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Colorado Legislators Unveil Sweeping Oil and Gas Regulatory Changes

February 28, 2019

From Denver Business Journal Gov. Jared Polis and Democratic legislative leaders rolled out the long-awaited framework Thursday of a bill to increase regulations around oil and gas wells, confirming previous statements about their plans to change the mission and guiding principles of the Colorado Oil and Gas Conservation Commission and offering further details about the wide scope of regulatory authority they hope to grant

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Alberta Premier Warns Energy Bill Could Hurt Slumping Oil Sector

February 28, 2019

From Reuters Alberta Premier Rachel Notley warned Canadian senators on Thursday that a slump in the country’s energy sector could deepen if the federal government passes proposed legislation to change how major projects like pipelines are assessed. Notley appeared before a Senate committee considering Bill C-69, aimed at revamping Canada’s major project environmental assessment process. Proponents say the bill will

Mexico’s Pemex Posts $7.6 Billion Loss In 2018 As Oil Output Dips

February 28, 2019

From Reuters Mexican state oil company Pemex said on Wednesday its losses narrowed in 2018, helped by currency exchange gains as crude production and refining rates continued to decline. Pemex, Mexico’s largest company, reported a loss of $7.6 billion in 2018, down by nearly half from losses of about $14.3 billion the previous year, according to a filing with the

Whiting Targets Free Cash at $55 Oil

February 27, 2019

Whiting generated free cash in each quarter of 2018 By Richard Rostad, analyst, Oil & Gas 360 Whiting Petroleum (ticker: WLL) announced fourth quarter results and reserves today, showing $204 million in net income, or $2.24 per share. This result is far better than the $798 million loss Whiting posted in Q4 2017, but after adjusting for derivatives and other

EOG Looks Beyond the Permian and Eagle Ford

February 27, 2019

New basins claim growing share of CapEx By Richard Rostad, analyst, Oil & Gas 360 EOG Resources (ticker: EOG) announced fourth quarter results and reserves today, showing $893 million in net income, or $1.54 per share. EOG produced 764.5 MBOEPD in Q4, 430.3 MBOPD of which was crude oil from the U.S. This exceeds the high end of the company’s

Oil Companies Find Way to Cash in by Not Pumping in Canada

February 27, 2019

From Bloomberg Alberta oil producers have found a way around production limits imposed on them by the provincial government: buy the right to pump barrels from other companies that don’t need them. The volumes aren’t huge — Husky Energy Inc. is buying rights to produce an additional amount of less than 1,000 barrels a day, Rob Symonds, chief operating officer, said Tuesday

Weekly Oil Storage: Surprise Major Draw

February 27, 2019

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 fell by 8,647 MBBL last week to 445,865 MBBL from 454,512 MBBL. This is 5% above the 423,498 MBBL that was in storage at this point last year, and is 4% above the five-year

Centennial Waits for A More Favorable Oil Market

February 26, 2019

“We don’t intend to pursue significant production growth in a $55 oil world” By Richard Rostad, analyst, Oil & Gas 360 Centennial Resource Development (ticker: CDEV) announced fourth quarter results and reserves today, showing earnings of $31.0 million, or $0.12 per share. This is almost perfectly in line with Centennial’s Q4 2017 results, when the company earned $30.5 million. Full-year

Half-Billion Dollars of Sanction-Stained Oil Sits Off Venezuela

February 26, 2019

From Bloomberg Venezuela is running out of space to store its sanction-stained crude that few dare to buy, forcing it to reduce output at a time when the world is thirsty for heavy, sulfurous oil. Tankers holding 8.36 million barrels of Venezuelan crude worth upwards of a half-billion dollars are floating off the country’s coast as the nation struggles to

Kosmos Turns to the GOM

February 25, 2019

Acquisition of Deep Gulf Energy drives pivot By Richard Rostad, analyst, Oil & Gas 360 Kosmos Energy (ticker: KOS) announced fourth quarter results and reserves today, showing $189 million in net income, or $0.43 per share. This is a far better result than the $122 million loss Kosmos reported in Q4 2017, although when derivatives and other special charges are

Get Used to Oil Tankers Hauling Seawater to America

February 25, 2019

From Bloomberg Supertankers hauling seawater across the Atlantic? That’s just one of the odder results of the U.S. shale boom. Crude oil has always flowed backwards and forwards across the world’s oceans. A typical voyage by one of the global fleet of around 750 of the giant ships currently in service might see it haul Middle Eastern exports across the

The Gulf Oil Kingdoms Are Having Their Own Oil Crisis

February 25, 2019

From Bloomberg Countries one through four on the list of the world’s biggest oil consumers in 2017 are pretty much who you’d expect them to be — the world’s four biggest economies. No. 5 is something else: Saudi Arabia has just 33 million people, less than one-fourth as many as Russia, the country just below it on the list. Yes, it’s rich,

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