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Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, Jan. 31 announced a daily trading volume record for ICE Permian WTI Crude Oil Futures (HOU) of 1,953 contracts Jan. 30. That compares to a previous record of 1,304 lots reached on Jan. 7.
Open interest for the contract rose Jan. 30 to 2,255 contracts, an increase of 625 lots from the day before, and near the recent high of 2,625 on Jan. 18. ICE also recently completed its largest delivery for the January 2019 contract of 660,000 barrels of oil. The first expiry, for the December 2018 contract, resulted in 200,000 barrels delivered.
Sempra Energy’s Port Arthur LNG export terminal in Texas took a step toward receiving federal approval for construction on Jan. 31 after the U.S. energy regulator issued a final environmental report.
The Federal Energy Regulatory Commission (FERC) report, known as an environmental impact statement, concluded the project “would result in some adverse environmental impacts, but these impacts would be reduced to less-than-significant levels.”
FERC said in a release its commissioners will consider recommendations by the staff when they decide on the project.
Anadarko Petroleum Corp said on Feb. 1 a long-term agreement had been signed with the trading division of China's state-owned offshore oil and gas producer CNOOC Ltd to supply LNG from Mozambique.
The deal will bring it one step closer to making a final investment decision for its East African LNG project, with the decision expected in the first half of this year.
Mozambique LNG1 Company, the jointly-owned sales entity of the Mozambique Area 1 co-venturers, had signed a sales and Purchase Agreement (SPA) with CNOOC's gas and power Singapore Trading and Marketing unit, Anadarko said.
BP has agreed to disclose how its spending plans, emissions policies and broader business strategy align with the Paris climate agreement amid mounting investor pressure on oil and gas companies to take responsibility for their contribution to global warming.
Hermes EOS, Legal & General Investment Management, Aviva Investors and M&G Investments are among institutions planning to file a shareholder resolution at BP’s annual general meeting in May, demanding more transparency.
U.S. crude oil production rose to a new high of 11.9 million barrels per day (MMbbl/d) in November, up 345,000 bbl/d from the previous month, the U.S. Energy Information Administration said in a monthly report on Jan. 31.
The increase came as output in Texas rose 115,000 bbl/d and Gulf of Mexico offshore production rose by 188,000 bbl/d, outstripping a slight decline in North Dakota, where production fell by 11,000 bbl/d.
Chesapeake Energy Corp. (NYSE: CHK) said Feb. 1 that it has completed its acquisition of WildHorse Resource Development Corp., creating an Eagle Ford oil producing powerhouse for Oklahoma City-based Chesapeake.
The acquisition, previously announced in late October, is worth nearly $4 billion in cash and stock and also includes the assumption of WildHorse's $930 million net debt.
The consideration for the transaction consisted of either 5.989 shares of Chesapeake common stock or a combination of 5.336 shares of Chesapeake common stock and $3 cash, in exchange for each share of WildHorse common stock. Chesapeake intended to finance the cash portion of the WildHorse acquisition, which was expected to be between $275 million and $400 million, through its revolving credit facility.
British energy supplier SSE has agreed to sell nearly half of its stake in the Stronelairg and Dunmaglass wind farms in Scotland to renewables fund Greencoat UK Wind and a U.K. pension fund for 635 million pounds (US$832.17 million).
The move is part of SSE’s wider strategy to focus on its core businesses of regulated networks, renewables, flexible thermal generation and business energy sales, the company said.
SSE will sell its 49.9% stake in the wind farms but will continue to hold the remaining 50.1% majority stake and continue to operate both assets.
Chevron Corp. (NYSE: CVX) on Feb. 1 reported quarterly earnings that topped analysts’ estimates on higher prices and production, sending shares higher in premarket trading.
Results for the San Ramon, Calif.-based company reflected higher oil and gas production with output for the quarter up 156,000 barrels per day from a year earlier. Prices paid for its crude rose to $59 a barrel in the quarter, from $57 a year earlier.
The company reported per-share profit of $1.97 a share compared to analysts’ mean forecast of $1.92 a share, according to Refinitiv. Shares were up 2% at $116.88 before the market opened.
Exxon Mobil Corp. (NYSE: XOM) on Feb. 1 reported a quarterly profit that topped analysts' estimates, pushing it shares up nearly 3% in premarket trading as its oil and natural gas output rose slightly on a year-over-year basis.
The company’s fourth-quarter net income fell to $6 billion, or $1.41 a share, from $8.38 billion a year ago, as margins weakened in its crude, chemicals and refining operations.
However, analysts had forecast a $1.18 a share profit excluding one-time items, according to data from Refinitiv. Exxon Mobil’s oil-equivalent production rose to just over 4 million barrels per day (bbl/d), up from 3.9 million bbl/d in the same period the year prior. The company said its output in the Permian Basin, the largest U.S. shale basin, rose 90% over a year ago.