Le Lézard
Classified in: Oil industry, Business
Subject: INO

The Impact of Recent Political and Economic Developments on Oil Prices


NEW YORK, May 24, 2018 /PRNewswire/ --

Oil prices extended losses on Wednesday after several political and economic developments around the world. According to a report by CNBC, U.S. commercial crude inventories unexpectedly increased by 5.8 million barrels last week, an opposite of analysts' expectations for a decrease of 1.6 million barrels. Iran and Venezuela are also a concern, as world's political stability can affect the supply and demand of oil. OPEC may decide to raise oil output this summer due to worries over Iranian and Venezuelan supply. Despite recent setbacks, oil prices have been gaining this year. Oil prices have gained nearly 20 percent year to date, with Brent briefly rising above $80. International Frontier Resources Corp. (OTC: IFRTF), TransGlobe Energy Corporation (NASDAQ: TGA), Baytex Energy Corp. (NYSE: BTE), Northern Oil and Gas, Inc. (NYSE: NOG), Chesapeake Energy Corporation (NYSE: CHK)

The head of commodities research at Goldman Sachs, Jeffery Currie, explained according to the wall street Journal that, "Albeit higher than consensus, this was one of the most telegraphed rises in oil prices... Is $75 to $80 or even $85 really that shocking? The answer is no. We are within the range of possible outcomes given that shale is now the dominant technology... a range of expectation from $40 a barrel to $180 a barrel in a given year wouldn't have been unusual."

International Frontier Resources Corp. (OTCQB: IFRTF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: IFR). On May 16th the company announced breaking news that, "in partnership with Mexican petrochemical leader Grupo IDESA, is pleased to announce production test results of its workover of the previously drilled TEC-2 well." Highlights:

"Rates from the TEC-2 well exceeded our expectations based on the age of the well and historical production records provided by the previous operator," stated Steve Hanson, President and CEO of International Frontier Resources and Director of Tonalli Energia. "The results of the test have indicated that the El Abra reservoir in the Tecolutla Field is capable of delivering high volumes of fluid."

TEC-2 is an existing well that produced for sixty years from 1956 until January 2016 without the use of artificial lift and was shut-in by the previous operator.  TEC-2 is located approximately 800 meters north of the recently drilled TEC-10 well. Tonalli is also pleased to announce that completion operations on the newly drilled TEC-10 well (see press release dated May 7th, 2018) have commenced. Production testing of the TEC-10 well will be performed over the next few weeks as part of completion operations. Results of this test will be announced when further information becomes available.

Through its joint venture, IFR was one of the first foreign companies to participate in Mexico's historic reform of the oil and gas sector. The Tecolutla block was awarded to Tonalli on May 12, 2016 as part of the first round and third call of Mexico's oil and natural gas "mature fields" bid round ("Round 1.3"), the first in almost 80 years."

TransGlobe Energy Corporation ( NASDAQ: TGA) is a Calgary-based, growth-oriented oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. On May 10, 2018, the company announced its financial and operating results for the three months ended March 31, 2018. TransGlobe Energy Corporation produced an average of 14,375 barrels of oil equivalent per day during the first quarter of 2018, which was within the full-year 2018 production guidance range of 14,200 to 15,600 boepd. Egypt production was 11,777 barrels of oil per day ("bopd") and Canada production was 2,598 boepd. The Company sold 235,930 barrels of inventoried entitlement crude oil to EGPC during the first quarter of 2018 for $13.2 million. The proceeds will be used to cover in-country expenditures of the Company's Egyptian operations. At quarter end the Company had approximately 1.0 million barrels of inventoried entitlement crude oil. Subsequent to the quarter.

Baytex Energy Corp. (NYSE: BTE) is an oil and gas corporation based in Calgary, Alberta. The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Earlier this month, the company reported its operating and financial results for the three months ended March 31, 2018. The company generated production of 69,522 boe/d (79% oil and NGL) during Q1/2018 and delivered adjusted funds flow of $84 million. The company's 2018 production guidance range is unchanged at 68,000 to 72,000 boe/d with budgeted exploration and development capital expenditures of $325 to $375 million.

Northern Oil and Gas, Inc. (NYSE: NOG) is an exploration and production company with a core area of focus in the WillistonBasin Bakken and Three Forks play in North Dakota and Montana. On April 26, 2018, the company announced that it has entered into a definitive agreement to acquire producing assets and acreage in the core of the Williston Basin in North Dakota for total consideration of $40 million in cash (subject to adjustments) and 6 million shares of Northern common stock. The company anticipates the acquisition will close in approximately 40 days, and will have an effective date of January 1, 2018. Included in the assets are 86 gross (6.5 net) wells currently producing, drilling or awaiting completion and an estimated 137 gross (8.2 net) wells of future drilling inventory. Operators of the assets include Hess Corporation, Whiting Petroleum, Conoco Phillips, and Statoil.

Chesapeake Energy Corporation (NYSE: CHK) are focused on discovering and developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States. Earlier this month, the company reported financial and operational results for the 2018 first quarter. For the 2018 first quarter, Chesapeake reported net income of $294 million and net income available to common stockholders of $268 million, or $0.29 per diluted share. Chesapeake's average daily production for the 2018 first quarter was approximately 554,000 boe compared to approximately 528,000 boe in the 2017 first quarter. In the Powder River Basin (PRB) in Wyoming, Chesapeake is currently utilizing four rigs, all of which are drilling in the Turner formation. Chesapeake placed six wells on production during the 2018 first quarter in the PRB and expects to place 12 wells on production during the 2018 second quarter and up to 35 wells for the full-year 2018.

Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com  

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. Financialbuzz.com has not been compensated directly by any of the companies mentioned here in this editorial. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For International Frontier Resources Corp. financial news dissemination and PR services, FinancialBuzz.com has been compensated three thousand dollars by winning media. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.

Media Contact:
[email protected]
+1-877-601-1879

Url: http://www.FinancialBuzz.com


SOURCE FinancialBuzz.com


These press releases may also interest you

at 19:00
The "Fuel Cells - Global Strategic Business Report" has been added to  ResearchAndMarkets.com's offering. The global market for Fuel Cells estimated at US$11.4 Billion in the year 2023, is projected to reach a revised size of US$40.7 Billion by...

at 16:30
Peabody today filed its Proxy Statement for its 2024 Annual Meeting of Stockholders to be held on May 9, 2024, which disclosed that current members of Peabody's Board of Directors Samantha B. Algaze and David J. Miller have determined that they will...

at 16:15
Quanta Services, Inc. announced today that its Board of Directors has declared a quarterly cash dividend to stockholders of $0.09 per share, or a rate of $0.36 per share on an annualized basis. The dividend is payable on April 17, 2024, to...

at 16:15
ONEOK, Inc. will release first quarter 2024 earnings after the market closes on April 30, 2024. ONEOK's executive management will participate in a conference call the following day.      What:              ONEOK first quarter 2024 earnings...

at 16:08
Company successfully executed and closed $150 million tax exempt bond offering for the Company's Kentucky Lithium refining facilityThe first domestic, commercial producer of separated and high-purity REEs from recycled permanent magnets and...

at 16:05
Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) , a leading global solar project developer, owner, and operator, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Emeren's...



News published on and distributed by: