The Midland and Delaware Basins, which are sub-basins of the Permian Basin, had the lowest break-even prices.
A majority of major oil companies saw more than one-third of their total production come from the Permian Basin in 2Q17.
After Pioneer’s latest well results announcement, its stock fell 12%. On August 2, 2017. On the same day, Apache (APA) fell 1.5%.
While PXD assured that the rising gas-to-oil ratio would not affect its oil production growth, its stock dropped anyway.
Analysts estimate that Seadrill’s (SDRL) 2Q17 EBITDA could be $233 million compared to $291 million in 1Q17.
Wall Street analysts expect Seadrill’s (SDRL) revenues to be just over $540 million in 2Q17, a 5% fall from its 1Q17 revenues of $569 million and a fall of 37.8% year-over-year.
Seadrill (SDRL) plans to release its 2Q17 results on August 24. In 1Q17, Seadrill’s revenues totaled $569 million, nearly 14.6% lower than its 4Q16 revenues of $667 million.
The CFTC reported that hedge funds decreased their net long positions on US natural gas futures and options contracts 28% to 39,569 on August 1–8, 2017.
PointLogic estimates that weekly US dry natural gas production fell 0.3% to 73 Bcf (billion cubic feet) per day on August 10–16, 2017.
On August 18, 2017, Baker Hughes (BHI) is scheduled to release its weekly crude oil and natural gas rig count report.
The EIA reported that US natural gas inventories rose by 53 Bcf to 3,082 Bcf on August 4–11, 2017. Inventories rose 1.7% week-over-week.
September natural gas (UNG) (BOIL) futures contracts trading in NYMEX fell 0.2% to $2.92 per MMBtu in electronic trading at 2:00 AM EST on August 18, 2017.
US natural gas active futures hit $1.68 per MMBtu on March 4, 2016—the lowest level in 17 years. Prices hit $3.99 per MMBtu on December 28, 2016.
On August 15, 2017, Transocean’s (RIG) target price was cut to $9 from $9.50 by Jefferies. It maintained a “hold” rating on the stock.
Atwood Oceanics has secured a one-well contract extension on its ultra-deepwater rig Atwood Achiever.
The US offshore rig count for the week ended August 11, 2017, rose by one from the previous week. The total rig count fell by five to 949.
As of July 31, 2017, California Resources’ (CRC) total shares shorted (or short interest) stood at ~16.3 million.
As of August 16, 2017, California Resources (CRC) had an implied volatility of 87.6%, which is much lower than 91.6% on August 4, 2017.
As of August 16, 2017, 71.4% of the seven analysts covering California Resources (CRC) have “hold” recommendations on the stock.
For 2Q17, California Resources (CRC) reported operating cash flow of -$13.0 million, which is much lower than analysts’ expectation of $79.0 million.