Reserves Archives - Page 3 of 4

Netherland, Sewell & Associates, Inc. Provides Petroleum Consulting Services Worldwide

February 13, 2018

Netherland, Sewell & Associates, Inc. (NSAI) is a worldwide leader of petroleum property valuations for the industry, financial organizations and government agencies. NSAI delivers high quality, fully integrated engineering, operational, geological, geophysical, petrophysical and economic solutions for all facets of the upstream energy industry. The company was established in 1961 and has offices in Dallas and Houston, with more than

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

Range Resources Releases 2018 CapEx, Proved Reserves Update

January 25, 2018

Approximately 80% of 2018 capital is projected to be spent in the Marcellus, generating greater than 25% growth Range Resources Corporation (ticker: RRC) announced a 2018 capital budget of $941 million, which is below anticipated 2018 cash flow at current strip prices and generates annual production growth of approximately 11%. Additionally, Range announced a five-year outlook from 2018 through 2022

Midstates Petroleum: 30% oil, 24% NGLs from Miss Lime, Anadarko

June 28, 2017

Headquartered in Tulsa, Oklahoma, Midstates Petroleum (ticker: MPO) focuses its operations on oil and liquids-rich plays in the Mississippian Lime in Oklahoma, and the Anadarko basin in Oklahoma and Texas. The company’s Mississippian Lime assets total approximately 98,000 net acres, containing approximately 1,500 potential drilling locations. The Mississippian Lime is a carbonate play located primarily in Northern Oklahoma and Southern

ETP Simplifies Structure with $20 Billion Sunoco Acquisition

Despite 2015 Oil and Gas Reserve Decreases, Plenty of New Oil Being Found

December 14, 2016

Proved oil and gas reserves down 11.8% and 16.6%, respectively, from year-end 2014 EIA has downgraded its estimates of proved oil and gas reserves in the U.S., according to its Crude Oil and Natural Gas Proved Reserves, Year-end 2015 report, released today. Proved reserves of crude oil in the U.S. declined by 4.7 billion barrels or 11.8% from their year-end

U.S. Holds More Total Oil Resources than Any Other Country According to New Estimates

July 6, 2016

Data includes estimates of yet to be discovered resources The U.S. has taken a new place atop the list of countries with the largest recoverable oil resource potential in the world. This places the U.S. ahead of Russia and Saudi Arabia. For the U.S., more than 50% of the remaining oil reserves are located in unconventional shale plays. Texas alone

Value of Norway’s Oil and Gas Fields Down 34%

June 13, 2016

Natural gas “is the single most important driver” in the $50 billion decline in the value of Norway’s oil and gas assets Low oil and gas prices have hit Norway hard, according to the country’s government. The value of Norway’s state-owned oil and gas fields dropped 34%, or $50 billion, after oil prices plummeted in late 2014. A report from

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

June 8, 2016

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 had very little impact on the amount of proved oil reserves in the world, BP (ticker: BP) said in its

Yuan Down, Part 2: Changes to How China Handles its Oil Reserves

June 2, 2016

At Today’s Lower Prices China is Adding 70-90 MMBoe to SPR with Strategic Crude Oil Purchases Simultaneously to the Peoples Bank of China intentionally depreciating the Yuan last week, China’s National Energy Administration announced on May 31, 2016 that the country is planning to implement changes to how oil reserves are handled. Private companies will be engaged to build and

U.S. Looks to Sell 174 Million Barrels from the SPR between 2017-2025

December 9, 2015

Recently enacted laws call for the sale of SPR oil to reduce the budget deficit and fund new infrastructure projects The Strategic Petroleum Reserve (SPR) is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. The caverns have a design capacity of 714 million barrels and store emergency

SEC Reserves Price Deck Down 48% for 2016

December 8, 2015

Low oil prices bring SEC price deck down to $50.13 With the end of 2015 quickly approaching, and companies preparing for a lower Securities Exchange Commission (SEC) price deck for reserves reporting, proved reserves for oil and gas companies are likely to diminish significantly in the near future. The dramatic decrease in oil prices since November of last year has

In 2014 U.S. Crude Reserves Exceed 39 Billion Barrels for the First Time in 42 Years

November 24, 2015

Extensions of existing fields continues to push reserves higher The Energy Information Administration (EIA) announced today that 2014 was the fourth-highest year on record for crude oil reserves as the United States added 3.4 billion barrels of crude oil and lease condensate to its proved reserves. U.S. total crude oil and lease condensate reserves at year-end 2014 now stand at

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