Exploration and Production (E&P)

Range Resources Reports Q1 2018

Range Resources Reports Q1 2018

Range Resources Corporation (ticker: RRC) reported a net income of $49 million, or $0.20 per diluted share.

“The first quarter was a good start to the year, generating record quarterly cash flow while remaining on track to deliver our expected …

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share.

First quarter production, excluding Libya, was 1,224 MBOEPD. Production from …

ConocoPhillips Due $2.04 Billion from Venezuela: Tribunal

ConocoPhillips Due $2.04 Billion from Venezuela: Tribunal

Final and binding ICC award is for “Venezuela’s unlawful and uncompensated expropriation of ConocoPhillips’ investments”

ConocoPhillips (NYSE: COP) said that an international arbitration tribunal ruled it was due $2.04 billion from Petróleos de Venezuela, S.A. (PDVSA) and two of its …

Source: research.archives.gov

Iraq’s Oil Bidding Raises Eyebrows

Iraq’s five year development plan calls for production to rise to 6.5 MMBOPD by 2022

BAGHDAD — Iraq is opening more of its untapped oil and gas resources to foreign developers, hoping to increase revenue after its costly war with …

Cenovus Expects Full Year Oil Sands Volume to be 364,000-382,000 Barrels Per Day in 2018

Cenovus Expects Full Year Oil Sands Volume to be 364,000-382,000 Barrels Per Day in 2018

Cenovus Energy Inc. (ticker: CVE) posted a net earnings loss from continuing operations of $914 million, or $(0.74) per diluted share for Q1 2018, compared to Q1 2017 recorded a net profit of $211 million, or $0.25 per share.

“The …

Stena Carron - Daytime

Hess Net Q1 Production: 233 MBOEPD – Bakken 111 MBOEPD

Bakken production up 11% over Q1 2017

Hess Corporation (ticker: HES) reported a net loss of $106 million, or $(0.38) per common share in Q1 2018. This compares to a net loss of $324 million, or $(1.07) per share in …

Oil and Gas Prices Soar, but Bakersfield Oil Production Declines

Oil and Gas Prices Soar, but Bakersfield Oil Production Declines

From KOMONEWS

In Kern County where oil fuels more than just our cars, but also stimulates our economy, the price of oil and gas is soaring. But oil producers aren’t profiting from the premium prices.

“The …

EnerCom Announces The Oil & Gas Conference® 23 is Open for Registration

EnerCom Announces The Oil & Gas Conference® 23 is Open for Registration

EnerCom Announces The Oil & Gas Conference® 23 is Open for Registration

Shell rendering of its Vito deep-water development in the U.S. Gulf of Mexico. Vito will feature a new, simplified host design and associated infrastructure. (PRNewsfoto/Shell Offshore Inc.)

Shell Expects its Deepwater GOM Project Vito will Break Even at Sub-$35 Oil

Royal Dutch Shell’s (ticker: RDS.A) Shell Offshore Inc. finalized its investment decision for the deep-water development, Vito, located in the U.S. Gulf of Mexico.

The company said it estimates a forward-looking, breakeven price to be less than $35 per barrel.…

Diamondback Appoints Board Members

Diamondback Appoints Board Members

Diamondback Energy, Inc. Announces Appointments to the Board of Directors

Marcellus, Utica Governors Re-Up Tri-State Shale Coalition

Marcellus, Utica Governors Re-Up Tri-State Shale Coalition

From CNBC

Appalachia is gunning for the Gulf Coast.

A team of rivals from PennsylvaniaOhio and West Virginia recently announced that it would be redoubling its efforts to draw new oil and gas investment to a region once …

Pennsylvania NatGas Production Second Only to Texas

Pennsylvania NatGas Production Second Only to Texas

Pennsylvania natural gas production has been on an upward curve since 2009.

According to the EIA, Pennsylvania averaged a record 15 Bcf/d in 2017. Producers have the Appalachian Basin to thank – Pennsylvania accounted for 19% of total U.S. marketed …

EOG Resources, Mountrail County, North Dakota.

PermRock Royalty Trust Prepares IPO

PermRock Royalty Trust will soon launch its initial public offering of 6,250,000 trust units, representing approximately 51.4% beneficial interest in the trust. The initial offering price is expected to be between $19.00 and $21.00 per unit. Boaz Energy II, LLC …

Halliburton

Halliburton Writes Down All Remaining Venezuela Investments

Market is 1 million to 1.5 million horsepower undersupplied

Halliburton Company (ticker: HAL) reported an income of $46 million, or $0.05 per diluted share for the first quarter of 2018. This is an improvement over Q1 2017’s net loss of …

Apache Corp., Strategic Oil & Gas Announce Executive Changes

Apache Corp., Strategic Oil & Gas Announce Executive Changes

Apache Corporation (ticker: APA) said that the EVP of corporate reservoir engineering, Kregg Olson, plans to retire on August 1, 2018.

Apache CEO and President John J. Christmann IV said, “Kregg’s expertise and leadership have been a tremendous asset to …

PetroShale Doubles Production in the Bakken/Three Forks

PetroShale Doubles Production in the Bakken/Three Forks

Bakken-focused PetroShale Inc. (ticker: PSH) released financial and operating results for the year-ended December 31, 2017. Production averaged 2,121 BOEPD in the fourth quarter and 2017 production averaged 2,445 BOEPD, an increase of 50% over 2016.

Financially, PetroShale reported 2017 …

Photo: Oil & Gas 360 - Permian - Delaware Basin Action Virtually Nonstop Since Oct. 1

Hedge-Fund Investors Pour Into Oil as Firms Predict Surge to $80

From Bloomberg

  • Commodity funds attracting inflows at fastest pace since 2016
  • Global economy, geopolitics are underpinning oil-price surge

Hedge funds investing in oil are luring capital at the fastest pace in more than a year.

With crude climbing to levels
Egypt Aims for $10 Billion Foreign Investment in 2018-19

Egypt Aims for $10 Billion Foreign Investment in 2018-19

From CNBC

  • With gas production in full swing across a number of sites in Egypt, the country is ready to become a key exporter of energy in the region and beyond, the chairman and founder of investment firm Qalaa Holdings
Jagged Peak Energy: Private Offering of $400 Million Senior Unsecured Notes

Jagged Peak Energy: Private Offering of $400 Million Senior Unsecured Notes

Jagged Peak Energy LLC Announces Private Offering of $400 Million Senior Unsecured Notes due 2026

Admiral Permian Resources Closes Acquisition of 59,000 Net Acres

Admiral Permian Resources Closes Acquisition of 59,000 Net Acres

Admiral Permian Resources Closes Acquisition of 59,000 Net Acres in West Texas

Colorado Wattenberg Field: Preparing a horizontal drilling rig - Oil & Gas 360

Niche Private Equity Firm Aims to Fill a Void with its Debut Upstream Fund

An exclusive OAG360 interview with Drillcore Founder and Managing Partner Evan Turner

New York-based Drillcore Energy Partners launched its debut fund this week, a $250-million private equity fund targeting U.S. upstream. Drillcore said it seeks to allocate the capital raised …

Panel Finds Oil Glut Virtually Eliminated

Panel Finds Oil Glut Virtually Eliminated

But no indication of production policy change—yet

From Reuters

JEDDAH, Saudi Arabia (Reuters) – A global oil glut has been virtually eliminated, according to a joint OPEC and non-OPEC technical panel, two sources familiar with the matter said, thanks in …

LINN Energy: Executive Departures and New Leadership

LINN Energy: Executive Departures and New Leadership

LINN Energy, Inc. (ticker: LNGG) has updated its plan to spinoff into three companies, and has provided more detail as to who will lead the branched-off companies.

Riviera Resources formed, OTC ticker RVRA

LINN Energy’s board has formed Riviera Resources, …

Texas Oil and Gas Employment at Highest Level Since 2015

Texas Oil and Gas Employment at Highest Level Since 2015

The oil and gas sector in Texas remained strong through March according to the Dallas Fed’s new report. Prices for WTI crude oil rose slightly in March, staying close to $63 per barrel and oil production in the Permian Basin …

Lafayette: Moratorium Extended

Lafayette: Moratorium Extended

From the DailyCamera

The Lafayette City Council on Tuesday night gave initial approval to extending by three months a moratorium on the submission or approval of applications for oil and gas operations in city limits.

The council unanimously passed an …

Grieve CO2 EOR Project

Elk Petroleum’s Grieve CO2 Project Starts Production

Elk Petroleum Limited (ticker: ELK) has commenced production on its Grieve CO2 EOR Project. The company said it expects initial gross oil production of 1,100-1,200 BOPD.

CEO Brad Lingo commented, “I’m exceedingly pleased to announce the start-up of oil production …

Rosehill Resources Production Jumps to 15,000 BOEPD in March

Rosehill Resources Production Jumps to 15,000 BOEPD in March

Permian-based Rosehill Resources Inc. (ticker: ROSE) reported a Q4 2017 net loss of $5.3 million, or $(0.87) per diluted share. For the full year of 2017, the company reported a loss of $8.5 million, or $(1.43) per share.

In 2017, …

SM Energy Expects to Produce up to 44.9 Million BOE in 2018

SM Energy Expects to Produce up to 44.9 Million BOE in 2018

100% year-over-year growth in Midland Basin production; realized price is SM’s highest level in 14 quarters: $37.76/BOE average

Midland Basin operations up to nine rigs and five completions crews; SM expects to double completions in Q2

The Midland Basin produced …

GeoPark: Further Extension of Tigana Oil Field in Colombia

GeoPark: Further Extension of Tigana Oil Field in Colombia

GeoPark Announces Further Extension of Tigana Oil Field in Colombia

Painted Pony: First Montney Well Drilled on the Beg Block

Painted Pony: First Montney Well Drilled on the Beg Block

Painted Pony announces discovery well test results on Beg block in northeast British Columbia