Production Archives - Page 14 of 22

Diamondback Energy Earns $115 Million in Q4, Earmarks $1.3 Billion-$1.5 Billion 2018 Permian Spend

February 14, 2018

Diamondback Energy, Inc. (ticker: FANG) pulled in a net income of $115 million in the fourth quarter of 2017, or $1.16 per diluted share. Diamondback spent $246 million on drilling, completions, non-operated properties and $61 million on infrastructure in the fourth quarter of 2017. For the full year 2017, Diamondback spent $737 million on drilling, completions, non-operated properties and $124

World Hungers for Oil: IEA

February 13, 2018

The International Energy Agency (IEA) released a new Oil Market Report (OMR) today. In its OMR, the IEA said countries across the globe have been steadily consuming more and more oil over the past few years. The IEA said that global oil demand growth for 2018 has increased slightly to 1.4 million barrels per day (mb/d), partly due to an

Denbury Resources Plans $300 Million 2018 CapEx

February 13, 2018

Denbury Resources Inc. (ticker: DNR) released its preliminary year-end 2017 proved reserves, production and capital expenditures, along with its 2018 capital budget and estimated annual production. Preliminary Q4 2017/annual production Denbury’s production averaged 61,144 BOEPD (97% oil) during the fourth quarter of 2017, with CO2 tertiary properties accounting for 65% of overall production. Denbury’s continuing production for full-year 2017 averaged

Advantage Oil & Gas Averaged Production of Nearly 40 MBOEPD in 2017

February 12, 2018

Advantage Oil & Gas Ltd. (ticker: AAV) released Q4 2017 and year-end 2017 results today. The company added reserves, increased annual production by 16% and spent $249 million in 2017. Growing reserves PDP reserves increased 27% due to the recognition of 27 new Glacier wells that were brought on production through 2017 and higher reserves assignments on historical producing wells

ExxonMobil Stacks 2.7 Billion More Barrels into Reserves, Bringing 2017 Total to 21.2 Billion Barrels

February 8, 2018

Exxon Mobil Corporation (ticker: XOM) added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of 2017 production. ExxonMobil’s proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57% of the reserves, up from 53% in 2016. According to the company, ExxonMobil’s reserves life at current production rates is 14 years. During

Pioneer Natural Resources on a Permian Tear: 224 Wells Drilled in 2017, 20 Rigs Operating in 2018

February 7, 2018

250-275 gross wells expected to be on production in the Permian Basin in 2018 $2.6 billion 2018 Permian-focused CapEx Pioneer Natural Resources (ticker: PXD) placed 64 horizontal wells on production in the fourth quarter of 2017. In the Permian, 43 wells were in the northern area and 21 wells were in the southern Wolfcamp joint venture area. For the full

Jones Energy Spends $248 Million in 2017, Prepares Merge Play CapEx

February 6, 2018

Jones Energy, Inc. (ticker: JONE) produced 21,207 BOEPD in Q4 2017, 6.5% above the company’s midpoint guidance. Oil volumes made up 29% of total production at 6,217 BOPD and NGL volumes represented 30% of Q4 production. For the full year of 2017, Jones produced 21,332 BOEPD. Average oil volumes of 5,378 BOPD comprised 25% of production and NGL volumes accounted

CNOOC 2018: 470 MMBOE Target, $11 Billion CapEx

February 6, 2018

CNOOC Limited (ticker: CEO) plans to target 470-480 MMBOE for its net production goal in 2018. The geographic production areas are split between China (64%) and overseas (36%). The company’s net production for 2017 stood at approximately 469 MMBOE. As for 2019 and 2020, projected numbers are 485 MMBOE and 500 MMBOE, respectively. A stampede of projects CNOOC has scheduled

Stone Energy: Production, Reserves and CapEx Update

February 5, 2018

Stone Energy Corporation (ticker: SGY) estimates that its 2018 capital expenditure budget will reach up to $212 million. The budget allocates 36% to exploration, 27% to development and 37% to P&A expenditures. Interim CEO and President James M. Trimble said, “We exited 2017 with solid operational results and a strong financial position, and with several prospective near-term, deep water drilling opportunities. We

Blackbird Energy Glides Into 2018

February 2, 2018

Blackbird Energy Inc. (ticker: BBI) has provided an update regarding its operations. Blackbird’s total corporate January sales production averaged an estimated 1,978 BOEPD (58% liquids) for the 17 days the company was able to produce during the month. Estimated sales production averaged 1,056 BOEPD on a calendar day basis through January, with volumes being impacted by approximately 14 days of

ExxonMobil Plans to Ramp Up Drilling in Permian and Bakken

February 2, 2018

Exxon Mobil Corporation (ticker: XOM) reported 2017 earnings of $19.7 billion, compared to $7.8 billion in 2016 – this represents a 151% increase. Non-cash asset impairments of $1.5 billion were recorded during the year, mainly due to upstream assets. Q4 2017 earnings were $8.4 billion. Earnings excluding U.S. tax reform and impairments were $3.7 billion, which is down 2% compared with

Chevron: 155% Reserves Replaced, $9.2 Billion Earned in 2017

February 2, 2018

Chevron Corporation (ticker: CVX) reported earnings of $3.1 billion for Q4 2017. For reference, in Q4 2016 the company made $415 million. Q4 2017 earnings include non-cash tax benefits of $2.02 billion, related to the U.S. tax reform and a non-cash charge of $190 million related to a former mining asset. The company said that foreign currency effects decreased earnings

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