Oil prices rally on report that Germany drops opposition to Russian oil embargo
Germany’s announcement that it was prepared to end Russian crude oil purchases and support a total...
Germany’s announcement that it was prepared to end Russian crude oil purchases and support a total ban prompted an increase Thursday in the world’s crude oil prices.
In the U.S., West Texas Intermediate crude rose more than 3% or $3.34 to finish the day’s trading at $105.36 a barrel while global benchmark Brent crude went up $2.27 or about 2% and closed at $107.59 a barrel.
While oil prices rose, natural gas prices fell more than 6%. June natural gas dropped 45 cents to $6.89 per 1,000 cubic feet.
Continental Resources Raises Annual Output Forecast on High Oil Prices
U.S. shale producer Continental Resources Inc. on April 27 raised its annual...
U.S. shale producer Continental Resources Inc. on April 27 raised its annual forecast for oil and natural gas production, as it benefits from high crude oil prices.
Russia, one of the biggest exporters of crude, has been hit by a slew of sanctions for its invasion of Ukraine, lifting oil prices to multi-year highs during the quarter.
The company now expects 2022 oil output of between 200,000 bbl/d and 210,000 bbl/d of oil from 195,000 bbl/d to 205,000 bbl/d of oil earlier.
Continental also raised its annual natural gas production forecast to 1.10 Bcf/d to 1.20 Bcf/d from 1.04 Bcf/d to 1.14 Bcf/d.
Hess Beats Profit Estimates But Warns of Rising Costs
U.S. oil and gas producer Hess Corp. on April 27 topped Wall...
U.S. oil and gas producer Hess Corp. on April 27 topped Wall Street estimates for first-quarter profit as oil prices surged, but warned of rising costs and a production hit due to weather-related issues in the Bakken.
Hess said net income attributable to the company jumped 65% to $417 million, or $1.34 per share, in the three months ended March 31, from last year.
The company warned that inflation may require it to add $80 million to $100 million to its capital program during the year. It said drilling and completion costs in the Bakken have increased about 7% from last year to $6.2 million per well.
US Driller Helmerich & Payne’s Earnings Top Estimates as Activity Rebounds
U.S. drilling contractor Helmerich & Payne on April 27 beat Wall Street estimates...
U.S. drilling contractor Helmerich & Payne on April 27 beat Wall Street estimates for second-quarter earnings, as surging oil and gas prices have boosted demand for its services and equipment.
During the quarter, the company said its number of active oil rigs rose to 171 from 154 in the previous quarter. It anticipates exiting the current quarter with 175 active rigs, it said in a release.
The company said its net loss narrowed sharply to $5 million, or 5 cents per share, for the second quarter from a loss of $121 million, or $1.13 per share, a year ago. Wall Street analysts had anticipated a loss of 32 cents per share, according to Refinitiv IBES.
HighPeak Energy to Acquire Hannathon Permian Properties for $373.4 Million
HighPeak Energy Inc. agreed on April 27 to acquire the Howard County,...
HighPeak Energy Inc. agreed on April 27 to acquire the Howard County, Texas, assets of Hannathon Petroleum LLC and other non-operated working interest owners in a cash-and-stock deal estimated to be worth about $373.4 million. The bolt-on acquisition adds Midland Basin acreage largely contiguous to the company’s existing Signal Peak position where Chairman and CEO Jack Hightower said HighPeak began its strategic expansion last August.
