Bonanza Creek Energy, Inc. (ticker: BCEI) exceeded the company’s high-end of Q4 2017 estimates by producing 14.8 MBOEPD. The company is expecting Rockies production to grow by 20% in 2018 and in 2019 Bonanza Creek said it expects an increase of 50% or more. Expanding core footprint in DJ with French Lake “In 2017, we secured our strategically important leasehold
SilverBow Resources, Inc. (ticker: SBOW) recently announced its 2018 capital program of $245-$265 million. For 2018, SilverBow said that total company production is projected to average 175-195 MMcfe/d, an increase of approximately 25-40% from 2017 levels. This projection has been adjusted to include small noncore divestitures in 2017 and the Olmos divestiture planned for the first quarter 2018. 2018 capital
Saudi Arabia plans to spend $261 billion in 2018. The budget will set a record for Saudi Arabia, as it looks to reform the country’s economy and reduce reliance on oil revenues. Forbes reported that Saudi Arabia plans to cut gasoline subsidies, creating a 80% price jump in January 2018. The article notes that gasoline prices were very low –
U.S. Upstream getting $6.6 billion; international upstream $9.2 billion $5.5 billion for the company’s share of expenditures by affiliated companies $2.2 billion of planned capital spending is associated with the company’s downstream businesses that refine, market and transport fuels, and manufacture and distribute lubricants, additives and petrochemicals $1 million was donated to the Oakland-based BASIC Fund (details below) “Our 2018
The White House released its FY 2018 budget proposal today, entitled “America First – A Budget Blueprint to Make America Great Again.” The White House proposes a budget that will increase funds in support of energy development on public lands and offshore, and it intends to continue to streamline the permitting process “and provide industry with access to the energy resources
PM Medvedev says government needs to act now to head off a decades-long economic depression Russia is facing a slowing economy as the oil export-dependent country battles both slumping oil prices and Western sanctions. Russian Economy Minister Alexei Ulyukayev said Russia would have to adjust to a “new normal” of low prices for crude, which will last for a “very
Budget layouts and capital expenditure plans for 2016 are trickling onto the newswires, with EQT Corp. (ticker: EQT), Noble Energy (ticker: NBL) and PDC Energy (ticker: PDCE) all unveiling their plans within the week. To date, the plans are mirror images of 2015: less spending, more production. Spending for 2015 was significantly below 2014 levels. Based on EnerCom’s E&P Weekly Benchmarking
“2016 is the last year when we are able to spend our reserves [this] way” – Russian finance minister Russia’s Ministry of Finance released a draft budget for 2016, which relies heavily on the country’s sovereign fund to bridge its growing deficit gap. According to Russia’s Finance Minister Anton Siluanov, the country’s sovereign fund will no longer be able to
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