Gulf of Mexico Archives - Page 14 of 17

Energy XXI Bolsters Balance Sheet with $245 Million Sale, Reaches Agreement with BOEM

June 22, 2015

Energy XXI (ticker: EXXI), one of the largest operators in the Gulf of Mexico, announced significant liquidity-enhancing measures in two separate press releases on June 22, 2015. The first announcement, released prior to market opening, confirmed an agreement with the Bureau of Ocean Energy Management (BOEM) regarding supplemental bonding requirements. As explained by Capital One Securities, “In April, EXXI received

Market Conditions Affect Latest BOEM Lease Sale

March 19, 2015

Lease Sale 235 Generates Less than Half of Previous Sales in the Central GOM The Bureau of Ocean Energy Management (BOEM), an energy arm of the Department of the Interior, concluded its Lease Sale 235 in the Central Gulf of Mexico (GoM) on March 18, 2015. The sale is the BOEM’s first of the year and sold approximately 923,700 acres,

Gulf of Mexico Continues Strong Performance, Even as Oil Prices Remain Low

January 9, 2015

Unconventional wells are becoming more economically difficult as prices remain low With oil losing more than 50% of its value in six short months, United States shale producers are increasingly feeling the market squeeze as they struggle to competitively price their product in the global sphere. In June of 2014, when West Texas Intermediate (WTI) prices reached a high of

Chevron Announces Gulf of Mexico Find

January 7, 2015

Chevron Corporation (ticker: CVX) has announced a “significant” oil discovery at the Anchor prospect in the deepwater U.S. Gulf of Mexico. The Anchor #2 Well, which is located in Green Canyon Block 807, was drilled to a total depth of 33,749 feet and encountered pay in multiple Inboard Lower Tertiary Wilcox Sands. The well is located approximately 140 miles from

Saratoga Resources Updates Operations, Focuses on Optimization

December 19, 2014

Saratoga Resource Inc. (ticker: SARA) announced an update on the company’s recent operations and measures being taken to reduce costs and enhance operational efficiencies in the current oil price environment. SARA holds approximately 52,000 gross/net acres (60% held by production) on the Louisiana coastline and in the shallow Gulf of Mexico shelf. SARA has successfully completed several thru-tubing plugback operations

PetroQuest Energy Thunder Bayou La Cantera well

PetroQuest’s Thunder Bayou Well Lives Up to its Name

December 9, 2014

Thunder Bayou Production Expected to Commence Q2 2015 at 25-30 MMcfe/day gross On December 9, 2014, PetroQuest Energy (ticker: PQ) announced results from its Thunder Bayou Prospect (50% working interest and 37% net revenue interest) located in Vermilion Parish, Louisiana. The onshore well encountered 490 gross feet (202 net) of pay within the primary Cris R2 objective and casing has been set

CNBC: Energy XXI CEO on GOM Ops from EnerCom in Denver

August 28, 2014

Energy XXI Chairman and CEO John Schiller spoke with CNBC’s Mad Money about the recent EPL acquisition and the synergies created from the acquisition. Mr. Schiller details how the company plans to increase cash flow, reduce debt and grow production. Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to

Mexico Prepares for Hydrocarbon Bidding War; Supermajors Lie in Wait

August 13, 2014

For 76 years, Mexico’s state-owned oil company Petroleos Mexicanos, or Pemex, has been the government-enforced monopoly over all of the country’s oil and gas industry efforts. Roughly one-third of all of Mexico’s tax revenues is derived from Pemex, according to Reuters. Like many other countries with government-owned oil and gas monopolies, Mexico has not reinvested enough in Pemex for it

GOM: Companies Prep for Deepwater Development

July 17, 2014

The U.S. Department of the Interior estimates the GOM has 48 billion BOE yet to be discovered. Royal Dutch Shell (ticker: RDS.B) announced its third major oil discovery in the Gulf of Mexico (GOM) on July 15, 2014, and expects it to yield 100 MMBOE of reserves. The company has now discovered a total of 700 MMBOE of GOM reserves, according

Energy XXI’s Pro Forma Platform for Growth

June 5, 2014

Energy XXI (ticker: EXXI) is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company finalized the acquisition of EPL Oil & Gas on June 3, 2014, and is now the largest independent operating in the Gulf of Mexico with ownership of ten separate fields (nearly

Interview with Saratoga Resources: Hz GOM Well Tests More than 1,500 BOEPD

June 4, 2014

Saratoga Resources (ticker: SARA) is an independent exploration and production company with 52,103 net acres under lease in the Gulf of Mexico (GOM). Approximately 62% of its acreage is on the traditional Louisiana coastline and the remaining 32% is located in the shallow GOM. SARA operates and holds substantially 100% working interest in all of its wells. Saratoga announced on

Pemex Awaits Approval from Energy Ministry; Production in Q1’14 Down 34% since 2006

June 2, 2014

Petróleos Mexicanos, or Pemex, is Mexico’s sole producer of crude oil, natural gas and refined products. The company provides Mexico with one-third of government income and was the ninth largest oil producer in the world in 2012. The oil and gas industry in Mexico has been nationalized since 1938, but production has declined every year since 2004 (24% overall). In

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