Tamarack Valley production exceeds guidance in Q4’2016; targets 140-150 new wells in 2017 Alberta-based Tamarack Valley (ticker: TVE) announced its fourth quarter results as well as the company’s 2017 capital program. The company said that production exceed it previous guidance for the quarter, and that it plans to drill 140 to 150 net wells in 2017, the majority of which
ExxonMobil now has 6 billion BOE of resources in the Permian, with 3.4 billion BOEs in the Delaware ExxonMobil Corporation (ticker: XOM) announced that the company will more than double its Permian Basin resources to 6 billion BOE through the acquisition of companies owned by the Bass family of Fort Worth, Texas. The Permian assets purchased from the Bass family
From CBC: Canadian oil industry leaders are trying to get a better idea what the impact of a new import tax in the United States would be on Canada’s energy sector if the Trump administration embraces it. The tax would essentially make Canadian oil and gas more expensive for U.S. refineries to buy, and there are serious concerns about potential
From Reuters: Russian oil production is likely reach another post-Soviet record high in 2017 after a global deal to cut output expires at the end of June, a Reuters poll of analysts and consultants showed on Tuesday. The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers, led by Russia, agreed last month to cut their oil output
From Reuters: Oil and gas discoveries around the world dropped last year to their lowest since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices. The decline in discoveries means companies such as Exxon Mobil and Royal Dutch Shell will struggle to offset the natural depletion of existing fields, reinforcing forecasts of
The National Development and Reform Commission releases its projections for the remainder of the decade China expects crude oil production to fall by 7% compared with its previous five-year plan as production from some of the country’s largest, and oldest, wells continues to decline. Output of natural gas, however, is expected to increase by almost two-thirds, according to a report
Noble Energy purchases Clayton Williams Energy for $3.2 billion, inclusive of debt; NBL’s new full company production for 2020 is expected to reach 600 MBOEPD assuming $50 oil Noble Energy (ticker: NBL) announced Monday that the company has purchased Clayton Williams Energy (ticker: CWEI) in a cash and stock deal valued at $2.7 billion, plus the assumption of approximately $500
“It’s unlikely that we will need to continue [production cuts past June.]” – Khalid al-Falih OPEC may not continue oil production cuts after the middle of the year, according to estimations from Saudi Minister of Energy and Industry Khalid al-Falih. The group is scheduled to meet in May to discuss whether or not production cuts should continue. “Based on my
The total U.S. rig count fell by six in the week ended January 13, 2017 The U.S. rig count declined for the first time in 12 weeks in the week ended January 13, 2017, according to Baker Hughes Industries (ticker: BHI). The total number of active rigs in the U.S. fell to 659, nine more than at this time last
WPX Energy acquires 6.5 MBOEPD of production and 120,000 net acres in the Delaware Basin WPX Energy (ticker: WPX) announced today that the company has acquired Panther Energy Company II, LLC and Carrier Energy Partners, LLC, expanding its footprint in the Delaware Basin. The acquisitions includes approximately 6.5 MBOEPD (55% oil) of existing production from 23 producing wells (17 horizontals),
Indeed releases its ‘Best Places to Work’ rankings International employment website Indeed serves more than 200 million people each month who are searching for jobs, posting resumes, and researching companies in 60 countries. According to Indeed’s research, visitors who were oil and gas sector employees, former employees and job seekers who visited Indeed.com who posted reviews of the oil and gas
From Bloomberg: Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts. Seven of the world’s largest energy companies will together boost oil and natural gas output by 398,000 barrels a day, the most since since 2010, according to data from Oslo-based consultant Rystad Energy AS. In
