Exploration and Production (E&P)

Bill Barrett: Conference Call Reveals Fifth Creek Merger Details

Bill Barrett: Conference Call Reveals Fifth Creek Merger Details

Colorado-based Bill Barrett Corporation (ticker: BBG) reported Q4 and year-end results today.

For the fourth quarter of 2017, the company reported a net loss of $77.8 million, or $(0.94) per diluted share. For 2017 as a whole, the company reported …

Oasis Petroleum Doubles Down in the Williston Basin

Oasis Petroleum Doubles Down in the Williston Basin

Oasis Petroleum Inc. (ticker: OAS) reported net income attributable to Oasis of $124.6 million in the fourth quarter of 2017. Fourth quarter 2017 results included a benefit of $171.9 million due to the recently enacted Tax Cuts and Jobs Act.…

Jagged Peak CEO Joseph Jaggers to Retire in Late March

Jagged Peak CEO Joseph Jaggers to Retire in Late March

Jagged Peak Energy Inc. (ticker: JAG) Chairman, President and CEO Joseph N. Jaggers said that he plans to retire at the end of March 2018 for health and personal reasons. Following an orderly transition, current independent director James J. Kleckner …

Carrizo Turns to Multipad Completions in Eagle Ford

Carrizo Turns to Multipad Completions in Eagle Ford

Higher-than-expected Delaware production is both a blessing and curse

Carrizo Oil & Gas (ticker: CRZO) reported fourth quarter results and reserves today, announcing a net loss of $23.4 million, or ($0.29) per share. Carrizo earned a total of $78.5 million …

LINN Energy Debt Free, Outlines Plan to Split into Three Companies

LINN Energy Debt Free, Outlines Plan to Split into Three Companies

LINN Energy, Inc. (ticker: LNGG) reported its 2017 results today and provided details on its announced split into three entities.

“Through our successful divestiture program of almost $2.0 billion, we have extinguished all our debt, executed on our share repurchase …

Alta Mesa Produces 21 MBOEPD in 2017, Increases Rigs for 2018

Alta Mesa Produces 21 MBOEPD in 2017, Increases Rigs for 2018

Alta Mesa Resources, Inc. (ticker: AMR) produced 21,000 BOEPD in 2017, a 50% increase over 2016 net production of approximately 13,000 BOEPD. Total production mix for full-year 2017 was 52% oil, 17% natural gas liquids and 31% natural gas.

Fourth …

Centennial Resource Development Equity Private Placements Now Total $910 Million

Centennial Resource Development Plans ~$1 Billion 2018 CapEx

Delaware Basin producer Centennial Resource Development, Inc. (ticker: CDEV) had average daily oil and total equivalent production volumes of 19,161 Bbls/d and 31,864 BOEPD, respectively. Centennial said that these production volumes represent an increase of 233% for daily oil and …

Comstock Resources’ Haynesville Shale Drilling Program Expands 2017 Gas Production by 90%

Comstock Resources’ Haynesville Shale Drilling Program Expands 2017 Gas Production by 90%

Haynesville producer Comstock Resources, Inc. (ticker: CRK) produced 22 Bcf of natural gas and 214,000 barrels, or 23.5 Bcfe in the fourth quarter of 2017.

Natural gas production averaged 241 MMcf/d, reflecting growth of 90% from pro forma natural gas …

Apache Returns to Profitability in 2017

Apache Returns to Profitability in 2017

Permian production breaks two-year record at 178 MBOEPD

Apache (ticker: APA) announced fourth quarter results and reserves on Thursday, showing net earnings of $456 million, or $1.19 per diluted share for the quarter. Apache earned a total of $1.3 billion …

Sanchez Energy Expects 29% Production Growth While Decreasing Spending by $100 Million

Sanchez Energy Expects 29% Production Growth While Decreasing Spending by $100 Million

$450 million capital budget for 2018

Eagle Ford juggernaut Sanchez Energy (ticker: SN) reported fourth quarter results and year end reserves today, reporting a net loss of $79.4 million, or ($1.01) per share, for the quarter and a net loss …

Permian Basin Economic Indicators

Permian Basin Economic Indicators

The Federal Reserve Bank of Dallas reported that wages in the Permian Basin fell for the second quarter in a row after spiking in first quarter 2017. The rig count and crude oil production rose in January, the Fed said.…

Liquefied Natural Gas Plant, Australia

Australia and East Timor Agree to Develop $50 Billion Oil and Gas Field

From ABC/Reuters

East Timor and Australia have reached an agreement for a treaty on their disputed maritime border and on a “pathway” to develop the giant Greater Sunrise offshore gas fields, the Permanent Court of Arbitration in The Hague …

Papua New Guinea Operations Paused After Quake

Papua New Guinea Operations Paused After Quake

From Reuters 

At least one company began evacuating non-essential personnel after a powerful 7.5 magnitude earthquake hit Papua New Guinea’s energy-rich interior on Monday, causing landslides, damaging buildings and closing oil and gas operations.

The tremor hit in the rugged, …

Whiting Petroleum: 2018 CapEx of $750 Million, 100-Plus Wells Planned

Whiting Petroleum: 2018 CapEx of $750 Million, 100-Plus Wells Planned

Whiting Petroleum (ticker: WLL) has a 2018 capital budget of $750 million, of which $600 million will be invested in Williston Basin operations. The capital budget forecasts a production growth of 9% from Q4 2017 to Q4 2018, with an …

Unit Corporation Produces 4.3 MMBOE in 2017

Unit Corporation Produces 4.3 MMBOE in 2017

In the fourth quarter of 2017, Unit Corporation (ticker: UNT) recorded a net income of $89.2 million, this compares to a net income of $1.7 million for Q4 2016. $81.3 million of the net income was accounted for as a …

Cabot Oil & Gas Earns $100 Million in 2017, Plans $950 Million 2018 CapEx

Cabot Oil & Gas Earns $100 Million in 2017, Plans $950 Million 2018 CapEx

Cabot Oil & Gas Corporation (ticker: COG) produced 685.3 Bcfe in 2017. The production mix consisted of 655.6 Bcf of natural gas, 4,440.9 Mbbls of crude oil and condensate and 512.1 Mbbls of NGLs.

Cabot incurred a total of $757.2 …

Chesapeake Energy Completes 417 Wells in 2017

Chesapeake Energy Completes 417 Wells in 2017

Chesapeake Energy Corporation (ticker: CHK) produced approximately 593,200 BOEPD in Q4 2017. Chesapeake’s average daily production for the 2017 full year was approximately 547,800 BOE, compared to approximately 635,400 BOE in the 2016 full year.

The company’s total capital investments …

WPX Grows Oil Production 47% in Q4, Forecasts $1 Billion 2018 Drilling CapEx

WPX Grows Oil Production 47% in Q4, Forecasts $1 Billion 2018 Drilling CapEx

WPX Energy (ticker: WPX) reported Q4 2017 oil volumes of 75,200 BOPD, which was 68% higher than a year ago, and 16% higher than Q3 2017.

WPX’s first two North Sunday Island wells in the Williston Basin have 120-day cumulative …

Devon Energy Accelerates Production to 195 MBOEPD

Devon Energy Accelerates Production to 195 MBOEPD

Devon’s early ’18 production from Delaware, STACK up 20% over 2017 average

Devon Energy Corp. (ticker: DVN) accelerated production growth in early 2018. The company’s Delaware Basin and STACK assets are producing approximately 195,000 BOEPD. The combined daily production rates …

TSX Approves Surge Energy Share Buyback

TSX Approves Surge Energy Share Buyback

The Toronto Stock Exchange has accepted Surge Energy’s (ticker: SGY) notice of intention to make a normal course issuer bid for its outstanding common shares in accordance with the rules and policies of the TSX.

Surge said in a statement …

EQT Splits Upstream and Midstream Businesses

EQT Splits Upstream and Midstream Businesses

Tax-free separation creates two Appalachian-based energy companies

EQT Corporation (ticker: EQT) has approved a plan to separate its upstream and midstream businesses, creating a standalone publicly traded corporation (NewCo) that will focus on midstream operations. The separation is intended to …

Concho Resources Produces 70 MMBOE

Concho Resources Produces 70 MMBOE

Concho Resources Inc. (ticker: CXO) produced 19 MMBOE in Q4 2017, an average of 211 MBOEPD. This is 28% more than Q4 2016 and 9% more than Q3 2017. Average daily crude oil production for fourth-quarter 2017 totaled 130 MBOPD, …

EnerCom Dallas Investment Conference Finds Oil and Gas Production, Financial Performance, Optimism Up

EnerCom Dallas Investment Conference Finds Oil and Gas Production, Financial Performance, Optimism Up

EnerCom’s Texas-based oil and gas investment conference started with a morning surprise of rare icy roads greeting visitors to Dallas, but that didn’t slow down institutional investors arriving at the Tower Club to hear oil company senior management teams present …

Energen Approaches 100 MBOEPD

Energen Approaches 100 MBOEPD

Energen Corporation (ticker: EGN) released financial and operating results for the fourth quarter and calendar year ended December 31, 2017.

“Over the last five years, the board and management have strategically divested non-core assets and transformed Energen into a low-cost …

Egypt Buys $14 Billion of NatGas from Noble Energy, Delek

Egypt Buys $14 Billion of NatGas from Noble Energy, Delek

Noble Energy, Inc. (ticker: NBL) has signed agreements to sell significant quantities of natural gas from the Leviathan and Tamar fields to Dolphinus Holdings Limited to supply gas in Egypt.

These agreements, one for natural gas from Leviathan and one …

EnerCom Dallas Oil & Gas Investment Conference Kicks Off Wednesday

EnerCom Dallas Oil & Gas Investment Conference Kicks Off Wednesday

One-on-one meeting requests are open on conference registration page for buyside attendees

EnerCom’s Texas-based oil and gas investment conference—EnerCom Dallas—will feature presentations from C-level executives at publicly traded and private oil and natural gas companies, as well as energy economists …

Heavy Oil Price Discount Taking ‘Extraordinary’ Toll on Economy: Cenovus CEO

Heavy Oil Price Discount Taking ‘Extraordinary’ Toll on Economy: Cenovus CEO

From PLANT

Every US dollar increase in the price difference costs the company $125 million in revenue.

CALGARY — Higher discounts being paid for Canadian heavy oil versus American crude are having an “extraordinary impact” on the Canadian and Alberta …

Encana Montney Liquids Production to Double in 2018, Permian up 30%

Encana Montney Liquids Production to Double in 2018, Permian up 30%

Permian and Montney will receive 70% of all 2018 CapEx

Encana (ticker: ECA) announced fourth quarter results and reserves today, showing a net loss of $229 million, or ($0.24) per share. Despite this quarter’s loss, the company earned a net …

Shell Canada, Ensign Energy Services and Pacesetter Drill Canada’s Longest Well: a 25,000-Foot Duvernay in 14 Days

Shell Canada, Ensign Energy Services and Pacesetter Drill Canada’s Longest Well: a 25,000-Foot Duvernay in 14 Days

Pacesetter handles directional drilling with Pin Down PowerDrive rotary steerable system

Ensign Energy Services Inc. successfully drilled Canada’s longest land-based well, to-date, with a measured depth of 7,770 meters, or 25,500 feet.

The well was drilled, in partnership with Shell …

Cimarex Energy Earns $5.19 per Share in 2017

Cimarex Energy Earns $5.19 per Share in 2017

  • Fourth quarter 2017 net income of $174.7 million, or $1.83 per share, compared to fourth quarter 2016 net income of $47.8 million, or $0.50 per share
  • For 2017, net income totaled $494.3 million, or $5.19 per share

Cimarex Energy Co. …