CRUDE OIL INVENTORY/’000 bbls (Week Ended 9/28/12) Current: 364,698 Actual Build/(Withdrawal): (482) Economist Average Estimate: 1,486 Previous: 365,180 Click here for the chart with five year averages. CRUDE OIL IN THE MEDIA *Presidential debate could shed light on energy issues – Politico Wednesday’s presidential debate offers one of the final chances to pin down the candidates on the energy issues
According to Credit Suisse’s September 2012 research report titled “Oil: Fundamentals & US Oil Production Outlook,” U.S. Gulf of Mexico (GOM) production could increase by 700,000 barrels per day between 2012 and 2018. Super majors have long since realized the future oil potential within the Gulf of Mexico. The long lead times and huge amount of capital required to drill
In two separate transactions, Plains Exploration and Production (ticker: PXP) purchased approximately 67,000 BOEPD (combined 84% oil and NGLs) of Gulf of Mexico production for $6.1 billion. The largest chunk, 59,500 BOEPD, was purchased for $5.5 billion from BP (ticker: BP). The remaining 7,400 BOEPD was purchased from Shell (ticker: RDS.B) for $560 million. PXP News Release BP News Release
Callon Petroleum (ticker: CPE) continues to make headway on its drilling initiatives in the Permian Basin while acquiring additional running room and properties in the play. CPE operates all of its Permian acreage and has positions in both the Delaware Basin portion on the western side of the Permian and in the Midland Basin east of the Central Basin Platform.
Energy XXI (NASDAQ: EXXI) announced fiscal Q3’12 operating and financial results for period ended March 31, 2012. The company reported fiscal Q3’12 net income of $82.5 million, or earnings per share of $1.04, compared to fiscal Q3’11 net income of $14.0 million, or earnings per share of $0.19, an increase of 487%. Revenues during the quarter totaled $336 million, an
On April 10, 2012, John Schiller, chairman and chief executive officer at Energy XXI (NASDAQ: EXXI) was interviewed on CNBC’s Mad Money with Jim Cramer. In an exclusive interview on the show’s Executive Decision segment, John highlights: EXXI’s realized oil prices averaging $2.00 to $3.00 per barrel above Brent Crude Oil prices (March 2012: the company averaged $125 per barrel
During the last six years, Energy XXI (NASDAQ:EXXI) has completed five major acquisitions, making EXXI the third largest producer on the Gulf of Mexico shelf. The company’s historic core strategy is to acquire and exploit producing oil properties; however, more recently, EXXI has been unlocking additional production value and reserve growth through its organic drilling programs. Today, EXXI reported four
