March 5, 2015 – Oil & Gas 360

TOP MINDS IN THE BUSINESS: Bill Barrett Discusses Wildcatting, Finding Prospects, Down Cycle Opportunities and Company Building in a Downturn

March 5, 2015

In Part I of this exclusive interview for Oil & Gas 360®’s “Top Minds in the Business” series, legendary oil man Bill Barrett shares his views about wildcatting, his history as a successful wildcatter in the Rocky Mountains and what to look for in building an acreage portfolio. There are some business people who stand out in any industry because

U.S. Noncrude Exports Continue Record-Setting Trend

March 5, 2015

United States exports of noncrude petroleum products increased for the 13th straight year in 2014, the Energy Information Administration said in a report on March 5, 2015. The U.S. averaged 3.8 MMBOPD in 2014 – an increase of approximately 10% from 2013. The overwhelming majority of the product remained in the western hemisphere, being sent to various ports in both

Energy XXI Gulf Coast, Inc. Prices Upsized Private Offering

March 5, 2015

HOUSTON, March 5, 2015 (GLOBE NEWSWIRE) — Energy XXI Gulf Coast, Inc. (the “Company”), the operating subsidiary of Energy XXI Ltd (“Energy XXI”) (Nasdaq:EXXI), today announced that it has priced its private offering to qualified institutional buyers of $1.45 billion principal amount of 11.000% Senior Secured Second Lien Notes due 2020 (the “Notes”). The offering size was increased to $1.45

Canadian Natural keeps 2015 spin-off plan as 4th-quarter profit jumps

March 5, 2015

From Reuters: Canadian Natural Resources Ltd, the country’s No. 2 oil and gas producer, said on Thursday it expects to spin off its Western Canada royalty lands this year as it reported unexpectedly strong fourth-quarter results and boosted its dividend. The company still intends to sell the properties that it leases to other oil companies in 2015, though the timing

Wolf’s budget plan calls for new tax on natural gas industry

March 5, 2015

From StateImpact: Following through on his campaign pledge, Governor Wolf made taxing the natural gas industry a central part of his budget proposal Tuesday. Wolf wants to model it on West Virginia, with a tax on both volume and sales. Drillers would pay a five percent tax on the value of the gas, plus 4.7 cents per thousand cubic feet. The

Libya Declares Force Majeure

March 5, 2015

Libya’s National Oil Company has declared force majeure on eleven oilfields Libya’s state-run National Oil Corporation (NOC) declared force majeure on eleven of its oilfields Wednesday due to the deteriorating security situation in the country, reports Reuters. The country’s oilfields are being increasingly targeted as rival governments seek to gain control of the country’s main source of income. In

Saudi Oil Minister Says Prices Stabilizing

March 5, 2015

Ali al-Naimi says that OPEC’s actions are “the correct path forward” During a speech at the German-Arab Friendship Association in Berlin, Saudi Arabian oil minister Ali al-Naimi said OPEC’s decision to maintain oil production last year is “the correct path forward.” Many have claimed that Saudi Arabia is waging a price war on U.S. shale production, but the Saudi oil

Natural Gas Roundup for the Week Ended February 27, 2015

March 5, 2015

NATURAL GAS INVENTORY (Week Ended 2/27/15) Current: 1,710 Bcf Actual Injection/(Withdrawal): (228) Bcf Economist Average Estimate: (224) Bcf Previous: 1,938 Bcf Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY KLR Group Storage overview The EIA reported a 228 Bcf storage draw, 3 Bcf above our 225 Bcf estimated

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