Precision Drilling Corporation (ticker: PDS) announced a 2018 CapEx of $94 million. The company said $62 million has been reserved for maintenance and infrastructure and $32 million will be used to upgrade existing rigs. The company said $94 million will be split – $88 million in the contract drilling services segment and $6 million in the completion and production services.
Back when the dinosaurs roamed the Earth in the late 1980s and 1990s, oil and gas companies started to use a term called EBITDAX instead of Net Income to describe the amount of cash that was generated from ongoing operations. Net Income includes non-cash expenses like depletion, depreciation, amortization, and interest expense. EBITDAX? Don’t you mean EBITDA? Actually, we mean
2016 global E&P spending expected to decline 15%-20% in 2016: Barclay’s “That’s what Friends are For” was the Billboard Top 100 song the last time this happened. Exploration and production spending is expected to decline by 15% this year. That’s on top of a 23% decline last year, making 2016 the eighth decline in global spending in the last 31
CALGARY, ALBERTA–(Marketwired – Dec. 21, 2015) – Inter Pipeline Ltd. (“Inter Pipeline”) (TSX: IPL) announced today a $250 million capital expenditure program for 2016, primarily directed towards its conventional oil gathering and oil sands transportation businesses. Organic growth projects are expected to account for approximately $190 million of total capital expenditures, with sustaining capital requirements accounting for the remainder. As expected,
https://www.oilandgas360.com/wp-content/uploads/2015/01/Petrie-2015-0116-Final-01.mp4 View the PDF – Download Video File Few people understand the business of oil and gas better than Tom Petrie. After serving as senior oil analyst for First Boston, Petrie co-founded Petrie Parkman & Co., merged it into Merrill Lynch and subsequently served as Vice Chairman of Bank of America Merrill Lynch. Most recently Petrie co-founded Denver-based Petrie Partners, a boutique
Magnum Hunter Jan. 23 Conference Call Gary Evans drew on some famous American humor to lead off this morning’s conference call “to discuss macro events affecting the energy sector and company specifics.” Evans paraphrased the famous quip from North American author Mark Twain after the author saw his own obituary. Crude Oil Prices and OPEC The Magnum Hunter Resources (ticker: MHR)
Despite the tumbling price of oil, Valero looks to sustain expenditures and continue to grow dividends Valero (ticker: VLO), the world’s largest independent refiner, released a presentation last week setting the company’s many objectives for 2015. In the face of the challenging market, Valero has implemented goals to maintain capital expenditures and grow dividends next year. In the company’s presentation,
Crescent Point will maintain dividend despite 28% CapEx cut Two companies this week, Crescent Point Energy Corp. (ticker: CPG) and Concho Resources Inc. (ticker: CXO), released forward looking statements projecting increased production in 2015, regardless of commodity prices. Crescent Point, which is based in Calgary, Alberta, said in its announcement that the company has set a capital expenditures budget of
After five weeks of reviewing Canada’s E&P companies, Oil & Gas 360® offers its wrap up on this particular section of the industry as we move into 2015. Based on EnerCom’s E&P Weekly report, which was used to gather all the financial metrics used in the Canadian E&P Weekly series, we have compared all of the companies together in one
Encana Corporation (ticker: ECA) has announced a 2015 capital budget of $2.7 to $2.9 billion, with approximately 80% directed to four of its highest margin growth plays; the Montney and Duvernay in Canada, as well as the company’s Permian and Eagle Ford assets in Texas. Encana is one of the few E&Ps to increase its budget compared to 2014, when
Major companies are struggling to maintain capital expenditures as oil prices continue to slide further. Already in the last six months prices have fallen more than 40% as supply continues to outpace sluggish demand growth. In the last week, three large Canadian companies announced major cuts to their capital expenditures for 2015. Vermilion Energy (ticker: VET) and Canadian Oil Sands
Even though Magnum Hunter Resources Corp (ticker: MHR) was an early entrant into the Utica Shale (2010), the company elected to wait and watch the play’s development during 2011 and 2012. Most companies don’t have the luxury in an emerging basin to wait and watch due to lease expiry concerns. However, the majority of MHR’s acreage prospective for the Utica
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