Halliburton Company (ticker: HAL) announced a loss from continuing operations of $805 million, or ($0.92) per diluted share, for the fourth quarter of 2017. Adjusted income from continuing operations for the fourth quarter of 2017, excluding charges related to United States tax reform and Venezuela receivables, was $462 million, or $0.53 per diluted share. This compares to income from continuing
Activity in the Eleventh Federal Reserve District’s energy sector gained momentum in the fourth quarter of 2017, according to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of business conditions—climbed over 10 points to 38.1, with the increase driven by the exploration and production side of the industry. Oil and gas production increased for the fifth
North Dakota production set new records in 2017 even though the rig count has gone down. At least 1.18 million BOPD was produced in October and November. North Dakota gas production hit new highs in November as well – over two million Mcf/day. Keep the oil barrels rolling Oil production in October reached 36,698,095 barrels in total, or 1,183,810 BOPD
GeoPark Limited (ticker: GPRK), an independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Brazil, Argentina, Chile and Peru, issued an operational update. GeoPark’s 2018 work program and budget is $100-$110 million. The company is targeting the drilling of 30-plus wells, representing a 15-20% production increase over 2017 average levels. The projects
No manufacturer ever wants to experience production problems, especially a high-profile disruptor like Tesla Inc. (ticker: TSLA). Nonetheless, Tesla reported that it delivered 1,550 Model 3s in Q4 2017. In the last seven working days of Q4, Tesla cranked out 793 Model 3s and the company expects to reach a production rate of 5,000 per week by the end of
Eagle Ford and Permian producer Carrizo Oil & Gas, Inc. (ticker: CRZO) reiterated that its operations in the Eagle Ford shale sustained no damage as a result of Hurricane Harvey, and drilling and completion operations returned to normal within a week. A temporary reduction in sales volumes did occur as a result of downtime at third-party midstream facilities and Gulf Coast refineries, but production and sales
A report by the Federal Reserve Bank of Dallas indicated that, in May, employment in the Permian basin remained steady, hovering around 158,000 jobs since February. This comes following the period between mid-2014 and early-2016, when Permian employment dropped from approximately 180,000 to approximately 150,000 jobs. The unemployment rate itself decreased from 4.4% in April to 4.1% in May. From
In its appearance at EIA’s annual Energy Conference last week, Wood Mackenzie gave a presentation on crude oil exports, saying that U.S. crude oil exports rose in tandem with U.S. oil production following the repeal of the U.S.’s 40-year crude oil export ban in December, 2015. Oil from North Dakota, Texas moves to users in Asia and Europe According to
When you can’t see something because it’s trapped in rocks a couple of miles beneath the earth’s surface, but you want to precisely measure it and also figure out how it will move in relation to other naturally occurring fluids within the formation, and you need to get the largest possible volume to flow to the surface, and by the way your entire
Northern anticipates more production growth in 2H 2017 Northern Oil and Gas, Inc. (ticker: NOG) reported total production of 1.2 million BOE for the first quarter, averaging 13,299 BOEPD. Northern’s business model is as a non-operator franchise in the Bakken and Three Forks plays in the Williston Basin of North Dakota and Montana. Northern operates under a capital allocation model that calls
Resolute Energy Corporation (ticker: REN) reported year-end 2016 reserves and production: — Fourth quarter exit rate in excess of 20,800 Boe per day — — Reserves increase 82% to 60.3 million Boe — — Closed new bank facility; $150 million initial borrowing base — — Earnings conference call scheduled for March 14, 2017 — Rick Betz, Resolute’s Chief Executive Officer, said: “During
Investors valued debt-adjusted growth even more in 2016 The crash in oil prices which started at the end of 2014 exposed a number of oil and gas companies that had sacrificed their balance sheet in the name of growth. Many were left over-levered and forced to sell assets or file for bankruptcy in order to make it through the ensuing
