Exploration and Production (E&P)

Zargon Oil & Gas Ltd. Provides 2020 First Quarter Results

Zargon Oil & Gas Ltd. Provides 2020 First Quarter Results

CALGARY, Alberta, June 02, 2020 (GLOBE NEWSWIRE) — Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) (TSX:ZAR) has released its 2020 first quarter financial results.

Source: Reuters

Column: Hedge funds turn bullish on crude, remain cautious on fuels

Reuters


LONDON – Hedge funds continue to bet on a recovery in oil prices, but their bullishness is concentrated on crude, especially U.S. crude, while refined fuel markets are expected to take longer to tighten.

Hedge funds and other money …

Source: Reuters

Oil falls as U.S.-China tension escalates

Reuters


LONDON  – Oil fell on Monday on worries about renewed tensions between the United States and China, although reports that OPEC and Russia were closer to a deal on extending oil output cuts lent some support to prices.

Benchmark …

Courtesy of PetroShale

PetroShale Announces Financial and Operating Results for First Quarter 2020 and Provides Financial Update

CALGARYMay 27, 2020 /CNW/ – PetroShale Inc. (“PetroShale” or the “Company”) (TSXV: PSH, OTCQX: PSHIF) is pleased to announce our financial and operating results for the three month period ended March 31, 2020.

Touchstone Enters into Escrow Arrangements for US$20 Million Term Loan

Touchstone Enters into Escrow Arrangements for US$20 Million Term Loan

CALGARYMay 27, 2020 /CNW/ – Touchstone Exploration Inc. (“Touchstone”, “we”, “our”, “us”or the “Company”) (TSX, LSE: TXP) announces that its indirect wholly-owned subsidiary, Touchstone Exploration (Trinidad) Ltd., has entered into escrow arrangements for a US$20 million

Source: Reuters

Oil prices climb as faith in supply cuts grows

Reuters


LONDON – Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.

Brent crude LCOc1 futures were up 0.8%, or …

Source: Reuters

Why bond investors are willing to bet on money-losing Pemex after oil price crash

Reuters


MEXICO CITY/NEW YORK  – Mexico’s state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around.…

Source: Reuters

Column: U.S. petroleum stocks stabilize as industry adapts to shock – Kemp

Reuters


Excess inventories are clearing from the crude side first in response to output cuts, while a reduction in refined fuel stocks will take longer as consumption is slower to return.

Total inventories of crude and products, excluding the strategic …

Source: Reuters

Continental Resources pushes for regulatory action at North Dakota hearing

Reuters


Continental Resources, one of the largest U.S. shale oil producers, on Wednesday urged North Dakota energy regulators to intervene to help stabilize the state’s oil market through steps such as limiting output or restricting flaring of unwanted natural gas.…

Source: CNBC

Google plans to stop making A.I. tools for oil and gas firms

CNBC


Google has pledged to stop building customized artificial intelligence (AI) tools that help oil and gas firms to extract fossil fuels worldwide.

The pledge came after a Greenpeace report on Tuesday highlighted how Google, Microsoft, and Amazon use …

Source; Reuters

Oil up on lower U.S. stocks, firmer demand

Reuters


LONDON – Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.

Brent crude futures LCoc1 …

GALLERY: Giant Sleipnir vessel wraps up decommissioning campaign for ConocoPhillips

GALLERY: Giant Sleipnir vessel wraps up decommissioning campaign for ConocoPhillips

Offshore Energy


Earlier this month, Heerema Marine Contractors’ giant semi-submersible crane vessel (SSCV) Sleipnir completed its first decommissioning campaign of the season.

It was a unique project, as Heerema’s Champion installed the same modules for ConocoPhillips at the Greater Ekofisk …

May 20, 2020 - 5:52 am Exploration and Production (E&P), Offshore
Source: Reuters

Column: Successful OPEC+ output deal fits a pattern – Kemp

Reuters


LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks.

Front-month Brent futures …

Source: CNBC

Oil outlook vastly different than when it plunged into negative territory a month ago

CNBC


The fortunes of the oil market have turned around dramatically in the past month.

This time last month, investors were watching the futures market in disbelief. The May contract for West Texas Intermediate oil was set to expire, and …

Source: Reuters

Coronavirus widens climate rift between European and U.S. oil majors

Reuters


LONDON – Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel …

Source: CNBC

Oil jumps 12% to $33 as June futures contract nears expiration

CNBC


West Texas Intermediate for June delivery jumped more than 12% on Monday to a two-month high, one day ahead of the contract’s expiration, as production cuts and the easing of stay-at-home restrictions supported prices.

“Producers are significantly throttling back …

Source: Reuters

OPEC+ cuts oil exports sharply so far in May: trackers

Reuters


LONDON – OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement.

The Organization of the Petroleum Exporting …

Source: Reuters

Brent at one-month high, U.S. oil tops $32 as lockdowns ease

Reuters


LONDON  – Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers.

Brent crude LCOc1 was up $2.32, …

OFS stocks lost half their value since 2020 began

OFS stocks lost half their value since 2020 began

Oil&Gas


The best performers among services companies were in the EPCI sector

Oil & Gas 360 publishers note: This is an excellent article by Carla Sertin. She uses information from Rystad, and highlights several key points.  “The result of

Source: CNBC

A resurgence of coronavirus cases will have ‘major consequences’ for the oil market, IEA warns

CNBC


The International Energy Agency (IEA) said on Thursday that market forces had “demonstrated their power” on the supply side of the oil market in recent weeks, but concerns remain over the potential for a second wave of Covid-19 infections.

Touchstone Announces First Quarter 2020 Results and Operational Update

Touchstone Announces First Quarter 2020 Results and Operational Update

CALGARYMay 14, 2020 /CNW/ – Touchstone Exploration Inc. (“Touchstone”, “we”, “our”, “us” or the “Company”) (TSX, LSE: TXP) reports its operating and financial results for the three months ended March 31, 2020.

EIA raises crude oil price outlook slightly as announced supply cuts lead to high inventory draws in 2021

EIA raises crude oil price outlook slightly as announced supply cuts lead to high inventory draws in 2021

EIA


In its May Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects Brent crude oil prices will average $34 per barrel (b) in 2020 and $48/b in 2021. Although market outlooks are subject to many risks, the …

SM Energy Company announces early results and extension of early tender time of the exchange offers and consent solicitations

SM Energy Company announces early results and extension of early tender time of the exchange offers and consent solicitations

Oil and Gas 360


DENVER, May 13, 2020 /PRNewswire/ — SM Energy Company (“SM Energy” or the “Company”) (NYSE: SM) today announced that it has extended the date by which early tenders must be received for its previously announced …

Gran Tierra Energy Inc. Announces First Quarter 2020 Results

Gran Tierra Energy Inc. Announces First Quarter 2020 Results

CALGARY, Alberta, May 11, 2020 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced the Company’s financial and operating results for the quarter ended March 31, 2020 (“the Quarter“). All …

Chaparral Energy Announces First Quarter 2020 Financial and Operational Results

Chaparral Energy Announces First Quarter 2020 Financial and Operational Results

OKLAHOMA CITY, May 11, 2020 (GLOBE NEWSWIRE) — Chaparral Energy, Inc. (NYSE: CHAP), (the “Company” or “Chaparral”) announced today its first quarter 2020 financial and operational results.

Source: Reuters

Oklahoma oil regulators hear arguments on output cuts

Reuters


Oklahoma’s energy regulators on Monday began hearing arguments from producers seeking to win state-support for setting limits on oil production to help stabilize prices.

U.S. oil futures CLc1 this year have fallen about 60% to under $25 a barrel …

Source: Reuters

More shale drillers slash production after oil rout slams earnings

Reuters


U.S. shale producers Continental Resources Inc and Callon Petroleum Co on Monday joined their peers in cutting production to cope with a rout in oil prices as the coronavirus crisis sapped demand for fuel.

The historic drop in oil …

Northern Oil and Gas, Inc. Announces First Quarter 2020 Results

Northern Oil and Gas, Inc. Announces First Quarter 2020 Results

Oil and Gas 360


MINNEAPOLIS

HIGHLIGHTS

  • First quarter production increased 28% over the prior year, averaging 43,735 barrels of oil equivalent (“Boe”) per day
  • Cash flow from operations, excluding $7.1 million from changes in working capital, totaled $93.6 million, which
Shale pioneer Chesapeake considers bankruptcy filing after oil rout

Shale pioneer Chesapeake considers bankruptcy filing after oil rout

Reuters


Debt-stricken Chesapeake Energy Corp said on Monday it was considering a bankruptcy filing, among other alternatives, as the shale driller struggled with an unprecedented rout in oil and gas prices caused by the COVID-19 pandemic.

Reuters reported last month …

Source: Reuters

Oil prices rise on Saudi voluntary cuts

Reuters


LONDON – Oil prices rose on Monday after leading exporter Saudi Arabia said it will reduce output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ pact, though gains were capped by fears …