EnerCom’s Crude Oil Cuttings

EnerCom Inc.
Aug 23, 2017 · 4 min read

August 23, 2017
CRUDE OIL INVENTORY’000 bbls (Week Ended 8/18/2017)


Current: 463,165
Actual Build/(Withdrawal): (3,327)
Economist Average Estimate: (3,257)
Previous: 466,492


CRUDE OIL IN THE MEDIA:

BHP Looks to Sell its U.S. Shale Assets: We are Prepared to be Patient

Sale signals success for Paul Singer’s activist efforts BHP Billiton (ticker: BHP) announced its intent to exit its onshore U.S. oil and gas operations, after a long campaign by activist investor Paul Singer. BHP reported fiscal year-end results today, showing attributable profit of nearly $5.9 billion, or $1.107 per share. In the conference call, BHP CEO Andrew Mackenzie announced that[Read More…]

Sanchez Sells Dry Gas Portion of Eagle Ford Acreage for $105 Million

No current plans to develop sold properties Sanchez Energy (ticker: SN) announced the sale of a portion of its Eagle Ford assets last week in a $105 million all-cash deal. Sanchez is divesting the Javelina portion of its acreage, totaling about 70,000 acres. Unlike most of the company’s acreage, Javelina is entirely in the dry gas portion of the Eagle[Read More…]

Mexico Looks to Replicate U.S. Shale Success

Private companies may investigate Mexican portion of the Eagle Ford Mexico is beginning to recognize the benefits of private investment, and is opening its Burgos basin to development by private companies. This is notable as the Burgos basin has been the domain of state-owned PEMEX since 1938. The Burgos Basin is located directly south of Texas with mostly natural gas[Read More…]

Total Buys Maersk Oil in $7.45 Billion Deal

Synergies to generate $400 million/year in savings Total S.A. (ticker: TOT) announced the acquisition of Maersk Oil, a subsidiary of the Maersk Group, today in a deal valued at $7.45 billion. The transaction will make Total the second largest operator in the northwest Europe offshore region, with over 500 MBOEPD of production in the area. Adds 160 MBOEPD of production[Read More…]

Silver Run, Alta Mesa and Kingfisher Midstream Announce Merger

Estimated combined value of $3.8 billion Silver Run Acquisition Corporation II (ticker: SRUN) announced its merger with Alta Mesa Holdings and Kingfisher Midstream last week, forming Alta Mesa Resources. Silver Run is a special purpose acquisition company (SPAC) that rose just over $1 billion in its IPO in March. Led by James Hackett, the former chief executive of Anadarko Petroleum[Read More…]

Rig Count Falls by Three as Operations Stabilize

Offshore activity down by one-third since July Drilling activity decreased last week as operators approach equilibrium in the current oil price market, according to Baker Hughes’ Weekly Rig Count. The total number of rigs active in the U.S. fell by three last week, bringing the total number of rigs in the country to 946. One land-based rig shut down, and[Read More…]

Shell Loads Oil in Libya for the First Time in Five Years

From Bloomberg Royal Dutch Shell Plc, the world’s largest oil trader, is said to have loaded its first crude from Libya in five years over the weekend, adding to evidence of the OPEC nation’s comeback. The cargo on Saturday is for 600,000 barrels of crude from the Zueitina port, according to two people familiar with the matter who asked not[Read More…]

Goodbye contango? Oil’s long march toward backwardation

From Reuters “The rebalancing of the oil market desired by the leading producers has been a stubborn process,” the International Energy Agency wrote in its latest monthly oil market report. The agency’s evident frustration about the slow and uneven pace of rebalancing, and the conflicting signals about whether it is happening at all, is shared by many traders, analysts and[Read More…]

Whatever Happened to Indonesia’s Mighty Oil and Gas Industry?

From Bloomberg Once a cornerstone of the economy, Indonesia’s oil and gas sector is in a slump, even as the country’s appetite for energy soars. Hit by a drop in global prices, changing regulations and competition from neighbors that are proving more attractive to international energy companies, Southeast Asia’s biggest economy is facing a decline in oil revenue and steadily rising[Read More…]

OPEC Oil-Glut Fight Could Last Years

From Bloomberg When OPEC and Russia first embarked on their strategy to clear a global oil glut, it was expected to succeed within six months. It now looks like the battle could last for years. The Organization of Petroleum Exporting Countries and its partners plan to wrap up their production cuts next spring, already nine months later than originally expected.[Read More…]

Oil Slips as Rising Production Outweighs Shrinking U.S. Supplies

From Bloomberg Oil declined to the lowest level in more than three weeks as investors focused in on a rise in U.S. crude production, even as stockpiles slipped by the most since September. Futures fell for a third day, dropping 1.6 percent in New York. While crude inventories continued to decline, losing 8.95 million barrels last week, U.S. output gained[Read More…]

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EnerCom Inc.

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