Raymond James sees a recovery in sand prices Although Hi Crush Partners (ticker: HCLP) missed on its Q2 earnings, reporting $84 million in revenues or $0.31 per unit in earnings, Raymond James believes the company still has long-term potential following a recovery in sand prices. “We believe a rig count recovery and intensity trends should support a recovery in sand
Well Efficiencies, Cost Improvements Lead to Adjustments Sanchez Energy (ticker: SN) raised its guidance for the second time in less than a month in its Q2’15 earnings release, issued on August 10, 2015. Revised 2015 volumes estimate production at 46 to 50 MBOEPD (69% liquids), up from the previous estimate of 44 to 48 MBOEPD announced in an operations update
Story by Reuters Pope Francis heartened environmentalists around the world in June when he urged immediate action to save the planet from the effects of climate change, declaring that the use of “highly polluting fossil fuels needs to be progressively replaced without delay.” But some of the largest American Catholic organizations have millions of dollars invested in energy companies, from
ONEOK, Inc. Agrees to Purchase $650 Million of Common Units Kayne Anderson Agrees to Purchase $100 Million of Common Units ONEOK Partners, L.P. (OKS) today announced that it has agreed to sell approximately 21.5 million of its common units representing limited partner interests at a price of $30.17 per unit to ONEOK, Inc. (OKE), which is the parent company of
Diamondback Energy, Inc. (FANG) (“Diamondback” or the “Company”) announced today the launch of an underwritten public offering of 2,000,000 shares of its common stock, subject to market and other conditions. The underwriter will have an option to purchase up to an additional 300,000 shares of common stock from Diamondback. All of the shares to be sold in this offering will
Story by Reuters Heavy Canadian crude slumped to its lowest level in at least a decade on Wednesday after Enbridge Inc closed two of its main pipelines in the United States because of a leak, piling fresh misery on Canadian oil companies that are close to producing at a loss. Western Canada Select heavy blend crude for September delivery last
Wells Fargo sees market balance in 2016 A recent note from Wells Fargo Equity Research highlights the continued unresponsiveness of production in the face of low oil prices, but the analysts say they expect the market to rebalance in 2016. “Given OPEC’s continued focus on market share and the lack of production response thus far to lower drilling/spending from non-OPEC,
Basic Energy Services, Inc. (BAS) (“Basic”) today reported selected operating data for the month of July 2015. Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 55,400 producing a rig utilization rate of 52%, compared to 55% and 69% in June 2015 and July 2014, respectively. During the month, Basic’s fluid service
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