Post Tagged with: "Production"

Where are Prices Headed Following News of an OPEC Production Quota?

Where are Prices Headed Following News of an OPEC Production Quota?

Unexpected oil deal sees crude oil prices jump

OPEC announced yesterday a plan to reinstate a production cap for the group between 32.5-33.0 MMBOPD. The group reported producing 33.2 MMBOPD in its August report, meaning that OPEC would cut, at …

OPEC Agrees to Lower Production to 32.5 MMBPD: Bloomberg

OPEC Agrees to Lower Production to 32.5 MMBPD: Bloomberg

OPEC agreed to cut production for the first time in eight years, according to a delegate briefed on the matter that Bloomberg spoke with under conditions of anonymity.

The news shot oil prices up more than $3.00 to a high …

Source: theiet.org

No Production Deal as Iran Looks to Outlast Saudi Arabia

Oil prices down: Iran and Saudi Arabia say no production deal in Algeria this week

Oil prices erased gains from last week on Tuesday as Iran and Saudi Arabia confirmed that there would not be a definitive agreement on OPEC …

The New Normal:  U.S. Oil Company Executives Determine Global Supply

The New Normal: U.S. Oil Company Executives Determine Global Supply

With OPEC out, is this what the new normal looks like for the oil and gas industry?

Wednesday’s 1.1 million-barrel build in U.S. crude oil inventories drove West Texas Intermediate crude prices down by roughly a buck.  A couple days …

U.S. Rig Count Jumps 4%, Oil Prices Continue to Improve

U.S. Rig Count Jumps 4%, Oil Prices Continue to Improve

The U.S. rig count rose 17 rigs this week, but increased drilling doesn’t weaken oil prices

The U.S. land rig count continued to gain for the week ended August 12, 2016, with 17 additional rigs reported in the United States, …

Oil Falls Below $40 as Global Oversupply Concerns Persist

Oil Falls Below $40 as Global Oversupply Concerns Persist

OPEC’s July output could be a record

Oil prices have fallen below the $40 per barrel mark as markets continue to worry about global oversupply of crude oil. Oil prices flirted with the $40 mark earlier this week, but finally …

Laredo Petroleum Bolts-On Acreage and Raises Equity

Laredo Petroleum Bolts-On Acreage and Raises Equity

Laredo Petroleum has entered into a purchase and sale agreement for additional acreage within the company’s existing Midland Basin footprint for $125 million. The acquisition will add approximately 9,200 net acres to Laredo’s position, with roughly 6,300 acres in the …

WTI Climbs Near $50, Rig Count Increases

WTI Climbs Near $50, Rig Count Increases

The U.S. rig count is up 10 to 431

The number of active rigs in the United States increased this week, according to information released by Baker Hughes Industries (ticker: BHI). The total number of rigs reached 431 this week, …

World Oil & Gas Reserves Fall Just 0.1% Despite Oil Price Decline: BP

World Oil & Gas Reserves Fall Just 0.1% Despite Oil Price Decline: BP

Proved oil reserves remain sufficient to meet more than 50 years of global production; North American Shale Revolution added 15% technically recoverable oil and gas resources

The substantial decline in the value of crude oil at the end of 2014 …

You Say OPEC, I Say What the Heck

You Say OPEC, I Say What the Heck

The oil market is showing signs of recovery as of late, with oil topping $50 a barrel during intraday trading today for the first time since November 2015 (the brief piercing of $50 ended quickly).

oil price

The ascent has been slow …

Sanchez Energy Tops First Quarter Production Guidance

Sanchez Energy Tops First Quarter Production Guidance

Sanchez Energy (ticker: SN) provided the market with an operational update for first quarter 2016 on April 20, 2016. Highlights include:

  • Process improvements and efficiency gains continue to drive savings in Sanchez Energy’s average well costs, with some wells coming
Oil Prices Up After U.S. Production Falls 24 MBOPD

Oil Prices Up After U.S. Production Falls 24 MBOPD

Oil prices start the day down as Kuwaiti workers end strike

Oil workers in Kuwait ended a three-day strike today that lent support to oil prices earlier this week following the failure of a mixed group of OPEC and non-OPEC …

Royal Bank of Canada Sees Two-Tier Oil Price Recovery

Royal Bank of Canada Sees Two-Tier Oil Price Recovery

Barriers remain, but oil above $50 in Q4 2016 likely: RBC

Crude oil prices are up today despite news over the weekend that no deal regarding the crude oil production freeze between OPEC and non-OPEC producers could be reached. …

U.S. Natural Gas Production Hit Record High 79 Bcf/d in 2015

U.S. Natural Gas Production Hit Record High 79 Bcf/d in 2015

Pennsylvania, Ohio, West Virginia, Oklahoma and North Dakota account for 35% of total natural gas production – EIA expects NatGas production growth in 2017 for industrial use and LNG exports

Natural gas production in the United States grew 5% last …

April 15, 2016 - 4:28 pm Closing Bell Story‎, Oil and Gas 360 Articles
OPEC: Too Close to Call - Oil & Gas 360

Oil Prices Fade with Hopes of OPEC Production Freeze

Saudi Arabia says it will only agree to freeze production if joined by Iran

Oil prices slid last Friday and continued to trend downward today following news that Saudi Arabia will only freeze its production if fellow OPEC member and …

April 4, 2016 - 6:10 pm Closing Bell Story‎, Oil and Gas 360 Articles, OPEC
Petroquest Bumps Q1 Production Guidance by 12%

Petroquest Bumps Q1 Production Guidance by 12%

Petroquest Energy announced on March 28, 2016, the company has increased its production guidance for the first quarter of 2016 to approximately 81-82 MMcfe per day.

This is approximately a 12% increase on the low end of the guidance from …

Oil in the U.K.: Largest Uptick in Annual Production Since 1998

Oil in the U.K.: Largest Uptick in Annual Production Since 1998

Production in the U.K increased 100 MBOPD in 2015

Petroleum production in the U.K. showed an increase in 2015 – after many years of steady decline. Fields brought online in the second half of 2014, along with some brought on …

Wells Drilled Since 2014 Accounted for 48% of U.S. Production in 2015

Wells Drilled Since 2014 Accounted for 48% of U.S. Production in 2015

Production from new wells makes up nearly half of all production, up from 22% in 2007

Production from new wells, or those drilled since the start of 2014, made up 48% of total U.S. crude oil production in 2015. New …

Source: Iraqenergy.org

Iraq Production Growth Second-Largest in the World in 2015

After U.S.A., oil production in Iraq increased the most, averaging 700 MBOPD last year

Oil production continued to grow last year amid a global glut. Over the course of 2015, the U.S. saw the largest growth in oil production, followed …

U.S. Rig Count Approaches 500

U.S. Rig Count Approaches 500

Oil rig count continues to see the steepest declines

The U.S. rig count continued to fall this week as WTI crude oil prices remained near $30 per barrel. The total number of rigs operating in the U.S. fell to 514 …

Gulf of Mexico Production Expected to Reach Record High in 2017

Gulf of Mexico Production Expected to Reach Record High in 2017

Gulf of Mexico production will account for 21% of U.S. production next year

Gulf of Mexico expected production

Production from the Gulf of Mexico is expected to continue growing, despite the current price environment. With eight projects that came online in 2015, four expected in …

Four OPEC, Non-OPEC Producers Agree to a Production Freeze

Four OPEC, Non-OPEC Producers Agree to a Production Freeze

Markets unsatisfied with deal to maintain production

The first signs of cooperation between OPEC and non-OPEC countries on crude oil production emerged today in the form of a deal between Russia and three OPEC members, including the group’s largest producer, …

Oil Prices Hold Steady as Saudi Arabia and Russia Prepare for Closed-Door Meeting

Oil Prices Hold Steady as Saudi Arabia and Russia Prepare for Closed-Door Meeting

WTI crude oil prices hold above $29 per barrel, while production remains steady

Crude oil prices shot up over 12% last Friday, moving prices up from a 12-year low last week. Comments from The UAE’s Oil Minister Suhail bin …

Rig Count Down 39% Past Six Months

Rig Count Down 39% Past Six Months

U.S. rig count falls to 541

The U.S. rig count continued to fall in the week ended February 12, 2016, according to the latest information from Baker Hughes (ticker: BHI, BakerHughes.com). In the last six months, the total number …

Oil Bounces off 12-Year Low Following UAE Comment about OPEC Cut

Oil Bounces off 12-Year Low Following UAE Comment about OPEC Cut

UAE energy minister said OPEC members ready to cooperate

The price of oil today approached a new low of $26.21 per barrel today, the lowest since May 8, 2003, when it hit $26, before bouncing up on news of a …

Global Oversupply: Not as Bad as it Seems?

Global Oversupply: Not as Bad as it Seems?

Global output falling despite higher OPEC production; Wells Fargo’s Read looks for a deficit 2H2016

The International Energy Agency released its Oil Market Report for February, showing lower levels of production globally, despite higher output from members of OPEC. According

Saudi Arabia Kills Venezuela’s Production Cut Deal

Saudi Arabia Kills Venezuela’s Production Cut Deal

Venezuela on track for the largest sovereign debt default in history

OPEC’s members, along with other major oil producers like Russia and the U.S., have all been feeling the pain of lower oil prices, but perhaps none more than Venezuela. …

KLR Group Sees Markets Rebalancing in 2017

KLR Group Sees Markets Rebalancing in 2017

OPEC production expected to stabilize

A recent analyst note from KLR Group indicated that oil and gas markets could balance in 2017 as OPEC production begins to stabilize and U.S. production rolls off. Saudi Arabia’s oil production is expected to …

Oil Climbs Above $32 as Markets Hope for a Saudi/Russia Deal

Oil Climbs Above $32 as Markets Hope for a Saudi/Russia Deal

Russia and Saudi Arabia may be more flexible on supply – Iraqi minister

Both U.S. benchmark WTI and international benchmark Brent crude oils rose above the $32 mark today as new hope for a supply deal emerged. Iraqi Oil Minister …

PDC Energy Builds on Reserve Base in Year-End Update

PDC Energy Builds on Reserve Base in Year-End Update

Estimates Reserve Replacement of 247%

Operational execution was the primary takeaway from PDC Energy’s (ticker: PDCE) Q3’15 results, and the progressing development of the company’s Wattenberg assets carried over into its 2015 year-end reserves update. The news release, …