Post Tagged with: "projections"

Range Resources Reports Q1 2018

Range Resources Reports Q1 2018

Range Resources Corporation (ticker: RRC) reported a net income of $49 million, or $0.20 per diluted share. “The first quarter was a good start to the year, generating record quarterly cash flow while remaining on track to deliver our expected 11% growth within cash flow for 2018. Operationally, Range is focused on translating our peer leading inventory into shareholder value as efficiently as possible. This effort is led by the Marcellus where record long laterals and the utilization of existing pads and infrastructure are a tailwind for capital efficiencies, positioning us to deliver on the long-term growth within cash flow we demonstrated in our five-year outlook,” CEO Jeff Ventura said. “At the same time, Range is intently focused on actions to fast-forward the de-levering process as swiftly and prudently as possible through asset sales. We have various processes underway and believe we can execute one or more successful sales in[Read More…]

Antero Resources: Longer, Faster Marcellus Laterals

Antero Resources: Longer, Faster Marcellus Laterals

Antero spent $1.28 billion on drilling and completions in 2017, producing an average of 2,253 MMcfe/d Full-year and Q4 2017 spending Antero Resources (ticker: AR) spent $1.282 billion on drilling and completions in 2017. The company invested $204 million for land, excluding $176 million for proved property acquisitions, $346 million for gathering and compression systems and $195 million for water infrastructure projects, including $123 million for the Antero Clearwater Treatment Facility. Antero’s drilling and completion capital expenditures for Q4 2017 was $335 million. The company invested $22 million for land, $92 million for gathering and compression systems and $51 million for water infrastructure projects, including $25 million for the Antero Clearwater Treatment Facility. Production and income For 2017, Antero’s net daily production averaged 2,253 MMcfe/d, including 105,470 Bbl/d of liquids (28%). Reported net income was $615 million, or $1.94 per diluted share Net income for the fourth quarter of 2017[Read More…]

US Net Energy Trade (1990-2050)

United States Powers Up Commodities Exports in 2022

The United States will become a net energy exporter in 2022, according to the newly released Annual Energy Outlook 2018 (AEO2018) Reference case from the EIA. The cause? EIA says changes in the petroleum and natural gas market are driving potential exports upward. The transition from net energy importer to net energy exporter occurs even earlier in some sensitivity cases that modify assumptions about oil prices or resource extraction. However, there are sensitivity cases with less energy production – these particular cases project that the United States would remain a net energy importer through 2050. High Oil Price case According to the EIA, the transition of the United States to a net energy exporter is fastest in the High Oil Price case, where higher crude oil prices lead to more oil and natural gas production and transition the United States into a net exporter by 2020. In that case, higher[Read More…]

EIA Believes 2018 Will See the Highest U.S. Crude Production Since 1970

EIA Believes 2018 Will See the Highest U.S. Crude Production Since 1970

In its latest Short-Term Energy Outlook the U.S. Energy Information Administration forecasts total U.S. crude oil production will average 9.2 million BOPD for all of 2017 and 10.0 million BOPD in 2018, which would mark the nation’s highest annual average production—surpassing the previous record of 9.6 million BOPD set in 1970. Crude oil EIA estimates that U.S. crude oil production averaged 9.7 million barrels per day (b/d) in November, up 360,000 b/d from the October level. Most of the increase was in the Gulf of Mexico, where production was 290,000 b/d higher than in October. Higher production in November reflected oil production platforms returning to operation after being shut in response to Hurricane Nate. North Sea Brent crude oil spot prices averaged $63 per barrel (b) in November, an increase of $5/b from the average in October. EIA forecasts Brent spot prices to average $57/b in 2018, up from an[Read More…]

Oil Prices Go Up after 2017:  EIA

Oil Prices Go Up after 2017: EIA

NatGas Use in Electricity Generation Soars through 2040: EIA Report The U.S. Department of Energy’s Energy Information Agency released its newest comprehensive report today, its Annual Energy Outlook 2016. As to the agency’s projections for oil and gas prices and production levels, the report summarizes what its models show as follows. After 2017, U.S. oil production increases as prices rise Total U.S. oil production in the AEO2016 Reference case falls from 9.4 million barrels per day (b/d) in 2015 to 8.6 million b/d in 2017. After 2017, the total production grows to 11.3 million b/d in 2040 as real (2016 dollars) crude oil prices recover from an annual average of less than $50/barrel (b) in 2017 to more than $130/b in 2040. The Lower 48 states lead the increase in crude oil production, which results largely from higher oil prices, continued advances in industry practices, and further development of technologies[Read More…]