US News Shale oil and gas producer EOG Resources Inc paid $847 million during the third quarter to settle wrong-way bets on energy prices, the company said in a regulatory filing on Tuesday. Russia’s invasion of Ukraine sent energy prices soaring since February, although they cooled off from decade highs towards the end of September. U.S. crude oil averaged
Reuters With oil and gas prices at multi-year highs, U.S. shale producers are poised to deliver the strongest earnings since the onset of the coronavirus pandemic, so long as they didn’t lock in sales tied to much lower prices. Sky-high oil and gas prices will fill energy companies’ bottom line, rewarding investors who hung on through the pandemic. U.S. crude
Reuters NEW YORK – OPEC’s sudden disarray would seem to be an opportunity for U.S. shale producers to lock in profits, with oil prices near multi-year-highs, but sources at those companies say they are not taking chances with the market’s volatility. Shale producers are famous for boosting output whenever oil prices surge. However, the shale industry has been notably restrained
Reuters ConocoPhillips said on Wednesday its first-quarter results will benefit from higher oil prices and output, while warning of a $600 million profit hit from its recent acquisition of Concho Resources and related commodity price hedges. Higher oil prices and deep cost cuts implemented last year at the peak of a downturn in demand are expected to help U.S. oil
TransGlobe Energy Corporation (AIM & TSX: “TGL” & NASDAQ: “TGA”) (“TransGlobe” or the “Company”) announces an update to its oil hedge position for 2020. All dollar values are expressed in US dollars unless otherwise stated.
Northern Oil and Gas, Inc. (stock ticker: NOG) updated its stock repurchase program and provided a general business update with new fourth quarter estimates and hedging information. Northern has repurchased approximately 12.0 million shares of common stock since October 1, 2018, 4.6 million shares of which were repurchased in this calendar year through January 21, 2019. Production for the fourth
From Bloomberg Mexico’s Finance Ministry confirmed that it spent about $1.23 billion to protect 2019 revenues against falling crude prices in the world’s largest annual oil deal. The oil producer locked in hedges at $55 a barrel, equivalent to the price approved by lawmakers for the 2019 budget, according to a Finance Ministry statement. The total expense comes to about
Brazil’s state-controlled oil company, Petrobras, has hedged a portion of its 2018 oil production. The move should protect cash flow against downturns in the marketplace. Bloomberg reported that the company hedged 128 MMBbls, or 350,685 BOPD at an average Brent price of $65/bbl. The average cost, a company filing on Wednesday said, is about $3.48 a barrel. Petrobras has become
Samson Aims to Return 29 Inactive Wells to Producing Status On April 3, Samson Oil & Gas Limited (ticker: SSN; SamsonOilandGas.com) announced it had closed its planned acquisition of oil and gas assets in Montana and North Dakota—the Foreman Butte acquisition. Acquired Asset Highlights 721 bopd net production (11/01) 100 Operated wells 50 Non-Operated wells 7MMBO in net proved reserves
Canadian producer purchases processing plant for $4.75 million; looking at further acquisitions Manitok Energy (ticker: MEI, ManitokEnergy.com) announced Wednesday that it has purchased a 14 MMcf/d natural gas processing plant in the Carseland area from a private company for $4.75 million. The acquisition included approximately 450 Mcf/d of natural gas production, the related gathering systems, 5,760 acres of undeveloped land
Encana remains focused on its core assets Encana Corp. (ticker: ECA, Encana.com) continued to increase production and lower its debt amid the crash in crude oil prices. The company said that it produced 274.4 MBOEPD in the fourth quarter of the year from its four core assets: the Permian, Eagle Ford, Duvernay and Montney. This production represented a 35% increase
Just 14% of 2016 production hedged With oil and gas prices holding lower for longer, many operators are looking for ways to protect as much of their production as possible. Hedges have offered some level of protection to producers through the commodity price rout, but with just an estimated 14% of production hedged in 2016, according to Reuters, producers are
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