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 (P&A) expenditures and other capital investments. CEO and President Douglas E. Brooks said, “We have contracted a rig that is
Hess Corporation (ticker: HES) reported a net loss of $2.677 billion, ($8.57) per share, in the fourth quarter of 2017. For reference, the company had a net loss of $4.892 billion in the fourth quarter of 2016. Fourth quarter 2017 results reflect net after-tax charges totaling $2.373 billion, including a non-cash accounting charge of $1.7 billion, the company said. This
New supplemental collateral requirements could severely damage independent Gulf of Mexico drillers, producers – Part 2 On Sept. 12, 2016, the federal government initiated big changes to its bonding requirements for the financial liability for decommissioning oil and gas assets on the U.S. outer continental shelf (OCS). The new requirements are game-changing, according to some experts who predict that the
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