Post Tagged with: "bakken"

As the World Watches the Permian, Enverus Brings the Rockies & Bakken In Focus

As the World Watches the Permian, Enverus Brings the Rockies & Bakken In Focus

Oil & Gas 360 Feed Wire Austin, TX (February 19, 2020) – Enverus, the leading oil & gas SaaS and data analytics company, has released its latest FundamentalEdge report focused on oil, gas, and natural gas liquids production, pipelines and prices in the Rockies and the Bakken. This report, Rockies & Bakken in Focus, reviews upstream and midstream activity in these two key basins. Like all U.S. basins, the Rockies and Bakken are expected to slow down due to lower prices and pipeline takeaway constraints, but that doesn’t mean there aren’t some glimmers of hope,” said Jesse Mercer, Senior Director of Crude Market Analytics at Enverus. “Operators who continue to scrutinize cost savings, efficiencies and prioritization of crude oil over natural gas will fare better than others,” said Mercer “The Bakken is also a great case study in crude oil production versus takeaway – although the Williston basin has ample[Read More…]

February 19, 2020 - 1:05 pm 360 Company Releases, Crude Oil News, Press Releases
President and CEO of Panhandle Oil and Gas Resigns

President and CEO of Panhandle Oil and Gas Resigns

By Tyler Losier, Energy Reporter, Oil & Gas 360 Paul F. Blanchard Jr. steps down as president, CEO and director of Panhandle Oil and Gas Panhandle Oil and Gas (stock ticker: PHX), a mineral and leasehold acreage-focused capital allocator, has announced that Paul F Blanchard Jr., the company’s president, chief operating officer and a member of its board of directors, has stepped down, effective August 26, 2019. “We thank Paul for his leadership over the last several years, and his contributions in our efforts to drive shareholder value. The timing of this transition coincides well with the board’s evaluation of the company’s strategy,” said Mark T. Behrman, a member of Panhandle’s board since 2017. “Panhandle is making an expl… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: Comstock Resources

Ronald Mills Appointed VP of Finance and Investor Relations at Comstock Resources

By Tyler Losier, Energy Reporter, Oil & Gas 360 Comstock Resources appoints Johnson & Rice alum Ronald Mills as its new VP of finance and investor relations Comstock Resources Inc. (stock ticker: CRK), an independent E&P based out of Frisco, Texas, has appointed Ronald Mills as its vice president of finance and investor relations. Mills joins the company in the months following Comstock’s $2.2 billion acquisition of Covey Park Energy LLC, a deal which, at the time, was forecasted to boost Comstock’s production to more than 1.1 Bcfe per day. Mills’ role at Comstock will be to assist the company with corporate planning activities, capital market transactions and investor relations. “I am pleased to announce that Ron … Login or click here to subscribe

Source: Pembina Pipeline Corporation

Pembina to Acquire Kinder Morgan Canada and Cochin Pipeline for CAD $4.35 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 Pembina Pipeline Corporation will purchase Kinder Morgan Canada and U.S. portion of Cochin Pipeline for CAD $4.35 billion Pembina Pipeline Corporation (stock ticker: PBA), a midstream service provider based out of Calgary, has entered into agreements to acquire Kinder Morgan Canada Limited (stock ticker: KMLGF) and the U.S. portion of the Cochin Pipeline system from Kinder Morgan Inc. (stock ticker: KMI) for a total purchase price of CAD $4.35 billion. The transaction values Kinder Morgan Canada at approximately CAD $2.3 billion, or CAD $15.02 per share, and the Cochin Pipeline at CAD $2.05 billion for cash consideration. As a result of the deal, Pembina’s board of directors has… Login or click here to subscribe

Source: Crestwood Equity Partners

Crestwood Bolsters its Midstream Assets in the Bakken

By Tyler Losier, Energy Reporter, Oil & Gas 360 Commercial operations begin at the Bear Den II processing plant Crestwood Equity Partners LP (stock ticker: CEQP), a Houston-based master limited partnership, has begun commercial operations at its Bear Den II processing plant in Watford City, North Dakota. The Bear Den II facility is a 120 million cubic feet per day cryogenic processing plant located adjacent to Crestwood’s 30 million cubic feet per day Bear Den I plant, which has been in service since 2018. Bear Den II, still in its start-up phase, is currently producing approximately 65 million cubic feet per day. Once it reaches full capacity, Crestwood expects the facility to be able to support 100% of the gas volumes f… Login or click here to subscribe

Source: QEP Resources

Anvil Capital Partners Provides Funding for Two Companies

By Tyler Losier, Energy Reporter, Oil & Gas 360 Vermilion Cliffs Partners gets $11 million senior secured loan facility On Monday, Anvil Capital Partners, a private credit special situations lending firm, announced the final close of an $11 million senior secured loan facility to Vermilion Cliffs Partners. According to Anvil, the funds will be utilized by Vermilion to support the acquisition of producing assets in the Permian Basin, including a 30 well package with an ancillary development tranche for future drilling. This transaction closely follows a $35.5 million senior secured facility provided to Samson Oil and Gas (stock ticker: SSNYY), an Australian based company with assets in the Niobrara and Bakken formations. Sa… Login or click here to subscribe

U.S. Shale Oil Output to Rise to Record 8.77 Million bpd in Sept – EIA

U.S. Shale Oil Output to Rise to Record 8.77 Million bpd in Sept – EIA

From Reuters U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the U.S. Energy Information Administration forecast in its monthly drilling productivity report on Monday. The largest change is expected in the Permian Basin of Texas and New Mexico, where output is seen climbing 75,000 bpd to 4.42 million bpd in September, also an all-time high. That is the biggest increase forecast for the basin since April. Output in North Dakota and Montana’s Bakken region is expected to edge higher by 3,000 bpd to a record 1.44 million bpd, the data showed. Production increases in the Permian and Bakken have been at the forefront of a shale boom that helped make the United States the biggest oil producer in the world, ahead of Saudi Arabia and Russia. Output increases in the Permian, the[Read More…]

Source: Summit Midstream Partners LP

Summit Midstream Appoints New President and CEO

By Tyler Losier, Energy Reporter, Oil & Gas 360 Summit Midstream Partners appoints J. Heath Deneke as president, CEO and board member Summit Midstream Partners LP (stock ticker: SMLP), a master limited partnership located in The Woodlands, Texas, has appointed J. Heath Deneke to serve as its president and chief executive officer, effective September 16, 2019. Deneke was also nominated to serve on the board of directors for Summit Midstream GP LLC, the general partner of Summit Midstream Partners LP. He will replace Leonard Mallett, who has been serving as interim president and CEO for Summit since February 2019. Mallet will stay on as Summit’s chief operations officer, and will report to Deneke directly. “I am excited t… Login or click here to subscribe

Source: Abraxas Petroleum

Saltstone Capital Pens Scathing Letter to Abraxas Petroleum

By Tyler Losier, Energy Reporter, Oil & Gas 360 Saltstone Capital Management calls for special committee of the board to review strategic alternatives Billy Bailey, founder and portfolio manager for Saltstone Capital Management LLC, penned a scathing letter to Abraxas Petroleum’s (stock ticker: AXAS) board of directors this week, calling for the creation of a special committee to explore strategic alternatives and help generate free cashflow for shareholders. Saltstone Capital, which owns 2,420,000 shares in Abraxas, initially laid out a four-point plan to improve the struggling petroleum producer back in July. These improvements included a call for a significant curtailment of capital expenditures by focusing solely on Permi… Login or click here to subscribe

Source: QEP Resources

QEP and Elliot Management Enter into Cooperation Agreement

By Tyler Losier, Energy Reporter, Oil & Gas 360 QEP Resources and Elliot Management will work together to appoint two new independent directors QEP Resources, Inc. (stock ticker: QEP), a Denver-based independent E&P, has entered into a cooperation agreement with affiliates of Elliot Management Corporation, which owns approximately 4.9% of QEP’s common stock. Under the terms of the agreement, QEP and Elliot will work together to collaboratively appoint two new independent directors to the QEP board. Both nominees are expected to have a strong operating background in unconventional development, and are expected to be seated no later than October of this year. An overview of QEP’s current asset portfolio (source: QEP Reso… Login or click here to subscribe

Source: Caliber Midstream

Caliber Midstream Makes North Dakota Acquisition

By Tyler Losier, Energy Reporter, Oil & Gas 360 Caliber Midstream acquires North Dakota assets from American Midstream Partners Caliber Midstream Holdings L.P., headquartered in Denver, Colorado, has acquired crude oil gathering and transportation assets in McKenzie county, North Dakota from American Midstream Partners L.P. The acquired assets include a FERC-regulated system comprised of 47 miles worth of pipeline and related facilities, able to transport crude oil to the Tesoro High Plains pipeline and the Energy Transfer Dakota Access pipeline. With the addition of these acquisitions, Caliber now owns and operates 368 miles of pipeline across four service lines in McKenzie county, with 11 more miles on the way by year’s end… Login or click here to subscribe

Alliance Resource Partners Completes Acquisition of Permian Mineral Interests

Alliance Resource Partners Completes Acquisition of Permian Mineral Interests

By Tyler Losier, Energy Reporter, Oil & Gas 360 Alliance Resource Partners Acquires $145 million worth of Permian mineral interests from Wing Resources Alliance Resource Partners L.P. (stock ticker: ARLP), a diversified natural resource company based in Tulsa, Oklahoma, has completed its previously announced acquisition of oil and gas mineral interests in the Permian Basin from Wing Resources LLC and Wing Resources II LLC. The transaction, which has a purchase price of $145 million, will increase Alliance’s Permian presence through the addition of approximately 9,000 net royalty acres in the Midland, with exposure to more than 400,000 gross acres. Source: EIA “Today’s announcement reflects ARLP’s commitment to build its… Login or click here to subscribe

Northern Oil and Gas Founder to Depart

Northern Oil and Gas Founder to Depart

By Tyler Losier, Energy Reporter, Oil & Gas 360 Michael Reger, Northern Oil and Gas president and founder, will leave the company amicably Northern Oil & Gas (stock ticker: NOG), a non-operating E&P, has announced that Michael Reger, its president, founder and chairman emeritus, will be departing the company amicably to pursue other opportunities. Reger, however, will continue to serve as Northern’s chairman emeritus. He will also be available to assist the company in an advisory role, as part of a consulting arrangement that will last through March of 2020. “Mr. Reger was the pioneering visionary of the public, non-operated business model in 2006, guided the company through periods of both rapid industry growth an… Login or click here to subscribe

Source: Lagoon Water Solutions

Continental Resources Divests STACK Water Handling Facility

By Tyler Losier, Energy Reporter, Oil & Gas 360 Continental Resources sells STACK water handling facility to Lagoon Water Solutions for $85 million Continental Resources (stock ticker: CLR), an Oklahoma City-based independent E&P, is selling its eastern STACK water gathering and recycling system in Blaine county, Oklahoma to Lagoon Water Solutions for $85 million. In conjunction with the divestiture, Continental has also entered into a long-term agreement with Lagoon, in which the latter will provide water sourcing, gathering and disposal services for any of Continental’s future developments in the area. “The divestiture of this water handling facility for $85 million underscores Continental’s ability to innovatively g… Login or click here to subscribe

Whiting Petroleum Names New CFO

Whiting Petroleum Names New CFO

By Tyler Losier, Energy Reporter, Oil & Gas 360 Michael J. Stevens steps down as CFO, Correne S. Loeffler selected as replacement Whiting Petroleum Corporation (stock ticker: WLL), a Denver-based independent E&P with an oil-focused asset base, has named Correne S. Loeffler as Chief Financial Officer, effective August 1. She will replace Michael J. Stevens, who is stepping down after an 18-year career with Whiting. Stevens was named CFO in 2005. Source: Callon Petroleum Loeffler, who has 14 years of financial experience in the oil and gas industry, was previously employed at Callon Petroleum as the company’s vice president, finance and treasurer. She held the position from April 2017 to July 2019. Loeffler also se… Login or click here to subscribe

Conference Spotlight: Williston Basin Presenters

Conference Spotlight: Williston Basin Presenters

By Tyler Losier, Energy Reporter, Oil & Gas 360 The Oil and Gas Conference’s Williston Basin presenters cumulatively produce 633,800 BOEPD From August 11-14, Oil & Gas 360’s parent company – EnerCom – will host its 24th annual The Oil and Gas Conference® at the Westin Downtown Hotel in Denver, Colorado. This event offers investment professionals the opportunity to hear oil and gas company’s executive management teams update investors on their operational and financial strategies, and listen to how energy companies are planning to navigate through the remainder of 2019 and 2020. Currently, there are six different companies presenting that hold assets in the Williston Basin: Continental Resources (stock ticker: CLR) Market Cap: $15,857,000,000 Enterprise Value: $21,693,000,000 Capital Expenditure: $2,915,000,000 TTM EBITA: $3,542,000,000 Total Production Rate: 298,200 BOEPD Reserves: 1,522,400,000 BOE Denbury Resources (stock ticker: DNR) Market Cap: $572,000,000 Enterprise Value: $3,134,000,000 Capital Expenditure: $346,000,000 TTM EBITA: $565,000,000 Total Production[Read More…]

Dakota Access Pipeline Capacity Could Double, Move 1.1 Million Barrels Per Day, without Installing New Pipe

Dakota Access Pipeline Capacity Could Double, Move 1.1 Million Barrels Per Day, without Installing New Pipe

Move all of North Dakota’s daily production through DAPL From the Bismarck Tribune/Jamestown Sun BISMARCK — The operator of the Dakota Access Pipeline is planning to nearly double its capacity, to a point where it could transport nearly all of the daily oil production of the nation’s No. 2 producer [North Dakota]. The plans include new pumping stations in three states. Energy Transfer Partners informed North Dakota regulators that it plans to expand the pipeline capacity from more than 500,000 barrels per day to as much as 1.1 million barrels. An increase “will allow Dakota Access to meet the growing demand from shippers by optimizing and fully utilizing the existing pipeline infrastructure, without the need to install new pipelines, and without the need for shippers to use less safe and efficient means of transportation, such as rail,” Energy Transfer attorney Lawrence Bender said in a letter to the Public Service[Read More…]

June 21, 2019 - 5:38 am Closing Bell Story, Crude Oil News, Energy News, Midstream
Source: Meridian Energy

New President Joins Meridian Energy

By Tyler Losier, Energy Reporter, Oil & Gas 360 Paul Coppola to serve as president and chief investment strategy officer Meridian Energy Group, Inc., a company specializing in the development of environmentally-conscious crude oil refineries, has added a new member to its senior management team in Houston. Paul Coppola, who served on Meridian’s board of directors and a senior financial advisor to the company, will now be filling the role of president and chief investment strategy officer. He will assist the company with both its $1.2 billion institutional equity and debt financing for the Davis Refinery in the Bakken, and the Meridian private placement of preferred stock at the corporate level. Source: Meridian Energy C… Login or click here to subscribe

Equals to Merge

Equals to Merge

By Tyler Losier, Energy Reporter, Oil & Gas 360 Oilfield service consolidation rolls on C&J Energy Services (stock ticker: CJ) and Keane Group, Inc. (stock ticker: FRAC) have entered into a definitive agreement to combine in an all-stock merger of equals. Upon close, the merger will create a well completion and production services company with a presence in most active U.S. basins. The deal was unanimously approved by both company’s boards of directors, in addition to the special committee of the Keane board.   Personnel High-ranking personnel at the new company include: Chairman of the Board – Patrick Murray (former C&J chairman of the board) President/CEO – Robert Drummond (former Keane CEO) Exe… Login or click here to subscribe

More Takeaway on the Way: $4.1 Billion in Pipelines will Deliver Permian, Bakken Oil Production to the Gulf

More Takeaway on the Way: $4.1 Billion in Pipelines will Deliver Permian, Bakken Oil Production to the Gulf

Liberty Pipeline LLC On Monday, Phillips 66 (stock ticker: PSX) and Bridger Pipeline LLC announced the formation of a 50/50 joint venture, Liberty Pipeline LLC, in order to build a 24-inch crude oil pipeline running from the Rocky Mountain and Bakken production areas to Cushing, Oklahoma. Liberty is underpinned with long-term shipper volume commitments, and initial service on the pipeline is expected to begin as early as Q1 2021, subject to regulatory approval. “The Liberty Pipeline is an important undertaking on the part of our company to ensure that oil from Wyoming, the Rockies and the Bakken can get to markets in the U.S. and around the world,” said Hank True, president of Bridger Pipeline LLC. “Our commitment to the Liberty Pipe… Login or click here to subscribe

Source: Apollo Portfolio Management

Apollo Portfolio Company Announces Bakken Acquisition

Resource Energy LLC Announces Acquisition in the Bakken Play

Williston Basin - IPAA

KKR and Western Natural Resources Team Up in the Williston

By Tyler Losier Partnership seeks to acquire assets Investment firm KKR (stock ticker: KKR) is partnering with Western Natural Resources, with the intention of acquiring and producing undeveloped assets in the Williston Basin. This move is closely aligned with KKR’s Energy Real Assets strategy, which has grown to make up around $4 billion of its investment portfolio since the program’s incarnation in 2015. So far, Energy Real Assets has invested in around a dozen or so different transactions involving both conventional and unconventional assets throughout the United States, focusing mainly on moderate and low risk plays. Western’s previous operating experience in the Williston Basin is one of the main attributes that attracted KKR t… Login or click here to subscribe

Bakken Sale Nets $1.6 Billion Cash

Bakken Sale Nets $1.6 Billion Cash

Targa Resources Corp. Sells 45 Percent Interest in Bakken Assets for $1.6 Billion

Plan to Refine Permian Oil at Home: Meridian Shoots to Build Second Refinery

Plan to Refine Permian Oil at Home: Meridian Shoots to Build Second Refinery

Almost half of all U.S. crude oil production from onshore basins comes from the Permian Basin according to the EIA. We’re talking about a massive amount of daily oil production–3.8 million barrels per day. And now a home-based Permian refinery has landed on the drawing boards that aims to start processing West Texas light oil at home in the heart of the U.S.’s hottest oil region. Assuming permitting moves along, funding is in place, a FID is reached, and any court challenges are successfully won, a brand new ‘environmentally-beneficial’ refinery could land smack in the middle of the Permian Basin.  The company behind it, Meridian Energy Group, Inc., is no stranger to winning those challenges. Meridian made it through permitting and c… Login or click here to subscribe

February 12, 2019 - 7:43 pm Closing Bell Story, Downstream, Oil and Gas 360 Articles
Middle Bakken Core Extension 4-Well Pad Tests at 2,400 BOEPD

Middle Bakken Core Extension 4-Well Pad Tests at 2,400 BOEPD

Marathon Oil Corporation (stock ticker: MRO) reported that its four-well Middle Bakken pad at the Ajax area of Dunn County, North Dakota achieved an estimated average 30-day initial production (IP) rate of over 2,400 barrels of oil equivalent per day (84% oil). “Strong early results in Ajax mark another important step forward in our ongoing efforts to extend the core of our Bakken acreage position, building upon recent successful core extension tests in Elk Creek and Southern Hector,” said Marathon Oil President and CEO Lee Tillman. Middle Bakken extension pad at Ajax tests at 2,400 BOEPD – IP30; Source: Marathon Oil Share repurchases add another $150 million of common shares Marathon Oil’s year-to-date share repurchases now total a… Login or click here to subscribe

Hess Says $2.1 Billion of E&P Capital Going to Bakken and Guyana in 2019

Hess Says $2.1 Billion of E&P Capital Going to Bakken and Guyana in 2019

Hess Announces 2019 E&P Capital and Exploratory Budget

December 10, 2018 - 10:30 am Closing Bell Story, Press Releases
Oil and Gas Production Hit New Highs in the Bakken

Oil and Gas Production Hit New Highs in the Bakken

Bakken production in North Dakota sets records From KTVQ-Q2 BISMARCK, N.D.- September was a record-setting month in the Bakken oil fields of North Dakota. In the monthly report from North Dakota’s Mineral Resources Department, new all-time records were set in September in both oil and gas production and in the number of producing wells. The September oil production set a new North Dakota record at 1.36 million barrels per day. Gas production also set a new all-time high at 2.53 million cubic feet. The number of producing wells was 15,287, also a new North Dakota record, according to the state’s figures. But not all the news from the Bakken was positive in the report. Most notably the price of Bakken sweet crude, which sold at $42 a barrel Monday. In comparison, the price of West Texas Intermediate Crude Oil at market close was $57.29 a barrel. As of last Friday, 62 oil[Read More…]

November 20, 2018 - 1:44 pm Closing Bell Story, Exploration and Production (E&P)
Source: QEP Resources

QEP Moves towards Pure-Play Midland

Denver-based QEP Resources Inc. (stock ticker: QEP) reported its Q3 Results Wednesday. Pure-play is right move for QEP’s size QEP is well on the course to being a pure-play Permian company, with the sale of its Bakken assets announced earlier this week. QEP Chairman, President and CEO Charles Stanley outlined some of the advantages to being a pure-play producer in the company’s conference call. “First, we think for a company our size, being a single-basin producer makes sense because it allows us to focus our technical and our commercial efforts on a single high-return asset, while streamlining our organization to drive down costs and maximize efficiency. Since March, we’ve already reduced our head count by approximately 30% and we’ll con… Login or click here to subscribe

Even with 955 DUCs Awaiting Completion, North Dakota has Record Month

Even with 955 DUCs Awaiting Completion, North Dakota has Record Month

Permian and Anadarko Basins are competition for capital and workforce The North Dakota Industrial Commission’s Department of Mineral Resources has released its production report for the month of May and the NDIC reports new all-time highs. Oil production: 1,244,629 barrels/day (New all-time high) Gas production: 2,318,754 MCF/day (New all-time high) Producing Wells: 14,755 (New all-time high) North Dakota rig count is up four from June to today and operators are shifting from running the minimum number of rigs to incremental increases and it looks to stay this way. According to Lynn Helms of the NDIC Department of Mineral Resources WTI prices would have to drop below $45/barrel for more than 30 days for the rig count to drop, the NDIC reported. However, WTI has remained above $55/barrel and therefore rig count continues to rise. To support this trend oil price downside risk has eased thanks to OPEC approving a plan[Read More…]

July 13, 2018 - 5:07 pm Closing Bell Story, Oil and Gas 360 Articles
Newfield and Continental Tout SCOOP/STACK, Bakken

Newfield and Continental Tout SCOOP/STACK, Bakken

Newfield’s SCOOP/STACK operations pinned to future growth; Williston Basin infill projects look to deliver $100 million of free cash flow in 2018 Newfield Exploration Company (ticker: NFX) had record net production during Q1 2018, with SCOOP/STACK net production averaging 117,500 BOEPD. Newfield Chairman, President and CEO Lee Boothby said, “The Anadarko Basin is the asset that will fuel our growth and transition us to living within cash flow from operations. We expect our development of these assets will yield rapid growth from here.” Boothby also said that net production estimates forecast as much as 200,000 BOEPD in 2020. From a capital spending standpoint, Newfield invested $345 million in the quarter. Domestic production was up 27% year-over-year and our domestic oil production was up 29% year-over-year. Anadarko Basin production was up 34% year-over-year. During the quarter, the company turned 43 wells to sales in the Anadarko Basin and to-date, Newfield has[Read More…]