From Bloomberg BP (ticker: BP) said it will need a crude price of about $40 a barrel in 2021 to cover spending and dividends, down from $60 this year, as Chief Executive Officer Bob Dudley seeks to reassure investors on the oil major’s growth outlook and finances. The break-even level will fall as BP keeps capital spending at no more
U.S. imported $53 billion in energy from Canada in 2016 The EIA outlined the United States’ energy trade with Canada in a note today, profiling the U.S.’s primary energy trade relationship. According to the Census Bureau, energy accounted for about 5% of the value of all U.S. exports to Canada and more than 19% of the value of all U.S. imports
From Reuters OPEC has cut its oil output for a second month in February, a Reuters survey found on Tuesday, allowing the exporter group to boost already strong compliance with agreed supply curbs on the back of a steep reduction by Saudi Arabia. The Organization of the Petroleum Exporting Countries is cutting its output by about 1.2 million barrels per
PetroShare Corp. (ticker: PRHR) today announced it has entered into a purchase and sale agreement with an independent third party seller to acquire oil and gas leases totaling approximately 5,879 gross (2,930 net) acres, with an average net revenue interest of 84%, located in Weld and Adams Counties, Colorado. The total purchase price for the leases and associated assets is
From Bloomberg Oil will stabilize around $55 to $65 a barrel as OPEC fulfills its agreement to cut output, with stockpiles and shale production keeping prices from rising much more, the Middle East head of Lukoil PJSC said. Russia’s second-largest oil producer hasn’t had to reduce production in Iraq as a result of the curbs pledged by OPEC, Gati Al-Jebouri
EOG targets 18% crude oil production growth EOG (ticker: EOG) reported fourth quarter earnings and reserves today, showing a net loss of $142.4 million, or ($0.25) per share. Full year results were a loss of $1.1 billion, or ($1.98) per share. Both fourth quarter and full year results exceed2015 results, which were losses of ($0.52) and ($8.29) per share, respectively.
Enbridge Inc. (ticker: ENB) announced the completion today of the previously announced stock-for-stock merger transaction to acquire all of the outstanding common stock of Spectra Energy Corp. Trading in shares of Spectra Energy common stock on the New York Stock Exchange will be suspended effective as of the opening of trading today. In connection with the completion of the merger,
From Reuters Malaysia’s Prime Minister Najib Razak announced on Monday that Saudi Arabia’s state oil company Saudi Aramco will invest $7 billion into an oil refinery and petrochemical project in Malaysia’s southern state of Johor. Najib said the decision was made before noon on Monday after discussions between top executives from Saudi Aramco and Malaysia’s state-owned energy company Petroliam Nasional
Tamarack Valley Energy Ltd. is pleased to announce the results of its independent oil and gas reserves evaluation as of December 31, 2016, prepared by GLJ Petroleum Consultants Ltd. summarized below. The reserves evaluation contained herein does not include the impact of the Spur Resources Ltd. acquisition that closed January 11, 2017. Pro-forma reserves details including the new assets from
From Reuters OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards – the United Arab Emirates and Iraq – pledge to catch up quickly with their targets. The Organization of the Petroleum Exporting Countries has pledged to curb its production by about 1.2
Pioneer Natural Resources continues to escalate the size of completions in the Permian The last year proved to be a difficult time for many oil and gas companies, but many were able to prosper even as oil prices hit multi-year lows and began a slow recovery through the second half of the year. Pioneer Natural Resources (ticker: PXD) was able
Core Laboratories is introducing technology to boost IRR and EUR for unconventional recovery Many conventional technologies have been developed in the pursuit of increasing the overall amount of hydrocarbons that can be produced from any given well. Among the most commonly used is Enhanced Oil Recovery (EOR), in which an injection well is used to pump gases like Natural Gas,
