The energy sector is off to a higher start, supported by strength in the underlying commodities but pressured...
The energy sector is off to a higher start, supported by strength in the underlying commodities but pressured by the major equity futures which are trading lower as investors wait for minutes of the Federal Reserve’s last meeting. The market is also digesting consumer data released this morning which show retail sales surged 3.8% in January, much more than expected amid inflation rise. Western skepticism over Russian claims of a withdrawal of some troops near Ukraine kept caution in the air as U.S President Joe Biden said there was no proof of a pullback yet. Additionally, Kyiv hinted at Russian involvement in a cyber-attack on Ukraine’s defense ministry website.
Continental Resources Stock Drops on Expected Higher Spending for 2022
Shares of shale oil producer Continental Resources Inc. fell as much as 8% on Feb....
Shares of shale oil producer Continental Resources Inc. fell as much as 8% on Feb. 15 after the company gave a 2022 outlook that included higher-than-expected spending and lower-than-expected oil and gas volumes.
Shares were off around 7% at $53.26 in afternoon trading. The decline exceeded the roughly 3.8% drop in other oil shares as U.S. crude futures fell to $91.47/bbl on hopes for an easing of tensions in Eastern Europe.
After the market close on Feb. 14, Continental said it expects to spend $2.3 billion in 2022, above analysts' forecasts for around $2.14 billion. Last year its capital spending totaled $1.56 billion.
Brigham Minerals to Acquire Midland Basin Position Operated by Pioneer, Endeavor
Brigham Minerals...
Brigham Minerals Inc. recently agreed to a cash-and-stock mineral acquisition in the Midland Basin largely operated by Pioneer Natural Resources and Endeavor Energy Resources.
The transaction, estimated by Tudor, Pickering, Holt & Co. (TPH) analysts to be valued around $32.5 million, checks all the boxes Brigham Mineral requires for “large deals” including both near-term cash flow per share and NAV accretion, according to CEO Robert M. (Rob) Roosa.
“We remain extremely focused on capturing and creating value through consolidation and are pleased that our disciplined underwriting has been rewarded with acquisitions of over $120 million in the past three months,” Roosa commented in a recent company release.
Natural gas production in North Dakota's Bakken Shale averaged...
Natural gas production in North Dakota's Bakken Shale averaged 3 billion cubic feet per day in the fourth quarter of 2021, according to the state's Department of Mineral Resources. S&P Global Platts Analytics expects Bakken oil and gas output to grow 10% and 20%, respectively, this year, as the rig count reaches its highest level since April 2020, at 35.
The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 1.076...
The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 1.076 million barrels after analysts predicted a larger draw of 1.769 million barrels.
U.S. crude inventories have shed some 80 million barrels since the start of 2021 and about 22 million barrels since the start of 2020. Global crude stockpiles are also low.
Distillate stocks saw a decrease in inventory of 546,000 barrels for the week, after last week's 2.203 million barrel decrease. Cushing saw a 2.382 million-barrel decrease this week. Cushing inventories stood at 27.7 million barrels as of February 4—down from 60 million barrels at the start of 2021, and down from 37 million barrels at the end of 2021.
