Pages

Thursday, February 22, 2018

Wow, WTI Jumps -- Up Almost 2% -- Flirting With $63 -- Also Exxon On The Move -- February 22, 2018

Note: initially unable to access NOG press release reporting guidance, but it looks like it may be good news. Shares up 8% before the close; down 2% after hours.  Here's the press release (link here):
  • Northern raises 2018 annual production guidance and now expects a 16 - 20% increase over 2017
  • year-end 2017 proved reserve volumes increased 40% year over year from 54.1 million barrels of oil equivalent (“boe”) in 2016 to 75.8 million Boe
  • the SEC PV-10 value of year-end proved reserves increased 100% year over year
  • fourth quarter production increased 22% year over year and 9.3% sequentially to 1,540,237 boe. Production averaged 16,742 boe per day in the fourth quarter
  • fourth quarter oil differential was $3.51 per barrel, an improvement of $2.71 per barrel compared to the third quarter
  • Northern added 16.9 net wells to production during 2017 and ended the year with an additional 18.3 net wells in process
  • adjusted EBITDA for the fourth quarter was $48.5 million. Northern’s adjusted net income for the fourth quarter was $6.6 million, or $0.10 per diluted share. GAAP net loss for the quarter was $23.8 million, or a loss of $0.37 per diluted share, primarily due to a non-cash mark-to-market loss on its hedge portfolio. [I don't know, yet, what analysts forcast NOG's earnings to be for 4Q17.]
 ******************************************

First, Exxon: could make Beaumont the largest refinery in the US -- being reported by oilprice.com. Data points:
  • Beaumont Refinery currently processes 365,00 bpd; produces 2.8 billion gallons of gasoline annually
  • Exxon could expand the capacity for the Beaumont Refinery to between 700,000 bpd and 850,000 bpd
  • this capacity would be higher than the current largest refinery in the US, Motiva's Port Arthur refinery, at 600,000 bpd; North America's biggest refinery
Much more at the link.

Now, back to WTI: $62.73 near the close of the normal trading day in the US. Tomorrow, for those turning into CNBC you could hear the phrase, "63-handle for WTI."

***********************************
Back To The Bakken

Active rigs:

$62.732/22/201802/22/201702/22/201602/22/201502/22/2014
Active Rigs564339127187

Two new permits
  • Operator: WPX
  • Field: Squaw Creek (McKenzie)
  • Comments:
One permit canceled:
  • WPX: one Hackberry permit in McKenzie County
No permits renewed.

No producing wells (DUCs) reported as completed.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.