Sep. 24, 2014, 3:34 PM
- EOG Resources (EOG +1.5%) says one of four workers hurt yesterday in a storage tank fire at a natural gas production facility in Wyoming has died.
- The man who died was one of two contract workers who, with two EOG employees, were cleaning the tank when the fire ignited.
- Two other men hurt in the fire remain hospitalized.
Sep. 15, 2014, 11:58 AM
- North Dakota's daily oil production jumped 5% in July to an all-time high 34.4M barrels (~1.1M bbl/day), state regulators say, although the number was lower than expected as producers worked to meet aggressive flaring-reduction targets.
- Natural gas production hit 1.3B cf/day, also an all-time high, but the percentage of natural gas flared in the state fell to 26% in July from 30% in June.
- In an effort to curb flaring, state regulators issued strict goals earlier this year with key benchmarks for flaring percentages each month; for October, for instance, the state's oil producers cannot flare more than 74% of natural gas produced.
- Bakken producers include CLR, EOG, KOG, WLL, HES, XOM, OAS, NOG, EOX, MRO.
Sep. 8, 2014, 6:43 PM
- The energy sector has seen little M&A activity despite a growth shortfall and cheap borrowing rates, but UBS analysts think a focus on incremental returns may lead to less exploration and more deals as resource prices on the market have fallen.
- The firm figures four large-cap E&P companies - Anadarko Petroleum (NYSE:APC), EOG Resources (NYSE:EOG), Marathon Oil (NYSE:MRO) and Pioneer Natural Resources (NYSE:PXD) - could prove tantalizing acquisition targets, but the buyer likely would need very deep pockets.
- In the case of EOG, UBS says the company's strong position in the three biggest tight oil plays - the Eagle Ford, Bakken and Permian - make it a perfect fit for an integrated major looking to expand in those areas.
Sep. 8, 2014, 12:32 PM
- The day's five biggest decliners in the S&P 500 are all energy companies - Newfield Exploration (NFX -5.6%), EOG Resources (EOG -3.6%), Anadarko Petroleum (APC -2.9%), Cimarex Energy (XEC -3.3%) and Pioneer Natural Resources (PXD -3.4%) - as crude oil prices slide to new lows, including Brent crude's first move below $100/bbl in more than a year.
- Brent crude dropped $1.12, or 1.1%, to $99.70/bbl after falling to as low as $99.36, a 16-month low, while U.S. crude slipped more than a percent to below $92 after settling at $93.29 on Friday for its sixth weekly drop in seven.
- Traders are concerned crude demand won't keep up, with data from the U.S. and China, the world's top oil consumers, suggesting their economies aren't growing as quickly as had been hoped.
- ETFs: USO, OIL, UCO, SCO, XOP, BNO, DTO, DBO, IEO, CRUD, PXE, USL, DBE, UWTI, DWTI, DNO, RJN, SZO, OLO, JJE, ONG, RGRE, OLEM, UBN
Aug. 28, 2014, 10:58 AM
- The Marcellus region is now the world's biggest natural gas shale play, and there’s still $90B to be made by tapping the area’s reserves, according to a study by Wood Mackenzie.
- The energy consultant predicts that the top 20 operators in the Marcellus will earn nearly $86B over the life of the play after the costs of reaching the reserves; for comparison, it estimates ~$118B to be made by extracting the resources in North Dakota’s Bakken region, but most production there is higher-priced oil.
- Major Marcellus shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
Aug. 6, 2014, 6:41 PM
- In an investor presentation today, EOG Resources (NYSE:EOG) touted a pair of plays in the Permian Basin the company believes have the potential to achieve returns in excess of 100% each.
- The Leonard Shale is a shallow play believed to have potential reserves of 550M barrels of oil net to EOG, while the company is still evaluating potential reserves for Second Bone Springs; the two plays sit below 73K net acres EOG holds in the region.
- EOG hasn't yet revealed its plans for the region, but it has high expectations for the plays and told analysts it plans to drill several more wells there this year and next.
- The potential for the plays is important, Wells Fargo's David Tameron says, since investors’ biggest concern about EOG has been its need for expanded inventory; after several years of success in the Bakken and Eagle Ford, "people want to know what’s next.”
Aug. 5, 2014, 7:17 PM
- Natural gas production in the Marcellus region exceeded 15B cf/day in July, the most productive period ever recorded there, according to a new report from the U.S. Energy Information Administration.
- Marcellus, located mostly in West Virginia and Pennsylvania, now accounts for nearly 40% of total U.S. shale gas production, and its rapid growth isn’t expected to ebb soon, the report says.
- New wells in the region are expected to deliver another 600M cf/day, more than offsetting decline rates, for a net production increase of 247M cf/day.
- Major Marcellus shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN.
Aug. 5, 2014, 6:28 PM
Aug. 5, 2014, 6:25 PM
- EOG Resources (NYSE:EOG) +0.3% AH after reporting better than expected Q2 earnings thanks to higher oil production and prices.
- EOG's total Q2 production rose 17% Y/Y to 591K boe; U.S. crude oil and condensate production rose 33%, driven by gains in the Eagle Ford and Bakken shale plays, while natural gas liquids production climbed 22% Y/Y, driven by the Eagle Ford and Permian Basin.
- EOG raises its FY 2014 production growth estimate to 14% from a previous 12%, and targets 29% crude oil production growth for the year; sees 2014 capex of $8.1B-$8.3B, unchanged from prior estimates.
- Raises its quarterly dividend by 34% to 16.8 cents.
Aug. 5, 2014, 5:09 PM
Aug. 5, 2014, 4:58 PM
- An industry-funded study concludes that crude oil from the Bakken region is similar to other North American light, sweet crudes and does not pose a greater risk to transport by rail than other crudes and transportation fuels.
- But the study also outlines several best practices intended to boost safety, including classifying the crude higher on the hazardous material shipping scale.
- The group hopes the report allays fears that Bakken oil may be more prone to ignition after a series of accidents involving rail shipments of the oil.
- Bakken producers include CLR, EOG, KOG, WLL, HES, XOM, OAS, NOG, EOX, MRO.
Aug. 5, 2014, 10:16 AM
- North Dakota’s crude oil production passed 1M bbl/day in April and remained above the 1M benchmark in May on the strength of production from the Bakken and Three Forks formations.
- One reason for May's 3.6% M/M growth to 1.039M bbl/day was the addition of 227 producing wells through the state, with 10,892 producing wells in May compared to 10,665 in April.
- Average production per well in the state also grew between the months, to 2,959 barrels per well from 2,822 in April.
- North Dakota's oil fields now account for 12% of all U.S. oil production, and more than 1% of global production.
- Top Bakken producers include CLR, EOG, KOG, WLL, HES, XOM, OAS, NOG, EOX, MRO.
Aug. 4, 2014, 5:35 PM
- AMTG, APEI, ARC, ATSG, ATVI, AVNR, AWR, AXLL, BIO, BKH, BMR, CHUY, CLR, CRTO, CSU, DAVE, DIS, DPM, DRYS, ENPH, EOG, FANG, FEYE, FRGI, FSLR, FTR, FUEL, GMED, GRPN, HCI, HGR, HT, ITRI, JAZZ, JCOM, KAR, LBTYA, MCHX, MITT, MODN, MPO, MRCY, NSTG, NYMT, OAS, OKE, OKS, ORA, ORIG, PBPB, PEGA, PNNT, PRAA, PZZA, QUAD, REXX, RLD, RST, RSYS, SGMS, SGY, SKT, SMCI, TDW, TMHC, TPC, TRMB, TTWO, UNTD, WBMD, WES, WGP, WMGI, WTR, XEC, Z, ZAGG, ZGNX
Jul. 17, 2014, 2:56 PM
- EOG Resources (EOG -0.6%) is initiated with a Buy recommendation and $135 price target at Argus, which believes EOG shares will continue to outperform over the next 12 months as the company develops its high-quality, liquids-rich asset base.
- EOG - now the largest oil producer in the lower 48 states and posting industry leading 40% crude oil production growth over the last five years - has established enviable acreage positions in the Eagle Ford and Bakken shales through its first-mover advantage, and is now optimizing the development of the acreage, Argus says.
Jul. 14, 2014, 2:21 PM
- Whiting Petroleum's (WLL +7.4%) $6B buyout of Kodiak Oil & Gas (KOG +5.1%) is renewing investor attention on independent energy firms with operations in the Bakken Shale, especially those significantly owned by hedge funds; Paulson & Co. is the single biggest owner of KOG stock, with just under 10% of shares outstanding as of the last filing date.
- While many of the largest Bakken producers are huge companies or parts of huge companies - Hess (NYSE:HES), EOG, Statoil (NYSE:STO), Marathon Oil (NYSE:MRO), XTO Energy (NYSE:XOM) - a few small and mid-cap independent players show hedge fund interest, CNBC's Brian Sullivan writes.
- The single biggest holder of Oasis Petroleum (OAS +0.5%) also is John Paulson's hedge fund, which owns 9.9M shares (~9.8% of shares outstanding), Jana Partners owns 16M-plus shares in QEP Resources (QEP +1.4%), and WPX Energy (WPX +1.1%) has substantial hedge fund ownership.
Jul. 9, 2014, 6:30 PM
- A new EIA report underscores the remarkable comeback of the Permian Basin, which boomed in an earlier era, faded and now leads the U.S. in oil production.
- Daily crude oil production in the Permian, which lies under much of west Texas and part of eastern New Mexico, has increased from a low of 850K barrels in 2007 to 1.35M barrels last year.
- The increased production is concentrated in six low-permeability formations: the Spraberry, Wolfcamp, Bone Spring, Glorieta, Yeso, and Delaware.
- Among the top Permian producers: OXY, PXD, APA, KMP, XOM, COG, CVX, EOG, EGN, XEC, FANG.
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