Chart Of The Week : WTI

Permian Economics: Cimarex On The Edge Of Being Part Of Shale Elites

Updated 2017-04-08

Commodity News Center

Updated on 2016-05-03

Are there opportunities for Nigeria to become the agricultural giant of Africa?

Updated on 2016-05-03

What are the avenues for raising finance for agribusiness in Nigeria and overseas?

Updated on 2016-05-03

How can Nigeria benefit from agricultural industrialisation?

Updated on 2016-05-07

Oil futures settle higher, but snap streak of 4 weekly gains in a row

Updated on 2016-05-07

Gold futures soar, book weekly gain after poor jobs report

Updated on 2016-05-07

Oil up on Canada wildfire, dollar; big weekly loss for Brent

Updated on 2016-06-09

Nigeria's pioneer commodities exchange to commence operation

Updated on 2016-06-09

Ongoing supply disruptions in Nigeria causes jump in Crude oil futures

Updated on 2016-06-09

Nigeria to stop importation of six commodities by 2018

Updated on 2016-06-14

Africa’s food suppliers target international exports in the drive for growth and profit

Updated on 2016-09-22

Kaduna government, firm to establish $120m rice processing plant

Updated on 2016-09-22

Bank of China Ltd.’s New York branch will be the first yuan clearing bank in the U.S.

Updated on 2016-10-03

Teekay LNG Partners Offers Investors An Opportunity

Updated on 2016-10-03

Large Oil Company Dividends Might Not Be Sustainable Long Term

Updated on 2016-10-03

Weatherford's SEC Fraud Case

Updated on 2016-10-14

Ukraine: Agricultural Biotechnology Annual

Updated on 2016-10-14

Ukraine: Potential Increase of Ukrainian Agricultural Exports to EU

Updated on 2016-11-02

Prices seen rising for oil and other commodities in 2017

Updated on 2016-11-14

Accepting Applications for 2017 Borlaug Fellowships

Updated on 2016-12-13

Developments in Israel’s food and agriculture sector.

Updated on 2016-12-13

U.S Beef Arrives to the Israeli Market

Updated on 2016-12-13

Japan - Agricultural Biotechnology Annual

Updated on 2016-12-13

Senegal - Cotton and Products Update

Updated on 2016-12-13

Private Exporters Report Sales Activity for China

Updated on 2017-02-23

Indication of Interest – Seeking crude oil suppliers

Updated on 2017-03-05

Nigeria BPE selects advisers for commodity exchange transactions

Updated on 2017-03-29

From Aspiration to Reality : Unpacking the Africa Mining Vision

Updated on 2017-04-04

Tanzania plans to import 400 MW of electricity from Ethiopia

Updated on 2017-04-04

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Shrink

Updated on 2017-04-07

Analysing the Petroleum Industry Bill

Updated on 2017-04-07

When Will Russia Run Out Of Oil?

Updated on 2017-04-07

Nigeria’s crude oil production decreases to 1.6mpd

Updated on 2017-04-07

Theft: Shell Shut Bonny Light Oil Export Line

Updated on 2017-04-07

Agip to begin work on $13.5b Zabazaba deepwater project

Updated on 2017-04-07

No Plan To Increase Petrol Price – NNPC

Updated on 2017-04-08

Seadrill - What Really Drove The Selloff And What May Happen?

Updated on 2017-04-08

Chesapeake Energy: What You Must Remember

Updated on 2017-04-08

Permian Economics: Cimarex On The Edge Of Being Part Of Shale Elites

Updated on 2017-04-08

Burma - New Pest Risk Analysis Requirements

Updated on 2017-04-08

China: Monthly Agricultural Market News of South China

Updated on 2017-04-08

Japan: Increasing Interest in U.S. Feeder Cattle

Updated on 2017-04-08

Philippines: Oilseeds and Products Annual

Updated on 2017-04-08

Thailand: Cotton and Products Annual

Updated on 2017-04-08

United Kingdom: UK Triggers Two-year Process to Exit EU

Updated on 2017-04-12

Market Updates: #Oil

Updated on 2017-04-12

Market Updates: #LNG

Updated on 2017-04-12

Market Updates: #Agriculture

Updated on 2017-04-12

Market Updates: #DryBulk

Updated on 2017-04-12

Market Updates: #Metals

Updated on 2017-04-15

Bosnia and Herzegovina: Wine Product Brief

Updated on 2017-04-15

Bulgaria: Oilseeds and Products Annual Report

Updated on 2017-04-15

Canada: Canada Top Market for U.S. High-Value Agricultural Exports

Updated on 2017-04-15

Canada: The Wine Market in the Province of Quebec

Updated on 2017-04-15

Estonia: 2017 Annual Oilseeds and Products Report

Updated on 2017-04-15

Russia: WTO Notifications on EAEU Phytosanitary Requirements

Updated on 2017-04-15

Serbia: Grain and Feed Annual

Updated on 2017-04-22

Crude Falls as Rising Rig Count Seen Boosting U.S. Production

Updated on 2017-04-22

Saudis Target 30 Solar, Wind Projects in $50 Billion Pledge

Updated on 2017-04-26

NNPC reduces trade deficit by 16%

Updated on 2017-04-26

Pipeline vandalism up by 233%, says NNPC

Updated on 2017-04-26

Oil Retreats as U.S. Production Gain Offsets Stockpile Decline

Updated on 2017-04-26

Malabu Oil Asks Court to Stop FG from Signing FID on $13.5bn Oil Project

Updated on 2017-04-26

Nigeria sold $6.7bn less crude in 2016 - Report

Updated on 2017-04-26

FG to sue IOCs over $17bn undeclared crude

Updated on 2017-04-26

FG, two firms sign pact on 120mw solar power

Updated on 2017-04-26

Technology that Will Change Agriculture in 2017

Updated on 2017-05-10

Total Nigeria Q1 2017 Result Review

Updated on 2017-05-10

Marginal fields bid round to commence this month

Updated on 2017-05-10

NNPC awards Ajaokuta-Kaduna-Kano gas pipeline to Chinese firm

Updated on 2017-05-10

Nigerian oil sales slow as uncertainty surrounds DSDP

Updated on 2017-05-10

Oil Prices Rise after Hint of Longer Extension to OPEC Cut

Updated on 2017-05-10

Global conventional oil discoveries drop to record low in 2016

Updated on 2017-05-10

Over 40% of electricity diverted, stolen

Updated on 2017-05-10

Fashola: DisCos’ poor remittance nearly collapsed power sector

Updated on 2017-05-10

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018

Updated on 2017-05-10

Libya Adds to OPEC's Burden as Output at Highest Since 2014

Updated on 2017-05-10

Recent Spike in Commodity Prices Confounded Analysts

Updated on 2017-05-10

Boost in domestic fish production

Updated on 2017-05-10

5 Clean Energy Innovations That Could Transform Our World

Updated on 2017-05-11

Mobil Oil Nigeria Q1 2017 Results Review

Updated on 2017-05-11

Agip to build refinery in Nigeria

Updated on 2017-05-11

International Consumer Pays NBET $159m For Power

Updated on 2017-05-11

FG seeks $5.2bn from World Bank for electricity

Updated on 2017-05-11

Nigeria’s coal deposits can sustain additional 4,300MW for 20 years

Updated on 2017-05-11

Eni to build crude oil refinery in Nigeria -oil minister

Updated on 2017-05-11

Shale Drillers Are Outspending the World With $84 Billion Spree

Updated on 2017-05-11

Small-Scale Miners' Huge Boost to Foreign Earnings in Ethiopia

Updated on 2017-05-11

OPEC APR OUTPUT 31.85 MILLION B/D, UNCHANGED FROM MAR: PLATTS SURVEY

Updated on 2017-06-09

Constraint in Nigeria’s $10bn fruit industry

Updated on 2017-06-09

Dangote signs pact on $700m (USD) sugar project

Updated on 2017-06-09

FG: $1.2bn required to fix refineries

Updated on 2017-06-09

NNPC operating secret fuel subsidy — Senate

Updated on 2017-06-09

44 ships arrive Lagos ports, 8 with 233,000 tonnes of petrol

Updated on 2017-06-09

N4.74tn spent on fuel imports in 2016 – Kachikwu

Updated on 2017-06-09

FG, AfDB open talks on coal-to-power financing

Updated on 2017-06-09

Afam power station’ll generate 340MW by December – FG

Updated on 2017-06-09

Iraq Seeks to Triple Refining Capacity With Slew of Projects

Updated on 2017-06-09

Glut Keeps Oil Prices in Check as Turmoil Shakes the Middle East

Updated on 2017-06-09

Gold Rally Limited to U.K.

Updated on 2017-06-09

India: Grain and Feed Voluntary

Updated on 2017-07-04

France to invest in Nigeria’s oil, gas sector

Updated on 2017-07-04

Nigeria’s major non-oil exports fall

Updated on 2017-07-04

Maize prices rise 83% on the back of armyworm invasion

Updated on 2017-07-21

FG licenses 10 more modular refineries

Updated on 2017-07-21

NNPC daily gas supply to power plants increases by 64%

Updated on 2017-07-21

Downstream oil sector has $10bn investments deficit

Updated on 2017-07-21

Refineries realise N62 billion from refined products

Updated on 2017-07-21

Nigeria to explore African market for crude oil sale

Updated on 2017-07-21

Electricity: Grid loses 689mw after hitting 4,345mw

Updated on 2017-08-08

Lagos acquires 32 tonnes per hour rice mill from Switzerland

Updated on 2017-08-08

GuarantCo provides Debt Service Reserve Account guarantee (DSRA) guarantee in Mali

Updated on 2018-09-04

Ivory Coast cocoa farmers expect abundant crop despite meager rainfall

Updated on 2018-09-05

Nigeria spends $2bn annually on honey importation

Updated on 2018-09-06

Zimbabwe: Bread Shortage Looms As Flour Millers Halt Operations - Cite Lack of Forex From RBZ

Updated on 2018-09-07

Africa welcomes first ever full-stream oil, gas & energy transformation dais

Updated on 2018-09-07

South Africa: Sugar Tariffs to Provide Relief Against the Surge of Imports

Updated on 2018-09-10

Ghana’s cocoa industry is under threat could this be the solution?

Updated on 2018-09-11

Foreign reserves and oil prices fall in Nigeria

Updated on 2018-09-11

Zimbabwe: Gold Trades Lower

Updated on 2018-09-11

International Institute of Tropical Agriculture (IITA) becomes the first institution to win the Africa Food Prize

Updated on 2018-09-12

South Africa’s manufacturing output for July rises by 2.9 percent!

Updated on 2018-09-12

Global hunger continues to rise, new UN report says

Updated on 2018-09-14

$8.9b lost annually to post-harvest wastage, says NIRSAL

Updated on 2018-09-14

Minister: Foreign investors want banks to invest in mining

Updated on 2018-09-14

Forex earnings from cashew threatened

Updated on 2018-09-14

Nigeria, China sign $2bn MoU on cotton industry

Updated on 2018-09-18

Tanzania: Cassava Promotion Yields Positive Results in China

Updated on 2018-09-19

Why Kenya’s president is planning to cut fuel tax by half

Updated on 2018-09-20

Oil majors expect first ruling in Nigeria’s $1.3b oilfield scandal

Updated on 2018-09-20

$7b Train 7: NLNG secures guarantees for gas feedstock supply, off takers

Updated on 2018-09-21

Ethiopia: Coffee, Tea Exports Generate $82m

Updated on 2018-09-21

Nigeria, China commence implementation of low-density Geochemical mapping

Updated on 2018-09-21

Kenya: Why Nairobians Have Gone Crazy About Pineapple Peels

Updated on 2018-09-25

Zimbabwe: More Gold Resources At Blanket Mine

Updated on 2018-09-25

Nigeria: Experts List Challenges Facing Solid Minerals Sector

Updated on 2018-09-25

Zimbabwe: 'Diversify to Increase Mineral Commodities'

Updated on 2018-09-25

Libya Says Its Oil Output at Most Since 2013 Can Go Even Higher

Updated on 2018-09-27

‘SSAOGES 2018 will shape Africa’s energy culture

Updated on 2018-09-27

Despite huge gas reserves, supply troubles hit Nigeria’s LPG industry

Updated on 2018-09-27

NCDMB boss wants increased lawyers participation in oil, gas reforms

Updated on 2018-09-27

Nigeria Spends $44.5m Yearly On Industrial Minerals Importation – FG

Updated on 2018-09-28

Dangote Refinery jetty receives first ship

Updated on 2018-09-28

OAI seeks government commitment to oil sector reforms

Updated on 2018-10-02

OCP, Chinese firm collaborate on new generation of fertilizers, smart agriculture

Updated on 2018-10-03

FAO charges African governments to invest more in agriculture

Updated on 2018-10-03

FG begins move to broaden apiculture sector

Updated on 2018-10-03

18 fertiliser blending plants revived under PFI-FEPSAN

Updated on 2018-10-03

Nigeria records 20 unsold crude cargoes as trade slows

Updated on 2018-10-05

EU denies proposed ban on palm oil importation

Updated on 2018-10-05

SA looks to kickstart its biofuels industry

Updated on 2018-10-09

Nigeria: No Shipping Link - Nigeria Loses 1.4M Tons Coal Export to Ghana

Updated on 2018-10-09

Africa: 3 'Big' Economies Slow Down Growth in Sub-Saharan Africa

Updated on 2018-10-09

2018 Agric Show: Farmers Call For Adequate Security At Show

Updated on 2018-10-09

Dangote canvasses free trade to deepen Africa’s economy

Updated on 2018-10-11

Cement manufacturers target hinterlands to boost market share

Updated on 2018-10-11

Differentials For Nigerian Crude Remain Unchanged

Updated on 2018-10-11

AIICO Insurance unveils new initiative to boost Agriculture, economy

Updated on 2018-10-11

In Nigeria, Plans for the World’s Largest Refinery

Updated on 2018-10-16

Chinese Company to Invest in Agriculture, Power Projects in Nigeria

Updated on 2018-10-16

Kachikwu: Nigeria Currently In Full-Blown Energy Crisis

Updated on 2018-10-16

World Food Day: Obaseki harps on improved support to farmers, assures on food sufficiency measures

Updated on 2018-10-16

World Food Day: FG restates commitment to zero hunger

Updated on 2018-10-17

Barchart Launches cmdtyView to Revolutionize Physical Grain Trading

Updated on 2018-10-17

CBN Disburses N615bn to Farmers

Updated on 2018-10-18

Agric centre exihibits new technologies

Updated on 2018-10-18

Standard Chartered Foresees Increased China-Africa Trade

Updated on 2018-10-18

Zimbabwe: Wheat Supply Remains Critical

Updated on 2018-10-18

Why coffee farmers left production – Institute

Updated on 2018-10-18

Typha grass threatens farming in Jigawa

Updated on 2018-10-18

Kebbi wants EU to reduce subsidy on agric production

Updated on 2018-10-18

Institute says rice, sorghum, cassava will witness poor harvest

Updated on 2018-10-23

Agric sector loses N20b annually to insurance issues

Updated on 2018-10-23

Zimbabwe: 'Capitalise On Mining Boom'

Updated on 2018-10-23

Zimbabwe: 'Capitalise On Mining Boom'

Updated on 2018-10-23

Agric sector loses N20b annually to insurance issues

Updated on 2018-10-18

Institute says rice, sorghum, cassava will witness poor harvest

Updated on 2018-10-18

Kebbi wants EU to reduce subsidy on agric production

Updated on 2018-10-18

Typha grass threatens farming in Jigawa

Updated on 2018-10-18

Why coffee farmers left production – Institute

Updated on 2018-10-18

Zimbabwe: Wheat Supply Remains Critical

Updated on 2018-10-18

Standard Chartered Foresees Increased China-Africa Trade

Updated on 2018-10-18

Agric centre exihibits new technologies

Updated on 2018-10-17

CBN Disburses N615bn to Farmers

Updated on 2018-10-17

Barchart Launches cmdtyView to Revolutionize Physical Grain Trading

Updated on 2018-10-16

World Food Day: FG restates commitment to zero hunger

Updated on 2018-10-16

World Food Day: Obaseki harps on improved support to farmers, assures on food sufficiency measures

Updated on 2018-10-16

Kachikwu: Nigeria Currently In Full-Blown Energy Crisis

Updated on 2018-10-16

Chinese Company to Invest in Agriculture, Power Projects in Nigeria

Updated on 2018-10-11

In Nigeria, Plans for the World’s Largest Refinery

Updated on 2018-10-11

AIICO Insurance unveils new initiative to boost Agriculture, economy

Updated on 2018-10-11

Differentials For Nigerian Crude Remain Unchanged

Updated on 2018-10-11

Cement manufacturers target hinterlands to boost market share

Updated on 2018-10-09

Dangote canvasses free trade to deepen Africa’s economy

Updated on 2018-10-09

2018 Agric Show: Farmers Call For Adequate Security At Show

Updated on 2018-10-09

Africa: 3 'Big' Economies Slow Down Growth in Sub-Saharan Africa

Updated on 2018-10-09

Nigeria: No Shipping Link - Nigeria Loses 1.4M Tons Coal Export to Ghana

Updated on 2018-10-05

SA looks to kickstart its biofuels industry

Updated on 2018-10-05

EU denies proposed ban on palm oil importation

Updated on 2018-10-03

Nigeria records 20 unsold crude cargoes as trade slows

Updated on 2018-10-03

18 fertiliser blending plants revived under PFI-FEPSAN

Updated on 2018-10-03

FG begins move to broaden apiculture sector

Updated on 2018-10-03

FAO charges African governments to invest more in agriculture

Updated on 2018-10-02

OCP, Chinese firm collaborate on new generation of fertilizers, smart agriculture

Updated on 2018-09-28

OAI seeks government commitment to oil sector reforms

Updated on 2018-09-28

Dangote Refinery jetty receives first ship

Updated on 2018-09-27

Nigeria Spends $44.5m Yearly On Industrial Minerals Importation – FG

Updated on 2018-09-27

NCDMB boss wants increased lawyers participation in oil, gas reforms

Updated on 2018-09-27

Despite huge gas reserves, supply troubles hit Nigeria’s LPG industry

Updated on 2018-09-27

‘SSAOGES 2018 will shape Africa’s energy culture

Updated on 2018-09-25

Libya Says Its Oil Output at Most Since 2013 Can Go Even Higher

Updated on 2018-09-25

Zimbabwe: 'Diversify to Increase Mineral Commodities'

Updated on 2018-09-25

Nigeria: Experts List Challenges Facing Solid Minerals Sector

Updated on 2018-09-25

Zimbabwe: More Gold Resources At Blanket Mine

Updated on 2018-09-21

Kenya: Why Nairobians Have Gone Crazy About Pineapple Peels

Updated on 2018-09-21

Nigeria, China commence implementation of low-density Geochemical mapping

Updated on 2018-09-21

Ethiopia: Coffee, Tea Exports Generate $82m

Updated on 2018-09-20

$7b Train 7: NLNG secures guarantees for gas feedstock supply, off takers

Updated on 2018-09-20

Oil majors expect first ruling in Nigeria’s $1.3b oilfield scandal

Updated on 2018-09-19

Why Kenya’s president is planning to cut fuel tax by half

Updated on 2018-09-18

Tanzania: Cassava Promotion Yields Positive Results in China

Updated on 2018-09-14

Nigeria, China sign $2bn MoU on cotton industry

Updated on 2018-09-14

Forex earnings from cashew threatened

Updated on 2018-09-14

Minister: Foreign investors want banks to invest in mining

Updated on 2018-09-14

$8.9b lost annually to post-harvest wastage, says NIRSAL

Updated on 2018-09-12

Global hunger continues to rise, new UN report says

Updated on 2018-09-12

South Africa’s manufacturing output for July rises by 2.9 percent!

Updated on 2018-09-11

International Institute of Tropical Agriculture (IITA) becomes the first institution to win the Africa Food Prize

Updated on 2018-09-11

Zimbabwe: Gold Trades Lower

Updated on 2018-09-11

Foreign reserves and oil prices fall in Nigeria

Updated on 2018-09-10

Ghana’s cocoa industry is under threat could this be the solution?

Updated on 2018-09-07

South Africa: Sugar Tariffs to Provide Relief Against the Surge of Imports

Updated on 2018-09-07

Africa welcomes first ever full-stream oil, gas & energy transformation dais

Updated on 2018-09-06

Zimbabwe: Bread Shortage Looms As Flour Millers Halt Operations - Cite Lack of Forex From RBZ

Updated on 2018-09-05

Nigeria spends $2bn annually on honey importation

Updated on 2018-09-04

Ivory Coast cocoa farmers expect abundant crop despite meager rainfall

Updated on 2017-10-30

PM markets: coffee gains, defying strong dollar, which hurts grains

Updated on 2017-10-30

Weekly grain and oilseeds market view from Europe

Updated on 2017-08-08

GuarantCo provides Debt Service Reserve Account guarantee (DSRA) guarantee in Mali

Updated on 2017-08-08

Lagos acquires 32 tonnes per hour rice mill from Switzerland

Updated on 2017-07-21

Electricity: Grid loses 689mw after hitting 4,345mw

Updated on 2017-07-21

Nigeria to explore African market for crude oil sale

Updated on 2017-07-21

Refineries realise N62 billion from refined products

Updated on 2017-07-21

Downstream oil sector has $10bn investments deficit

Updated on 2017-07-21

NNPC daily gas supply to power plants increases by 64%

Updated on 2017-07-21

FG licenses 10 more modular refineries

Updated on 2017-07-04

Maize prices rise 83% on the back of armyworm invasion

Updated on 2017-07-04

Nigeria’s major non-oil exports fall

Updated on 2017-07-04

France to invest in Nigeria’s oil, gas sector

Updated on 2017-06-09

India: Grain and Feed Voluntary

Updated on 2017-06-09

Gold Rally Limited to U.K.

Updated on 2017-06-09

Glut Keeps Oil Prices in Check as Turmoil Shakes the Middle East

Updated on 2017-06-09

Iraq Seeks to Triple Refining Capacity With Slew of Projects

Updated on 2017-06-09

Afam power station’ll generate 340MW by December – FG

Updated on 2017-06-09

FG, AfDB open talks on coal-to-power financing

Updated on 2017-06-09

N4.74tn spent on fuel imports in 2016 – Kachikwu

Updated on 2017-06-09

44 ships arrive Lagos ports, 8 with 233,000 tonnes of petrol

Updated on 2017-06-09

NNPC operating secret fuel subsidy — Senate

Updated on 2017-06-09

FG: $1.2bn required to fix refineries

Updated on 2017-06-09

Dangote signs pact on $700m (USD) sugar project

Updated on 2017-06-09

Constraint in Nigeria’s $10bn fruit industry

Updated on 2017-05-11

OPEC APR OUTPUT 31.85 MILLION B/D, UNCHANGED FROM MAR: PLATTS SURVEY

Updated on 2017-05-11

Small-Scale Miners' Huge Boost to Foreign Earnings in Ethiopia

Updated on 2017-05-11

Shale Drillers Are Outspending the World With $84 Billion Spree

Updated on 2017-05-11

Eni to build crude oil refinery in Nigeria -oil minister

Updated on 2017-05-11

Nigeria’s coal deposits can sustain additional 4,300MW for 20 years

Updated on 2017-05-11

FG seeks $5.2bn from World Bank for electricity

Updated on 2017-05-11

International Consumer Pays NBET $159m For Power

Updated on 2017-05-11

Agip to build refinery in Nigeria

Updated on 2017-05-11

Mobil Oil Nigeria Q1 2017 Results Review

Updated on 2017-05-10

5 Clean Energy Innovations That Could Transform Our World

Updated on 2017-05-10

Boost in domestic fish production

Updated on 2017-05-10

Recent Spike in Commodity Prices Confounded Analysts

Updated on 2017-05-10

Libya Adds to OPEC's Burden as Output at Highest Since 2014

Updated on 2017-05-10

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018

Updated on 2017-05-10

Fashola: DisCos’ poor remittance nearly collapsed power sector

Updated on 2017-05-10

Over 40% of electricity diverted, stolen

Updated on 2017-05-10

Global conventional oil discoveries drop to record low in 2016

Updated on 2017-05-10

Oil Prices Rise after Hint of Longer Extension to OPEC Cut

Updated on 2017-05-10

Nigerian oil sales slow as uncertainty surrounds DSDP

Updated on 2017-05-10

NNPC awards Ajaokuta-Kaduna-Kano gas pipeline to Chinese firm

Updated on 2017-05-10

Marginal fields bid round to commence this month

Updated on 2017-05-10

Total Nigeria Q1 2017 Result Review

Updated on 2017-04-26

Technology that Will Change Agriculture in 2017

Updated on 2017-04-26

FG, two firms sign pact on 120mw solar power

Updated on 2017-04-26

FG to sue IOCs over $17bn undeclared crude

Updated on 2017-04-26

Nigeria sold $6.7bn less crude in 2016 - Report

Updated on 2017-04-26

Malabu Oil Asks Court to Stop FG from Signing FID on $13.5bn Oil Project

Updated on 2017-04-26

Oil Retreats as U.S. Production Gain Offsets Stockpile Decline

Updated on 2017-04-26

Pipeline vandalism up by 233%, says NNPC

Updated on 2017-04-26

NNPC reduces trade deficit by 16%

Updated on 2017-04-22

Saudis Target 30 Solar, Wind Projects in $50 Billion Pledge

Updated on 2017-04-22

Crude Falls as Rising Rig Count Seen Boosting U.S. Production

Updated on 2017-04-15

Serbia: Grain and Feed Annual

Updated on 2017-04-15

Russia: WTO Notifications on EAEU Phytosanitary Requirements

Updated on 2017-04-15

Estonia: 2017 Annual Oilseeds and Products Report

Updated on 2017-04-15

Canada: The Wine Market in the Province of Quebec

Updated on 2017-04-15

Canada: Canada Top Market for U.S. High-Value Agricultural Exports

Updated on 2017-04-15

Bulgaria: Oilseeds and Products Annual Report

Updated on 2017-04-15

Bosnia and Herzegovina: Wine Product Brief

Updated on 2017-04-12

Market Updates: #Metals

Updated on 2017-04-12

Market Updates: #DryBulk

Updated on 2017-04-12

Market Updates: #Agriculture

Updated on 2017-04-12

Market Updates: #LNG

Updated on 2017-04-12

Market Updates: #Oil

Updated on 2017-04-08

United Kingdom: UK Triggers Two-year Process to Exit EU

Updated on 2017-04-08

Thailand: Cotton and Products Annual

Updated on 2017-04-08

Philippines: Oilseeds and Products Annual

Updated on 2017-04-08

Japan: Increasing Interest in U.S. Feeder Cattle

Updated on 2017-04-08

China: Monthly Agricultural Market News of South China

Updated on 2017-04-08

Burma - New Pest Risk Analysis Requirements

Updated on 2017-04-08

Permian Economics: Cimarex On The Edge Of Being Part Of Shale Elites

Updated on 2017-04-08

Chesapeake Energy: What You Must Remember

Updated on 2017-04-08

Seadrill - What Really Drove The Selloff And What May Happen?

Updated on 2017-04-07

No Plan To Increase Petrol Price – NNPC

Updated on 2017-04-07

Agip to begin work on $13.5b Zabazaba deepwater project

Updated on 2017-04-07

Theft: Shell Shut Bonny Light Oil Export Line

Updated on 2017-04-07

Nigeria’s crude oil production decreases to 1.6mpd

Updated on 2017-04-07

When Will Russia Run Out Of Oil?

Updated on 2017-04-07

Analysing the Petroleum Industry Bill

Updated on 2017-04-06

Dangote to intensify local sourcing of sugarcane for refining

Updated on 2017-04-04

OPEC's Barkindo Sees Progress in Oil Cuts as Stockpiles Shrink

Updated on 2017-04-04

Tanzania plans to import 400 MW of electricity from Ethiopia

Updated on 2017-03-29

From Aspiration to Reality : Unpacking the Africa Mining Vision

Updated on 2017-03-29

I quit my job to farm watermelons

Updated on 2017-03-05

Nigeria BPE selects advisers for commodity exchange transactions

Updated on 2017-02-26

John Deere 310SK backhoe review

Updated on 2017-02-23

Indication of Interest – Seeking crude oil suppliers

Updated on 2016-12-13

Private Exporters Report Sales Activity for China

Updated on 2016-12-13

Senegal - Cotton and Products Update

Updated on 2016-12-13

Japan - Agricultural Biotechnology Annual

Updated on 2016-12-13

U.S Beef Arrives to the Israeli Market

Updated on 2016-12-13

Developments in Israel’s food and agriculture sector.

Updated on 2016-11-14

Accepting Applications for 2017 Borlaug Fellowships

Updated on 2016-11-02

Prices seen rising for oil and other commodities in 2017

Updated on 2016-10-14

Ukraine: Potential Increase of Ukrainian Agricultural Exports to EU

Updated on 2016-10-14

Ukraine: Agricultural Biotechnology Annual

Updated on 2016-10-03

Weatherford's SEC Fraud Case

Updated on 2016-10-03

Large Oil Company Dividends Might Not Be Sustainable Long Term

Updated on 2016-10-03

Teekay LNG Partners Offers Investors An Opportunity

Updated on 2016-09-22

Bank of China Ltd.’s New York branch will be the first yuan clearing bank in the U.S.

Updated on 2016-09-22

Kaduna government, firm to establish $120m rice processing plant

Updated on 2016-06-14

Africa’s food suppliers target international exports in the drive for growth and profit

Updated on 2016-06-09

Nigeria to stop importation of six commodities by 2018

Updated on 2016-06-09

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>> In 2016, half of Cimarex wells were completed in the Permian, this year it will be two thirds.

Summary

Within the context of wider shift of shale activity away from fields like Bakken, Eagle Ford and into the Permian, Cimarex is also shifting its drilling activity into Permian acreage.

In 2016, half of Cimarex wells were completed in the Permian, this year it will be two thirds.

Assuming average 2017 oil spot price of $60/barrel and $3.50 natural gas, Cimarex will achieve cash break-even from operations for this year.

In the aftermath of the oil price crash of 2014 we had a rather rude awakening to the fact that shale oil & gas producers may not be as profitable as claimed. The cover afforded to them by the claim that they were not breaking even because of ramp-up costs was dismantled once shale production started declining in 2015. At that point it became as clear as day that these companies were nowhere near being profitable at prices in the range where they previously claimed that they are profitable. We have had plenty of quarters where oil prices averaged in the $40-50/barrel range, which is where we were told that breakeven costs should be for many shale plays, yet the losses kept coming. Cimarex Energy (NYSE:XEC) however did post a small quarterly net profit of $38.2 million in the last quarter of 2016. It is a rare example which many would attribute to the fact that it is partly based in the Permian which is now thought of as being far superior in terms of profitability compared with most of the non-core areas of Bakken and Eagle Ford.

Cimarex is by no means a pure Permian play, therefore its financial results cannot be seen as being a reflection of Permian profitability.

Source: Cimarex.

As we can see, half of its net wells were drilled in the Permian, while the other half were drilled in the Mid-continent in Oklahoma. While Cimarex may not be a pure Permian play, like Diamondback (NASDAQ:FANG), which I covered recently as a way of not only highlighting Diamondback's profile, but also as a way to point out the difference it makes to be invested in relatively superior acreage, but Cimarex is the more typical story. More and more shale producers are trying to divest from some of the less economic acreage in other shale fields like the Bakken, Eagle Ford, or Woodford in Oklahoma, where aside from some core areas, drilling has proven to be largely un-profitable, especially since the oil price collapse of 2014. In the place of that acreage, they are trying to either drill more extensively in existing Permian acreage, or they are looking to invest in new Permian acreage. We have seen a similar shift with other companies like Anadarko (NYSE:APC), or SM (NYSE:SM), both of which I covered recently. Both of them have been rushing to become more prominent Permian players, while cutting their exposure to some of the non-core Eagle Ford assets they were basing their hopes on in the past.

 

Cimarex did report a fourth quarter profit of $38.2 million before tax on revenues from operations of $382 million, as I mentioned. Based on this metric, it may seem that the current drilling mix of part-Permian, part-Mid-continent is working out alright. As I pointed out many times in the past however, shale producers are not really well-served by the official measure of operating profits, because capital spending tends to be a big issue. As I pointed out in previous articles, diversified oil majors such as Shell (NYSE:RDS.A) is expected to spend only about 12% of its revenues on capex, while most shale producers tend to spend 45-65% of revenues from operations on capex, with some going even higher, especially if they intend to increase production.

According to its 2017 guidance, Cimarex may be expected to produce an average of about 1.11 Bcf equivalent per day, or about 402 Bcf for the year. It is an increase of 13% over 2016. Based on my assumption of an average price for oil of $60/barrel and the natural gas spot price of $3.50 for the year, the average realized price that Cimarex is likely to realize is about $5/mcfe, compared with $3.46 in 2016.

Source: Cimarex.

As we can see from the chart, not only is the assumed price of oil & gas higher, but the volume of liquids is also set to increase as a percentage of total production. Based on the assumed price of $5, total revenue from operations in 2017 should be about $2 billion, compared with $1.3 billion in 2016. Given plans to spend about $1.15 billion on exploration and development, the percentage of revenue that will go to capital costs in 2017 is about 58%.

 

As we can see, Cimarex is not among the best performers when it comes to getting the most revenue per unit spent drilling for oil & gas. It probably wants to improve on this track record by drilling more in the Permian.

Source: Cimarex.

If we compare with last year's well completion data, which I also provided in this article, we can see that most of the increase in completions for this year is set to happen in the Permian. If we look at well production data from both regions, the desire to shift is understandable.

Source: Cimarex.

Source: Cimarex.

As we can see, the Wolfcamp wells are likely to produce significantly higher volumes compared with the Mid-continent acreage. It is not a perfect comparison, because the Mid-continent wells data is for only 180 days, but if we compare where the Permian wells average at 180 days, we can see that cumulative production is about 100,000 Boe higher. Even when factoring in the fact that the Permian volumes contain a lower percentage of oil, it is still clearly a superior drilling prospect.

With about two thirds of well completion happening in the Permian this year, we get a glimpse of what Cimarex profitability will be like if it becomes a predominantly Permian producer. I already pointed out that assuming an oil price of $60/barrel and the gas spot price at $3.50, Cimarex is likely to produce about $2 billion in revenue from its operations. Capital costs will be about $1.15 billion. In addition to that there are the interest costs, which came in at $80 million for 2016. I will assume it will be similar this year as well. Operating cash costs will come in at about $680 million, based on 2017 guidance. Total cash costs are therefore going to come in at about $1.91 billion, which is more or less same as expected revenues of $2 billion, based on my price assumptions for the year.

 

Based on this we can conclude that the actual breakeven of Cimarex is at an oil & gas price level of $60/barrel & $3.50/Million BTU's respectively. It is in fact doing much better when examined by this measure compared with a lot of other shale companies I looked at, including the ones listed on the capex comparative chart. In this regard, it is closer to the likes of EOG (NYSE:EOG), which as I pointed out in a previous article, is likely to achieve cash flow positive from operations this year, which is not something we can say about most other mainly shale producers I looked at so far. In this regard Cimarex is looking like it is on the edge of being part of the shale elite.

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Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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