Thu, Aug. 27, 9:14 AM
Tue, Aug. 25, 9:19 AM
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.
Wed, Aug. 5, 9:19 AM
- Gainers: FNJN +60%. BIOC +13%. FSLR +11%. KATE +9%. Z +9%. HRB +8%. OAS +8%. TSEM +8%. PCLN +7%. SLTD +7%. MSI +6%. ATVI +6%. SUPN +6%. LC +6%. CTSH +6%. BBL +6%. SDRL +5%.
- Losers: SALE -33%. OHGI -28%. LL -24%. BOOT -23%. ETSY -20%. TRMB -13%. GLUU -10%. RSO -10%. DIS -9%. NYMT -7%. MEMP -7%. GNW -7%. PWR -7%. CERN -6%. PZZA -6%.
Tue, Aug. 4, 5:07 PM
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
Mon, Jul. 6, 3:15 PM
- WTI crude oil settled at a three-month low $52.53/bbl, -7.7%, on a confluence of worries about the Greece debt drama, China’s stock markets and a new flood of Iranian oil; Brent crude fell to $56.50, -6.3%, to snap its 100-day MA.
- WTI has dropped 10% over three straight sessions and Brent more than 7% lower in two consecutive days, breaking out of the narrow trading band of the past three months and risking a deeper slide ahead.
- The energy sector (XLE -1.3%) is easily the worst performing equity group today: CLR -7.4%, NOG -7.8%, OAS -8.5%, DNR -6.7%, WLL -6%.
- Oil supermajors also are sharply lower: XOM -1%, COP -2.8%, CVX -1.1%, BP -3.3%, TOT -3%.
- ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
Thu, Jul. 2, 6:44 PM
- Payments from the hedges accounted for a whopping 64% of Q1 revenues at SandRidge Energy (NYSE:SD), but now "the safety net is going away," Bloomberg reports.
- “A year ago, you could hedge at $85 to $90, and now it’s in the low $60s,” says an exec at Asset Risk Management, a hedging adviser for more than 100 E&P companies. “Next year it’s really going to come to a head."
- SD had ~90% of its oil and natural gas liquids output hedged in early 2015, but next year the hedges cover less than a third.
- At Goodrich Petroleum (NYSE:GDP), hedges accounted for 35% of Q1 revenues, and most of its insurance runs out at the end of the year.
- Oasis Petroleum (NYSE:OAS) says its use of hedges gave it the time it needed to cut back from 16 drilling rigs to four, which will allow it to spend less than it brings in, even at lower prices.
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 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, 4:59 PM
- Oil production from seven major U.S. shale plays is expected to fall by 86K bbl/day in June, according to the latest report from the Energy Information Administration.
- Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47K bbl/day, while production at the Bakken shale play, centered in North Dakota, is expected to drop by 31K bbl/day, the report says.
- "The data shows that production in the Bakken and Eagle Ford [plays] peaked in March at 1.33M bbl/day and 1.73M bbl/day, respectively," says WTRG Economics energy economist James Williams.
- Among the top Eagle Ford producers: EOG, BHP, COP, CHK, MRO, APC
- Among the top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
OAS vs. ETF Alternatives
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.
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