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U.S. E&Ps Wary of Rising OFS Costs, Living Within Cash Flow, Says Raymond James

U.S. exploration and production (E&P) management teams expect their biggest hurdles this year will be rising service costs and an effort to thrive within cash flow, according to a survey by Raymond James & Associates Inc.

March 12, 2018
WPX Bulks Up Permian Portfolio in West Texas

WPX Bulks Up Permian Portfolio in West Texas

WPX Energy Inc. has struck a $775 million agreement to bolt on more West Texas land to increase its Permian Basin portfolio to 120,000-plus net acres.

January 13, 2017
U.S. E&Ps Shifting from Thrift to ‘Massive’ Capex Surge, Says Raymond James

U.S. E&Ps Shifting from Thrift to ‘Massive’ Capex Surge, Says Raymond James

The domestic oil and natural gas industry likely will see “massive” cash flow increases over the coming years, as the two-year mentality to shrink rapidly shifts back to growth.

January 9, 2017
Limited E&P Cash Flows Pose Risk of Underinvestment, Deloitte Says

Limited E&P Cash Flows Pose Risk of Underinvestment, Deloitte Says

The global exploration and production (E&P) sector is on pace for major underinvestment through 2020, as companies use cash flows to shore up their balance sheets, according to a report released Wednesday by Deloitte LLP.

June 16, 2016

Shell Prioritizing Deepwater, Chemicals, While Slowing NatGas, Unconventionals

Natural gas and unconventionals are taking a backseat at Royal Dutch Shell plc in the near term as it turns its focus to “cash engines,” driven by deepwater and petrochemicals opportunities, the global producer said Tuesday.

June 7, 2016
S&P Clips ExxonMobil’s ‘AAA’ Rating

S&P Clips ExxonMobil’s ‘AAA’ Rating

After carrying a “AAA” credit rating for more than 66 years, ExxonMobil Corp. was brought down a notch by Standard & Poor’s Ratings Services (S&P) on Tuesday, citing expectations for continuing low oil and natural gas prices, high reinvestment requirements and large dividend payments.

April 26, 2016
S&P Clips ExxonMobil’s ‘AAA’ Rating

S&P Clips ExxonMobil’s ‘AAA’ Rating

After carrying a “AAA” credit rating for more than 66 years, ExxonMobil Corp. was brought down a notch by Standard & Poor’s Ratings Services (S&P) on Tuesday, citing expectations for continuing low oil and natural gas prices, high reinvestment requirements and large dividend payments.

April 26, 2016

Briefs — WPX, Chesapeake Energy, Carbo

Tulsa’s WPX Energy Inc. has added more natural gas and oil hedges to protect cash flows through 2017. About two-thirds of anticipated gas production in 2016 is hedged at $3.63/MMBtu. Close to 75% of its expected 2016 oil volumes, 29,380 b/d, are hedged at $60.85/bbl, including 2,000 b/d added since the end of September. For 2017, WPX has hedged 92,500 MMBtu of gas at $3.22 and 9,304 b/d of oil at $61.66. The onshore operator also has reduced its long-term debt by about 17% by repurchasing $68 million in notes of a $400 million maturity due in early 2017. The next debt maturity is in 2020. WPX said it “remains engaged in discussions with third parties” to sell its San Juan Basin gathering system and all or a portion of its Piceance Basin assets. The operator is scheduled to deliver its quarterly results on Feb. 25.

January 22, 2016
Global Oil/Gas Companies Show ‘Wide Deficit’ of Operating Cash to Capex

Global Oil/Gas Companies Show ‘Wide Deficit’ of Operating Cash to Capex

Despite cuts in capital expenditures (capex), oil and natural gas producers worldwide are seeing greater declines in their operating cash flow and, consequently, lower cash balances, trends that could continue into 3Q2015 if crude oil prices continue to fall, the U.S. Energy Information Administration (EIA) said.

September 25, 2015
E&Ps, Oilfield Services Walking Tightrope, With M&A to Cushion Fall, Says Deloitte

E&Ps, Oilfield Services Walking Tightrope, With M&A to Cushion Fall, Says Deloitte

Balance sheet stress is intensifying in the U.S. natural gas and oil sector, which means more takeovers and asset sales are likely by the end of this year, researchers said Thursday.

September 17, 2015
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