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Category: February 2018

OPEC hikes its 2018 forecast for oil supply growth on a flood of US crude

OPEC raises its oil demand forecast but sees supplies from beyond the producer group surging this year, driven by rising U.S. output. A monthly report also showed OPEC's production was little changed in January as the group continues to limit its output for a second year in order to balance an oversupplied market. OPEC said Monday it expects demand for oil to grow faster than it originally expected in 2018, but the organization also sees supplies from beyond the producer…


‘Extraordinary’ growth in US shale oil could soon force OPEC to take action, IEA says

"U.S. producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth," the IEA said in its closely-watched report published Tuesday. In November 2014, the so-called U.S. shale revolution prompted OPEC to announce a new strategy geared towards improving its market share. Market conditions in early 2018 seem to be reminiscent of that first wave of U.S. shale growth, prompting the IEA to warn history could be repeating…


Panhandle Oil and Gas Inc. Reports Fiscal First Quarter 2018 Results

PANHANDLE OIL AND GAS INC. today reported financial and operating results for the Company's fiscal first quarter ended Dec. 31, 2017. HIGHLIGHTS FOR THE PERIOD ENDED DEC. 31, 2017 Increased total equivalent production 36%, as compared to the quarter ended Dec. 31, 2016. Generated first quarter 2018 net income of $13,784,939, $0.81 per diluted share, as compared to a net loss of $2,238,392, $0.13 per diluted share, for the 2017 quarter. Generated cash from operating activities of $7,198,583, which exceeded capital expenditures of $4,984,880. Decreased lease operating expense (LOE) per Mcfe…


The U.S. Could Set 5 Energy Production Records This Year

As I indicated in my previous article, I believe President Trump missed a golden opportunity to highlight energy in his State of the Union address last week. Instead, energy was scarcely mentioned. The president devoted about 30 words of the nearly 5,200-word speech to the state of American energy. The President could have said, “Today America is the world’s foremost energy superpower.” According to the 2017 BP Statistical Review of World Energy, the U.S. was ranked... CLICK HERE TO READ THE FULL ARTICLE BY…