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EQS-News: Deutsche Rohstoff AG: Reserve report 2024 - Value of oil and gas reserves increases despite record production in the previous year and sale of Utah assets

Retrieved on: 
Wednesday, March 13, 2024

Deutsche Rohstoff AG today published the results of its annual oil & gas reserve reports.

Key Points: 
  • Deutsche Rohstoff AG today published the results of its annual oil & gas reserve reports.
  • The reserve values are calculated using the oil price (WTI) and natural gas forward curve as of 31 December 2023.
  • Proved developed producing reserves increased by 28% to 18.9 million BOE (52% oil) (previous year: 14.8 million BOE/42% oil).
  • The discounted value of the producing wells amounts to USD 313 million as of 31 December 2023 (previous year: USD 246 million).

Bayou City Energy Publishes White Paper “Natural Gas Producers: Why Don’t You Stay?”

Retrieved on: 
Wednesday, March 6, 2024

Bayou City Energy (“BCE”), an E&P-focused private equity firm, today published a white paper titled, “ Natural Gas Producers: Why Don’t You Stay?

Key Points: 
  • Bayou City Energy (“BCE”), an E&P-focused private equity firm, today published a white paper titled, “ Natural Gas Producers: Why Don’t You Stay?
  • US natural gas companies continue to rely on misguided framing in comparing themselves to only the other dry gas producers when ranking drilling inventory competitiveness, thereby justifying the decision to bring on more gas volumes.
  • It’s imperative to acknowledge that dry natural gas basins do not produce the lowest cost molecule particularly relative to associated gas molecules.
  • The 2024 outlooks from major public pure play gas producers were encouraging, but not enough, to remedy our depressed natural gas markets.

NOG Provides Fourth Quarter 2023 Operations Update and Preliminary 2024 Guidance

Retrieved on: 
Thursday, February 15, 2024

Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced a fourth quarter 2023 operations update, also highlighting elective Ground Game acquisitions, and preliminary 2024 guidance.

Key Points: 
  • Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced a fourth quarter 2023 operations update, also highlighting elective Ground Game acquisitions, and preliminary 2024 guidance.
  • Fourth quarter 2023 production estimated to be 114.4 Mboe per day, resulting in annual production toward the high end of NOG’s guidance range
    Production volumes in the fourth quarter of 2023 are estimated to have averaged 114.4 Mboe per day.
  • Consequently, NOG incurred approximately $50 million of capital in the fourth quarter that was previously planned for 2024.
  • NOG expects first quarter 2024 production volumes to be slightly lower than the fourth quarter of 2023.

CHESAPEAKE ENERGY CORPORATION, DELFIN LNG AND GUNVOR SIGN LONG-TERM LNG LIQUEFACTION OFFTAKE AGREEMENT INDEXED TO JAPAN KOREA MARKER

Retrieved on: 
Tuesday, February 13, 2024

OKLAHOMA CITY, Feb. 13, 2024 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ: CHK, together with certain of its subsidiaries, collectively, "Chesapeake"), Delfin LNG LLC ("Delfin") and Gunvor Group Ltd, through Gunvor Singapore Pte Ltd ("Gunvor"), today announced the entrance into a liquefied natural gas (LNG) export deal that includes executed Sales and Purchase Agreements ("SPA") for long-term liquefaction offtake.

Key Points: 
  • OKLAHOMA CITY, Feb. 13, 2024 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ: CHK, together with certain of its subsidiaries, collectively, "Chesapeake"), Delfin LNG LLC ("Delfin") and Gunvor Group Ltd, through Gunvor Singapore Pte Ltd ("Gunvor"), today announced the entrance into a liquefied natural gas (LNG) export deal that includes executed Sales and Purchase Agreements ("SPA") for long-term liquefaction offtake.
  • These volumes will represent 0.5 mtpa of the previously announced up to 2 mtpa HOA with Gunvor.
  • We are pleased to formalize our agreement which provides diversification and access to global LNG pricing while enabling the delivery of affordable, reliable, lower carbon energy to markets in need."
  • Dudley Poston, Delfin CEO, said: "We are excited to partner with a premier company like Chesapeake.

Equinor fourth quarter and full year 2023 results

Retrieved on: 
Wednesday, February 7, 2024

Equinor delivered strong production for the fourth quarter of 2,197 mboe per day, up from 2,046 in the same quarter of 2022, driving production growth for 2023 to 2.1%, above the updated guidance of 1.5%.

Key Points: 
  • Equinor delivered strong production for the fourth quarter of 2,197 mboe per day, up from 2,046 in the same quarter of 2022, driving production growth for 2023 to 2.1%, above the updated guidance of 1.5%.
  • Equinor delivered strong adjusted earnings* of USD 8.68 billion and USD 1.88 billion after tax in the fourth quarter.
  • In the fourth quarter, Equinor recognised net impairments of USD 328 million, mainly related to the announced sale of assets and exit from Azerbaijan.
  • Equinor paid two ordinary NCS tax instalments in the fourth quarter and an extra instalment in October, totalling at USD 7.9 billion.

Evolution Petroleum Reports Second Quarter Fiscal 2024 Results and Declares Quarterly Cash Dividend for the Fiscal 2024 Third Quarter

Retrieved on: 
Tuesday, February 6, 2024

Evolution reported $21.0 million of total revenue for the current quarter, a 2% increase from the prior quarter.

Key Points: 
  • Evolution reported $21.0 million of total revenue for the current quarter, a 2% increase from the prior quarter.
  • Lease operating costs (“LOE”) increased $0.5 million, or 4% from $11.9 million in the prior quarter to $12.4 million in the current quarter.
  • During the second quarter of fiscal 2024, the Company fully funded operations, development capital expenditures, and cash dividends through cash generated from operations and working capital.
  • As previously announced, Evolution Petroleum will host a conference call on February 7, 2024, at 10:00 a.m. Central Time to review its second quarter fiscal 2024 financial and operating results.

Granite Ridge Resources Provides an Operational Update, Releases Select Preliminary Fourth-Quarter 2023 Results, and Schedules Earnings Results Conference Call for March 8, 2024, at 10:00 a.m. Central Time

Retrieved on: 
Friday, February 2, 2024

Granite Ridge Resources, Inc. (NYSE: GRNT) (“Granite Ridge” or the “Company”) today provided an operational update and released select preliminary fourth-quarter 2023 results.

Key Points: 
  • Granite Ridge Resources, Inc. (NYSE: GRNT) (“Granite Ridge” or the “Company”) today provided an operational update and released select preliminary fourth-quarter 2023 results.
  • The Company also provided details for the Company’s fourth-quarter and full-year 2023 earnings release and conference call below.
  • The assets sold consisted of approximately 1,658 net acres and 45 gross (9.9 net) producing wells in the Permian Basin.
  • The following table sets forth summary information by reserve category with respect to estimated proved reserves as of December 31, 2023:

ICE Reports Record Total Futures and Options Open Interest with Record Trading Activity in Global Commodities Markets

Retrieved on: 
Monday, January 29, 2024

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that its global futures and options markets reached record open interest of 87.2 million contracts on January 25, 2024, with ICE’s commodities futures and options markets hitting record open interest of 61.5 million contracts.

Key Points: 
  • Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that its global futures and options markets reached record open interest of 87.2 million contracts on January 25, 2024, with ICE’s commodities futures and options markets hitting record open interest of 61.5 million contracts.
  • ICE’s energy futures and options portfolio recorded record open interest of 56 million contracts on January 24, 2024, as ICE’s energy futures hit record open interest of 33 million contracts, the highest since June 2021.
  • ICE TTF natural gas futures and options hit record open interest of 3.6 million contracts, up 93% year-over-year (y/y).
  • On January 18, 2024, ICE reached a series of single day volume records in its options markets, surpassing records last set in February 2017, including record volume of 1.8 million in commodities options, record volume in energy options of 1.7 million, and record volume across ICE’s natural gas options markets of 1.5 million contracts.

Kolibri Global Energy Inc. Provides 2024 Guidance and Operations Update

Retrieved on: 
Monday, January 29, 2024

The average production, revenue, and Adjusted EBITDA guidance for 2024 shows significant growth from the latest 2023 forecast numbers, even with a $72 WTI price assumption.

Key Points: 
  • The average production, revenue, and Adjusted EBITDA guidance for 2024 shows significant growth from the latest 2023 forecast numbers, even with a $72 WTI price assumption.
  • As the Company executes this strategy going forward, it will consider the implementation of a shareholder return policy in 2024.
  • Wolf Regener, President and CEO, commented, “We are looking forward to another strong year of revenue and cash flow growth for the Company, based on our 2024 forecast.
  • Like many other operators, the Company's operations were impacted by the below-freezing temperatures in January 2024.

Kolibri Global Energy Inc. Provides 2023 Guidance Update and Operations Update

Retrieved on: 
Friday, December 22, 2023

Refer to the section entitled “Non-GAAP Measures” of this news release

Key Points: 
  • Refer to the section entitled “Non-GAAP Measures” of this news release
    The average production, revenue and Adjusted EBITDA guidance show significant growth from 2022 even though this guidance has been revised lower from the Company’s previous guidance due to several factors.
  • The Company expects annual capital expenditures paid during the year to be in the range of US$47 million to US$49 million.
  • This guidance is being lowered due to actual well costs coming in substantially below budget.
  • The Company continues to anticipate that its Debt to Adjusted EBITDA ratio will be less than 1 times at the end of 2023.