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US Energy Firms Chasing Oil Price Rally Stumble On Old Baggage

International Business Times

With oil price recovery taking hold, several U.S. oil and gas companies entered 2018 with a compelling plan - sell undeveloped or less essential fields and invest the money to boost returns from their sweetest, most productive spots. There is a catch, though. The strategy assumes that with crude now up more than 150 percent from its February 2016 bottom enough firms are keen to crank up production, even if it means buying fields with higher extraction costs and lower margins. So far, sale attempts suggest those buyers may be hard to come by. After a bruising downturn, shareholders are looking to get a cut of improved profits and asset sale proceeds rather than underwrite acquisitions, those involved in these deals say.


Texas' shale oil boom yields rags-to-riches tales by the barrel

FOX News

It's a visual juggernaut but make no mistake – this is shale country and in this part of the Lone Star State, legends are born and billions are made every single day. Take Texas natives Cody Campbell and John Sellers, for example. They met in the seventh grade, played football together at Canyon High School and ended up at Texas Tech University. Cody Campbell had a brief stint with the NFL's Indianapolis Colts before starting a career in the oil business (Getty Images) Campbell went on to the NFL, playing as an offensive guard with the Indianapolis Colts while Sellers made money in real estate. In 2009, the two friends started Double Eagle Energy Holding, where they signed lucrative land deals on the hoods of their pickups and lived lease-to-lease.


New survey finds twenty billion barrels of oil worth up to $900 billion found underneath Texas in largest continuous field discovered in the U.S.

Daily Mail - Science & tech

A new geological survey has revealed the biggest continuous oil field ever discovered in the America hidden under west Texas. The Midland Basin, of the Wolfcamp Shale area in the Permian Basin, has an estimated 20 billion barrels of oil - worth up to $900 billion - and 1.6 billion barrels of natural gas, according to the US Geological survey. The discovery is nearly three times larger than the shale oil found in 2013 in the Bakken and Three Forks formations in the Dakotas and Montana, said Chris Schenk, a Denver-based research geologist for the agency. A new geologist survey has revealed the biggest continuous oil field ever discovered in the America hidden under west Texas (Robinson Drilling rig No. 4 in Midland County, Texas in February 2016) The oil, which is contained within layers of shale, is worth around $900 billion based on the current market price of oil. Yet, oil companies will have to pay for the extraction and processing of the oil.


With Oil Price Near 50, Resilient US Shale Producers Eye New Chapter

International Business Times

Two years into the worst oil price rout in a generation, large and mid-sized U.S. independent producers are surviving and eyeing growth again as oil nears 50 a barrel, confounding OPEC and Saudi Arabia with their resiliency. That shale giants Hess Corp (HES.N), Apache Corp (APA.N) and more than 25 other companies have beaten back OPEC's attempt to sideline them would have been unthinkable just months ago, when oil plumbed 26 a barrel and collapses were feared. To regain market share, the Organization of the Petroleum Exporting Countries in late 2014 pumped more oil despite growing global oversupply. It aimed to drive prices lower and force higher-cost producers out of the market, with shale oil seen as especially vulnerable. Industry revenue fell more than 30 percent in 2015 from the previous year, the U.S. drilling rig count dropped by more than 70 percent from when oil was still above 100 per barrel, stock valuations plunged and scores of small producers filed for bankruptcy.


Chevron Buying Anadarko for $33B as Crude Prices Rise

U.S. News

The LNG Wirth referred to is liquefied natural gas. With the deal announced Friday, it gets access to Anadarko's LNG operations in Mozambique. The combined company will also control a 75-mile-wide corridor across the Delaware Basin, just beside the Permian Basin, a region bountiful with natural gas that has been exploited through shale drilling.