Top Stories
Oil Slips While All Eyes Are On Doha
When looking at some of the key figures for the oil and gas industry this week, in which we see that oil prices have lost some of their gains and in which we continue to notice a decline in U.S. crude oil production which has now slipped below 9 million barrels per day.
Friday April 15th 2016 Oil prices held their ground above $40 per barrel this week, bouncing around at their highest levels since December 2015. Prices lost some ground at the end of the week but held their ground, awaiting the result from Doha when several OPEC members sit down with Russia to hash out their production freeze deal. There has been a lot of confusion surrounding the meeting – whether Saudi Arabia would sign up without Iran’s participation, whether or not […]
North Dakota Oil Production Falls for Third Month in a Row
North Dakota crude oil production fell for the third month in a row, ticking down 0.4% in February and hitting its lowest level in 18 months. Slumping oil prices are starting to affect output in U.S. shale fields, including the prolific Bakken formation in North Dakota. Oil production in the state dropped to 1.11 million barrels a day in February from 1.12 million barrels a day in January , according to the latest data from the North Dakota Department of Mineral Resources.
North Dakota data from the NDIC is out. Bakken Three/Forks data shown in chart above (NDIC Data) with a Red Queen Model (based on Rune Likvern’s original work) using data gathered from the NDIC by Enno Peters to develop well profiles.
Peak Oil Barrel
The state’s output hasn’t been that low since July 2014. The slightly lower production in February follows a 2.6% drop in January and a 2.5% slide in December , data from the department show. February’s slower pace of decline reflected an uptick in completions of previously drilled wells, as cash-strapped producers sought to boost revenue despite low oil prices, said Lynn Helms, director of the state’s Department […]
Goodrich Petroleum Files For Chapter 11 Bankruptcy Protection
The company has filed for chapter 11 bankruptcy protection. Troubled U.S. oil and gas firm Goodrich Petroleum Corp. said on Friday it has filed for chapter 11 bankruptcy protection, joining the ranks of a number of energy companies that have fallen victim to volatile oil and gas prices. The Houston-based energy firm, which was first formed in 1995 and has interests in shale properties in Mississippi, Louisiana, and Texas, filed for protection to eliminate $400 million in debt, leaving behind only $40 million in debt related to a first lien reserve based loan facility. Goodrich says it expects to maintain sufficient liquidity during the financial restructuring to continue running its operations, including paying salaries and suppliers. The company filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division after failing to secure shareholder and debtholder […]
Clinton, Sanders spar over fracking
Democratic presidential candidates Hillary Clinton and Bernie Sanders debated for the ninth time Thursday in New York. Photo by Ray Stubblebine/UPI NEW YORK, April 15 (UPI) — Hillary Clinton said gas from shale is the bridge to a cleaner future, though rival Bernie Sanders said embracing fossil fuels was the wrong policy move. CNN hosted the debate between the former Secretary of State Clinton and Vermont Sen. Sanders in Brooklyn ahead of the state primary. Sanders has called for a ban on hydraulic fracturing, known also as fracking, as part of a push to advance a low-carbon economy. Pressured on the potential loss of jobs, the senator said the consequences of oil and gas weren’t the fault of industry workers. “It is not their fault that fossil fuels are destroying our climate,” he said. “But we have got to stand up and say right now, as we would if […]
Wall Street’s Oil Crash, a Story Told in Charts
Here’s Why Wells Fargo Profit Fell This is what it looks like on the down side of the biggest oil boom in U.S. history. JPMorgan Chase & Co., Wells Fargo & Co. , Bank of America Corp. and Citigroup Inc., with a combined $190 billion in energy loan exposure, all announced this week that they’re setting aside more money to cover losses. Though energy is a relatively small share of their assets, it’s been a big issue on analyst calls this week. The record-breaking surge in U.S. oil production wouldn’t have been […]
Should Canadians Be Rooting for Lower Oil Prices?
CIBC World Markets Corp. Deputy Chief Economist Benjamin Tal suggests there’s another unfamiliar force Canadians ought to embrace: lower oil prices. For Alberta, the nation’s energy producing heartland, oil’s move from $30 to $40 per barrel “is not a gamechanger,” according to Tal, as it’s unlikely to spur producers to boost capital spending. But on the flip side, the pickup in oil prices is making it harder for the rest of the economy to perform well, he said. Because oil plays an immense role in determining Canada’s terms of trade, there is a strong correlation between the value of the Canadian dollar and crude prices. The recent strength of the loonie could jeopardize the competitive advantage exporters have […]
No comments:
Post a Comment