“We think the setup is positive for prices in the $65 to $75 WTI range by year-end 2019” By Richard Rostad, analyst, Oil & Gas 360 Oil and gas titan Mark Papa weighed in on the state of the industry today, during Centennial Resource Development’s (ticker: CDEV) conference call. “Oil prices have obviously rebounded strongly relative to early this year,”
On the call: talks about using the “DrillCo” structure By Richard Rostad, analyst, Oil & Gas 360 Pioneer Natural Resources (ticker: PXD) announced first quarter results today, showing $350 million in net income or $2.06 per share. Pioneer produced an average of 320 MBOEPD in Q1 from the Permian, above expectations. The company spent $928 million in the basin this
“We remain perplexed at your apparent resistance to obtaining far more value for Anadarko shareholders” – Oxy CEO Hollub On earnings call, Hollub calls Anadarko “a generational opportunity” By Richard Rostad, analyst, Oil & Gas 360 Occidental Petroleum (stock ticker: OXY; $OXY) is going to great lengths to ensure it beats Chevron (ticker: CVX) in the bidding contest for Anadarko
Almost half the U.S. DUCs are in the Permian The number of drilled but uncompleted wells (DUCs) in seven key U.S. oil and natural gas production regions has increased over the last two years, according to the EIA’s count. DUCs reached a high of 8,504 wells in February 2019, according to well counts in EIA’s April Drilling Productivity Report (DPR). The most
Most states, basins see shifting activity By Richard Rostad, analyst, Oil & Gas 360 Drilling activity fell slightly this week, continuing an overall decline that has prevailed for most of 2019 according to Baker Hughes. A net one rig came offline this week, the smallest change in nearly two months. There are currently 990 rigs drilling in the country, the
Guidance: production above, CapEx below By Richard Rostad, analyst, Oil & Gas 360 EOG Resources (ticker: EOG) announced first quarter results today, showing net income of $635 million, or $1.10 per share. EOG reported much smaller derivative losses than many E&P companies this quarter, with derivative losses of only $20.5 million. After adjusting for derivatives and other charges, EOG earned
SB 19-181 lands Crestone Peak CDP on Director’s Objective Criteria list – i.e. drilling plan red flagged to provide additional time to evaluate; all deadlines, prehearing conferences and the hearing on Crestone CDP are vacated Boulder County Board of County Commissioners issued a notice yesterday regarding the status of Crestone Peak Resources’ comprehensive drilling plan to develop its minerals in
In-basin sand is saving $500,000 per well By Richard Rostad, analyst, Oil & Gas 360 Parsley Energy (ticker: PE) announced first quarter results today, showing a net loss of $24.1 million, or ($0.09) per share. After excluding derivative losses and other special items, Parsley earned an adjusted $62.3 million, or $0.22 per share in the quarter. The company produced 125.4
Cash flow positive at current prices, midstream assets provide uplift By Richard Rostad, analyst, Oil & Gas 360 WPX Energy (ticker: WPX) announced first quarter earnings today, showing a net loss of $48 million, or ($0.11) per share. The rising oil prices resulted in a $207 million derivative loss this quarter, if this and other special charges are excluded WPX
Tallgrass Energy, LP (stock ticker: TGE, $TGE) was named one of The Denver Post’s Top Workplaces. The list is compiled based on a third-party survey that measures aspects of workplace culture through the eyes of employees. It’s the fifth consecutive year for Tallgrass to be named. Tallgrass is an energy midstream infrastructure company operating in 11 states that provides energy
Tellurian’s Driftwood, Sempra’s Port Arthur projects get DOE greenlight to export U.S. LNG to non-FTA nations It’s no small feat to take an LNG exporting business from conceptual idea for a natural gas liquefaction and export facility to the point of loading cargoes, and the Trump administration is taking the concept-to-market process seriously, moving LNG export project approvals ahead at
The EIA released its weekly Natural Gas Storage Report today, outlining how national natural gas stocks have changed in the last week. In total, the EIA reports natural gas stocks rose by 123 Bcf last week, increasing to 1,462 Bcf from 1,339 Bcf. This is 9.6% above the 1,334 Bcf that was in storage at this point last year and
