May 2, 2014, 7:56 AM
- Kodiak Oil & Gas (KOG) -7.5% premarket after Q1 earnings and revenue miss Wall Street estimates, as weather adversely affected activity during the period.
- Q1 production of ~34K boe/day was more than 2.5K boe/day below estimates and declined Q/Q, as non-operated slowdowns and weather issues caused delays across KOG's Williston acreage.
- KOG cut its FY 2014 production guidance to 39K-42K boeday.
May 1, 2014, 4:07 PM| 8 Comments
Apr. 23, 2014, 12:57 PM
- North Dakota's industrial commission is considering a proposal that would cut back on the state’s booming oil production as a means of controlling the amount of natural gas that’s being burned off at well sites.
- North Dakota drillers currently flare more than a third of the gas because development of pipelines and processing facilities to capture it hasn’t kept pace with oil drilling.
- "If production curtailment is the chosen regulatory path, then wells will be shut in or not even drilled,” says Roger Kelley, director of regulatory affairs for Continental Resources (CLR), one of the biggest players in the state.
- Other top North Dakota producers include EOG, WLL, HES, KOG, OAS, NOG, EOX, MRO.
Apr. 16, 2014, 12:14 PM
- Another potential problem related to fracking has been discovered in North Dakota, where piles of garbage bags have been found in two places recently filled with “oil socks” used to capture silt found in the waste water from fracking, but which also contain radioactive waste.
- North Dakota wells may produce 27 tons/day of the filter socks, and the state has no storage facility capable of handling radioactive waste - with 500-600 injection wells now producing the socks.
- Though the radiation levels are mild, the discoveries provide further evidence of how regulators in the state have been slow to address the repercussions of the shale oil boom.
- Bakken producers include CLR, EOG, WLL, HES, KOG, OAS, NOG, EOX, MRO.
Apr. 4, 2014, 6:35 PM
- There's no sign of a boom-and-bust scenario in the Bakken and Three Forks formations, where oil production will average 1.1M bbl/day in 2014 and grow to 1.7M bbl/day by 2020, Wood Mackenzie predicts.
- The research firm also says there is close to $118B in remaining value in the U.S. parts of the formations, adding that the expected lifetime of a Bakken well is 25-30 years.
- Participants are expected to spend ~$15B on drilling and completion of wells this year.
- Bakken producers include CLR, EOG, WLL, HES, KOG, OAS, NOG, EOX, MRO.
Feb. 27, 2014, 4:09 PM| 3 Comments
Feb. 27, 2014, 12:10 AM
- ACAD, AHT, AIRM, AL, ALIM, AMRN, APEI, ARNA, ATLS, AVD, BAGL, BCEI, BID, BIO, CEMP, CHUY, CLNE, CRM, DCO, DECK, ELGX, EPR, EVC, GPS, HALO, HTGC, KBR, KOG, LINE, MDVN, MELI, MENT, MNST, MTZ, NGD, NMBL, NOG, OLED, OVTI, PKT, PODD, REGI, ROST, SD, SFM, SLXP, SPLK, SPNC, SQNM, SWN, TESO, TUMI, UHS, WES, WG, WTR, XTEX, YOKU
Feb. 26, 2014, 5:35 PM
- AHT, AIRM, AL, ALIM, AMRN, APEI, ARNA, ATLS, AVD, BAGL, BCEI, BID, BIO, CEMP, CHUY, CLNE, CRM, DCO, DECK, ELGX, EPR, EVC, GPS, HALO, HTGC, KBR, KOG, LINE, MDVN, MELI, MENT, MNST, MTZ, NGD, NMBL, NOG, OLED, OVTI, PKT, PODD, REGI, ROST, SD, SFM, SLXP, SPLK, SPNC, SQNM, SWN, TESO, TUMI, UHS, WES, WG, WTR, XTEX, YOKU
Feb. 26, 2014, 9:46 AM
- Yesterday's U.S. government emergency order requiring tests of crude oil on trains prompts confusion as refiners and producers try to understand what the new requirements will mean to their operations and how broadly they will apply to shipments.
- "What do you want us to test for?” says Alon USA Energy's (ALJ) director of supply, trading and business development. "I’m not really sure what this means or what they expect from us."
- Tesoro’s (TSO) VP of development, supply and logistics says he isn’t sure what new procedures were being mandated since the company already tests crude shipments.
- Continental (CLR), the biggest producer of Bakken crude, praises the government’s effort to improve crude-by-rail safety.
- More Bakken names: EOG, WLL, HES, KOG, OAS, NOG, EOX, MRO.
Feb. 25, 2014, 4:42 PM
- Companies moving crude oil by rail must test the volatility of fuel out of North Dakota's Bakken oilfields to ensure the proper classification of crude oil before it is transported, the Department of Transportation announces.
- The move is meant to step up oversight after several recent fiery derailments of oil moved by rail out of the Bakken; some data contends that Bakken crude is more combustible than oil from other areas.
- Bakken oil names include: CLR ,EOG, WLL, HES, KOG, OAS, NOG, EOX, MRO.
- Rails: CSX, NSC, KSU, GWR, CP, UNP.
Feb. 24, 2014, 10:22 AM
- Following a string of explosive accidents on railcars carrying crude oil, a WSJ analysis finds that crude from North Dakota’s Bakken Shale formation contains several times more combustible gases than oil from elsewhere.
- Nearly 1M bbl/day are being produced in North Dakota but with pipeline capacity unable to keep up with growth, railroads are the prime method of transporting the crude to refineries; the volatility of the crude, however, raises concerns that the cargo moving through the U.S. is more dangerous than previously believed.
- Tanker cars full of oil pass through several major U.S. cities, and a repeat of what happened in last July's fatal derailment in Quebec in a densely populated area is a huge safety concern.
- Among top Bakken producers: CLR, EOG, WLL, HES, KOG, OAS, XOM, MRO, STO.
Feb. 11, 2014, 9:48 AM
- Kodiak Oil & Gas (KOG +2.7%) reports Q4 sales volumes of 36.1K boe/day, up 98% Y/Y and 2% Q/Q; for FY 2013, average daily sales volumes of 29.2K boe/day represented 103% Y/Y increase.
- Estimated total proved reserves at Dec. 31, 2013 rose 77% Y/Y to ~167.3M boe vs. 94.7M boe at year-end 2012.
- Drilling operations continue with seven operated rigs which KOG plans to maintain throughout 2014.
Jan. 7, 2014, 12:23 PM
- Recent accidents involving crude oil being shipped from North Dakota are raising eyebrows on Wall Street and have analysts looking at companies that could be exposed to new rules governing oil shipments from the region.
- Mizuho analyst John Malone says costs related to "stricter transport standards could squeeze margins further" on oil out of the Bakken shale, citing several stocks with the potential to suffer as a result, including Hess (HES), Marathon Oil (MRO), Continental Resources (CLR), Oasis Petroleum (OAS), EOG Resources (EOG), Whiting Petroleum (WLL), Kodiak Oil & Gas (KOG) and Triangle Petroleum (TPLM).
Jan. 2, 2014, 2:21 PM
- Some companies that produce oil in the Bakken region are seeing weakness amid lower crude prices and concerns about safety issues of transporting crude oil following the recent rail accident in North Dakota.
- The Pipeline and Hazardous Materials Safety Administration today issued a safety alert noting the type of crude oil being transported from the Bakken region may be more flammable than traditional heavy crude oil.
- Experts have said that unusually large amounts of naturally occurring and highly flammable petroleum products such as propane and ethane may be coming out of the ground with the Bakken crude.
- Among Bakken producers: NOG -5.3%, OAS -5.2%, CLR -4.9%, KOG -4.6%, WLL -3.5%, EOX -3.1%.
Dec. 18, 2013, 8:47 AM
- Kodiak Oil & Gas (KOG) announces a $940M capital budget for 2014, allocated solely to Williston Basin oil and gas activities, with $890M toward the drilling and completion of ~100 net wells.
- The 2014 capital budget compares to KOG's 2013 capital expenditures of ~$1B.
- KOG expects to average 42K-44K boe/day in 2014 sales volumes, ~45% Y/Y growth.
Oct. 31, 2013, 4:22 PM| 8 Comments
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