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Emerald Oil, Inc. (EOX)

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  • Wed, Mar. 25, 6:08 PM
    • The number of drill rigs in North Dakota’s oil patch has slipped below 100 for the first time in five years thanks to weaker crude oil prices.
    • Only 98 rigs are now drilling in the area, 100 fewer than on the same day a year ago and the lowest since March 2010.
    • North Dakota has been producing ~1.2M bbl/day of oil, and industry officials say ~115 rigs need to be drilling to keep that level of production.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | 10 Comments
  • Fri, Mar. 20, 10:33 AM
    • No matter how unfavorable market fundamentals may be to Bakken operators, North Dakota likely will see a big surge in production this June, potentially besting another supply record even if prices continue to crater, according to the director of the state's Department of Mineral Resources.
    • Production is expected to remain at 1.1M-1.2M bbl/day over the next few months before skyrocketing in June by nearly 10%, or an additional 75K-100K bbl/day, propelled by a state-mandated time limit on drilling and the expected trigger of a major oil tax incentive.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | 19 Comments
  • Tue, Mar. 17, 7:40 PM
    • Crude oil production at three major U.S. shale oil fields - the Eagle Ford in south Texas, the Bakken in North Dakota, and the Niobrara in Colorado and adjacent states - is projected to fall this month for the first time in six years, the Energy Information Administration says.
    • Net production from the three fields is expected to drop by a combined 24K bbl/day, but overall losses likely will be masked by production gains in the Permian Basin in west Texas and other regions.
    • It is one of the first signs that idling hundreds of drilling rigs and billions of dollars in corporate cutbacks are starting to affect the U.S. oil patch, but it also shows that drilling technology and techniques have advanced to the point that productivity gains may be negligible in some shale plays.
    • Top Eagle Ford producers: EOG, BHP, COP, CHK, MRO, APC
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    • Top Niobrara producers: NBL, APC, ECA, CHK, EOG, WPX
    | 37 Comments
  • Fri, Mar. 13, 9:56 AM
    • Emerald Oil (EOX -3.8%) is reiterated with a Sell rating and $0.50 price target at Wunderlich, which expects production to begin declining by H2 2015.
    • EOX's Q4 earnings miss did not offer much that could be considered new, the firm says, given the company already had released production levels, year-end proven reserves and 2015 guidance just ahead of an equity raise earlier this year.
    • EOX discussed in more detail its thinking about current returns and when it would look to accelerate during a recovery, but until then the firm looks for production to start declining by H2.
    | Comment!
  • Thu, Mar. 12, 6:32 PM
    • North Dakota says production of crude oil from the Bakken Shale fell in January from all-time highs the previous month, slipping 3.3% 1.19M bbl/day from a record 1.23M bbl/day in December, according to a new report from the state's department of mineral resources.
    • As prices for Bakken sweet crude fell to a six-year low of an average of $31.41/bbl in January, down from $40.74 December, the number of completions of previously drilled wells fell sharply to 47 from 183 in the prior month.
    • The number of active rigs used to drill new wells in North Dakota sank to 111 as of today, the fewest since April 2010 and about half the peak of 218 rigs in May 2012; the state's mineral resources director predicts a bottom 100 rigs, noting that 115 active rigs are needed to maintain stable production.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | 38 Comments
  • Wed, Mar. 11, 12:47 PM
    | 11 Comments
  • Tue, Mar. 10, 4:32 PM
    • Emerald Oil (NYSEMKT:EOX): Q4 EPS of $0.03 misses by $0.01.
    • Revenue of $22.1M (+23.5% Y/Y) misses by $5.8M.
    • Press Release
    | Comment!
  • Mon, Mar. 9, 5:35 PM
  • Mon, Mar. 2, 7:35 PM
    • The crude oil aboard the train that derailed and exploded two weeks ago in West Virginia contained so much combustible gas that it would have been barred from rail transport under safety regulations set to go into effect next month, WSJ reports.
    • The oil’s vapor pressure was 13.9 psi, which exceeds the limit of 13.7 psi that North Dakota is set to impose in April on oil moving by truck or rail from the Bakken Shale.
    • Plains All American Pipeline (NYSE:PAA), which shipped the oil, says it follows regulations governing the shipping and testing of crude; CSX, the railroad that carried the oil, says it had stepped up its inspections of the track along the route.
    • The new information about the West Virginia accident likely will increase regulators’ focus on the makeup of oil being shipped by train; oil from sahle formations is known to contain far more combustible gas than traditional crude oil, which has a vapor pressure of ~6 psi.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | 16 Comments
  • Thu, Feb. 26, 2:58 PM
    • North Dakota's oil producers have cut the number of active rigs in the state to just 121 from 190 a year ago, according to a new list published by the state’s Department of Mineral Resources.
    • The rig count is now below the threshold of “at least 130” the DMR director had identified last month as needed to sustain output at the current level of slightly more than 1.2M bbl/day.
    • Of the 121 active rigs, 115 are drilling in just four counties at the heart of the Bakken - Dunn, McKenzie, Mountrail and Williams.
    • With the number of rigs in even the core areas down by 30% in just over two months, production likely will begin to plateau or fall in the coming months, Reuters' John Kemp writes.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | 11 Comments
  • Fri, Feb. 6, 9:12 AM
    | 4 Comments
  • Thu, Feb. 5, 5:20 PM
    • Emerald Oil (NYSEMKT:EOX) -7.2% AH after announcing a public offering of $25M in common stock, with an underwriters option to purchase up to an additional $3.75M of stock.
    • EOX says it plans to use the proceeds for working capital and general corporate purposes.
    | 15 Comments
  • Thu, Feb. 5, 2:39 PM
    • Emerald Oil (EOX +20.2%) surges after announcing Q4 total production of more than 377K boe (96% oil), or 4.1K boe/day, up 69% Y/Y and a 6% increase Q/Q.
    • EOX says its proved reserves increased 99% Y/Y to 26.3M boe.
    • Says drilling operations continue with one rig currently operating in the Low Rider project area in North Dakota, and intends to continue its previously announced variable one rig program in 2015.
    | 2 Comments
  • Thu, Feb. 5, 12:45 PM
    | 1 Comment
  • Thu, Jan. 15, 10:25 AM
    • North Dakota oil production rose to a new record even as energy companies drilled fewer wells and the rig count dropped to a near five-year low.
    • The state's oil output hit a record 1.19M bbl/day in November, the most recent month available, according to data released yesterday by North Dakota’s Department of Mineral Resources.
    • Despite the new record, the head of the department warned the state’s crude production will peak and decline later this year if oil prices don’t rebound; the current price of North Dakota sweet crude is ~$29.25/bbl, the lowest since Dec. 2008.
    • The latest drilling rig count is 158, the lowest in nearly five years and down from a high of 218 rigs in 2012, but the department says production may not start to drop until the rig count falls to 130 or lower.
    • Gregor McDonald argues that the North Dakota data confirming that Bakken drilling activity has slowed meaningfully has sparked the snapback rally in crude oil prices.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 14 Comments
  • Mon, Jan. 12, 7:22 PM
    • The number of drilling rigs operating in North Dakota's oil fields has dropped to 159, the lowest level since November 2010.
    • The state lost eight rigs overnight, according to state data, a steep one-day drop not seen for years in the second-ranked U.S. oil producer.
    • The drop comes after Continental Resources (NYSE:CLR), Oasis Petroleum (NYSE:OAS) and other companies announced capital spending cuts for 2015, admitting they planned to use fewer rigs this year.
    • Other major North Dakota producers include EOG, WLL, HES, XOM, NOG, EOX and MRO.
    | 38 Comments
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Company Description
Emerald Oil Inc is an independent exploration and production company. The Company is engaged in acquiring acreage and developing oil and natural gas wells in the Williston Basin of North Dakota and Montana.