OklahomaMinerals.com

Snippets

• Cheniere a bright spot amid earnings gloom
  Cheniere Energy turned a $197 million profit...
  Cheniere Energy turned a $197 million profit during the second quarter, versus a $114 million loss a year earlier, while revenue rose 5% to $2.4 billion, all despite the wave of liquefied natural gas cargo cancellations due to the coronavirus outbreak. The company exported 78 cargoes during the quarter, down from 104 the same period last year, but it still earned $708 million from fees on canceled shipments.
  Read More
• US Gas Prices Remain Steady at $2.25/gallon
  The average U.S. price of regular-grade gasoline held steady over...
  
  
  The average U.S. price of regular-grade gasoline held steady over the past two weeks at $2.25 per gallon.
  
  That’s 50 cents below the average pump price from a year ago.
  
  Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the prices are stable because crude oil prices barely changed and the U.S. has a glut of gasoline yet a weak demand during the coronavirus pandemic as wide-ranging unemployment persists.
  
  Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area at $3.31 per gallon. The lowest average is in Baton Rouge, Louisiana, at $1.77 per gallon.
  
  The average price of diesel in the survey taken Friday dropped one penny from two weeks earlier, to $2.53 a gallon.
  
  
  
  
  Read More
• 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

• Prev
• Next