Rat, bumped up to $50. Now will oil push back over 50 and touch $60. Even at $39 realized price for Bakken sweet will bring in around 190 million in added cash for the first qtr of 2017.
Or it could be to issue shares to purchase assets on the cheap. Cheap enough and it would be very good for existing share holders
The oil sands cuts are showing up now it appears
Stockpile data for oil via API's weekly survey
Crude -5.137 mln barrels
Cushing -0.189mln barrels
Gasoline +3.606mln barrels
Distillate -2.922 mln bbls
Goldman expects oil to reach $60 in the next couple three months. I would agree. Watch the oil inventory numbers this week. Expect a large drop in the USA oil inventory due to the partial shut down of the oil sands. This is mostly temporary but that production goes straight to US inventory. Should we get the large drop in the EIA numbers I expect in the morning the traders will react
It is looking like Whiting had some perfect timing in their deal to complete those 44 wells. Prices are anticipated now to hit $60 in the second half of 2016. Going to give Whiting a nice cash infusion entering 2017.
This is a slow death spiral without positve news
Still cleaning up old baggage
"BUENOS AIRES May 14 (Reuters) - Argentina has agreed to pay $217 million to two energy companies in long-standing arbitration cases stemming from its 2001/02 economic crisis, part of the center-right government's efforts to lure back foreign investors.
The country will pay damages to Britain's BG Group, now owned by Royal Dutch Shell, and U.S. firm El Paso Energy, now owned by Kinder Morgan, the Argentine finance ministry said in a statement late on Friday.
"Both agreements put an end to the claims and level the way to re-establishing direct investments, particularly from companies coming from the associated countries (Britain and the United States) and in the energy sector," the ministry said."
Time to impose a tariff on imported Saudi oil for unfair trade practices that are damaging our domestic industry
But when we started the conversation this morning oil was down or flat. All in fun Fred
What I see is they pulled off a stock offering at $10 plus when their share price was around $6. Debt is reduced and long term outlook improved
Officials say it will be weeks at best before production is brought back on-line. Surprised this is not drawing more attention. This production goes to the USA market so look for a big drop in inventories in coming weeks.
"Officials said resuming operations would be a challenge and no timeline had been considered.
“This production is not gone for good, yet when fires are controlled, restarting production will take several more weeks, even without damage,” energy analysts at Morgan Stanley said in a note.
BP and other big oil firms warned on Friday they would not be able to deliver on some contracts.
Statoil and Husky Energy Inc were among 11 production companies and three pipeline operators that have curbed activities after the inferno that began on May 1 forced more than 1 million barrels of capacity offline."