Investors valued debt-adjusted growth even more in 2016 The crash in oil prices which started at the end of 2014 exposed a number of oil and gas companies that had sacrificed their balance sheet in the name of growth. Many were left over-levered and forced to sell assets or file for bankruptcy in order to make it through the ensuing
Financial professionals are encouraged to register now for Netherland Sewell 2017 Oil & Gas Property Evaluation Seminars while seats are available Each year since 1994, Netherland Sewell & Associates, Inc. (NSAI), one of the industry’s most highly regarded petroleum consulting firms, has conducted its popular Oil & Gas Property Evaluation Seminars for non-technical financial professionals whose work relates to the
Anadarko Earnings Miss On Divestitures Anadarko Petroleum (ticker: APC) announced fourth quarter results today, showing a larger-than-predicted loss. Net loss was $515 million, or $0.94 per share, making full year results a loss of $3.07 billion, or $5.90 per share. Fourth quarter results were brought down by several charges the company described as “items typically excluded by the investment community
Exxon Mobil will start developing Delaware basin assets in 2017 Exxon Mobil (ticker: XOM) reported fourth quarter results today, showing lower earnings than expected. Net fourth quarter earnings were $1.680 billion, or $0.405 per share. Overall 2016 earnings are $7.840 billion, or $1.877 per share. This quarter’s earnings missed the Zacks consensus of $0.72 per share, primarily due to an
Deal will make Chrysaor one of the largest UK oil and gas producers Royal Dutch Shell (ticker: RDSA) has agreed to sell a package of UK North Sea assets to privately held UK producer Chrysaor for a total of up to $3.8 billion, including an initial consideration of $3.0 billion and a payment of up to $600 million between 2018-2021 subject
No slowdown for the Permian Everybody is getting into the action in the Permian basin and in the Delaware portion of the basin in particular. Even Norway’s TGS-NOPEC Geophysical Company (ticker: TGS) has landed in the Permian. TGS announced today that it has commenced field operations on the West Kermit 3D seismic survey in the Delaware Basin. The project will encompass a
GE merger on schedule Baker Hughes (ticker: BHI) reported fourth quarter earnings on Thursday, showing a wider loss than expected. Net loss was $417 million, or ($0.98) per common share, which includes charges related to asset impairments, restructuring charges, loss on sale of a majority interest in the North America onshore pressure pumping business, inventory write-offs, and costs associated with
Jagged Peak Energy is developing 60,000 net acres in the Southern Delaware basin Jagged Peak Energy (ticker: JAG), made its official debut today after the pricing of its IPO on the New York Stock Exchange. Jagged Peak also launched its new website: www.jaggedpeakenergy.com. The stock opened at $14.18 and had traded more than 13 million shares by midday Friday. Jagged
Total U.S. rig count up 18 from last week The rig count continued to rise in the United States for the week ended January 27, 2017, according to Baker Hughes Industries (ticker: BHI). The total count now stands at 712, up 93 from this time last year. The majority of the gains were once again from rigs drilling for oil.
EnerCom’s Effective Rig Count is a measure of drilling efficiency that accounts for the unique attributes of shale and the way shale plays are being developed in 2017 The industry has traditionally relied on the BHI weekly rig count as an indicator of the level of oil and gas activity taking place across the country and of what direction it
Chevron targets Permian, Western Australia, Kazakhstan for 2017 capital expenditures Chevron Corporation (ticker: CVX) released its fourth quarter results today, showing significantly lower earnings than expected. Net earnings were $415 million, or $0.22 per share, bringing total 2016 results in as a loss of $497 million, or $0.228 per share. Chevron reported fourth quarter average production of 2.67 MMBOEPD, making
First sales of largest SPR drawdown in history The DOE awarded contracts for the sale of 6.4 million barrels of crude from the Strategic Petroleum Reserve (SPR) yesterday, with additional future sales planned. Contracts were awarded to Shell Trading Company and Phillips 66 Company with deliveries scheduled for March and April. Multiple acts of congress in the past two years
