Post Tagged with: "Budget"

Source: Reuters

Iran outlines budget, promises less reliance on oil amid U.S. sanctions

Reuters


DUBAI – Iran’s government presented a draft state budget of about $33.7 billion to parliament on Wednesday, promising less reliance on oil revenues and higher growth despite U.S. sanctions that have crippled the Islamic Republic’s economy, Iranian media reported.…

Source: Houston Chronicle

Enterprise Products Partners seeks to cut budget as oil war continues

Houston Chronicle


Houston pipeline operator Enterprise Products Partners is looking at ways to trim its multibillion dollar capital expenditure budget cuts as the ongoing oil price war takes its toll on the company’s customers.

In a Wednesday afternoon statement, Enterprise …

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 …

Surge Energy Exits 2017 with 15,850 BOEPD

Surge Energy Exits 2017 with 15,850 BOEPD

Surge Energy Inc. (ticker: SGY) produced on average 15,675 BOEPD in Q4 2017 and exited 2017 with 15,850 BOEPD. For 2018, the company’s production guidance stands at 16,150 BOEPD.

The company reported adjusted funds flow of $32.17 million, or $0.14 …

Seven Generations Energy Chalks Up $562 Million Net Income

Seven Generations Energy Chalks Up $562 Million Net Income

2017 average Q4 production was 197,000 BOEPD

Montney producer Seven Generations Energy Ltd. (ticker: VII) reported a net income of $83.6 million, or $0.23 per share for the fourth quarter of 2017. For the full year, the company posted a …

Midstates Petroleum 2018 CapEx of $100-$120 million, 1-Rig Program Targets Mississippian Lime

Midstates Petroleum 2018 CapEx of $100-$120 million, 1-Rig Program Targets Mississippian Lime

Midstates Petroleum Company, Inc. (ticker: MPO) reported a net loss of $85.1 million, or $(3.39) per share in 2017. In Q4 2017, the company reported a net loss of approximately $121 million, or $(4.78) per share.

For 2017, the company …

Earthstone Energy Targets Midland Basin with ~$130 Million CapEx, Plans to Spud 10 Net Wells

Earthstone Energy Targets Midland Basin with ~$130 Million CapEx, Plans to Spud 10 Net Wells

Targeting 12-12.5 MBOEPD production for 2018

Earthstone Energy, Inc. (ticker: ESTE) posted a net income of $2.3 million, or $0.09 per share in Q4 2017. For 2017, the company reported a net loss of $12.5 million, or $(0.53) per share.…

WildHorse Resource Earns $50 Million, Brings Online 90 Net Hz Wells in 2017

WildHorse Resource Earns $50 Million, Brings Online 90 Net Hz Wells in 2017

Almost 100 Gen 3 Eagle Ford wells were online by yearend of 2017

2018 Eagle Ford: WRD plans own in-basin sand mine, could reduce well costs $400,000-$600,000 per well

WildHorse Resource Development Corporation (ticker: WRD) reported a net income of …

Vermilion Energy Increases Dividend, Reduces Debt

Vermilion Energy Increases Dividend, Reduces Debt

International producer Vermilion Energy Inc. (ticker: VET) increased production by 8% from Q3 2017, reaching an average of 72,821 BOEPD in Q4 2017.

For Q4 2017, Vermilion Energy reported net earnings of $8.645 million, or $0.07 per share. This compares …

Goodrich Petroleum Closes Sale, Reports Q4

Goodrich Petroleum Closes Sale, Reports Q4

In its Q4/year-end release, Goodrich Petroleum Corporation (ticker: GDP) said it has recently closed on the sale of certain production, facilities, infrastructure and a portion of its acreage in the Angelina River Trend to BP America Production Company. Goodrich said …

Range Resources Earns $333 Million in 2017, Plans $941 Million CapEx

Range Resources Earns $333 Million in 2017, Plans $941 Million CapEx

Range Resources Corporation (ticker: RRC) produced 1,444 MMcf/d of natural gas, 106,038 Bbls/d of NGLs and 15,007 BPD of crude oil and condensate in Q4 2017. Also in Q4 2017, the company had a net income of $221.185 million, or …

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.…

Congress Renews Crude Oil Excise Tax

Congress Renews Crude Oil Excise Tax

Ryan, LLC, a global tax service and software provider, reported that the Bipartisan Budget Act of 2018 (passed on February 9, 2018) contained a number of tax extenders, including a one-year retroactive extension of the Energy Efficient Commercial Building Deduction.…

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 …

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 …

Pacific Bora drilling rig arrives at Oyo-9 field in
deepwater offshore Nigeria

Energy XXI Prepares 2018 CapEx of $145-$175 Million

Energy XXI Gulf Coast, Inc. (ticker: EXXI) has approved a 2018 capital expenditure budget in the range of $145-$175 million, which includes funding of EGC’s most active drilling program since 2014, as well as recompletions, facilities improvements, plugging and abandonment …

February 20, 2018 - 1:03 pm Closing Bell Story‎, Mexico, Offshore, Oil and Gas 360 Articles
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. …

Diamondback Energy Earns $115 Million in Q4, Earmarks $1.3 Billion-$1.5 Billion 2018 Permian Spend

Diamondback Energy Earns $115 Million in Q4, Earmarks $1.3 Billion-$1.5 Billion 2018 Permian Spend

Diamondback Energy, Inc. (ticker: FANG) pulled in a net income of $115 million in the fourth quarter of 2017, or $1.16 per diluted share. Diamondback spent $246 million on drilling, completions, non-operated properties and $61 million on infrastructure in the …

Advantage Oil & Gas Averaged Production of Nearly 40 MBOEPD in 2017

Advantage Oil & Gas Averaged Production of Nearly 40 MBOEPD in 2017

Advantage Oil & Gas Ltd. (ticker: AAV) released Q4 2017 and year-end 2017 results today. The company added reserves, increased annual production by 16% and spent $249 million in 2017.

Growing reserves

PDP reserves increased 27% due to the recognition …

Pioneer Natural Resources on a Permian Tear: 224 Wells Drilled in 2017, 20 Rigs Operating in 2018

Pioneer Natural Resources on a Permian Tear: 224 Wells Drilled in 2017, 20 Rigs Operating in 2018

250-275 gross wells expected to be on production in the Permian Basin in 2018

$2.6 billion 2018 Permian-focused CapEx

Pioneer Natural Resources (ticker: PXD) placed 64 horizontal wells on production in the fourth quarter of 2017. In the Permian, 43 …

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

CNOOC Limited (ticker: CEO) plans to target 470-480 MMBOE for its net production goal in 2018. The geographic production areas are split between China (64%) and overseas (36%). The company’s net production for 2017 stood at approximately 469 MMBOE. As …

Marathon Petroleum Earns $3.43 Billion in 2017, $5.5 Billion MPLX Offering

Marathon Petroleum Earns $3.43 Billion in 2017, $5.5 Billion MPLX Offering

Marathon Petroleum Corp. (ticker: MPC) earned $2.02 billion, or $4.09 per diluted share, in Q4 2017. This is significantly more than in Q4 2016, where the company had earnings of $227 million, or $0.43 per diluted share. FY 2017 earnings …

Parsley Energy Keeps the Green Coming

Parsley Energy Keeps the Green Coming

FY2017 CapEx of $1.2 billion: 40 wells to be placed on production each quarter in 2018

Parsley Energy, Inc. (ticker: PE) has released certain full-year 2017 results and an operational update for its Wolfcamp C delineation program.

Q4 and FY2017

Gulfport Energy’s ~$800 Million CapEx to Fall Within Cash Flow

Gulfport Energy’s ~$800 Million CapEx to Fall Within Cash Flow

Gulfport Energy Corporation (ticker: GPOR) has announced that:

  • 2018 CapEx budget will be funded within cash flow,
  • $100 million outstanding common stock will be repurchased this year,
  • 2018 operational outlook forecasts 1,250 MMcfe/d

2018 CapEx and production guidance

The 2018 …

Bonanza Creek Hits High Water Marks

Bonanza Creek Hits High Water Marks

Bonanza Creek Energy, Inc. (ticker: BCEI) exceeded the company’s high-end of Q4 2017 estimates by producing 14.8 MBOEPD. The company is expecting Rockies production to grow by 20% in 2018 and in 2019 Bonanza Creek said it expects an increase …

SilverBow Resources Releases 2018 CapEx and Guidance

SilverBow Resources Releases 2018 CapEx and Guidance

SilverBow Resources, Inc. (ticker: SBOW) recently announced its 2018 capital program of $245-$265 million. For 2018, SilverBow said that total company production is projected to average 175-195 MMcfe/d, an increase of approximately 25-40% from 2017 levels. This projection has been …

Saudi Arabia 2018 Budget Shifts Away From Oil Revenues

Saudi Arabia 2018 Budget Shifts Away From Oil Revenues

Saudi Arabia plans to spend $261 billion in 2018. The budget will set a record for Saudi Arabia, as it looks to reform the country’s economy and reduce reliance on oil revenues. Forbes reported that Saudi Arabia plans to cut …

Chevron Corporation (CVX) Releases 2018 CapEx Budget and a $1 Million Donation

Chevron Corporation (CVX) Releases 2018 CapEx Budget and a $1 Million Donation

  • U.S. Upstream getting $6.6 billion; international upstream $9.2 billion
  • $5.5 billion for the company’s share of expenditures by affiliated companies
  • $2.2 billion of planned capital spending is associated with the company’s downstream businesses that refine, market and transport fuels, and
December 7, 2017 - 4:25 pm Closing Bell Story‎, Finance, Oil and Gas 360 Articles, People
White House Budget Increases Funding for Energy Development on Public Lands and Offshore, Continues to Streamline Permitting

White House Budget Increases Funding for Energy Development on Public Lands and Offshore, Continues to Streamline Permitting

The White House released its FY 2018 budget proposal today, entitled “America First – A Budget Blueprint to Make America Great Again.”

The White House proposes a budget that will increase funds in support of energy development on public lands …

Russia Mulls Budget Cuts, Privatizing Banks and Other Assets to Bridge its Budget Gap

Russia Mulls Budget Cuts, Privatizing Banks and Other Assets to Bridge its Budget Gap

PM Medvedev says government needs to act now to head off a decades-long economic depression

Russia is facing a slowing economy as the oil export-dependent country battles both slumping oil prices and Western sanctions. Russian Economy Minister Alexei Ulyukayev said …