Crude Oil News

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 …

Samson Oil & Gas Reports Improving Differentials in the Williston

Samson Oil & Gas Reports Improving Differentials in the Williston

Samson Oil & Gas lowers differential from $8.00 per barrel to $5.50-$6.50

Samson Oil & Gas (ticker: SSN) announced its quarterly results for the first quarter of 2017 indicating that the company is seeing stronger pricing for its Williston Basin …

Another FERC Commissioner Announces Departure

From The Hill

Federal Energy Regulatory Commissioner (FERC) Colette Honorable said Friday she will leave the board when her term expires in June.

“After much prayer and consideration I’ve decided not to pursue another term,” Honorable wrote in a note …

Cabot is Looking for New Exploration Opportunities

Cabot is Looking for New Exploration Opportunities

Cabot allocating $125 million toward exploration this year

U.S. unconventional producers significantly reduced exploration activities during the downturn.

As low commodity prices squeezed producers, most companies focused on reducing costs rather than finding new fields to develop. However, as prices …

Rig Count Sees Double-Digit Gains

Rig Count Sees Double-Digit Gains

More than twice as many rigs active today compared to a year ago

Drilling activity in the United States continues to increase with the rig count making a double-digit jump in the week ended April 28, 2017, according to Baker …

Source Red Barricades

ExxonMobil Reports $4 billion in Earnings as Commodities Recover

Big quarter for acquisitions: $9.4 billion in Permian, Mozambique

ExxonMobil (ticker: XOM) announced first quarter earnings today, reporting earnings of $4 billion, or $0.95 per diluted share. This result is significantly better than ExxonMobil’s earnings in Q1 2016 or Q4 …

Photo: Free Range Longmont -- Drilling near Mead, Colorado

Two Shale Companies in Two Parts of the Country with the Same Set of Keys

Design and consolidation driving returns

EQT Corporation (ticker: EQT) and QEP Resources (ticker: QEP) each released first quarter earnings today, giving a snapshot of U.S. shale in 2017.

EQT reported net earnings of $164 million, or $0.95 per diluted share, …

Whiting Economic at $40: Volker

Whiting Economic at $40: Volker

Focused on completions: 233 wells will be completed in 2017

Whiting Petroleum (ticker: WLL) announced first quarter results yesterday, showing a net loss of $87 million, or ($0.24) per share. After adjusting for impairments, derivative losses and other special charges, …

Noble Energy Captures 171,000 Permian Acres and 10 MBOEPD Production as Clayton Williams Deal Closes

Noble Energy Captures 171,000 Permian Acres and 10 MBOEPD Production as Clayton Williams Deal Closes

Noble becomes 2nd largest Southern Delaware acreage holder

Noble Energy, Inc. (ticker: NBL) has completed its acquisition of Clayton Williams Energy as of market close on April 24, 2017.  In conjunction with the closing, Clayton Williams Energy became a wholly …

Anadarko Shuts In 3,000 Colorado Vertical Wells

Anadarko Shuts In 3,000 Colorado Vertical Wells

Wells represent production of 13,000 net BOEPD

In the wake of an April 17th home explosion in Firestone, Colorado, in Weld County, where it is one of the largest oil and gas operators, Anadarko Petroleum (ticker: APC) announced that it …

International Frontier Resources Prepares for 2017 Drilling Program in Mexico

International Frontier Resources Prepares for 2017 Drilling Program in Mexico

International Frontier preps for Tecolutla workovers in the near-term and new drilling in Q3

Calgary-based International Frontier Resources (ticker: IFR) announced its fourth quarter and year-end operating results for 2016 Wednesday. In the company’s release, IFR said it anticipates …

Hess Offshore Projects to Add 35 MBOEPD by Early 2018

Hess Offshore Projects to Add 35 MBOEPD by Early 2018

Bakken well costs decrease, productivity increases

Hess Corporation (ticker: HES) reported first quarter results today, with a net loss of $324 million, or ($1.07) per common share. This improves the $509 million loss the company reported in Q1 2016, and …

Tamarack Valley Cranks Up the Viking: 35 Wells Drilled in 2017 So Far

Tamarack Valley Cranks Up the Viking: 35 Wells Drilled in 2017 So Far

Tamarack Valley Energy’s accelerated development of its acquired Viking assets is already moving the needle—acquisition immediately added 6,250 BOEPD; TVE production 19,750 BOEPD exiting Q1

Tamarack Valley (ticker: TVE) released its fourth quarter and year-end results for 2016 on March …