Crude Oil News

Despite Rising U.S. Shale Production, World Oil Supply Likely to Fall Short in 1H 2017: BDC

Despite Rising U.S. Shale Production, World Oil Supply Likely to Fall Short in 1H 2017: BDC

From the Business Development Bank of Canada

Having remained stable in the low US$50s since December, crude prices plummeted by roughly 10 percent in the past week on concerns that recovering U.S. supply could derail the OPEC-led agreement to curb …

March 21, 2017 - 11:40 am Closing Bell Story‎, Crude Oil News, Energy News
U.S. Crude Production Drops in 2016 Despite Permian, GOM Growth – EIA

U.S. Crude Production Drops in 2016 Despite Permian, GOM Growth – EIA

Highest ever GOM production last year

Total U.S. crude oil production in 2016 was less than production in 2015, despite the upturn late in the year, according to a note released by the EIA today. Through the first three quarters …

OPEC Paints Itself into a Corner

OPEC Paints Itself into a Corner

OPEC may extend production cuts as U.S. production rollover adds to inventoryOPEC prepares for its 171st meeting to decide on production cuts

WTI crude oil prices were down again Monday even as news that OPEC was considering extending production cuts reached markets. For a change, prices didn’t reflect the news …

Going Horizontal in the Permian: Ring Energy Triples CapEx for 2017

Going Horizontal in the Permian: Ring Energy Triples CapEx for 2017

9 X the investment per well to yield 15X the reserves

With its 2016 reserves up 14% to 27.7 MMBOE from 24.4 MMBOE in 2015, consisting of about 90% oil, a small Midland, Texas-based oil company, Ring Energy (ticker: REI) …

Phillips 66’s Proposed Delaware Basin Pipeline Could Ramp to 450 MBOPD

From FuelFix

Houston’s Phillips 66 hopes to take advantage of West Texas’ booming Permian Basin by building the 130-mile Rodeo pipeline to the Midland area.

The project would focus on transporting oil from the surging Delaware Basin portion of the …

March 20, 2017 - 1:31 pm Closing Bell Story‎, Crude Oil News, Energy News, Midstream
Registration for EnerCom’s The Oil & Gas Conference® 22 is Open

Registration for EnerCom’s The Oil & Gas Conference® 22 is Open

Registration for EnerCom's The Oil & Gas Conference® 22 is Open

EnerCom Denver: August 13-17, 2017

EnerCom’s The Oil & Gas Conference® is one of the largest oil and gas investment conferences in the industry.

The 2016 event hosted 100+ presenting companies and 2,500+ company and investment professionals.

The 2017 event

Total U.S. Rig Count Up by 21, Half in Oklahoma

Total U.S. Rig Count Up by 21, Half in Oklahoma

U.S. rigs move to Bakken, Mississippian, Arkoma Woodford

U.S. Drilling activity has continued to rise this week, according to Baker Hughes’ (ticker: BHI) weekly rig count for March 17, 2017. The total number of rigs active in the U.S. grew …

Chinese Oil Production Dives by 8% in 2017

Chinese Oil Production Dives by 8% in 2017

Demand is not dropping, but China’s oil production has been decreasing since November 2015

Chinese oil production so far this year is down 8%, as the world’s fifth largest oil producer continues to be squeezed by lower commodity prices. China …

BP Confirms Talks to Sell Key North Sea Oil Pipeline to Ineos

From Bloomberg

BP Plc is in talks with Ineos AG to sell the Forties pipeline, one of the most important pieces of oil infrastructure in the U.K. North Sea.

The two companies confirmed the discussions, but declined to comment on …

March 17, 2017 - 11:53 am Closing Bell Story‎, Crude Oil News
OPEC: Too Close to Call - Oil & Gas 360

OPEC Compliance Up, Demand Growth Down

Saudi ups its cut to 135% of pledge; oil demand growth will slow to 1.4 MMBOPD: IEA

The IEA released its monthly Oil Market Report yesterday, outlining global supply and demand dynamics of the current oil market. After growing by …

Oil Downturn Sent Several States into Recession: Fed

Oil Downturn Sent Several States into Recession: Fed

Wyoming, North Dakota, Louisiana, New Mexico, Kansas, Oklahoma economies declined

The oil industry downturn has affected not only E&Ps and service companies but also the major energy-producing U.S. states, according to a note from the Federal Reserve Bank of Kansas …

The Best Acquisitions Are Not All in the Permian: a Comparison of 4 U.S. Deals

The Best Acquisitions Are Not All in the Permian: a Comparison of 4 U.S. Deals

Markets reward companies making good transactions, but sometimes even the Permian can’t move the needle

The most recent downturn in oil and gas prices has forced the industry to find the most economic acreage available in order to generate returns …

Approach Resources’ 2017 CapEx Triples 2016’s Spend

Approach Resources’ 2017 CapEx Triples 2016’s Spend

Drilling and completion activities resume

Permian operator Approach Resources (ticker: AREX) reported fourth quarter results and reserves March 9, showing a net loss of $13.5 million, or ($0.32) per share. Net results for 2016 are a loss of $52.2 million, …

WPX Energy: Keeping its Permian Basin Service Costs in Check – an Oil & Gas 360® Exclusive

WPX Energy: Keeping its Permian Basin Service Costs in Check – an Oil & Gas 360® Exclusive

Planning in the supply chain: industry expects service costs to rise 10%-15%, but WPX has a firm handle on costs in the Permian

Everyone knew it would happen eventually: service costs are going on the rise. Halliburton (ticker: HAL) talked

States are Quietly Ending Subsidies for Electric Vehicles; Will Feds Follow?

From the New York Times

When Georgia repealed its generous $5,000 tax credit on electric vehicles in July 2015, and instead slapped a $200 registration fee on electric cars, sales quickly tumbled.

In the month before the repeal, nearly 1,300 …

March 13, 2017 - 12:50 pm Closing Bell Story‎, Crude Oil News, Energy News
As the Original Brent Field Fades Away, Brent Oil Pricing to Get a New Component

As the Original Brent Field Fades Away, Brent Oil Pricing to Get a New Component

Norway’s Troll crude oil to become part of the Brent benchmark price assessment: EIA

Despite the continuing importance of the Brent price benchmark, actual crude oil production from the original Brent field will soon end after more than 40 years …

Proposed Permian Refinery Could Take 50,000 BOPD from West Texas Producers

Proposed Permian Refinery Could Take 50,000 BOPD from West Texas Producers

It’s small when you compare it to the top ten largest U.S. refineries, most located on the Gulf coast, all having capacities between 300,000 barrels and half a million barrels per day, but a small Texas-based energy company has announced …

Pemex eyes U.S. market for Trion project’s crude, natural gas

From Reuters

A pipeline network with spare capacity could allow Mexico to export oil and gas from its flagship offshore Trion project to the United States, the head of Mexico’s oil regulator said on Thursday.

The deep water Trion development, …

Shell Divests $7.3 Billion Worth of Oil Sands, Ties Executive Bonuses to Carbon Emissions

Shell Divests $7.3 Billion Worth of Oil Sands, Ties Executive Bonuses to Carbon Emissions

Shell exits upstream oil sands operations, but keeps its refineries

Royal Dutch Shell (ticker: RDSA) announced Thursday the signing of two agreements that will see all of the company’s in-situ and undeveloped oil sands interest in Canada old and reduce …

Marathon Jumps into the Permian with 70,000-Acre Acquisition, Sells Canadian Oil Sands Interest

Marathon Jumps into the Permian with 70,000-Acre Acquisition, Sells Canadian Oil Sands Interest

Marathon enters Permian for $13,900 per acre; exits oil sands with $2.5 billion cash sale to Shell and Canadian Natural Resources

Marathon Oil (ticker: MRO) has agreed to acquire approximately 70,000 net surface acres in the Permian basin from BC …

Oil: Is $50 the Ceiling?

Oil: Is $50 the Ceiling?

Continued stock builds and concern about OPEC members cranking up production may have put a cap $50

Oil prices took a dramatic dip Wednesday following the crude oil inventory report, which showed an 8.2 MMBO increase in U.S. storage compared …

A Father of Fracking Seeks to Emulate Shale Boom in Alaska

From Bloomberg

A pioneer of the U.S. shale revolution wants to take fracking to Alaska. Success could help revive the final frontier’s flagging oil fortunes.

Paul Basinski, the geologist who helped discover the Eagle Ford basin in Texas, is part …

March 9, 2017 - 12:45 pm Arctic, Closing Bell Story‎, Crude Oil News
North Dakota: Williams County Production Up in January

North Dakota: Williams County Production Up in January

Overall North Dakota production up slightly; 802 wells awaiting completion

The North Dakota Industrial Commission released its January 2017 Oil and Gas Production Report today, outlining hydrocarbon activity in the state for January 2017. Production is up from levels seen …

China Crude Oil Imports Second Highest Ever in February

From Reuters

China’s crude oil imports rose to the second-highest level on record in February, as strong demand from independent “teapot” refiners continues to drive growth.

February’s imports came in at 31.78 million tonnes or 8.286 million barrels per day, …

March 8, 2017 - 4:48 pm China, Closing Bell Story‎, Crude Oil News
Production Down in 2016, but Heading Up in 2017-18 along with Commodities Prices:  EIA

Production Down in 2016, but Heading Up in 2017-18 along with Commodities Prices: EIA

2016: Texas sees largest drop, GOM sees largest gain

Average crude oil and natural gas production in the U.S. decreased in 2016, according to a note released today by the EIA. 2016 average crude production fell 6.1% to 8.39 MMBOPD, …

Libya’s Waha Oil May Halt Production as Clashes Keep Ports Shut

From Bloomberg

Production from Waha Oil Co., a venture between Libya’s state oil company and foreign partners, may be suspended Wednesday as clashes in the country’s eastern oil region keep the main export terminals out of service.

“Output from Waha …

March 8, 2017 - 4:10 pm Closing Bell Story‎, Crude Oil News, International
Natural Gas Production Turns the Corner in 2017: EIA

Natural Gas Production Turns the Corner in 2017: EIA

Natural gas production is expected to increase in 2017, after seeing its first decline in over a decade in 2016

Natural gas production is expected to increase during the course of 2017, according to the Energy Information Administration (EIA). The …

OPEC Revenue up 17% After Production Cuts: Baird

OPEC Revenue up 17% After Production Cuts: Baird

Market share decrease outweighed by increase in oil prices

OPEC may be better off since its recent cuts, with revenues up since cuts were implemented, according to a release by Baird Equity Research.

OPEC originally rejected any output cuts, choosing …

Iraq, Angola Signal Willingness to Extend OPEC Oil Output Cuts

From Bloomberg

Two OPEC members signaled a willingness to extend the group’s production curbs into the second half of the year as the global rally in prices shows signs of stalling.

“We are satisfied somewhat, but we are looking forward …

March 7, 2017 - 2:59 pm Closing Bell Story‎, Crude Oil News, OPEC

Saudi Aramco Eyeing Billions in Investments ahead of IPO

Aramco looking at making a $5 billion solar investment to attract attention to oil company’s IPO

Saudi Aramco, the world’s largest oil company in terms of production, is considering a $5 billion investment in solar energy. The substantially step into …