Average breakeven fell 4% over the past year With the price of oil in a pretty constant state of volatility as of late, the breakeven point for crude is an important number to keep in mind. According to the Federal Reserve Bank of Dallas’s recent survey of executives, as of late May, the average breakeven price for the U.S. basins
From Bloomberg In a state known for its oil-based booms and busts, Jerry Morales is convinced Midland, Texas, the unofficial capital of the Permian Shale Basin, has a chance to break from the pattern. In the Permian, “we don’t say boom anymore,” according to Morales, who serves as mayor of the nation’s fastest growing city. “We’re very sustainable. The boom-and-bust era
From Argus Media Enterprise Products Partners is weighing another long-haul crude pipeline from the Midland basin to Houston, Texas. “We are right now socializing it and talking to customers,” said Enterprise senior vice president of liquids hydrocarbons marketing Brent Secrest on the sidelines of the Argus Americas Crude Summit conference in Houston. Secrest but did not give any further details about the
Newly completed factory will produce and launch up to 100,000 seven-ounce satellites a year at its Midland space facility, schedules first launches for 2019 From Engineering.com A new satellite factory has opened in the heart of Texas—and it promises to revolutionize satellite production. AST&Science will manufacture its Micron LEO satellites at the Midland International Air and Spaceport. The company expects to invest
The rapid growth of oil production from shale combined with returning GOM production have succeeded in making the United States the leading crude oil producer in the world. The U.S. set a new record for daily oil production at 11.3 MMBOPD in August 2018, according to new data from the EIA. Thanks largely to U.S. shale, the fast-growing production from
Oil hiring swells in Texas, U.S. oilpatch Oil prices reached their highest point since December 2014 and companies in the oil and gas industry are hiring accordingly as activity in the industry picks up. LinkedIn’s workforce report for June details a year-over-year rise in hiring of 5.2%. The report details the strong correlation between oil prices and hiring within the industry.
RSP Permian Inc. (ticker: RSPP) posted a Q1 2018 net income of $89.6 million, or $0.57 per diluted common share. Production for the quarter increased 39% to 62.8 MBOEPD (72% oil, 87% liquids) compared to Q1 2017. Drilling The company operated seven horizontal rigs and three full-time completion crews during the first quarter of 2018 (third crew added in late
100% year-over-year growth in Midland Basin production; realized price is SM’s highest level in 14 quarters: $37.76/BOE average Midland Basin operations up to nine rigs and five completions crews; SM expects to double completions in Q2 The Midland Basin produced strong results for Texas-focused SM Energy Company (ticker: SM) in the first quarter of 2018. In a brief update, the
Out of the Williston Midland- and Eagle Ford-focused SM Energy Company (ticker: SM) sold its remaining assets in the Williston Basin and third-party operated assets in Upton County, Texas. The combined sale generated $292.3 million, but the buyers have not been disclosed. President and CEO Jay Ottoson said, “We are committed to our strategy to focus on development of our
Targeting 12-12.5 MBOEPD production for 2018 Earthstone Energy, Inc. (ticker: ESTE) posted a net income of $2.3 million, or $0.09 per share in Q4 2017. For 2017, the company reported a net loss of $12.5 million, or $(0.53) per share. In Q4 2017, the company produced on average 9,071 BOEPD. For the full year of 2017, the company had an
Concho Resources Inc. (ticker: CXO) produced 19 MMBOE in Q4 2017, an average of 211 MBOEPD. This is 28% more than Q4 2016 and 9% more than Q3 2017. Average daily crude oil production for fourth-quarter 2017 totaled 130 MBOPD, an increase of approximately 30% from fourth-quarter 2016 and 9% from third-quarter 2017. Natural gas production for fourth-quarter 2017 totaled
Energen Corporation (ticker: EGN) released financial and operating results for the fourth quarter and calendar year ended December 31, 2017. “Over the last five years, the board and management have strategically divested non-core assets and transformed Energen into a low-cost Permian pure-pay with a strong foundation for profitable growth,” said CEO James McManus. “We begin 2018 with a portfolio of
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