Forecasts up 0.8 MMBOE to 45.5 MMBOE SM Energy (ticker: SM) released second quarter results today, showing a net loss of $119.9 million, or ($1.08) per diluted share. After adjusting for derivatives and other special charges, SM reports an adjusted net loss of $35.5 million. SM produced 11.3 MMBOE in Q2 2017, which is 7% higher than Q2 2016 production,
Tropical storm Emily forces Louisiana activity down U.S. drilling activity decreased this week, erasing half of the gains from last week, according to Baker Hughes’ Rig Count. A total of four rigs came offline in the U.S. this week, bringing the total number of rigs active in the country down to 954. This change was driven by a sharp decrease
12,000’ lateral well produces 37.7 MMcf/d Southwestern Energy (ticker: SWN) announced second quarter results today, showing net income of $224 million, or $0.45 per share. This result is substantially superior to the $620 million loss the company incurred in Q2 2016. Southwestern produced 222 Bcfe this quarter, which exceeds first quarter production by 9%. This increase comes despite third-party gathering
Three companies that will be presenting at EnerCom’s 22nd The Oil & Gas Conference® have reported financial and operational updates for the second quarter of 2017. Gastar Exploration Gastar Exploration (ticker: GST) indicated today that it averaged 6,100 BOEPD in production—a number that exceeded its guidance for the quarter. Liquids made up 73% of total production. The company’s president and
EOR, proppant, laterals Core Laboratories (ticker: CLB) Chairman and CEO David Demshur identified three major trends in modern unconventional operations in the company’s recent conference call: unconventional EOR, smaller proppant and dealing with friction in increasingly long laterals. Unconventional EOR can improve single-digit recovery factors The first major trend Demshur identified is the increasing interest in enhanced oil recovery from
Apache Corp. (ticker: APA) announced its second quarter results and operational updates August 3rd, and reported an average production of 388,000 BOEPD. The company earned $572 million during Q2. Apache’s North American production totaled 244,000 BOEPD—where it averaged 18 rigs, and completed 36 gross wells. The Permian assets produced 146,000 BOEPD. In the Delaware Alpine High location, Apache continued testing
From Reuters ExxonMobil Corp is considering expanding light crude processing capacity at its Beaumont, Texas, refinery with the addition of a third crude distillation unit, a company spokeswoman said on Thursday. If approved, construction could begin on Unit C in 2019 and be completed in 2022, said Exxon spokeswoman Charlotte Huffaker. She declined to disclose the contemplated capacity or possible
From Reuters Brazilian state-controlled oil firm Petrobras has reduced prices for the gasoline it sells in Brazil to below parity with the fuel imported from the United States, reducing profit margins to regain market share. Petrobras, as the company is commonly known, has sharply reduced the price gap between the value of gasoline sold at its refineries and the spot
From Reuters Oil prices fell on Thursday, as cautious buying dried up after U.S. crude rose to near $50 a barrel, with concern about high crude supplies from producer club OPEC offsetting the previous day’s data showing record U.S. gasoline demand. Benchmark Brent crude LCOc1 settled down 35 cents a barrel at $52.01 a barrel. U.S. light crude CLc1 was
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