Are we in the Middle of a V-Shaped Recovery that’s N-Shaped? “Prices are too low for everybody”: Saudi Oil Chairman Oil prices have been beaten down enough. “Notorious” is an accurate descriptor of the oil and gas industry. When business is good, business is good. When it’s not… well, the ugly side of the industry rears its head. As earnings
Teekay purchases 12 Suezmax tankers Teekay Tankers Ltd. (ticker: TNK) announced yesterday that the company purchased 12 Suezmax tankers from Principal Maritime for $662 million. The purchase will increase Teekay’s fleet size by 60%, and be immediately accretive to the company’s earnings, according to the press release put out by Teekay. The purchase will make Teekay one of the largest
Oil drilling in Utah’s Uinta Basin has “dried up” in light of low crude prices, and will affect availability of the waxy crude prevalent there, Tesoro Corp Chief Executive Greg Goff told analysts on Thursday. Tesoro recently finished a $275 million conversion project at its 57,500 barrel-per-day (bpd) refinery in Salt Lake City, Utah, to double waxy crude processing capacity
FX Energy, Inc. (NASDAQ: FXEN) today announced that its Board of Directors has commenced a process to explore a possible sale of the Company or other transaction. The Company has engaged Evercore Group L.L.C. as its financial advisor to assist with the process. In connection with its previously announced discussions regarding a potential farmout of its Edge license, the Company received
Magellan Midstream reports second quarter results Oklahoma-based Magellan Midstream (ticker: MMP) reported its second quarter financial results, showing 21% in year-over-year income growth. In Q2, MMP reported $177.4 million in net income, an increase of $31.1 million from $146.3 million in the same period last year. Distributable cash flow (DCF) for the company also increased by 14% to $222.8 million
Russia produced roughly 10.9 MMBOPD in 2014 While the United States became the world’s largest producer of hydrocarbons in 2014, Russia remained the largest producer of crude oil and lease condensate, according to the U.S. Energy Information Administration (EIA). In 2014, the country produced an average of 10.9 MMBOPD of crude oil and condensate. Russia exported more than 4.7 MMBOPD
Paramount Resources Ltd. Announces Second Quarter 2015 Results; Sales Volumes Increase 107% to 42,604 Boe/d; Liquids Sales Volumes Increase 320% to 16,877 Bbl/d OIL AND GAS OPERATIONS Second quarter 2015 sales volumes were 42,604 Boe/d, 107 percent higher than the second quarter of 2014, despite transportation curtailments and processing facility outages in May and June. Sales volumes averaged approximately 50,000
Canadian Natural Resources Limited Announces 2015 Second Quarter Results Commenting on second quarter results, Steve Laut, President of Canadian Natural stated, “Canadian Natural is in a strong position. Our strong, diverse and well balanced asset base, and the effectiveness of our strategies, combined with our ability to execute these strategies, allows us to react quickly in this challenging commodity price
Exxon Mobil Corporation (XOM) today announced it has executed two agreements to obtain horizontal development rights in 48,000 acres in the core of the Midland Basin. The two agreements include an acquisition and farm-in adjoining XTO’s existing acreage position in Martin and Midland Counties, providing rights to all intervals within the basin. The acreage will be operated by ExxonMobil’s subsidiary
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