$210 million in 2019 spending By Richard Rostad, analyst, Oil & Gas 360 Berry Petroleum (stock ticker: BRY, $BRY) announced fourth quarter results and reserves today, showing net earnings of $131.8 million, or $1.56 per share. This is the best single-quarter result Berry has recorded in its short history as a public company, though it was improved by derivatives. If
From The Wall Street Journal A shareholder activist will challenge PDC Energy Inc. in an effort to change the way the oil producer pays its executives, part of a broader push by investors to force U.S. energy producers to focus more on profitability than growth. Kimmeridge Energy Management Co., which last month disclosed a 5.1% stake in PDC, said it is putting forth
From Bloomberg The largest democratic exercise on Earth is set to give the oil market a shot in the arm. About 875 million Indians will go to polls over the next three months to elect their leader, dwarfing the 158 million Americans who registered to vote in the 2016 U.S. presidential elections. Before they vote, they’ll be courted by a
Canadian NatGas producer Tourmaline is growing—fast; free cash will pay for dividend, debt reduction By Richard Rostad, analyst, Oil & Gas 360 Tourmaline Oil (ticker: TOU) announced fourth quarter results and reserves today, showing net earnings of $190.9 million, or $0.70 per share. The company’s Q4 2018 earnings are more than double those of Q4 2017, as improved natural gas
Enterprise Products Partners’ SPOT crude oil export project, offshore Texas, officially kicks off permitting phase, targets 2020 for exports By Bevo Beaven, Editor, Oil & Gas 360 The United States Maritime Administration (MARAD) and the United States Coast Guard (USCG) announced on Monday that the agencies received an application from SPOT Terminal Services LLC (SPOT) for federal authorizations required for
From Bloomberg Pengrowth Energy Corp. is considering selling itself as the driller moves to lighten its debt load following a collapse in Canadian oil prices that pummeled the nation’s energy industry. The Calgary-based explorer is weighing a sale, merger or other business combination as part of a strategic review, which it said will look for ways to improve the company’s balance
From Bloomberg Exxon Mobil Corp. tumbled more than any other blue-chip stock after boosting spending to heights not seen since the historic oil-market collapse began in 2014, bucking the cost-cutting trend among rival energy explorers. Exxon’s annual capital outlays will average $32 billion through the end of next year, a 24 percent increase from 2018, the Irving, Texas based driller said
From Reuters Colombia’s state-run oil company Ecopetrol SA is looking to spend $500 million in exploring unconventional deposits over the next three years, its chief executive said on Tuesday, starting with pilot programs in the Magdalena Medio region. “We’ve applied for some licenses, we will apply for more… roughly 20 wells that will need to be drilled, fracked, cored, lobed,
The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week. Crude oil stocks rose by 7,069 MBBL last week to 452,934 MBBL from 445,865 MBBL. This is 6% above the 425,906 MBBL that was in storage at this point last year, and is 4% above the five-year
Forecasts call for nearly 2 million daily barrels from the basin By Richard Rostad, analyst, Oil & Gas 360 Like independent E&P companies in the oil and gas industry, the supermajors are also diving into the Permian. Today Chevron (ticker: CVX) and Exxon Mobil (ticker: XOM) announced major plans for the basin, illustrating just how the jumbo oil companies have
From Bloomberg Just as Venezuelan state-run oil company PDVSA was running out of an obscure product needed to thin out its crude and keep exports flowing in the wake of U.S. sanctions, Russia is coming to the rescue. Rosneft Oil Co. PJSC, the Moscow-based company controlled by Vladimir Putin’s government, is sending the first cargoes of heavy naphtha to Venezuela
From Bloomberg Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut. Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Regular output will be fully
