IS - Aker Energy working on phased approach to Pecan development - June 2020Aker Energy said it is actively pursuing a development concept where it can begin work on Phase 1 development of the Pecan field off Ghana. The company delayed the project’s FID in March because of the oil price crash and is conducting conceptual studies to confirm the feasibility of a phased development, which along with a redeployed FPSO is expected to substantially reduce costs. The company originally planned to develop Pecan and tie in other area resources at the same time, using...
Jun 22, 2020
OFS - Blockchain consortium claims success in Bakken water system - June 2020A consortium of 10 leading E&P companies completed its first pilot leveraging blockchain technology. The Offshore Operators Committee Oil & Gas Blockchain Consortium said the project produced a platform for automating produced water haulage from field reading to invoice payment. “This is just the tip of the iceberg for the potential of blockchain in our industry,” consortium chairman Rebecca Hofmann said. The pilot, developed in partnership with Data Gumbo and utilizing its GumboNet...
Jun 10, 2020
PS - Hess holds steady on 2020 GOM plans, sees declines in 2021 - June 2020Hess Corp.’s Q1 GOM production grew 6% YOY to 74,000 boe/d. During the quarter, the company brought online the Esox-1 discovery (57.24% WI) in Mississippi Canyon, a low-cost tieback to Tubular Bells that went from discovery to first oil in four months. The company does not plan to invest in additional production wells this year but will participate with 25% WI in the BP-operated Galapagos deepwater exploration well. Also located in Mississippi Canyon, the Cretaceous-aged Galapagos prospect was...
Jun 03, 2020
SES - Hess holds steady on 2020 GOM plans, sees declines in 2021 - May 21, 2020Hess Corp.’s Q1 Gulf of Mexico production grew 6% YOY to 74,000 boe/d. During the quarter, the company brought online the Esox-1 discovery (57.24% WI) in the Mississippi Canyon area, a low-cost tieback to the Tubular Bells production facilities that went from discovery to first oil in four months. The company does not plan to invest in additional production wells this year but will participate with 25% WI in the BPoperated Galapagos deepwater exploration well. Also located in Mississippi...
May 21, 2020
CM - Prices plunge, and then along comes earnings… - May 2020First-quarter earnings have been mostly painful with the writedowns of billions in impaired oil and gas assets. Exxon Mobil Corp. incurred its first quarterly loss in 32 years (PG.1), ConocoPhillips reported a $1.7 billion loss (PG.12), Hess Corp. a $2.4 billion loss (PG.12), Diamondback Energy Inc. lost $272 million (PG.14) and Concho Resources Inc. has reported quarterly losses in five out of the last 10 quarters but never even close to the almost $9.3 billion (PG.13) it lost in Q1. Reliable...
May 15, 2020
A&D - People & Companies - May 1, 2020Amplify Energy president and CEO Ken Mariani has retired. Current CFO Martyn Willsher has been appointed interim CEO. On behalf of the board, Chris Hamm will serve as lead director. Antero Resources appointed Jacqueline C. Mutschler to its board as a Class II director, increasing the size of the board to nine directors, seven of whom are independent. Mutschler has an extensive background in the oil and gas industry, previously serving as SVP and head of E&P technology at BP from 2006 to...
May 01, 2020
PS - People & Companies - April 22, 2020Amazing Energy Oil & Gas Co. named Benjamin Jacobson III CFO, effective Feb. 13, replacing Marty Dobbins, who resigned. Prior to joining Amazing Energy, Jacobson co-founded ICP, LLC, which invests in E&P companies. Amplify Energy president and CEO Ken Mariani has retired. Current CFO Martyn Willsher has been appointed interim CEO. On behalf of the board, Chris Hamm will serve as lead director. Antero Resources appointed Jacqueline C. Mutschler to its board as a Class II...
Apr 22, 2020
MI - People & Companies - April 17, 2020Adams Resources & Energy, Inc. named Greg L. Mills president of its GulfMark Energy, Inc. subsidiary, replacing Adams CEO and president Kevin J. Roycraft, who had held the GulfMark position on an interim basis. Altus Midstream Co. elected CEO and president Clay Bretches to the additional role of chairman of the board, replacing W. Mark Meyer, who also resigned as a director. The company elected Stephen Noe to fill the vacant director seat. Antero Midstream Corp. elected...
Apr 17, 2020
CM - Oil in the time of coronavirus - April 2020US oil production has been holding at near record highs even as demand for gasoline falls, but it’s coming under pressure to tap the breaks on pumping out high volumes that are helping to bring prices down to historic lows and pushing cash-strapped companies to bankruptcy. Whiting Petroleum (PG.1) is the first high-profile shale producer to file a petition in what analysts believe may be a new parade of Chapter 11 filings. Oil executives themselves have asked the Texas Railroad Commission to...
Apr 03, 2020
CM - New $1B term loan, hedging & capex cuts on agenda for Hess
- April 2020Hess Corp. announced March 17 that it had entered into a $1 billion, three-year term loan agreement with JP Morgan, which will likely be syndicated. Interest will be payable at either an adjusted LIBOR or base rate, at the company’s option. In addition to the new term loan, Hess has an undrawn $3.5 billion revolving credit facility. The company announced a revised $2.2 billion capital and exploratory budget for 2020, with reductions mainly achieved by shifting to a one-rig program in...
Apr 03, 2020
CM - People & Companies - April 3, 2020Amazing Energy Oil and Gas Co. named Benjamin Jacobson III CFO effective Feb. 13, succeeding Marty Dobbins, who resigned. Prior to joining Amazing Energy, Jacobson co-founded ICP, LLC, which invests in E&P companies. Apache Corp. appointed Clay Bretches EVP, Operations, a promotion from SVP Operations. He will also continue to serve as CEO and a director of Apache subsidiary Altus Midstream Co., which he has done for over a year. Basic Energy Services, Inc. has reconfigured its...
Apr 03, 2020
PS - Bakken Briegs - March 30, 2020Hess Corp. reduced its 2020 capex by $800 million to $2.2 billion. The company will go from six rigs in the Bakken to one by the end of May. Most discretionary exploration and offshore drilling activities, excluding Guyana, will also be deferred. Production guidance is now 325,000-330,000 boe/d, excluding Libya, compared to the former target of 330,000-335,000 boe/d; Bakken volumes are expected to be 175,000 boe/d in 2020, down by 5,000 boe/d from the previous guidance. The company’s...
Mar 30, 2020
BS - Hess Corp. Highlights - March 24, 2020Hess Corp. reduced its 2020 capex by $800 million to a total of $2.2 billion. The company will go from six rigs in the Bakken down to one by the end of May. Most discretionary exploration and offshore drilling activities, excluding Guyana, will also be deferred. Production guidance is now 325,000-330,000 boe/d, excluding Libya, compared to the former target of 330,000-335,000 boe/d; Bakken volumes are expected to be 175,000 boe/d in 2020, down 5,000 boe/d from the old guidance. The company’s...
Mar 24, 2020
IS - North Sea & Western Europe Briefs - March 24, 2020AIM-listed Ascent Resources, which owns a 75% stake in the Petišovci tight gas project in Slovenia, said that it had raised £500,000 of the £800,000 of funds initially sought through the sale of 10 million ordinary shares. Despite market conditions, the company said it expects to raise another £200,000 by April 6 for a total of £700,000. The combined sales of 14 million shares will bring Ascent’s shares outstanding to 44.2 million. Equinor farmed into a non-operated 50% WI in the UK...
Mar 24, 2020
PS- Gulf of Mexico Briefs - February 17, 2020BP temporarily suspended the Puma West exploration well after reaching a 21,500 ft TVD. The top and base of salt were encountered in close proximity to pre-drill depth expectations, validating the preliminary geological interpretation. Plans are being developed to return to the prospect later this year with a slightly modified casing design to continue drilling the well to 25,200 ft. Byron Energy has contracted Enterprise Offshore Drilling’s EOD-264 jackup for a multi-well campaign in...
Feb 17, 2020