Devon Energy Corp NYSE:DVN
The pace of US oil rig count growth has slowed dramatically in the last six weeks as the lagged response to oil prices indicated. While US oil production continues to trend higher, in lagged response to the rise in rigs, it is also nearing its apex. However, four U.S. shale companies recently reported second-quarter production that beat targets and increased their respective full-year output growth guidance. This is the 3rd weekly drop in the US oil rig count in the last six weeks... Crude Production (in the Lower 48) topped 9mm last week for the first time since July 2015, and this week it rose once again to a new cycle high...but judging by the slowdown in rig count growth, production may be set to slow. However, despite the slowdown in US oil rig count growth, OilPrice.com's Tsvetana Paraskova notes that US shale heavyweights are set to boost production this year. In a sign that the U.S. shale patch is boosting output that has been keeping a lid on oil prices, four U.S. shale companies reported second-quarter production that beat targets and increased their respective full-year output growth guidance. EOG Resources reported on Tuesday Q2 total crude oil volumes rising 25 percent to 334,700 barrels of oil per day, setting a company oil production record. The company raised its full-year 2017 U.S. crude oil growth target to 20 percent from 18 percent and total company production growth target to seven percent from five percent, keeping capital spending plans intact. “EOG can continue to grow at strong rates within cash flow,” Chairman and CEO Bill Thomas said. Devon Energy beat its midpoint guidance with Q2 net production averaging 536,000 oil-equivalent barrels per day, and said that it was on track to achieve its full-year 2017 production targets. The company cut full-year capital outlook by US$100 million, citing “strong capital efficiencies” and saying it is keeping planned drilling activity for the year. Diamondback Energy reported Q2 2017 production 25 percent higher than in Q1 2017, and raised full-year production guidance by 5 percent. Newfield Exploration Company also beat its production targets and increased the mid-point of its full-year 2017 domestic production outlook. Newfield Exploration now estimates that its year-over-year domestic production growth, adjusted for prior-year asset sales, will be around 8 percent. “In the best parts of the basins, shale is here to stay,” Rob Thummel, managing director at Leawood, Kansas-based Tortoise Capital Advisors LLC, told Bloomberg, commenting on the shale drillers’ Q2 updates and guidance. U.S. drillers expect to continue raising production this year, but some are adjusting spending to the expected cash flows in the current oil price environment, after prices failed to rise as much as analysts and investors had expected a few months ago. “$50 a barrel is still a pretty critical number and that number is going to be even more critical as we move into next year,” Tortoise Capital Advisors’ Thummel told Bloomberg, noting that the lower oil prices could mean that companies would not hedge production as much as they would at higher prices to protect future output. * * * Furthermore, OPEC compliance with production cuts agreed last year fell to 86 percent in July, according to a Bloomberg survey published on Aug. 1. That’s the second consecutive monthly drop -- now at the lowest since January -- and is down from 105 percent in April and May. OPEC output rose by 210,000 barrels to 32.87 million barrels a day in July, driven by Libya, which added 180,000 barrels a day.
Crude production from the Lower 48 dropped marginally last week, despite rising rig counts... And in the last week oil rig counts rose once again (21st week in a row) up 8 to 741 - highest since April 2015 - notably given the lagged response to prices, we might expect the rig count rises to slow here. But, while the Permian has dominated the conversation in recent months, OilPrice.com's Irinia Slav explains the next big US shale play... Media coverage of the U.S. shale oil and gas industry makes it sound like the Permian is the only place where things are happening. Everybody is buying acreage in the Permian, selling acreage in other shale plays, and production costs are falling the fastest in that same Permian. True as this may be, this shale play is by no means the only one where production is growing. In fact, oil and gas output across the shale patch has been growing, as the Energy Information Administration’s latest drilling productivity report shows. And that’s not all because there is a new actor on stage: Powder River Basin in Wyoming. Now, in its May drilling productivity report the EIA confirmed what media have been saying: the Permian is the hottest spot in the shale patch, with a 71,000-bpd increase in output in April. This hottest spot was followed by the Eagle Ford, which some see as a declining play but if we are to believe EIA data, it is far from a decline: drillers there added 36,000 bpd to total output in April. Bakken, which the EIA last year said will become the largest source of tight oil and gas in the U.S., added 6,000 bpd to daily production, with Niobrara added 7,000 bpd. Even the Marcellus and Utica plays, which are more famous for their gas, are yielding more crude, with both adding 1,000 bpd to overall output in April. All in all, despite much skepticism and open doubts in the actual performance of U.S. shale, the fact is that shale drillers are indeed boosting production. There is a school of thought that says the shale bubble will burst at some point, when producers stop being able to service the debts they are taking out to increase production but let’s bear in mind that they are not just investing in more production. Shale drillers are also investing in efficiency improvements that lower their production costs. Now for the new player in the field, which is in fact not new at all. Bloomberg’s Alex Nussbaum calls Wyoming’s (and Montana’s) Powder River Basin “a home to cattle ranches and coal mines.” Yet until the 2014 price crash, the PRB was one of the shale oil basins that were growing at the fastest rate. Then prices tanked and drillers started getting out. Now drillers are returning to the PBR. Crude oil production in the basin jumped to 1,000 bpd of oil equivalent over the last 12 months from less than 800 barrels and a major drilling expansion is on the way. EOG, Chesapeake, and Devon Energy are planning to spend a combined US$600 million in that part of Wyoming, and pipeline operators are eager to expand in that direction. The reason: land prices are much lower than those in the Permian, for the moment. It’s all about early birds catching worms, and the earlier a bird is the better because prices in Powder River are already rising. A year ago, Nussbaum says, drilling permits went for less than US$1,000 per acre. Now, an acre costs US$17,000. It may be that the Powder River Basin will repeat the success of the Permian, not least because its geology is similar, which of course means low production prices. Just this week, a local midstream operator, Evolution Midstream, purchased a gas gathering system from peer Lucid Energy Group, saying the asset will make the foundation for regional expansion now that interest in the Powder River Basin is growing so fast.
Cross-posted with TomDispatch.com Remember when “draining the swamp” was something the Bush administration swore it was going to do in launching its Global War on Terror? Well, as we all know, that global swamp of terror only got muckier in the ensuing years. (Think al-Qaeda in the Arabian Peninsula, think ISIS.) Then, last year, that swamp left terror behind and took up residence in Washington, D.C. In the 2016 presidential campaign, Donald Trump swore repeatedly that, along with building his wall and locking “her” up, he was going to definitively drain the Washington swamp, ridding the national capital of special interests once and for all. (“It is time to drain the swamp in Washington, D.C.,” he typically said. “This is why I’m proposing a package of ethics reforms to make our government honest once again.”) “Drain the swamp” became one of the signature chants at his rallies. You want swamp? You’ve already got the start of a genuine mire, a true bog in Donald Trump’s Washington. No sooner had he been elected, however, then he decided to “retire” the concept of draining the swamp ― and little wonder. After all, he quickly began appointing hordes of “former lobbyists, lawyers and consultants” to agencies where they were to help “craft new policies for the same industries in which they recently earned a paycheck.” Then his administration started issuing waivers to those new appointees, allowing them to “take up matters that could benefit former clients.” News of just who got those waivers was kept secret and only released after publicity about them took a truly bad turn. Here’s a typical example of one of them, as reported by the New York Times: “A... waiver was given to Michael Catanzaro, who until January was registered as a lobbyist for companies including Devon Energy, an oil and gas company, and Talen Energy, a coal-burning electric utility. Mr. Catanzaro moved from lobbying against Obama-era environmental rules to overseeing the White House office in charge of rolling back the same rules, an activity permitted by his waiver.” You want swamp? You’ve already got the start of a genuine mire, a true bog in Donald Trump’s Washington. Having yesterday’s corporate lobbyists oversee today’s government policies for the very industries that employed them last week doesn’t exactly increase the odds of instituting the sort of “populist” economics Trump promised on the campaign trail; nor, as TomDispatch regular Nomi Prins, author of All the Presidents’ Bankers, reported in late January, is appointing a veritable who’s who of Goldman Sachs executives to key positions, including Treasury secretary, the most obvious way to drain the swamp when it comes to, say, America’s banks and other financial institutions. As for those banks ― remember the “too big to fail” financial meltdown of 2007-2008? ― let Prins tell you in her latest, “Dear President Trump: Breaking Up (Banks) Isn’t So Hard to Do,” just what’s at stake in Washington right now. type=type=RelatedArticlesblockTitle=Related... + articlesList=59237119e4b07617ae4cbef6,5924a04be4b0650cc01fd23f,58e801a5e4b058f0a02f5363,591b6f2ae4b0a7458fa3f3d8 -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
Devon Energy (DVN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Ведущие инвесторы в среду уведомили американских промышленников, что считают важным фактором изменение климата вопреки соображениям президента Дональда Трампа, который задумался над выходом из глобального Парижского климатического соглашения.
Top Analyst Reports for Visa, GE, GlaxoSmithKline & Others
Analysts think the stocks of Continental Resources, Cabot Oil & Gas, Concho Resources, Devon Energy and Diamondback could outperform, even though some were disappointed over the length and depth of OPEC's oil production cuts.
Политологи еще долго будут обсуждать откуда взялись Брексит, Трамп и Ле Пен. Некоторые думают, что проблема — в разнице в доходах. Я бы сказал, что не совсем. Скорее речь идет о беспокойстве об источнике дохода и о том, каким образом сейчас можно сохранить хорошую работу.
В центре внимания — Devon Energy, National Oilwell Varco и ONEOK.
Thunder Creek Gas Services LLC, a subsidiary of Meritage Midstream Services II LLC, has acquired midstream assets in the southern portion of Wyoming’s Powder River basin from Devon Energy Production Co. LP, a wholly owned subsidiary of Devon Energy Corp.
WPX Energy Inc. (WPX) reported a loss of 15 cents per share in the first quarter of 2017, narrower than the Zacks Consensus Estimate of a loss of 17 cents.
Devon Energy Corp., Oklahoma City, reported total net earnings of $565 million in this year’s first quarter. Adjusted earnings totaled $217 million, while operating income was $706 million.
Oklahoma City, Okla., independent Devon Energy Corp. reported on plans to divest $1 billion-worth of upstream assets including noncore portions of the Barnett shale area focused mainly around Johnson County as well as other properties in the company’s US resource base.
Anadarko Petroleum Corporation (APC) reported first-quarter 2017 adjusted loss of 60 cents per share, wider than the Zacks Consensus Estimate of a loss of 26 cents.
Oil Stocks to Watch for Earnings on May 2: NFX, COP, DVN, APC
Jeffrey L. Ritenour has been named executive vice-president and chief financial officer for Devon Energy Corp., Oklahoma City.
President Donald Trump may tap a vocal critic of climate change science to serve as the highest-ranking environmental official in the White House.Kathleen Hartnett White, who says carbon emissions are harmless and should not be regulated, is a top contender to run the Council on Environmental Quality, the White House’s in-house environmental policy shop, sources close to the administration told POLITICO. White House officials brought White in for an interview late last month, according to a person familiar with the hiring process, and Trump met with White at Trump Tower in November when she was under consideration to lead the Environmetal Protection Agency. Adding White to the administration would be a major win for Steve Bannon, Trump's chief strategist, and other hard-line conservatives in the White House, who have been feuding behind the scenes for weeks with the more moderate forces in the West Wing over issues like climate change. And her nomination could appease Trump’s climate skeptic supporters, who have criticized EPA Administrator Scott Pruitt for hesitating to revisit his agency's conclusion that global warming threatens public health.Trump administration officials are divided over whether White is the best person for the job, and they are also considering other candidates to lead CEQ, sources said. A White House spokeswoman declined to comment, saying, "We will let you know when we have an announcement."Like Pruitt, the former Oklahoma attorney general and fossil fuel ally, White would be another voice from a large oil and gas producing state in charge of climate change and environmental policy.White is a former chairwoman of the Texas Commission on Environmental Quality who now works for a conservative think tank in the Lone Star State. Energy Secretary Rick Perry, a former Texas governor, is said to be advocating on White’s candidacy behind the scenes.Tapping White would only deepen environmentalists’ fears that the new administration will implement a wholesale reversal of former President Barack Obama's approach to climate change as a serious, long-term threat to the environment and national security.White sat on Trump’s economic advisory council during his campaign and since 2008 has worked at the Austin-based conservative think tank Texas Public Policy Foundation, which has received funding from Koch Industries, ExxonMobil, Chevron, ConocoPhillips, Devon Energy and other energy companies and utilities. White, who was a registered lobbyist with the group until Nov. 29, has long been a major voice in the niche industry of public figures who question climate science data or downplay the risks of global warming.“Carbon dioxide is not a pollutant, and carbon is certainly not a poison. Carbon is the chemical basis of all life on earth. Our bones and blood are made out of carbon,” White wrote in a June op-ed. She added that CO2 is the “gas of life” because it is a nutrient used by plants — an argument frequently raised by climate skeptics that most scientists say distracts from the climate-changing components of the gas.White’s position contrasts sharply with established climate science. In its most recent comprehensive report, the United Nations' Intergovernmental Panel on Climate Change, the leading scientific body on global warming, concluded that the Earth is warming because of human-generated emissions — and that time is running short to stave off the worst risks of climate change, including increased temperatures, more extreme weather, sea level rise and ocean acidification.Similar findings have been reached by U.S. authorities, including EPA, NASA and NOAA — all agencies that would be subject to guidance White would issue as CEQ chair, if she were confirmed by the Senate.In an interview with POLITICO in September, White proposed establishing a "blue ribbon commission" to relitigate climate science, underscoring her unorthodox belief that the science showing human-induced climate change is unsettled.The commission, she said, would develop an "alternative scientific methodology" to the IPCC, whose usefulness she said has "reached its peak.”If nominated, White would likely be an advocate within the administration of reopening the foundation of Obama's climate change agenda: EPA’s 2009 “endangerment finding,” a scientific conclusion that greenhouse gases constitute a threat to public health or welfare.Trump told an industry-backed think tank last year that he will “review” the endangerment finding, a potentially difficult task given the scientific consensus on the issue. Any withdrawal of the finding would be challenged by environmentalists in court. Pruitt has so far declined to reopen the endangerment finding, a decision that has infuriated some of Trump's conservative supporters. White would be able to play a key role in shaping the Trump administration's overall approach to climate change, and she has been clear that she does not think the issue should be addressed by EPA. In 2015, she argued that Obama's rules to limit carbon emissions from power plants marked "an unprecedented expansion of federal administrative power" with "no measurable climate benefits.” And last May, she urged House Speaker Paul Ryan to pass a bill that would block EPA from regulating carbon dioxide, methane, hydrofluorocarbons or other greenhouse gases.At CEQ, White could direct other agencies to turn their attention away from climate change, and she would be in charge of implementing recent executive orders on energy development and regulatory streamlining. Last month, Trump ordered the council to revoke recently issued guidance directing all federal agencies to consider climate change when they conduct environmental reviews under the National Environmental Policy Act, a decision that would be difficult to challenge in court. And in January, the president told CEQ to come up with a plan to expedite environmental reviews for major infrastructure projects. While environmentalists have long accused GOP officials of dragging their feet on climate change, White is by far the most outspoken critic of the underlying science — and the most ardent defender of fossil fuels — that Trump has considered to serve in his administration.In a 2014 blog post, White took aim at an article in The Nation by MSNBC host Chris Hayes, whose "recommendation to avert global warming, like most warmist policies, toys with the greatest advance made by mankind," she wrote. In White's view, there is a connection between “the abolition of slavery and humanity's first widespread use of energy from fossil fuels.” The rise of coal and oil, she argued, provided economic incentive to end the practice of slavery in the U.S. and elsewhere. (One critic fired back that the industrial revolution actually “exacerbated” slavery by increasing the demands for slave-produced goods such as cotton.)Putting a permanent CEQ chair in place would also raise the question of where Trump wants decision-making on environmental issues to happen — in the White House or at agencies. The Obama administration shifted major environmental responsibilities from CEQ to EPA and some other agencies as it sought aggressive action on climate change. It remains unclear whether Trump’s CEQ will continue in that vein or have a greater role in policymaking, though outside Republicans have encouraged Trump aides to grant the council wide latitude. The council was run from 2015 through the end of Obama's term by Christy Goldfuss, an unconfirmed managing director. Obama never nominated a replacement for his first CEQ chair, Nancy Sutley, who left in 2014.White’s criticisms of Obama environmental regulations go beyond climate change.She said in 2015 that EPA’s Waters of the U.S. rule, which determines which bodies of water are subject to federal oversight, “is about amending the definitions of well understood words into tortured versions of themselves so that the EPA can seize control of dry land where water may flow after heavy rains.”She also criticized the new ozone standard of 70 parts per billion, calling the rule’s scientific conclusions “a statistical house of cards” and predicting it “may be the straw that breaks the back of our struggling economy.” White, who received her bachelor's and master’s degrees from Stanford University, was a commissioner at the Texas Commission on Environmental Quality from 2001 to 2007, serving as chairman for the last four years of that term. She previously sat on the Texas Water Development Board.Environmentalists do give White some credit for advances made during her tenure at TCEQ.Luke Metzger, director of Environment Texas, told POLITICO that she helped implement a legislative order to create an online reporting system for major emissions events, which is still used by green activists to track noncompliance by major energy companies. Metzger also credited her with a "slightly improved" enforcement policy, though he noted that she blocked an effort by a fellow TCEQ commissioner in 2006 to boost penalties.In 2008, White joined the Texas Public Policy Foundation, where she directs its Armstrong Center for Energy & the Environment.