July 20, 2015 – Oil & Gas 360

VAALCO Energy Reports First Production from SEENT Platform Offshore Gabon

July 20, 2015

VAALCO Energy (ticker: EGY), a Houston-based exploration and production company with operations in West Africa, has commenced production from its Southeast Etame/North Tchibala (SEENT) platform offshore Gabon. The Southeast Etame 2-H well returned 3,400 BOPD and is not producing any formation water or hydrogen sulfide – qualities that had existed in some previously drilled wells. VAALCO is the operator of

Whiting Petroleum Raises 2015 Capex by $300 Million

July 20, 2015

Whiting increases capex Whiting Petroleum (ticker: WLL) announced that it will increase its capital expenditures for 2015 to $2.3 billion, $300 million more than originally planned, on the back of strong well results. According to a company press release, Whiting estimates second quarter production at 15.5 MMBOE, or 170,200 BOEPD. These production estimates represent a 2% increase over the first

ConocoPhillips Increases Dividend, Cuts Deepwater Exploration

July 20, 2015

COP increases quarterly dividends by $12.3 million ConocoPhillips (ticker: COP) announced that it will increase its quarterly dividend to $0.74 per share from $0.73 per share, according to the company’s press release. The dividend hike is expected to cost the company an additional $12.3 million per quarter. “A compelling dividend is a key aspect of our value proposition to shareholders,”

Oil Prices Dip Below $50 on Supply Concerns

July 20, 2015

Story by The Wall Street Journal U.S. oil prices dipped below $50 a barrel Monday for the first time since April on continued concerns that global crude-oil supplies are overwhelming demand. Light, sweet crude for August delivery settled down 74 cents, or 1.5%, to $50.15 a barrel on the New York Mercantile Exchange, the lowest settlement since April 2, after

The Case for Cutting Renewable Subsidies to Save Nuclear - Oil & Gas 360

China set to More than Double Nuclear Capacity by 2020

July 20, 2015

Additions to capacity would give China the third largest nuclear capacity worldwide China plans to reach a nuclear capacity of 58 gigawatts (GW) and have another 30 GW of capacity under construction by 2020 in a push to reduce carbon emitting fuel sources. The added nuclear capacity would make China’s nuclear supply the third largest in the world following the

Halliburton: North America Offers “Greatest Upside” When Oil Prices Recover

July 20, 2015

True Price Recovery not expected until 2016 Refrac Opportunities a Factor in Current Market “Weathering the storm” was the general theme of Halliburton’s (ticker: HAL) Q2’15 earnings call, highlighted by management explaining the widespread difficulties of the challenging commodity market. “Pressure” was a commonly used term when describing margins and revenue forecasts, but Halliburton, to its credit, has outpaced activity

Penn Virginia Corporation CEO and President Baird Whitehead Announces Retirement

July 20, 2015

Penn Virginia Corporation (PVA) today announced that H. Baird Whitehead has informed the Board of Directors of his plan to retire as President and Chief Executive Officer after more than 14 years of service, including four years in his current position. The Board of Directors has formed a committee to commence a search to identify a new President and Chief

Keystone Pipeline System Safely Delivers One Billionth Barrel of Oil, Bringing Jobs, Growth and Energy Security to the U.S. and Canada

July 20, 2015

TransCanada Press Release TransCanada Corporation (TRP.TO)(TRP.TO) (TransCanada) today announced it has safely delivered the one billionth barrel of Canadian and U.S. crude oil on the Keystone Pipeline System, contributing to U.S. energy security and generating, to date, close to US$200 million in property taxes for schools, roads, hospitals and more than 14,000 construction jobs for the 11 states and provinces

Fort Worth billionaire Sid Bass to invest $125M for a 33% stake in Blue Bell

July 20, 2015

Story by the Dallas Business Journal A sweet deal between Fort Worth oil and gas billionaire Sid Bass and Blue Bell Creameries LP would give Bass a one-third stake in the company and the ice creamery $125 million to resurrect operations. The Wall Street Journal reported that Bass and Blue Bell closed on a loan facility earlier this month. According

Rowan Companies Provides Fleet Contract Status Update

July 20, 2015

Rowan Companies plc (“Rowan” or the “Company”) (NYSE: RDC) announced today that its report of drilling rig status and contract information has been updated as of July 20, 2015. The report titled “Fleet Status Report” can be found on the Company’s website at www.rowan.com. Notable events in the current report include: Rowan Relentless: Rig commenced operations with Freeport-McMoRan in the

VAALCO Energy Announces Strong Production Results From Southeast Etame Development Well

July 20, 2015

VAALCO Energy, Inc. (EGY) today announced that the Southeast Etame 2-H well, the first development well drilled in the Southeast Etame Field, was brought online at the rate of approximately 3,400 barrels of oil per day (approximately 850 barrels per day net to VAALCO). The well was drilled to a measured depth of approximately 14,012 feet, targeting a new reservoir

Pacific Energy Development Announces Commencement of Drilling This Week on Seven New Wattenberg Wells

July 20, 2015

PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED) (the “Company”) announced today that drilling operations are expected to commence this week on the seven new Wattenberg horizontal wells in which the Company elected to participate for its full 25% working interest in each well. As previously reported, these wells will be drilled and completed by a third party operator in

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