Fri, Aug. 28, 12:46 PM
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
Wed, Aug. 5, 12:11 AM
Mon, Aug. 3, 5:35 PM
- ACHC, ACLS, AFG, AHS, AMSG, ARC, ATVI, AWAY, AWR, BKH, BW, CDE, CENT, CERN, CHUY, CSU, CVG, CWEI, CZR, DIS, DVA, DVN, DWA, ECOM, ECYT, ENPH, ENSG, EOX, EPAM, EPR, ETSY, EXAR, FSLR, FWM, G, GDOT, GHDX, GLUU, GNW, HCI, HIW, HRZN, INAP, INVN, JCOM, JIVE, LBTYA, LC, LF, LGND, MASI, MATX, MBI, MDRX, MHLD, MPO, MRCY, MTDR, NBR, NEWP, NFX, NSTG, NYMT, OAS, OCLR, OFIX, OKE, OKS, PAA, PAGP, PAYC, PBPB, PKD, PQ, PRMW, PTLA, PXD, PZZA, QNST, QUAD, REGI, REXX, RIGL, RLOC, RMTI, RPAI, RXN, SBRA, SKT, SMCI, SUPN, SYNC, THOR, TMH, TRMB, TROX, TTGT, TWO, TX, UNTD, UNXL, USNA, WR, WTR, XEC, XXIA, Y, Z, ZAGG, ZEN
Fri, Jul. 24, 12:54 PM
- No new well completion reports have been filed in North Dakota since July 10, the longest gap this year, according to the state’s Department of Mineral Resources.
- The slump in reported completions is unusual and coincides with the fall in oil prices which has seen wellhead prices for Bakken crude drop below $50/bbl; Reuters' John Kemp says if the slump continues for much longer, it could be a sign that shale producers are deferring putting more wells into production to save cash and wait for better prices.
- The number of wells reported completed so far in July is running far below the previous level and well below the number the DMR estimates is needed to hold production steady, Kemp writes.
- Top Bakken producers include CLR, HES, EOG, WLL, XOM, OAS, NOG, EOX, MRO
Fri, Jun. 12, 6:44 PM
- North Dakota oil production fell 1.8%, or nearly 22K bbl/day, in April to ~1.17M bbl/day after recording a surprising jump in March, as weak crude prices led producers to ease production.
- The number of drilling rigs operating in North Dakota stands at 76, the lowest since December 2009, according to the latest monthly report from the state's Department of Mineral Resources.
- The agency director has said he expects the state’s oil production to remain at 1.1M-1.2M bbl/day until oil prices recover.
- April natural gas production was up slightly at 1.54B cf/day from 1.51B cf/day in March.
- Unimpressed commentator Gregor McDonald tweets: "Sorry America, but 9,525 wells in the North Dakota Bakken producing on average 116 bbl/day is more cartoon than triumph."
- Top Bakken producers include: CLR, EOG, XOM, HES, COP. MRO, WLL, OAS, NOG, EOX
Wed, Jun. 10, 12:58 PM
- The rapid contraction in the Bakken oil price discount may indicate a faster than expected production decline in the area, dealers say.
- The buying frenzy pushed Bakken delivered at Clearbrook, Minn., to trade just $0.35/bbl below the West Texas benchmark last week, dealers say, the narrowest discount since July 2013; four months ago, it traded at a $7.50 discount.
- Also, midwest refiners ran the most crude ever for the month of May thanks to a light maintenance slate and robust margins, triggering a bidding war for light barrels.
- Regardless, the disappearing discount offers a partial reprieve for large producers such as Continental Resources (NYSE:CLR) and Hess (NYSE:HES) after the past year slashed global oil prices by as much as 60%.
- Other top Bakken producers include: EOG, WLL, XOM, OAS, NOG, EOX, MRO
Wed, May 27, 12:47 PM
Wed, May 27, 9:18 AM
Wed, May 27, 8:57 AM
- Emerald Oil (NYSEMKT:EOX) +61.4% premarket after electing not to proceed with its previously announced public offering of common stock.
- Wunderlich analysts are not impressed, reiterating their Sell rating and cutting its price target to $4, after a tough month that has "taken time, effort, and money away from what is left of the company's ongoing operations in the Williston Basin, but we feel they also show the dire straits Emerald is in financially." (Briefing.com)
- Notable Calls suspects management is "gaming the shorts" and likely will announce a new secondary offering in a month.
Tue, May 26, 5:47 PM
- In another change of direction, Emerald Oil (NYSEMKT:EOX) now says it has decided not to proceed with its planned stock offering, citing the current market environment and associated dilution to existing shareholders.
- EOX now says it will not close the previously announced Delaware Basin acquisition, and instead will continue developing its Williston Basin leasehold position based upon original plans.
- EOX reiterates its previously announced 2015 guidance reflecting a $65M capex budget, of which $42M has been spent YTD.
- Earlier today, EOX had disclosed plans to move forward with the public offering but at a reduced size, prompting a 23% share price drop during the regular session.
- EOX +40% AH.
Tue, May 26, 2:29 PM
- Emerald Oil (EOX -18.4%) sinks nearly 20% after disclosing it will go ahead with a planned common stock offering but reduce the size to $80M from the original $150M.
- EOX says it plans to use the proceeds to the previously announced $75M acquisition of New Mexico oil and gas leasehold acreage, with the remaining proceeds going toward working capital and general corporate purposes.
- Shares surged on Friday amid unconfirmed reports that EOX had postponed the planned offering.
Fri, May 22, 9:16 AM
Mon, May 18, 6:50 PM
- Emerald Oil (NYSEMKT:EOX) -16.6% AH after announcing a public offering totaling $150M in common stock, with an underwriters option to purchase additional shares worth $22.5M.
- EOX says it plans to use the proceeds to fund the acquisition of Delaware Basin assets announced last week, to repay outstanding credit facility borrowings and for general corporate purposes.
Wed, May 13, 6:19 PM
- North Dakota recorded a surprising jump in oil and natural gas production in March, as producers successfully wring efficiencies out of existing operations in an attempt to maintain production even at depressed prices.
- The state's oil producers pumped nearly 1.2M bbl/day in March, up ~15K from February, while natural gas output rose 14% to 47.2M cf, according to the Department of Mineral Resources.
- The agency says 189 North Dakota wells were completed in March at locations owned by Exxon Mobil (NYSE:XOM), Hess (NYSE:HES), Continental Resources (NYSE:CLR) and ConocoPhillips (NYSE:COP), as "these four appear to be more in tune with having normal cash flow, and continue to complete their wells in a more aggressive manner."
- But in a sign of divergent strategies in the state, EOG Resources (NYSE:EOG) and Marathon Oil (NYSE:MRO) continue to delay fracking.
- Other top Bakken producers include WLL, OAS, NOG and EOX
Mon, May 11, 6:49 PM
- Emerald Oil (NYSEMKT:EOX) +8.4% AH after agreeing to acquire core Delaware Basin acreage in New Mexico from undisclosed sellers for $75.2M.
- As a result of the deal, EOX raises its Q4 production guidance range to 4.6K-4.9K boe/day from a previous outlook for 4K-4.3K boe/day, and sees FY 2015 average production of 4,350-4,650 boe/day vs. 4,200-4,500 boe/day prior.
- The Delaware Basin assets can deliver returns above the cost of capital at existing commodity prices. EOX says.
EOX vs. ETF Alternatives
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.
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