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US Drillers Add Oil Rigs In Record Streak, But Pace Slows
26 May 2017 at 10:26am
Drillers added two oil rigs in the week to May 26, bringing the total count up to 722, the most since April 2015, energy services firm Baker Hughes Inc. said on May 26. That is more than double the same week a year ago when there were only 316 active oil rigs, the least in more than six years. The 19 weeks of rig increases matches the longest streak of consecutive additions on record, which ended in August 2011, according to Baker Hughes data going back to 1987.

Analysts: Global Cost Of Oil Lowest Since 2005
26 May 2017 at 5:00am
Operators may largely have their hands tied when it comes to controlling the price of oil, but they can, and have, significantly pared the costs of producing a barrel (bbl). Cutting-edge technology and the pressures applied by the downturn in recent years compressed the global marginal cost (the cost to replace reserves) for non-OPEC producers to $63/bbl in 2016, a 12% decrease from the year previous. (All prices are in US dollars.) This is according to a Bernstein Research survey of the 50 largest listed global oil and gas companies. This marginal cost now is equal to the breakeven point of 2006 and represents an impressive decline of almost 40% since the peak in 2013, according to the Bernstein analysts, led by Neil Beveridge. The analysts determined that the global marginal cash cost of production?which represents the floor in oil prices below which it is uneconomic to produce a barrel?fell by 8% last year to $28/bbl.

Will Northeast Gas Demand Really Rise? Maybe Not
26 May 2017 at 4:00am
What is clear is an obvious need for more gas-fired power plants in New York and New England, especially considering the number of coal-fired and nuclear power plants being closed. Exactly how that translates to demand for more gas, and thus more pipeline capacity into the region, is not clear at all. On aggregate, gas producers and carriers are eager to supply a growing demand market. But several speakers at Day Two of the S&P Global Platts annual Northeast Power & Gas Market Conference on May 23 detailed several variables in the equation of how, where, and when new capacity and new volumes might be available. One, Dan Dolan, president of the New England Power Generators Association (NEPGA), questioned whether much new gas is going to be needed at all. His calculations show gas demand from now to 2020 only growing by 2 percentage points from its current share of the regional generation fuel balance. ?Given the increase in renewables and imports [of power from New York and Canada] I am having a hard time seeing the number of molecules needed rising all that much,? Dolan said.

Callon Names Joseph Gatto As CEO Following Fred Callon's Unexpected Death
25 May 2017 at 2:20pm
Callon Petroleum Co. (NYSE: CPE) said May 25 that Joseph Gatto Jr. has been appointed as CEO, succeeding former CEO Fred Callon following his unexpected death on Wednesday. Gatto worked closely alongside Fred Callon since 2012 as the Natchez, Miss.-based company executed an aggressive growth strategy in the Permian Basin. Since 2016, Callon Petroleum completed more than $1 billion in acquisitions and $2 billion in debt and equity raises, nearly tripling the company's acreage position and building a solid financial position for the future, according to the release.

Contango Provides Results From Wolfcamp Wells In Southern Delaware Basin
25 May 2017 at 2:00pm
Contango Oil & Gas Co. (NYSE MKT: MCF) provided an update on its second and third wells drilled on its Southern Delaware Basin acreage in Pecos County, Texas, the Houston company said May 24. As previously reported, the Rude Ram #1H and Ripper State #1H were drilled from a common surface location about one mile south of the Lonestar Gunfighter #1, the company's first well in this area. Both wells targeted different landing zones within the Wolfcamp A and were completed in late April with initial flowback commencing shortly thereafter.

EP Energy, Tesoro Launch JV To Drill Uinta Basin Oil Wells
25 May 2017 at 1:57pm
Upstream operator EP Energy Corp. (NYSE: EPE) and refining giant Tesoro Corp. (NYSE: TSO) are teaming up for oil and natural gas development in the Uinta Basin in Utah, the companies said May 24. Subsidiaries of both companies will operate a 60-well joint venture (JV) to target EP Energy?s Altamont program. EP Energy will contribute $64 million in net capital to the deal. Tesoro will provide a capital carry in exchange for 50% working interest in the JV wells and, in a separate agreement, will purchase all of the oil from the wells. The oil will provide an assured supply of local crude oil for Tesoro's Salt Lake City refinery.

Twin Eagle To Expand Permian Rail Frack Sand Facility
25 May 2017 at 1:45pm
Twin Eagle Sand Logistics LLC, a subsidiary of Twin Eagle Resource Management LLC, announced on May 24 plans to further expand the Permian Rail Park to meet the strong demand of the Midland Basin. The Permian Rail Park is located on the Union Pacific Railway about eight miles west of the city of Big Spring in West Texas. The 530-acre rail park is Houston-based Twin Eagle?s fifth terminal development and is one of the largest sand terminals in the country by acreage. Griff Jones, Twin Eagle's CEO, said he expects the park to eventually include a thousand or more rail car spots with more than 100,000 tons of storage.

Marketed: Powder River Basin HBP Position, BXP Partners
25 May 2017 at 1:05pm
BXP Partners IV LP is offering its HBP leasehold in the Powder River Basin through a sealed-bid offering handled by EnergyNet. The offer includes a leasehold position and entry point in a proven and emerging multi-horizon play in Campbell County, Wyo.

Rebalancing Act: OPEC Extends Production Cuts For Nine Months
25 May 2017 at 12:20pm
OPEC?s rebalancing continued in Vienna on May 25, with OPEC president Khalid Al-Falih saying that an alliance of OPEC and non-OPEC members agreed to extend production cuts for nine months in an effort to reduce the global oil glut and lift prices. Al-Falih, Saudi Arabia?s minister of energy, said at a press conference that six months would bring OPEC the rebalancing it wants but that the cuts would be given extra time to take root. ?However, it will coincide with the seasonal demand declines starting the first quarter and going into the second quarter,? Al-Falih said. ?If we were to lift the production limits, then we could have a sizable stock build in the first quarter, so the nine months will avoid that.? For the most part, the news matched analysts? predictions, although word of both shorter and longer extension cuts and variations on how much to cut were in play. Ultimately, OPEC agreed to sacrifice market share for price increases.

Marketed: Delaware Basin Mineral Position, Florida Oil
25 May 2017 at 11:55am
Florida Oil LP is offering its Delaware Basin mineral position through a sale handled by TenOaks Energy Advisors. The offer comprises core Delaware mineral acreage including more than 50 producing wells located in Loving and Winkler counties, Texas. The properties generated a cash flow of $230,000 per month from February to April, according to TenOaks.

Magellan Eyes Export Opportunities For Permian?s Looming Takeaway Problem
25 May 2017 at 9:55am
MIDLAND, Texas?As the threat of too much oil and too few pipelines in the Permian Basin continues to loom, midstream developers are trying to keep up with the aggressive pace of producers with some looking toward growing export opportunities on the Texas Gulf Coast. At some point production is going to exceed current takeaway capacity out of the Permian, Robb Barnes, senior vice president of commercial - crude oil at Magellan Midstream Partners LP (NYSE: MMP), said at Hart Energy?s Midstream Texas conference on May 24. Barnes added that Magellan is one of several companies looking to lay a new pipeline from the Permian to Corpus Christi, Texas, and also is currently expanding its BridgeTex Pipeline in the basin.

Trump Budget Proposal Includes Nearly $205 Million For BSEE
25 May 2017 at 6:15am
U.S. President Donald Trump proposed a $204.9 million fiscal year (FY) 2018 budget for the Bureau of Safety and Environmental Enforcement (BSEE)?a $600,000 increase from the FY 2017 level, the agency said in a May 23 release. The FY 2018 budget supports oil spill research and Trump's 'America First Energy' and includes $112 million in current appropriations and $92.9 million in revenue from rental receipts, cost recoveries and inspection fees. The budget ensures continued support of the offshore energy industry?s safe and responsible operations providing for secure and reliable energy production for America?s future, according to the release. BSEE fosters safe and environmentally responsible energy production on the U.S. Outer Continental Shelf through regulatory oversight of oil and gas operations.

RSP Permian Appoints New Chief Accounting, Information Officers
25 May 2017 at 5:15am
RSP Permian Inc. (NYSE: RSPP) named Uma L. Datla as chief accounting officer and James Schnoebelen as chief information officer, the Dallas-based company said May 24. Datla has nearly 12 years of accounting experience, most recently serving as chief accounting officer at Approach Resources Inc. (NASDAQ: AREX). Previously, she served in various positions with Ernst & Young LLP. Schnoebelen has an extensive background in system security architecture and administrative design, web application testing, database structure, incident response digital forensics and malware analysis, the release said. He most recently served as vice president of security services at SpearTip, a cybersecurity and counterintelligence company.

Callon Petroleum Announces Death Of Chairman, CEO Fred Callon
25 May 2017 at 5:10am
Callon Petroleum Co. (NYSE: CPE) announced May 25 that Fred L. Callon, the company's chairman and CEO, died suddenly and unexpectedly Wednesday. Joe Gatto, president and CFO commented: "It is with great sorrow that we announce the untimely passing of our dear friend and esteemed CEO. Fred was, and always will be, the symbol of Callon's core values and dedication to our employees and partners. On behalf of our board of directors, management team and employees, we extend our deepest sympathies to Fred's family." Fred Callon has been employed by the company or its predecessors since 1976. He is the son of the late Sim C. Callon, one of the company?s co-founders, and the nephew of the late John S. Callon, the other co-founder.

Reports: OPEC To Extend Production Cuts For Nine Months
25 May 2017 at 4:35am
OPEC decided it would extend cuts in oil output by nine months to March 2018 on May 25, an OPEC delegate said according to a Reuters report. OPEC has yet to make an official announcement. The proposed cuts are expected to be shared again by non-OPEC producers during a meeting later in the day. Led by Russia, non-OPEC producers had initially curbed output in conjunction with OPEC in a landmark deal for the first half of the year from January.

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