Chrysaor for $3.8 Billion

Shell Selling North Sea Assets to Chrysaor for $3.8 Billion

Deal will make Chrysaor one of the largest UK oil and gas producers 

Royal Dutch Shell (ticker: RDSA) has agreed to sell a package of UK North Sea assets to privately held UK producer Chrysaor for a total of up …

Photo: Oil & Gas 360 - Permian - Delaware Basin Action Virtually Nonstop Since Oct. 1

Permian – Delaware Basin Action Virtually Nonstop Since Oct. 1

No slowdown for the Permian

Everybody is getting into the action in the Permian basin and in the Delaware portion of the basin in particular.

Even Norway’s TGS-NOPEC Geophysical Company (ticker: TGS) has landed in the Permian. TGS announced today …

Project Slowdown in North Sea and UK Drag Down BHI Revenue, Earnings

Project Slowdown in North Sea and UK Drag Down BHI Revenue, Earnings

GE merger on schedule

Baker Hughes (ticker: BHI) reported fourth quarter earnings on Thursday, showing a wider loss than expected.

Net loss was $417 million, or ($0.98) per common share, which includes charges related to asset impairments, restructuring charges, loss …

Permian Player Jagged Peak Energy Goes Public

Permian Player Jagged Peak Energy Goes Public

Jagged Peak Energy is developing 60,000 net acres in the Southern Delaware basin

Jagged Peak Energy (ticker: JAG), made its official debut today after the pricing of its IPO on the New York Stock Exchange. Jagged Peak also launched its …

Permian Rig Count Now 60% Higher than Last Year: BHI

Permian Rig Count Now 60% Higher than Last Year: BHI

Total U.S. rig count up 18 from last week

The rig count continued to rise in the United States for the week ended January 27, 2017, according to Baker Hughes Industries (ticker: BHI). The total count now stands at 712, …

EnerCom Launches EnerCom’s Effective Rig Count

EnerCom Launches EnerCom’s Effective Rig Count

EnerCom’s Effective Rig Count is a measure of drilling efficiency that accounts for the unique attributes of shale and the way shale plays are being developed in 2017

The industry has traditionally relied on the BHI weekly rig count as …

Chevron Looks to Expand Permian Activity in 2017

Chevron Looks to Expand Permian Activity in 2017

Chevron targets Permian, Western Australia, Kazakhstan for 2017 capital expenditures

Chevron Corporation (ticker: CVX) released its fourth quarter results today, showing significantly lower earnings than expected. Net earnings were $415 million, or $0.22 per share, bringing total 2016 results in …

DOE Announces Sales from Strategic Petroleum Reserve

DOE Announces Sales from Strategic Petroleum Reserve

First sales of largest SPR drawdown in history

The DOE awarded contracts for the sale of 6.4 million barrels of crude from the Strategic Petroleum Reserve (SPR) yesterday, with additional future sales planned. Contracts were awarded to Shell Trading Company …

Federal Revenue from Energy Hits 12-Year Low in 2016 at only $6 Billion

Federal Revenue from Energy Hits 12-Year Low in 2016 at only $6 Billion

Lower oil prices see federal revenues from oil and gas operations at their lowest point since at least 2004

Federal revenue from energy production on federal and American Indian lands fell for a second consecutive year to the lowest point …

Trump Administration Action Signals Plans to Move Forward with Keystone XL and Dakota Access

Trump Administration Action Signals Plans to Move Forward with Keystone XL and Dakota Access

Trump executive action could expedite energy pipeline projects

President Donald Trump signed executive actions to accelerate the Keystone XL and Dakota Access pipeline projects and to decree that American steel should be used for pipelines built in the United States, …

Higher OPEC Crude Prices Opening Doors for U.S. Grades in Asia

From Bloomberg:

Add Southern Green Canyon and Mars Blend to the growing list of American crude that’s challenging OPEC’s dominance in the world’s biggest oil market.

Cargoes of the two varieties produced in the Gulf of Mexico, which are …

January 24, 2017 - 4:44 pm Closing Bell Story‎, Crude Oil News, Energy News

Nigeria Sees Oil Hitting Mid-$60s in Coming Months as OPEC Bites

From Bloomberg:

Crude oil prices, hovering around $55 a barrel since early December, will climb by about $10 in the coming months as OPEC-led measures to curb a glut take hold, Nigeria’s oil minister said.

“Ultimately, the effects over …

January 24, 2017 - 4:41 pm Closing Bell Story‎, Crude Oil News, Energy News

US oil and gas mergers gained momentum and almost hit $200 billion last year

From CNBC:

Mergers across the U.S. oil and gas industry totaled nearly $200 billion in 2016 as crude prices stabilized and major producers agreed to output cuts, a new report from PwC shows.

The auditing firm expects the tailwinds …

OPEC Says Cuts Are Ahead of Schedule

OPEC Says Cuts Are Ahead of Schedule

OPEC, Russia said they are not worried about U.S. shale production

OPEC and non-OPEC producers are off to a good start in meeting the goals set in a production cut plan initiated at the start of the year, according to …

Double-Digit Gains in the Permian Lead Growth in the Rig Count

Double-Digit Gains in the Permian Lead Growth in the Rig Count

U.S. rig count is growing, particularly in the Permian, as OPEC appears to be complying

The United States rig count grew by 35 in the week ended January 20, 2017, according to Baker Hughes Industries (ticker: BHI). The total count …

Big Oil back on the acquisition trail as outlook brightens

From Reuters:

The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices.

Since late November, major …

January 20, 2017 - 4:37 pm Closing Bell Story‎, Crude Oil News, Energy News
IFR Makes Early Dive into Mexico’s Round 2.3

IFR Makes Early Dive into Mexico’s Round 2.3

IFR has been granted access to the data room for the third tender of Round 2 in Mexico’s onshore oil and gas auction

Calgary-based International Frontier Resources (ticker: IFR) announced Thursday that its jointly owned Mexican company Tonalli Energia has …

China’s Cnooc to Raise Spending First Time Since Oil’s Plunge

From Bloomberg:

Cnooc Ltd. plans to raise capital spending for the first time since crude began its crash in 2014 as China’s biggest offshore oil and gas producer prepares for life after the slump and a second year of …

January 19, 2017 - 7:11 am Closing Bell Story‎, Crude Oil News, Energy News

Islamic State Steps Up Oil and Gas Sales to Assad Regime

From The Wall Street Journal:

Islamic State has ramped up sales of oil and gas to the regime of Syrian President Bashar al-Assad, U.S. and European officials said, providing vital fuel to the government in return for desperately needed …

January 19, 2017 - 6:37 am Closing Bell Story‎, Crude Oil News, Energy News
Tamarack Valley Reports Record Production

Tamarack Valley Reports Record Production

Tamarack Valley production exceeds guidance in Q4’2016; targets 140-150 new wells in 2017

Alberta-based Tamarack Valley (ticker: TVE) announced its fourth quarter results as well as the company’s 2017 capital program. The company said that production exceed it previous guidance …

ExxonMobil/XTO Doubles Permian Footprint with $6.6 Billion Acquisition of Bass Family Assets

ExxonMobil/XTO Doubles Permian Footprint with $6.6 Billion Acquisition of Bass Family Assets

ExxonMobil now has 6 billion BOE of resources in the Permian, with 3.4 billion BOEs in the Delaware

ExxonMobil Corporation (ticker: XOM) announced that the company will more than double its Permian Basin resources to 6 billion BOE through the …

Canadian Oil Patch Worried by Possible Trump Border Tax on Crude

From CBC:

Canadian oil industry leaders are trying to get a better idea what the impact of a new import tax in the United States would be on Canada’s energy sector if the Trump administration embraces it.

The tax …

January 18, 2017 - 4:41 pm Closing Bell Story‎, Crude Oil News, Energy News

Russian oil output seen reaching new highs in 2017

From Reuters:

Russian oil production is likely reach another post-Soviet record high in 2017 after a global deal to cut output expires at the end of June, a Reuters poll of analysts and consultants showed on Tuesday.

The Organization …

January 18, 2017 - 4:39 pm Closing Bell Story‎, Crude Oil News, Energy News

Global oil, gas discoveries drop to 70-year low: Rystad Energy

From Reuters:

Oil and gas discoveries around the world dropped last year to their lowest since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices.

The decline in discoveries means companies …

China Sees Falling Crude, Rising Natgas Production through 2020

China Sees Falling Crude, Rising Natgas Production through 2020

The National Development and Reform Commission releases its projections for the remainder of the decade

China expects crude oil production to fall by 7% compared with its previous five-year plan as production from some of the country’s largest, and oldest, …

Noble Energy Jumps to Second-Largest Southern Delaware Player with $3.2 Billion Acquisition

Noble Energy Jumps to Second-Largest Southern Delaware Player with $3.2 Billion Acquisition

Noble Energy purchases Clayton Williams Energy for $3.2 billion, inclusive of debt; NBL’s new full company production for 2020 is expected to reach 600 MBOEPD assuming $50 oil

Noble Energy (ticker: NBL) announced Monday that the company has purchased Clayton …

Saudis Expect 6-Mo. Limit on Production Cuts

“It’s unlikely that we will need to continue [production cuts past June.]” – Khalid al-Falih

OPEC may not continue oil production cuts after the middle of the year, according to estimations from Saudi Minister of Energy and Industry Khalid al-Falih. …

U.S. Rig Count Falls for the First Time in 12 Weeks

U.S. Rig Count Falls for the First Time in 12 Weeks

The total U.S. rig count fell by six in the week ended January 13, 2017

The U.S. rig count declined for the first time in 12 weeks in the week ended January 13, 2017, according to Baker Hughes Industries (ticker: …

WPX Gobbles Up 120,000 Delaware Acres, Ups Drilling Program with $775 Million Acquisition

WPX Gobbles Up 120,000 Delaware Acres, Ups Drilling Program with $775 Million Acquisition

WPX Energy acquires 6.5 MBOEPD of production and 120,000 net acres in the Delaware Basin

WPX Energy (ticker: WPX) announced today that the company has acquired Panther Energy Company II, LLC and Carrier Energy Partners, LLC, expanding its footprint in …

Anadarko, Chevron, Plains All American Top List of Best U.S. Oil & Gas Employers: Indeed

Anadarko, Chevron, Plains All American Top List of Best U.S. Oil & Gas Employers: Indeed

Indeed releases its ‘Best Places to Work’ rankings

International employment website Indeed serves more than 200 million people each month who are searching for jobs, posting resumes, and researching companies in 60 countries.

According to Indeed’s research, visitors who were …