OklahomaMinerals.com

Snippets

• Oklahoma Energy Companies Lose $2 Billion Over Past Three Months
  Oklahoma energy companies have lost more than $2 Billion in the last three months, according...
  Oklahoma energy companies have lost more than $2 Billion in the last three months, according to federal financial filings.
  
  Continental Resources Executive Chairman Harold Hamm told investors this week, the past three months have been “one of the most volatile quarters in this industry.”
  
  Sandridge Energy CEO Carl Giesler called it, “arguably the most challenging in the history of the oil and gas business.”
  
  Topping the second-quarter losses in Oklahoma City, Gulfport Energy at $561.1 million, Continental Resources at $255.7, Sandridge at $215.8, and adjusted for non-cash loss items, Devon Energy at $66 million. Chesapeake Energy, which filed bankruptcy in June, has not yet filed federal disclosures for the past quarter.
  
  Source: News 9 OKC
  Read More
• EOG restores shut-in crude output, but says another third will remain down in Q3
  US operators demonstrated the ability to be nimble during the second...
  US operators demonstrated the ability to be nimble during the second quarter of 2020, quickly curtailing production while facing multiple hurdles such as the commodity price collapse and reining in natural gas flaring volumes in oil-rich plays such as the Permian and Bakken.
  
  Despite shutting in numerous wells to slice into production volumes during the commodity price collapse, EOG managed to generate more oil and gas than expected.
  
  "Second quarter results show EOG's ability to quickly adapt to an unprecedented commodity price drop," said EOG Resources CEO Bill Thomas during an earnings call on Aug. 7. "EOG employees rose to the challenge. Compared to our aggressive plan and guidance we produced 7% more oil with a whopping 22% lower operating costs while oil prices averaged less than $30/b."
  
  EOG Resources continues to restore oil volumes shut-in during Q2 from the coronavirus pandemic but estimates a third of those volumes will remain curtailed on average in the July-September period.
  
  Source: S&P Global
  Read More
• Comstock Looking to Grab Natural Gas Price Advantage from Haynesville This Winter
  Haynesville Shale giant Comstock Resources Inc. is changing its tune. After adopting...
  Haynesville Shale giant Comstock Resources Inc. is changing its tune. After adopting a moratorium on bringing new wells online in the natural gas-rich play from April through June, some completion activity has now resumed in anticipation of a bump in prices this winter.
  
  During 2Q2020, 18.9 net wells in the Haynesville and Bossier plays were drilled but uncompleted, aka DUCs. Comstock now expects to turn online 25 DUCs through the end of the year. 
  
  The Frisco, TX-based independent, majority controlled by Dallas Cowboys owner Jerry Jones and family, has intentionally reduced the number of Haynesville wells to be drilled and adjusted the completion schedule. Comstock this month raised its rig count in the Haynesville/Bossier to five and plans to add a sixth rig across its 305,000 net acres by the end of the year, CFO Roland Burns told analysts.
  
  Source: Natural Gas Intel
  Read More
• Natural Gas Price Report
  Natural gas prices moved lower on Thursday after hitting a 3-month high earlier in the trading...
  Natural gas prices moved lower on Thursday after hitting a 3-month high earlier in the trading session. Prices generated an outside day which is generally a signal of a temporary top.  This followed a slightly larger than expected rise in natural gas inventories according to the EIA.
  
  The September Nymex futures contract settled at $2.165, down 2.6 cents day/day. October also slipped 2.6 cents to $2.305.
  
  Inventories Rose Slightly More than Expected
  
  Natural gas in storage was 3,274 Bcf as of Friday, July 31, 2020, according to the EIA. This represents a net increase of 33 Bcf from the previous week. Expectations were for a 31 Bcf build according to survey provider Estimize. Stocks were 601 Bcf higher than last year at this time and 429 Bcf above the five-year average of 2,845 Bcf. At 3,274 Bcf, total working gas is within the five-year historical range.
  
  
  Read More
• Oil slips to $45 on demand concerns, set for weekly rise
  Brent Crude Oil dipped to around $45 a barrel on Friday on worries that a demand recovery...
  Brent Crude Oil dipped to around $45 a barrel on Friday on worries that a demand recovery would slow due to a resurgence of coronavirus cases, although a pledge from OPEC member Iraq to cut oil output further in August lent support.
  
  The resurgence of infections remains a key issue for the market and demand outlook. Reports indicate cases in the United States are rising in a number of states. India reported on Friday a record daily jump in infections.
  
  Brent crude fell 27 cents, or 0.6%, to $44.82. U.S. West Texas Intermediate crude slipped 13 cents to $41.82.
  
  Brent and WTI are set for weekly gains of around 4%. Prices have recovered from lows reached in April, when Brent slipped below $16, a 21-year low, thanks in part to a record deal on supply cuts by OPEC and its allies.
  
  Source: CNBC
  Read More

• Prev
• Next