Sat, Nov. 14, 8:25 AM
- The number of oil wells in North Dakota that have been drilled but not fracked surpassed 1,000 for the first time in September, as producers wait for prices to recover before turning them on.
- As a result, more than 8% of oil wells in North Dakota now are sitting idle, harming the industry's ability to grow production; daily output in the state fell 2% in September to ~1.16M bbl/day.
- The backlog is "sending a definite signal to the market that oil and gas operators are not willing to do a lot of drilling or hydraulic fracturing or production at these low prices," says Lynn Helms, director of the state's Department of Mineral Resources, who figures the backlog is not likely to be worked off until next year at least, and only if oil prices rise.
- Top North Dakota producers include CLR, HES, EOG, WLL, XOM, OAS, NOG, EOX, MRO
Tue, Nov. 3, 4:25 PM
Mon, Nov. 2, 5:35 PM
- ACHC, AFG, AIV, AMSG, ASH, ATVI, AWR, BIO, BKH, CBPO, CBS, CERN, CHEF, CHUY, CIM, CKP, CSU, CSV, CVC, DAC, DENN, DHT, DK, DKL, DVA, DVN, ECYT, ENPH, ENSG, EPIQ, ETSY, EVRI, FANG, FARO, FIVN, FLTX, FMI, FOGO, GHDX, GMED, GRPN, HCI, HL, HLF, HRZN, IAG, IPHS, IRWD, ITRI, IVR, JCOM, KEG, LLNW, MPO, MTZ, MXL, MYGN, NFX, NYMT, OAS, OCLR, OESX, OFIX, OKE, OKS, ORA, PAA, PAGP, PAYC, PBPB, PKD, QUAD, REGI, RIGL, RLOC, RP, RPAI, RXN, SLW, SSNI, SUPN, TDW, TMH, TSLA, TSRA, TX, UNTD, USNA, VNDA, WBMD, WR, WTR, X, XEC, XOXO, XXIA, Y, ZAGG, ZEN, ZNGA
Thu, Oct. 22, 6:25 PM
- North Dakota regulators approve a plan to give oil producers an extra year to bring a new well online, Reuters reports, in an attempt to give the energy industry breathing room during the oil price downturn.
- Companies will now have up to two years to frack drilled but uncompleted wells under changes approved by the North Dakota Industrial Commission, which means the oil industry will not be forced to spend billions of dollars to frack an estimated 1,000 DUCs, most of which will hit their previous one-year deadlines in December.
- Top Bakken shale producers include CLR, HES, EOG, WLL, XOM, OAS, NOG, EOX, MRO
Wed, Oct. 21, 3:27 PM
- Oasis Petroleum (OAS -3.2%) is lower after asking bondholders to allow it to take on second-lien debt, which would let it raise more capital to weather the downturn in crude oil prices.
- OAS also says it would cap its secured borrowing base at $1.525B, which should ease fears the company is becoming too levered, Reuters reports.
- Banks had cut OAS's credit line by 10% earlier this month to $1.525B, the largest reduction yet this fall of an oil producer's access to debt markets.
- E&P companies are taking it on the chin today as crude oil falls sharply following a larger than expected inventory build.
Tue, Oct. 20, 2:47 PM
- Oasis Petroleum (OAS +2.9%) says it successfully plugged a North Dakota well that had been spewing a mixture of oil and saltwater since a blowout last weekend, after crews pumped more than 33K gallons of a bentonite clay and water mixture down the well.
- The state says more than 67K gallons of oil had leaked from the well.
Fri, Oct. 16, 8:18 PM
- Occidental Petroleum's (NYSE:OXY) reported sale of its Bakken shale assets at a heavily discounted price of $500M may make strategic sense for the company, but it sets a low bar for future deals contemplated by ConocoPhillips (NYSE:COP), Whiting Petroleum (NYSE:WLL), Oasis Petroleum (NYSE:OAS) and anyone else known to be pursuing pipeline or oil acreage sales.
- OXY’s view of the Bakken has deteriorated sharply since it invested heavily five years ago, as the combination of low oil prices, cash flow pressures and the company’s successes in Texas’ Permian Basin "likely resulted in the willingness for management to move forward with the deal at a discounted price,” according to Simmons analysts.
- But "the sale price shows the stark reality that operators trying to sell non-core acreage face in a sub-$50 per barrel oil world face," Sterne Agee CRT's Tim Rezvan says.
- COP is trying to sell oil and gas properties in the Rockies, east Texas, south Texas and northern Louisiana for a combined $2B, and now it is questionable if it can hit the target; in the case of OAS, which operates only in North Dakota, the sale of all or part of its saltwater disposal business is seen as vital to keeping core oil operations online.
Thu, Sep. 24, 7:15 PM
- North Dakota regulators approve an industry-backed proposal to delay further cuts to associated gas flaring by 10 months while also easing more long-range flaring reduction targets.
- Gov. Dalrymple and the two other members of the North Dakota Industrial Commission voted to change the date when companies must capture 85% of natural gas produced from their wells to Nov. 1, 2016.
- The regulators agreed with industry arguments that the delays and revisions were needed because of the lack of new gas capture and pipeline infrastructure, which have been delayed for a variety of reasons, including low oil and gas prices, right-of-way disputes and pad size limitations.
- Top North Dakota producers include CLR, HES, EOG, WLL, XOM, OAS, NOG, EOX, MRO
Tue, Sep. 8, 2:56 PM
- Energy E&P companies could suffer ~50% downside to 2017 consensus estimates, Cowen analysts say as they downgrade two-third of their portfolio coverage in the sector amid a weak oil price environment.
- The firm cuts capital spending estimates for several names in the sector, which in turn cuts production and cash flow estimates, the firm says as it lowers its 2016 production and operating cash flow estimates by a respective 4% and 35% below consensus view; by 2017, it sees 10% downside to consensus production estimates and 51% downside to consensus cash flow estimates.
- Downgraded to Underperform from Market Perform: BBG, BCEI, CWEI, DNR, NOG.
- Downgraded to Market Perform from Outperform: CPE, FANG, PDCE, PE, SYRG.
- Maintained at Market perform: AXAS, EGN
- Maintained at Outperform: OAS, QEP, WLL
Thu, Aug. 27, 9:14 AM
Tue, Aug. 25, 9:19 AM| Tue, Aug. 25, 9:19 AM | 7 Comments
Mon, Aug. 24, 9:19 AM
- Gainers: GAS +29%.
- Losers: VTL -79%. ACI -31%. BZUN -25%. WBAI -23%. JMEI -20%. BTU -17%. MDR -17%. CSIQ -17%. VIPS -16%. FIT -16%. SFUN -15%. LC -15%. PLUG -15%. EXXI -15%. QIHU -14%. MACK -14%. ACHN -14%. KNDI -13%. CYBR -13%. OHGI -13%. Z -13%. TCK -13%. JKS -13%. AVEO -12%. OAS -12%. WLL -12%. MCUR -12%.
Fri, Aug. 14, 12:47 PM
- The Obama administration will allow limited sales of crude oil to Mexico for the first time, Reuters reports, citing a senior administration official who says the U.S. Commerce Department is "acting favorably on a number of applications" to export U.S. crude in exchange for imported Mexican oil.
- The shipments, likely to be lighter, high-quality shale oil, would help Mexico's aging refineries produce more premium fuels, while U.S. refiners would continue to get Mexican heavy oil, a better match for them than the light oil coming from Texas and North Dakota.
- Although limited in scope, the move toward freeing up trade will please U.S. oil producers such as Pioneer Natural Resources (NYSE:PXD) and ConocoPhillips (NYSE:COP), which say the restrictions force them to sell oil at below global market rates, and may add momentum to efforts mostly to repeal what advocates see as a relic of the 1970s.
- Among relevant oil stocks: XOM, CVX, BP, RDS.A, RDS.B, OAS, NOG, CLR, WLL, EOX, SM, SFY, PVA, GST, SN, CRK, BBG, CWEI
- Relevant refining stocks: VLO, HFC, MPC, TSO, WNR, ALJ, PSX, PBF, DK, NTI, ALDW
- ETFs: XLE, XOP, XES, IEO, IEZ, PXE, NDP
Tue, Aug. 11, 9:16 AM
Thu, Aug. 6, 10:58 AM
- Oasis Petroleum (OAS +9.3%) is upgraded to Buy from Hold with a $14 price target, raised from $11, at Wunderlich, which notes that OAS's production came in above guidance for the third quarter in a row, leading to better than expected Q2 earnings, CFPS and EBITDA.
- OAS ended Q2 with a higher than expected backlog of 93 uncompleted wells, and reduced its 2015 capex guidance to $670M from $705M.
- The firm believes that in a $50/bbl world, OAS can keep production flat to slightly higher while keeping D&C capex within cash flows, and that the company continues to get better on all fronts with each quarter.
Wed, Aug. 5, 12:57 PM
- Oasis Petroleum (OAS +1.2%) clings to gains after earlier surging to a double-digit rally after reporting Q2 earnings that beat analyst expectations while also posting revenues trailing the Street view.
- The company's $0.38 EPS during Q2 fell from adjusted net income of $0.70 in the year-ago quarter but still topped analyst consensus by $0.10/share, while total revenue tumbled 38% Y/Y to $230M.
- OAS says its Q2 production exceeded guidance, increasing average production by 15% to ~50.2K boe/day ("Boepd"), a 15% increase over the second quarter of 2014, while Q2 capex totaled ~$170M, in line with the company's plan.
- OAS also increased its FY 2015 production forecast to 49K-50K boe/day, up from its prior guidance of 46K-49K boe/day, even as it reduced its capex budget, indicating improving capital efficiency.
Oasis Petroleum Inc is an exploration and production company. The Company acquires and develops unconventional oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin.
Other News & PR