- the world's top seven LNG buyers (think Asia: China, South Korea, Japan); account for more than one-half of the global LNG demand
- CNOOC
- CPC
- JERA
- KOGAS
- PetroChina
- Sinopec
- Tokyo Gas
- are becoming increasing active in contracting
- the seven have announced more than 16 mtpa of contracts in 2018
- growth in contracting is happening at same time as supply growth is poised to surge
- 2019 could be a record year for "LNG project sanctions"
- 220 mtpa of gas targeting final investment decision (FID)
- projects include
- $27 billion Arctic LNG-2 project in Russia
- one or more projects in Mozambique
- three US projects
- expansion and backfill projects in Australia and Papua New Guinea
- "unplanned cuts": Venezuela
*********************************
Back to the Bakken
Only one well coming off the confidential list today, and it will likely be a DUC -- Friday, December 14, 2018:
- 34201, SI/NC, Hess, BB-Chapin-151-95-0506H-5, Blue Buttes, no production data,
$52.28 | 12/14/2018 | 12/14/2017 | 12/14/2016 | 12/14/2015 | 12/14/2014 |
---|---|---|---|---|---|
Active Rigs | 67 | 52 | 40 | 64 | 181 |
RBN Energy: oil price plunge clouds some E&Ps' 4Q18 outlook.
The third quarter of 2018 was a moment in the sun for U.S. exploration and production companies. The 44 major companies we track reported a 35% increase in pre-tax operating income over the previous quarter and seven-fold increase from the year-ago period on rising commodity prices and narrowing differentials in some key regions.
Oil-Weighted producers outside the infrastructure-constricted Permian posted generally higher realizations, and a number of Permian-focused E&Ps minimized the impact of takeaway constraints by employing basis hedges, utilizing firm transportation contracts and reducing their operating costs.
Diversified producers saw higher quarterly per-unit profits thanks to the tilt of their portfolios toward oil. And as lower Appalachian differentials lifted the realizations of Gas-Weighted producers, portfolio readjustments and the liquids content of production also positively impacted their profitability and cash flow. Today, we analyze third-quarter results by peer group, and discuss the potential impacts of the sudden plunge in oil prices this fall.
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