spending – Oil & Gas 360

Energy industry boosting cybersecurity spending in 2023, DNV report reveals

June 7, 2023

World Oil (WO) – New research published by DNV reveals that the energy industry is boosting its cybersecurity spending this year, as heightened geopolitical tensions and the accelerating adoption of digitally connected infrastructure spark concerns over the sector’s vulnerabilities to emerging cyber threats. A majority (59%) of the 600 energy professionals surveyed by DNV say their organization is investing more

U.S. Shale Oil Output to Rise to Record 8.77 Million bpd in Sept – EIA

August 12, 2019

From Reuters U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the U.S. Energy Information Administration forecast in its monthly drilling productivity report on Monday. The largest change is expected in the Permian Basin of Texas and New Mexico, where output is seen

Chevron Aims $3.6 Billion at the Permian in 2019

December 7, 2018

Chevron announces a $20-billion total CapEx budget for 2019 Yesterday, Chevron Corporation (stock ticker: CVX) provided more details on its 2019 organic capital and exploratory spending program. Total capital and exploratory expenditures will increase approximately 9.3% from 2018-2019, including an increase in shale spending. This is a big change from pre-downturn days of 2014. In 2018 spending was down for the fourth

HighPoint Resources Drops Completion Time to 4.2 Days per Well; Wants to Bring Second Rig to Hereford

May 10, 2018

HighPoint Resources Corporation (ticker: HPR) reported a net income loss of $24.9 million, or $(0.20) per share for the first quarter of 2018. HighPoint produced 1.91 MMBoe in the quarter, which was at the midpoint of its guidance range of 1.8-2.0 MMBoe. Wattenberg For Q1 2018, the NE Wattenberg produced 20,845 BOEPD (59% oil), representing 47% growth over the first

WPX Energy: Daily Production 76% Higher than Year Ago

May 3, 2018

WPX Energy, Inc. (ticker: WPX) reported a net loss of $119 million, or $(0.30) per common share for the first quarter of 2018. Production for the quarter reached 102.7 MBOEPD, a 6% sequential increase over Q4 2017 and 76% higher than Q1 2017. WPX had oil volumes of 65,800 BOPD. WPX completed 36 gross operated wells (34 net) in its

SM Energy Expects to Produce up to 44.9 Million BOE in 2018

April 18, 2018

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

Total and Aramco will Build a $9 Billion Petrochem Complex Next Door to SATORP Refinery

April 11, 2018

Saudi Aramco and Total (ticker: TOT) have signed a memorandum of understanding to build a giant petrochemical complex in Jubail, Saudi Arabia. Located next to the SATORP refinery in the same industrial area, the complex will comprise a mixed-feed steam cracker (50% ethane and refinery off-gas) with a capacity of 1.5 million tons per year of ethylene and related high-added-value

Surge Energy Exits 2017 with 15,850 BOEPD

March 22, 2018

Surge Energy Inc. (ticker: SGY) produced on average 15,675 BOEPD in Q4 2017 and exited 2017 with 15,850 BOEPD. For 2018, the company’s production guidance stands at 16,150 BOEPD. The company reported adjusted funds flow of $32.17 million, or $0.14 per share for Q4 2017. For 2017, the company reported adjusted funds flow of $103.81 million, or $0.45 per share.

Earthstone Energy Targets Midland Basin with ~$130 Million CapEx, Plans to Spud 10 Net Wells

March 15, 2018

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

Energy XXI Prepares 2018 CapEx of $145-$175 Million

February 20, 2018

Energy XXI Gulf Coast, Inc. (ticker: EXXI) has approved a 2018 capital expenditure budget in the range of $145-$175 million, which includes funding of EGC’s most active drilling program since 2014, as well as recompletions, facilities improvements, plugging and abandonment (P&A) expenditures and other capital investments. CEO and President Douglas E. Brooks said, “We have contracted a rig that is

Cimarex Energy Earns $5.19 per Share in 2017

February 15, 2018

Fourth quarter 2017 net income of $174.7 million, or $1.83 per share, compared to fourth quarter 2016 net income of $47.8 million, or $0.50 per share For 2017, net income totaled $494.3 million, or $5.19 per share Cimarex Energy Co. (ticker: XEC) averaged 1,204 MMcfe/d in Q4 2017 – this equates to 201 MBOEPD, and is up 25% from a

Diamondback Energy Earns $115 Million in Q4, Earmarks $1.3 Billion-$1.5 Billion 2018 Permian Spend

February 14, 2018

Diamondback Energy, Inc. (ticker: FANG) pulled in a net income of $115 million in the fourth quarter of 2017, or $1.16 per diluted share. Diamondback spent $246 million on drilling, completions, non-operated properties and $61 million on infrastructure in the fourth quarter of 2017. For the full year 2017, Diamondback spent $737 million on drilling, completions, non-operated properties and $124

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