Pressured by the negative API report, simmering tensions between the U.S. and China, and the future of...
Pressured by the negative API report, simmering tensions between the U.S. and China, and the future of OPEC+ cuts, WTI crude for July delivery fell $1.54, or 4.5%, to settle at $32.81 a barrel. July Brent crude which expires at the end of Friday’s session, lost $1.43, or nearly 4%, closing at $34.74 a barrel.
The American Petroleum Institute (API) today reported a large crude oil inventory build, of 8.731...
The American Petroleum Institute (API) today reported a large crude oil inventory build, of 8.731 million barrels for the week ending May 22. Analysts had predicted an inventory draw of 2.50 million barrels. It was reported that Cushing inventories saw a draw of 3.370 million barrels.
In the previous week, the API reported a draw in crude oil inventories of 4.8 million barrels. Meanwhile, the EIA’s estimates were for wildly different, with the industry body reporting last week that the inventories had fallen by 5 million barrels.
Hedge Fund Angelo Gordon Buys Northern Oil & Gas Debt
Hedge fund Angelo Gordon & Co. on May 26 bought $33 million worth of Northern...
Hedge fund Angelo Gordon & Co. on May 26 bought $33 million worth of Northern Oil & Gas Inc.'s debt and said it was planning to push for deals that would increase the shale producer's cash reserves.
Angelo, which is already the second-largest owner of Northern with a nearly 10% equity stake, said a potential transaction could include an exchange of equity or debt securities of the company.
Northern has been trying to cut its debt load of more than $1 billion for months by using a so-called "debt-for-equity" swap among other things. In January, Northern gave Angelo Gordon 387,695 preferred shares in exchange for around $35.8 million of its notes owned by the fund.
EQT Closes $125 Million Asset Sale to Diversified Gas & Oil
EQT Corp. said May 26 it closed a multi-million-dollar transaction to sell certain non-strategic...
EQT Corp. said May 26 it closed a multi-million-dollar transaction to sell certain non-strategic assets with proceeds used to pay down the U.S. shale gas producer’s debt.
Diversified Gas & Oil Plc, which had disclosed the deal earlier this month, agreed to purchase the package of upstream and midstream Appalachia assets for initial consideration of $125 million. The deal includes contingency payments of up to $20 million-plus relieves EQT of approximately $47 million in asset retirement obligations and other liabilities associated with the assets.
The EQT assets comprise about 8,500 net acres located in Pennsylvania and West Virginia with an estimated 48 million boe of reserves and PV-10 value of $185 million, according to a Diversified company release.
Some shut-in production may come back online starting in...
Some shut-in production may come back online starting in July and new wells could be drilled as US oil prices climb above $30 per barrel, the break-even point for many US producers, analysts say. About 33% of wells in the Delaware portion of the Permian Basin can turn a profit at $30 per barrel West Texas Intermediate, versus just 4% of wells in the Bakken Shale.
