Post Tagged with: "Stats"

Inventories Back at Five-Year Averages—for Now

Inventories Back at Five-Year Averages—for Now

The production cuts may have erased the surplus, but for how long? Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA. The production cuts took effect in January 2017, reducing supply by 1.2 MMBOPD (compared to October 2016 levels) and limiting total OPEC production to 32.5 MMBOPD. Russia joined in by agreeing to reduce its crude oil production, and OPEC eventually extended the agreement a year later, in November 2017. Extension of production cuts has resulted in steadier oil prices gliding upward on a smooth increase. The decrease in production eventually caused the global market to balance. Crude oil and other liquids inventories declined after a long stretch of steady increases from mid-2014 through most of 2016. According to the[Read More…]

Liquefied Natural Gas Plant, Australia

U.S. Crude Oil, NatGas Exports Both Hit New Highs

U.S. crude oil exports grew to an average of 1.1 MMBOPD in 2017, the EIA said, which is the second full year since restrictions on crude oil exports were removed. Crude oil exports in 2017 were nearly double the level of exports in 2016. Increased U.S. crude oil exports were supported by increasing U.S. crude oil production and expanded infrastructure, the EIA said. According to the EIA, U.S. crude oil exports went to 37 destinations in 2017 – this compares to 27 destinations in 2016. As usual, Canada was the largest destination for U.S. crude oil exports. However, Canada’s share has gone down from 61% in 2016, to 29% in 2017. U.S. crude oil exports to China accounted for 202,000 BPD (20%) of the 527,000 BPD total increase. China passed the United Kingdom and the Netherlands to become the second-largest destination for U.S. crude oil exports in 2017. Plenty of European[Read More…]

Permian Basin Economic Indicators

Permian Basin Economic Indicators

The Federal Reserve Bank of Dallas reported that wages in the Permian Basin fell for the second quarter in a row after spiking in first quarter 2017. The rig count and crude oil production rose in January, the Fed said. Wages Average weekly wages fell 0.3% in the Permian Basin, while wages fell by almost 1% statewide between second quarter 2017 and third quarter 2017. The Permian Basin’s decline was led by Midland’s drop of 0.6%. The average weekly wage in the Permian during third quarter 2017 was over $1,200—about 15% more than the Texas average. This is likely because of the larger share of energy jobs in this area relative to the state’s job market, the Fed said. Energy – continued oil production streak and improved rig count The Permian Basin’s rig count rose to 410 rigs in January 2018—an increase of 12 rigs from the prior month and[Read More…]

PLS Tracks $129.3 Billion in New Oil and Gas Capital in 2017

PLS Tracks $129.3 Billion in New Oil and Gas Capital in 2017

Capitalize, PLS Inc.’s proprietary comprehensive capital markets tracking platform, released a statistical review of the oil and gas industry’s capital markets activity for calendar year 2017. Key findings: $34 billion in equity raised through offerings in 2017, down 36% from 2016’s $53 billion Of 2017’s eight upstream equity offerings, six were SPACs Big names such as Hess, Antero and BP spun off midstream MLPs $95 billion total debt issued in 2017, down 24% from 2016’s $124.8 billion Midstream sector led debt issues with $38 billion of $95 billion total Upstream equity deals down by two-thirds Though upstream equity deals in 2017 decreased by 67% year-over-year to $10.6 billion, the year ended with an upstream upswing with fourth quarter equity offerings totaling $1.9 billion or 139% higher than the previous quarter. The industry’s total equity raised in 2017, according to PLS’ Capitalize, amounted to $34 billion, a 36% drop from 2016’s[Read More…]

Texas Economic Activity, Oilfield Hiring Up: Dallas Federal Reserve

Texas Economic Activity, Oilfield Hiring Up: Dallas Federal Reserve

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 quarter in a row, with responses suggesting production rose at an accelerated rate. The Dallas Fed did a survey for this quarter and found that a little more than half of respondents think the oil rig count will be higher six months from now, but almost all respondents think WTI crude prices need to be more than $60 to see a substantial increase in the oil rig count. Employment and eleventh district production U.S. oil and gas employment increased in November by 3,500 jobs to roughly 413,400, with Texas accounting[Read More…]

North Dakota Producing Almost 1.2 Million BOPD

North Dakota Producing Almost 1.2 Million BOPD

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 For November, the preliminary numbers show 35,847,594 total barrels, or 1,194,920 BOPD For reference, the all-time high was December 2014, at 1,227,483 BOPD November gas production hit a new record October saw 64,027,664 Mcf, or 2,065,409 Mcf/day November gas production hit a new all-time high, reaching 62,860,261 Mcf, or 2,095,342 Mcf/day Permitting October saw 147 drilling and two seismic permits November saw 119 drilling permits December had 86 drilling permits and 2 seismic permits, for reference, the all-time high was 370 drilling permits in October 2012 Rig count October had[Read More…]

January 17, 2018 - 5:52 pm Closing Bell Story, Energy News, Oil and Gas 360 Articles
Canadian Crude Oil Stats

Canadian Crude Oil Stats

Canada produced 20.0 million cubic meters (125.6 million barrels) of crude oil and equivalent products in September 2017, up 3.8% from the same month a year earlier. Canada’s statistics arm said the increase was largely attributable to an 11.8% rise in non-upgraded production of crude bitumen, which was offset by declines in synthetic crude (-5.3%) and in light and medium crude (-3.3%) oil. Over the same period, heavy crude oil production rose 1.2% to 2.0 million cubic meters. The increase in non-upgraded crude bitumen in September was driven by higher in-situ production (up 11.1% to 7.7 million cubic meters), while mined production decreased 2.9% to 5.8 million cubic meters. Crude bitumen sent for further processing declined 4.4% to 5.5 million cubic meters. 93% of Canadian crude oil went to U.S. via pipeline; 7% went to U.S. via rail, truck and marine vessel Exports of crude oil and equivalent products were[Read More…]

December 12, 2017 - 3:25 pm Canada, Closing Bell Story, Oil and Gas 360 Articles