December 23, 2019 Reuters U.S. natural gas futures fell nearly 5% on Monday on expectations of warmer weather, which would lead to a reduction in heating demand.Front-month gas futures for January delivery on the New York Mercantile Exchange were down 11.4 cents, or 4.9% to settle at $2.214 per million British thermal units (mmBtu), their bigger … Read more
By Grant Smith Dec 22, 2019 (Bloomberg) Global oil markets notched up a number of milestones this year that echoed the story of the past decade: the world has shifted from an era of supply tightness to plenty.What distinguished the developments of 2019 was not just how big they were but often how little impact they had. … Read more
By Ann Koh and Grant Smith Dec 23, 2019 (Bloomberg) Oil steadied after the biggest decline in three weeks on Friday as Kuwait aimed to reach a deal with Saudi Arabia that will restore crude output along their border, and U.S. shale explorers boosted drilling. February futures held above $60 a barrel in New York … Read more
By Gerson Freitas Jr. Dec 23, 2019 (Bloomberg) U.S. utilities are on a record borrowing spree this year, selling more than $90 billion in bonds for the first time ever. The surge in debt from NextEra Energy Inc., Duke Energy Inc. and other power giants comes as interest rates are at historic lows, leaving investors hungry … Read more
By Noah Smith Dec 23, 2019 (Bloomberg Opinion) In recent years, much of the commentary about climate change has gone from sternly serious to wildly despairing. A new report from the United Nation’s Intergovernmental Panel on Climate Change warns that the effects of climate change are accelerating and that the world has barely more than a decade to … Read more
WRITTEN BY PIERRE GOSSELIN ON DEC 23, 2019. POSTED IN LATEST NEWS German evolutionary biologist and physiologist Prof. Dr. Ulrich Kutschera told in an interview that “CO2 is a blessing for mankind” and that the claimed “97% consensus” among scientists is “a myth.” 97% consensus claim “untenable” Kutschera, who has authored over three hundred scientific publications and twelve books, told the German … Read more
December 20, 2019 | Source: Archrock HOUSTON, Dec. 20, 2019 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock”) today announced the closing of the previously announced private offering by Archrock Partners, L.P. (“Archrock Partners”), a wholly-owned subsidiary of Archrock, of $500 million aggregate principal amount of 6.250% senior notes due 2028 (the “Notes”). Archrock Partners Finance … Read more
December 22, 2019 19:00 ET | Source: Apache Corporation HOUSTON, Dec. 22, 2019 (GLOBE NEWSWIRE) — Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (NYSE: TOT) today announced a joint venture agreement to explore and develop Block 58 offshore Suriname. Under the terms of the agreement, Apache and Total will each hold a 50 percent working interest … Read more
December 23, 2019 06:00 ET | Source: Denbury Resources Inc. PLANO, Texas, Dec. 23, 2019 (GLOBE NEWSWIRE) — Denbury Resources Inc. (NYSE: DNR) (“Denbury” or the “Company”) today announced that it has entered into a definitive agreement with a subsidiary of Navitas Petroleum (TASE: NVPT.L, “Navitas”) to sell half of its nearly 100% working interest position in … Read more
December 23, 2019 06:45 ET | Source: Chaparral Energy Inc OKLAHOMA CITY, Dec. 23, 2019 (GLOBE NEWSWIRE) — Chaparral Energy, Inc. (NYSE: CHAP) today announced that its Board of Directors has appointed Charles “Chuck” Duginski as President and Chief Executive Officer, effective December 20, 2019. Mr. Duginski succeeds K. Earl Reynolds in those roles as Mr. Reynolds … Read more
By Kevin Crowley Dec 21, 2019 (Bloomberg) This year has been one of moderate gains for the price of oil, but it has been bleak for producers.West Texas Intermediate crude is heading for an annual increase of more than 30%, but the best performance among the global oil majors has been Chevron Corp., which has posted … Read more
December 20, 2019 U.S. energy firms added the most oil rigs this week since February 2018 – primarily in the Permian shale – even though producers have been reducing spending on new drilling for much of this year.Companies added 18 oil rigs in the week to Dec. 20, bringing the total count to 685, the … Read more
ROBERT BERGMAN, Bedrock Automation If any of today’s large vendors of automation systems offer cyber security protection, odds are good that it has been bolted on after the fact. Cyber security was not an issue when these systems were originally designed, so swapping them out now would be a major challenge for both the vendor … Read more
December 20, 2019 | Source: Riviera Resources, Inc. HOUSTON, Dec. 20, 2019 (GLOBE NEWSWIRE) — Riviera Resources, Inc. (OTCQX: RVRA) (“Riviera” or the “Company”) announces it has signed a definitive agreement to sell its interest in properties located in the Personville field in East Texas to an undisclosed buyer for a contract price of $34 million, … Read more
By Tom Korosec and Edvard Pettersson Dec 20, 2019 (Bloomberg) Native American tribes cleared a hurdle in their lawsuit to block the Trump administration’s permit for the proposed Keystone XL oil pipeline from Canada. A federal judge in Montana on Friday rejected the Trump administration’s request to throw out the lawsuit. The tribes claim that … Read more
By Rachel Adams-Heard Dec 20, 2019 (Bloomberg) Billionaire wildcatter Harold Hamm invited Elizabeth Warren to the Oklahoma oil patch as the U.S. Democratic presidential candidate proposes a ban on fracking if elected.In a letter dated Dec. 18, Hamm said he wanted Warren to tour “the economic engine that is our industry” while she visits her home … Read more
By Filipe Pacheco Dec 19, 2019 (Bloomberg) Saudi Aramco shares fell for a third straight session, with investors locking in some profits now that the catalyst of inclusion in stock indexes has past. Aramco slid 3.3% to 35.50 riyals in Riyadh on Thursday, underperforming the Tadawul All Share Index, which rose 0.5%. The oil giant was … Read more
By Will Wade Dec 19, 2019 (Bloomberg)U.S. coal companies have been paying outsized returns to investors for the past two years, offering near-term compensation even as share values sank. That won’t last. Peabody Energy Corp. and Warrior Met Coal Inc. are among the miners that have paid out more than $1.25 billion to shareholders in dividends and … Read more
By Elizabeth Low and Grant Smith Dec 20, 2019 (Bloomberg) Oil is on track for a third weekly advance as the U.S. and China made progress toward a phase-one trade deal, supporting the outlook for fuel demand. Futures in New York steadied near $61 a barrel after settling on Thursday at the highest in more than … Read more
By James Herron and Olivia Konotey-Ahulu Dec 20, 2019 (Bloomberg)Royal Dutch Shell Plc expects capital expenditure to be near the lower end of the $24 billion to $29 billion range in 2019, as the company keeps a lid on spending amid concern about its ability to sustain hefty shareholder returns. The statement on fourth-quarter earnings … Read more
By Lorcan Roche Kelly Dec 20, 2019 (Bloomberg) Impeachment process delayed, new head of Bank of England and a busy markets session in store. Here are some of the things people in markets are talking about today. Not yet House Speaker Nancy Pelosi’s delay in handing over the impeachment case to the Senate risks diluting the Democrat case … Read more
Expands Operations Beyond Offshore Gulf of Mexico into Onshore U.S. in Utica and Marcellus Shales December 19, 2019 | Source: Empire Pipeline LLC NEW ORLEANS, Dec. 19, 2019 (GLOBE NEWSWIRE) — Empire Pipeline LLC (“Empire Pipeline” or the “Company”) today announced it has acquired an operational and financial interest in TROO Clean Environmental LLC (“TROO Clean”). … Read more
December 19, 2019 | Source: Gulfport Energy Corporation Entered into agreements to divest various non-core assets for approximately $86 million in up-front proceeds in addition to future contingent payments Repurchased $190 million aggregate principal amount of unsecured senior notes for $140 million year to date OKLAHOMA CITY, Dec. 19, 2019 (GLOBE NEWSWIRE) — Gulfport Energy Corporation … Read more
By Lorcan Roche Kelly Dec 19, 2019 (Bloomberg) Big day for central banks, Trump impeached, and another look at year-end liquidity. Here are some of the things people in markets are talking about today. Ending the experiment The Swedish central bank ended half a decade of negative rates when it hiked its key borrowing cost to 0%, a … Read more
By Mikael Holter Dec 18, 2019 (Bloomberg) Norway has handed political control of its most important export to a former justice minister who’s raised doubt about climate science and whose actions last year almost toppled the government. The appointment of Sylvi Listhaug as petroleum and energy minister, overseeing the oil industry in western Europe’s biggest crude … Read more
By Elizabeth Low and Alex Longley Dec 19, 2019 (Bloomberg) Oil hovered near $61 a barrel for a second day after the longest streak of gains in almost two months as traders weighed bearish signs of swelling U.S. fuel inventories against a decline in domestic crude stockpiles.Futures in New York were little changed. Official U.S. data … Read more
By Netty Ismail Dec 19, 2019 (Bloomberg) If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in.The year opened with five Gulf Arab economies joining JPMorgan Chase & Co.’s emerging-market bond indexes. The spotlight stayed firmly on the region … Read more
December 19, 2019| Source: Apergy Corporation Global leader for life of field production optimization solutions, including artificial lift equipment, chemical solutions, and digital technologies, offering customers increased productivity over the well lifecycle, with approximately 80% of revenue from production-related product lines Combined business expected to generate pro forma revenue of approximately $3.5 billion and adjusted EBITDA of … Read more
By Rachel Adams-Heard Dec 17, 2019 (Bloomberg) Blackstone Infrastructure Partners LP agreed to buy out the remaining shares of U.S. pipeline operator Tallgrass Energy LP for about $2.2 billion after sweetening an initial offer made almost four months ago.Blackstone and its affiliates will acquire Tallgrass’s Class A shares for $22.45 apiece, the pipeline company said in … Read more
By Stephen Cunningham Dec 18, 2019 (Bloomberg) The golden age of U.S. shale is far from over, with an expected slowdown in the Permian Basin likely to be temporary, according to the new U.S. Energy Secretary.The shale boom helped transform the U.S. into a net exporter of crude and petroleum products in September from a major … Read more
By Sybilla Gross Dec 17, 2019 (Bloomberg) Bulls are relishing the recent swing toward a “more positive view” in markets, liquidity jitters in China are testing the bond market again and Indian asset managers are trouncing their global peers. Here are some of the things people in markets are talking about today. Don’t Stop Me Now While plenty of … Read more
By Jennifer Jacobs, Nick Wadhams and Lars Paulsson Dec 18, 2019 (Bloomberg)The U.S. has little leverage to prevent the Nord Stream 2 gas pipeline project between Russia and Germany from being completed, two administration officials said, acknowledging the failure of a years-long effort to head off what officials believe is a threat to European security.The … Read more
By Rachel Adams-Heard Dec 18, 2019 (Bloomberg) WaterBridge Holdings LLC, a U.S. company that handles water for the fracking industry, is scooping up more infrastructure in the Permian Basin, this time from private equity-backed drillers. The closely held company has acquired almost 100 miles (161 kilometers) of pipeline and seven disposal wells from Primexx Energy Partners … Read more
By Elizabeth Low and Grant Smith Dec 18, 2019 (Bloomberg) Oil retreated from a three-month high after an industry report showed a large build in U.S. crude and gasoline stockpiles, reviving concerns over renewed oversupply.Futures in New York fell as much as 1%, yet held above $60 a barrel after rising 3.7% over the past four … Read more
Click here to download the report Summary Amine systems in natural gas processing plants and crude oil refineries are prone to various forms of disruption, making them notoriously difficult to maintain in a steady state. Common causes of amine unit upset include: (1) liquid hydrocarbons that enter the amine system with the natural gas stream … Read more
December 17, 2019 | Source: Devon Energy Corporation OKLAHOMA CITY, Dec. 17, 2019 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today announced it has entered into a definitive agreement to sell its assets in the Barnett Shale to Banpu Kalnin Ventures (BKV) for $770 million. This transaction is subject to customary terms and conditions and is … Read more
By Joe Carroll Dec 17, 2019 (Bloomberg) Although drillers in North America’s biggest oil field are burning off more natural gas than ever before, industry advocates say it’s not as bad as it looks. Methane-emissions intensity in the Permian Basin plunged 64% in the past seven years, even as crude production surged, according to a report … Read more
By Will Mathis Dec 16, 2019 (Bloomberg) Coal consumption is set to rise in the coming years as growing demand for electricity in developing countries outpaces a shift to cleaner sources of electricity in industrialized nations.While use of the most polluting fossil fuel had a historic dip in 2019, the International Energy Agency anticipates steady increases … Read more
By Lorcan Roche Kelly Dec 17, 2019 (Bloomberg) Boeing 737 halt big enough to hit U.S. GDP, pound gives up all U.K. election gains, and further details of trade deal implementation emerge. Here are some of the things people in markets are talking about today. Max effect Boeing’s decision to halt production of the 737 Max in January will add … Read more
By Melodie Warner and Scott Deveau Dec 16, 2019 (Bloomberg) Marathon Petroleum Corp. entered into a cooperation agreement with activist investor Elliott Management Corp. as its continues to look for a replacement for Gary Heminger, the U.S. oil refiner’s outgoing chief executive officer. Elliott will support the slate of directors proposed at next year’s meeting of … Read more
By Elizabeth Low and Grant Smith Dec 17, 2019 (Bloomberg) Oil rose to a fresh three-month high above $60 a barrel on optimism the partial U.S.-China trade pact will bolster demand, while analysts estimated a pullback in American crude stockpiles.Futures gained 0.5% in New York after rising 2.5% over the previous three sessions. A limited trade agreement, … Read more
By Bloomberg News Dec 17, 2019 (Bloomberg) China is breaking records for crude oil imports and isn’t likely to stop soon as new refineries ramp up and hopes grow that the easing of trade tensions with the U.S. will bolster the economy. Even as economic expansion has slowed, the pace of growth still requires ever more … Read more
By Archana Narayanan Dec 17, 2019 (Bloomberg) Saudi Arabia and investors have long been at odds about the value of the kingdom’s crown jewel. After a four-year journey that’s been marked with delays, disagreements over valuation and devastating attacks on Aramco’s oil facilities, the kingdom’s de-facto ruler hit his target on Monday: a $2 trillion company.Here’s how … Read more
December 16, 2019 | Source: Petroteq Energy Inc. SHERMAN OAKS, Calif., Dec. 16, 2019 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE:PQCF), is a fully integrated oil company focused on the development and implementation of its new proprietary technology for oil extraction with producing assets at Asphalt Ridge near Vernal Utah, is … Read more
December 16, 2019 | Source: Rosehill Resources Inc. HOUSTON, Dec. 16, 2019 (GLOBE NEWSWIRE) — Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ: ROSE, ROSEW, ROSEU) today announced its 2020 guidance along with an operational update. 2020 Guidance: Expecting cash flow neutrality, or better for 2020 based on forecasted production, capital expenditures and cash flow Estimated … Read more
SIOUX FALLS, S.D. — South Dakota Governor Kristi Noem is planning to have another try at so-called riot-boosting laws next year, despite previously drawing criticism for supporting such laws ahead of protests related to the Keystone XL pipeline. The Republican governor has written to lawmakers with proposed changes to laws passed earlier this year that … Read more
December 16, 2019 Reuters0 Comments U.S. natural gas futures rose 2% on Monday on forecasts confirming cold weather and high heating demand this week, despite an outlook showing next week will be warmer than previously expected. Traders noted the latest weather forecast also called for a likely return of cold in January. Front-month gas futures for … Read more
By Lynn Doan and Dan Murtaugh Dec 13, 2019 (Bloomberg) Perhaps for the first time ever, Erin Brockovich and PG&E Corp. are on the same side.Brockovich is best known for her success fighting the California utility giant in court over water contamination, a battle later depicted in an Academy Award-winning film starring Julia Roberts. But on … Read more
12/16/2019 Initiating Dividend in Conjunction With Accretive Felix Acquisition Transaction is accretive on all important metrics: EPS, CFPS, FCF per share, ROCE and NAV Felix production stream of 70% oil enhances WPX’s margins and oily inventory De-risked acquisition creates greater cashflow certainty for dividend and share buybacks Purchase price 3.5 times 2020 EBITDAX @ $50 … Read more
By Lorcan Roche Kelly Dec 16, 2019 (Bloomberg) It’s PMI day, China gets twin boost, and markets on liquidity watch. Here are some of the things people in markets are talking about today. Feeble factories There’s more weakness in Europe’s manufacturing sector, according to Purchasing Managers Indexes. In Germany, the factory slump deepened again with output unexpectedly falling to 43.4 … Read more
By Filipe Pacheco Dec 15, 2019 (Bloomberg) Saudi Aramco shares advance for a third session — though the market valuation remained below $2 trillion — with investors focusing on the energy company’s inclusion in major international equity indexes this week. The stock climbed 1.6% in Riyadh, extending gains since it started trading on Wednesday to 17%. … Read more
By Elizabeth Low and Grant Smith Dec 16, 2019 (Bloomberg) Oil steadied near a three-month high on cautious optimism that a preliminary trade deal between the U.S. and China will support global fuel consumption. Futures held near $60 a barrel in New York after settling at the highest since Sept. 16 on Friday. The deal involves China buying … Read more
December 16, 2019 | Source: Hi-Crush Inc. HOUSTON, Dec. 16, 2019 (GLOBE NEWSWIRE) — Hi-Crush Inc. (NYSE: HCR), or the “Company”, today announced that on December 11, 2019, the Company received a letter from the New York Stock Exchange (the “NYSE”) notifying it that, over a period of 30 consecutive trading days, the average closing price of … Read more
December 16, 2019 | Source: Archrock Services, L.P. HOUSTON, Dec. 16, 2019 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock”) today announced that Archrock Partners, L.P. (“Archrock Partners”), a wholly-owned subsidiary of Archrock, intends, subject to market and other conditions, to offer and sell to eligible purchasers $400 million aggregate principal amount of senior notes due … Read more
Posted by SDD Contributor on December 14, 2019 Dakota Access pipeline vandalized in two states – officials Vandals are alleged to have attacked sections of the Dakota Access pipeline in two separate incidents. A hole was burned in an empty section of the pipeline in South Dakota, and others took a blowtorch to a safety valve … Read more
December 13, 2019 Reuters U.S. energy firms added rigs for the first time in eight weeks even as producers follow through on plans to reduce spending on new drilling.Companies added 4 oil rigs in the week to Dec. 13, bringing the total count to 667, energy services firm Baker Hughes Co said in its closely … Read more
By Laura Hurst Dec 15, 2019 (Bloomberg) The Dutch activist fund that has filed shareholder resolutions pressuring major oil companies in Europe to take action on climate change has set its sights on the U.S.Investor advocacy group Follow This has filed requests for shareholder votes at Exxon Mobil Corp. and Chevron Corp.’s annual meetings for the … Read more
By Laura Millan Lombrana, Jeremy Hodges and Bobby Magill Dec 15, 2019 (Bloomberg) The international effort to rein in fossil fuel pollution took a step backward this weekend after envoys at a marathon round of United Nations talks watered down language on issues they had agreed on in previous years.The delegates from almost 200 nations left … Read more
HOUSTON – Oil and gas operators in the Permian Basin, the most prolific hydrocarbon resource basin in North America, will have to drill substantially more wells just to maintain current production levels and even more to grow production, owing to the high level of recent growth, according to an analysis by IHS Markit. Data from … Read more
December 13, 2019 Reuters U.S. natural gas futures on Friday dropped over 2% on forecasts for less cold weather later in December than previously expected.In addition, traders noted prices fell because the market expects inventories to return to a surplus over the five-year average over the next week or two as rising production enables utilities to … Read more
By Christine Buurma Dec 13, 2019 (Bloomberg) SandRidge Energy Inc., the oil and natural gas producer pushed by activist investor Carl Icahn to pursue a sale last year, said Chief Executive Officer Paul McKinney will resign as the company evaluates its 2020 spending plan. John Suter, SandRidge’s chief operating officer, will service as interim president and … Read more
By Will Kennedy and Matthew Martin Dec 12, 2019 (Bloomberg) Almost four years after Mohammed bin Salman first said Saudi Arabia’s state oil giant was worth $2 trillion, the crown prince finally proved his point on Thursday.On the second day of trading on Riyadh’s stock exchange, Saudi Aramco surged — briefly — past his target. The … Read more
December 12, 2019 | Source: Green Plains Inc. OMAHA, Neb., Dec. 12, 2019 (GLOBE NEWSWIRE) — Green Plains Inc. (NASDAQ:GPRE) announced today that it has completed the previously announced sale of its 50% joint venture interest in JGP Energy Partners LLC to its partner, Jefferson Energy Holdings LLC, a subsidiary of Fortress Transportation and Infrastructure Investors … Read more
By Lorcan Roche Kelly Dec 13, 2019 (Bloomberg) Trump signs off on trade deal, Johnson wins crushing victory, and the Fed opens the taps. Here are some of the things people in markets are talking about today. Deal done? President Donald Trump signed off on a phase-one trade deal with China, a move that averts the introduction … Read more
By Faseeh Mangi Dec 13, 2019 (Bloomberg) Pakistan’s Energas plans to start the nation’s largest liquefied natural gas import terminal in 2021 to help meet soaring demand once it gets the green light to build the project. Energas, a consortium of large domestic users, aims to begin construction of the $140 million to $160 million facility … Read more
By Sharon Cho and Grant Smith Dec 13, 2019 (Bloomberg) Oil rose to $60 a barrel for the first time in almost three months after U.S. President Donald Trump signed off on a partial trade deal with China, giving a boost to the fragile outlook for global oil demand.Futures climbed 1.4% in New York, reaching $60 … Read more
By Michael Bellusci and Divya Balji Dec 13, 2019 (Bloomberg) Canadian energy firms have quietly outperformed their U.S. counterparts this year and, even after the run, a chorus of positive outlooks on the sector in Canada continues.Canada’s energy index has risen about 12.7% in 2019 versus 5% for the comparable U.S. gauge, led by pipeline firms … Read more
By Liam Denning Dec 11, 2019 (Bloomberg Opinion) Along with never invading Russia or getting into a Twitter argument, we can add another golden rule — this one specifically for U.S. oil majors: Never buy a shale-gas business.Chevron Corp.’s $10-11 billion impairment, announced late Tuesday, relates mostly to the Appalachian gas assets it picked up in 2011’s … Read more
By Liam Denning Dec 12, 2019 (Bloomberg Opinion) The Texas power market is a gamble. Generators seeking the occasional windfall from price spikes weigh the odds on temperature, wind-speed, the economy and, crucially, how much capacity their rivals are starting up or shutting down.Regarding the latter, they get some guidance from the state grid operator every six … Read more
By Lorcan Roche Kelly Dec 12, 2019 (Bloomberg) Tariff deadline nears, ECB decision day, and voting underway in U.K. election. Here are some of the things people in markets are talking about today. Close A Chinese Ministry of Commerce spokesman said that trade teams from his country and the U.S. remain in close contact as Sunday’s deadline for higher tariffs … Read more
By Patrick Donahue Dec 12, 2019 (Bloomberg)Germany is pushing back on President Donald Trump’s moves to impose sanctions on the controversial Nord Stream 2 natural gas pipeline, with Angela Merkel’s top diplomat rejecting outside meddling. “European energy policy must be decided in Europe, not the U.S.,” Foreign Minister Heiko Maas said in an e-mailed statement … Read more
By Grant Smith Dec 12, 2019 (Bloomberg) Global oil markets still face a surplus next year even if OPEC and its partners deliver newly-announced production cuts in full, the International Energy Agency said. Oil inventories may accumulate by 700,000 barrels a day in the first quarter even if the Organization of Petroleum Exporting Countries and its … Read more
By Ann Koh and Grant Smith Dec 12, 2019 (Bloomberg) Oil rebounded from the previous session’s loss, though the outlook remained clouded by rising U.S. stockpiles and concern that OPEC and its allies aren’t taking enough action to balance the market.Futures added 0.1% to trade near $59 a barrel in New York. American gasoline inventories surged … Read more
By Rachel Adams-Heard Dec 12, 2019 (Bloomberg) Billionaire wildcatter Harold Hamm is stepping down as chief executive officer of Continental Resources Inc. and will become executive chairman of the shale-oil producer he founded over five decades ago. Board member William Berry will take over as CEO at the start of next year, according to a statement … Read more
By Kevin Crowley Dec 11, 2019 (Bloomberg) Abundant natural gas resources, an all-electric plant and just a nine-day hop to energy-hungry Asian markets were not enough to convince Chevron Corp. to pursue its Kitimat gas export project in western Canada, marking a further blow to the country’s beleaguered fossil fuel industry.The U.S. oil giant called time … Read more
By Filipe Pacheco, Matthew Martin and Will Kennedy Dec 11, 2019 (Bloomberg) Saudi Aramco shares surged after the oil producer’s initial public offering, valuing the company at a record $1.88 trillion in the culmination of a four-year effort by the kingdom to list its crown jewel. The stock jumped the daily 10% limit to 35.20 riyals … Read more
By Lorcan Roche Kelly Dec 11, 2019 (Bloomberg) Fed day, the first day of trading for the world’s biggest listed stock and the last day of campaigning for the U.K. election. Here are some of the things people in markets are talking about today. Decision day Not a single economist surveyed by Bloomberg expects the Federal … Read more
By Erik Wasson Dec 10, 2019 (Bloomberg) House Democrats embraced the U.S.-Mexico-Canada trade agreement after securing key revisions and announced plans to vote on the deal next week, putting President Donald Trump closer to a political win as he heads into the 2020 election. Speaker Nancy Pelosi praised the changes her House Democats were able to … Read more
By Sharon Cho and Grant Smith Dec 11, 2019 (Bloomberg) Oil retreated from its highest close in almost three months after an industry report showed American crude inventories expanded last week, adding to signs that supplies will remain abundant next year.Futures in New York dropped as much as 0.7% after settling above $59 a barrel on … Read more
By Kevin Crowley Dec 10, 2019 (Bloomberg) Chevron Corp. expects to write down as much as $11 billion in the fourth quarter, more than half of it from its Appalachia natural gas assets after a slump in prices. The U.S. oil major is considering the sale of shale-gas holdings, according to a statement Tuesday. The company … Read more
December 10, 2019 | Source: Mid-Con Energy Partners, LP TULSA, Dec. 10, 2019 (GLOBE NEWSWIRE) — On December 6, 2019, Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy” or the “Partnership”) and its lenders entered into Amendment No. 14 to that certain Credit Agreement, dated as of December 20, 2011, among Mid-Con Properties, LLC, as borrower, Wells … Read more
NEW YORK — Exxon Mobil won Tuesday in a closely watched lawsuit over the costs of climate change, with a judge saying there was no proof the energy giant duped investors about the toll that regulations could take on its business. New York Attorney General Letitia James’ office didn’t prove the company made any material … Read more
December 10, 20192:22 PM Business Wire SAN RAMON, Calif. – Chevron Corporation today announced a 2020 organic capital and exploratory spending program of $20 billion. The 2020 budget supports a robust portfolio of upstream and downstream investments, highlighted by Chevron’s world-class Permian Basin position, the company’s major capital project at TCO in Kazakhstan, and an advantaged … Read more
By Sherry Su December 8, 2019 The start-up of a giant new oil field in Norway’s part of the North Sea has led to a surge in shipments from the region to Asia. About 18 million barrels of North Sea oil got shipped to Asia last month, more than double October’s levels, according to tanker tracking compiled … Read more
By Sharon Cho and Grant Smith Dec 9, 2019 Dec 10, 2019 (Bloomberg)Oil was steady near a 12-week high in New York, supported by signs of falling American crude inventories yet capped by continuing salvos in the U.S.-China trade dispute. West Texas Intermediate futures were little changed. U.S. crude stockpiles fell by 2.5 million barrels … Read more
By Lorcan Roche Kelly Dec 10, 2019 (Bloomberg) House set to unveil articles of impeachment, Deutsche Bank says it won’t need more capital, and repo worries continue. Here are some of the things people in markets are talking about today. House rules The leaders of the House committees running the inquiry into President Donald Trump will announce two … Read more
December 10, 2019| Source: Devon Energy Corporation OKLAHOMA CITY, Dec. 10, 2019 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) announced today it has entered into an agreement with Dow (NYSE: Dow) to jointly develop a portion of the company’s STACK acreage in central Oklahoma. Under this agreement, Devon will monetize half of its working interest … Read more
December 09, 2019 | Source: Laredo Petroleum, Inc. TULSA, OK, Dec. 09, 2019 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or “the Company”) today announced that it has closed a bolt-on acquisition of 4,475 contiguous net acres in Glasscock County for $65 million, further delivering on the Company’s strategy of acquiring properties that can improve … Read more
December 10, 2019| Source: Riviera Resources, Inc. HOUSTON, Dec. 10, 2019 (GLOBE NEWSWIRE) — Riviera Resources, Inc. (OTCQX: RVRA) (“Riviera” or the “Company”) confirms that December 13, 2019 is the ex-dividend date for the previously announced cash distribution of $4.25 per share, payable on December 12, 2019 to shareholders of record at the close of business … Read more
December 9, 2019 Reuters Map of Enbridge’s Line 3 Replacement Project Canada’s Enbridge Inc said on Monday that a revised environmental statement from the state of Minnesota’s commerce department concludes that replacing the aging Line 3 oil pipeline would not introduce risks for Lake Superior in the case of a spill.The revised statement was drafted at … Read more
Dec 9 (Reuters) – Enbridge Inc and Enterprise Products Partners LP on Monday signed an agreement to jointly develop a deepwater offshore crude oil export terminal in the Gulf of Mexico capable of loading Very Large Crude Carriers. Both pipeline operators will work to finalize an equity participation agreement that would provide Enbridge an option … Read more
Houston, Texas (December 9, 2019) –STEP-IQ™ real-time data services provide reliable, real-time, downhole measurements allowing operators to evaluate critical job parameters and make instant decisions to improve treatment programs. STEP Energy Services’ (STEP) team of professionals are the experts in e-coil conveyance of downhole telemetry technologies, which is one segment of the STEP-IQ suite of products. … Read more
By Lorcan Roche Kelly (Bloomberg) Tariff deadline, U.K. election, and monetary policy. Here are some of the things people in markets are talking about today. Tick tock With a new round of U.S. tariffs on China set to kick in at the end of this week, pressure on trade officials is mounting to make sufficient progress … Read more
By Filipe Pacheco Dec 9, 2019 (Bloomberg) When shares of Saudi Arabia’s national oil company begin trading Wednesday after the world’s largest initial public offering, the stars will be aligned to ensure that the stock price holds up. Aramco sold $25.6 billion of shares at 32 riyals each, the top of the range at which … Read more
By Sharon Cho and Rakteem Katakey Dec 9, 2019 (Bloomberg) Oil fell from the highest close in almost 12 weeks as the effects of the U.S.-China trade war countered Saudi Arabia’s surprise move to take additional crude barrels out of the market. Futures in New York slipped 1.1% after climbing 1.3% on Friday. The kingdom voluntarily … Read more
By William Mathis (Bloomberg) When Iberdrola SA builds its offshore wind farm off the coast of Connecticut sometime in the middle of next decade, it plans to use turbines more powerful than anything currently on the market.The Spanish utility’s Avangrid Inc. won an auction to develop the 804-megawatt wind farm in a joint venture with Copenhagen Infrastructure Partners. … Read more
By Alfred Cang and Jasmine Ng Dec 9, 2019 (Bloomberg) China announced the creation of its long-planned national oil and gas pipeline company, officially kicking off one of its biggest energy revamps aimed at helping supply keep pace with swelling demand.The move marks a “key step” in China’s efforts to deepen reforms of its oil and … Read more
December 06, 2019 | Source: Enservco DENVER, Dec. 06, 2019 (GLOBE NEWSWIRE) — Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today announced it has received notification from the NYSE American LLC (the “NYSE American”) indicating that the Company is not in … Read more
Jones Energy II, Inc. Enters Into Definitive Merger Agreement To Be Acquired By Revolution Resources December 06, 2019 | Source: Jones Energy, Inc. AUSTIN, Texas, Dec. 06, 2019 (GLOBE NEWSWIRE) — Jones Energy II, Inc. (OTC: JEII) (“Jones Energy” or the “Company”) today announced that it has entered into a definitive merger agreement to be … Read more
December 09, 2019 06:00 ET | Source: Key Energy Services, Inc. HOUSTON, Dec. 09, 2019 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (“Key” or the “Company”) (OTC: KEGX) announced today that it has entered into an extension of its forbearance agreements with its Term Loan and ABL Lenders until the earlier of January 10, 2020 or the … Read more
Also: Instructions for Upcoming Corporate Shareholder Call December 09, 2019 | Source: Petroteq Energy Inc. SHERMAN OAKS, Calif., Dec. 09, 2019 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE:PQCF), an oil sands mining and production company having a proprietary technology that extracts hydrocarbons without the use of water, is pleased … Read more
December 6, 2019 Reuters U.S. energy firms reduced the number of oil rigs operating for a seventh week in a row as year-long declines in the rig count have only curbed growth of record U.S. production, prompting OPEC to deepen cuts in an effort to bolster prices amid a global glut.Drillers cut five oil rigs in … Read more
Fabric Membrane Structures installed by G&B Portable Fabric Buildings Author: Nancy Abrams Remote sites are the perfect fit for fabric structures. The entire building is pre-fabricated, pre-engineered and can be engineered site specific for geographic loads. Remote site’s require organization and the ability to maintain the integrity of the site, safety for the employees on site, … Read more
Osprey Reach enables you to manage and access all your assets remotely through a single application With Osprey Reach, companies can increase productivity through virtual asset inspections, improve HSE compliance with automated leak and safety monitoring, as well as strengthen security and accountability through proactive activity detection and exception-based alerting at remote sites. FIND OUT … Read more
By Will Kennedy, Javier Blas and Nayla Razzouk (Bloomberg)Prince Abdulaziz bin Salman has attended OPEC meetings for three decades, but this was the first time he’s been the star turn.For two days, Saudi Arabia’s new oil minister appeared to have stage fright. As he shuttled between Vienna’s ultra-luxury Park Hyatt hotel and the headquarters of … Read more
By Rachel Adams-Heard Dec 5, 2019 (Bloomberg) Houston is counting on industries outside the oilfield to employ residents of America’s fourth-largest city as the Texas shale boom sputters.“The situation Houston faces today is eerily similar to what it faced after the 1980s bust — an oversaturated real estate market, a bleak outlook for oil and gas, and … Read more
By Mario Parker and Jennifer A. Dlouhy Dec 5, 2019 (Bloomberg) The EPA is seeking to issue a final rule setting 2020 biofuel blending quotas by Dec. 20, the agency’s chief told industry representatives in phone calls Thursday. Environmental Protection Agency Administrator Andrew Wheeler gave the update to renewable fuel producers amid industry concerns the … Read more
By Grant Smith, Annmarie Hordern, Laura Hurst and Nayla Razzouk Dec 6, 2019 (Bloomberg)OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia, which has long carried an outsized share of the burden.The group, which pumps more than half the world’s oil, agreed in Vienna on Friday … Read more
By Will Mathis (Bloomberg) One of the world’s biggest developers of offshore wind farms thinks its massive turbines could be key to the production of hydrogen in a greener way and ultimately, stemming climate change.Over the past decade, offshore wind has pushed from a frontier technology to a multi-billion-dollar industry that provides green power cheap enough to … Read more
By Heesu Lee and Alex Longley Dec 6, 2019 (Bloomberg) Oil traded near $58 a barrel as the market awaited crucial details on how OPEC+ will distribute cuts among its members. Futures slipped 0.3% in New York having been whipsawed throughout the previous session after six hours of fraught OPEC ministerial talks. The group agreed to adjust its … Read more
By Lorcan Roche Kelly and Sid Verma Dec 6, 2019 (Bloomberg) It’s jobs day, more signs of progress on trade deal, and the oil market awaits OPEC details. Here are some of the things people in markets are talking about today. Payrolls Employers are forecast to have added 183,000 positions in November, keeping the unemployment rate at 3.6% … Read more
December 06, 2019 | Source: Hi-Crush Inc. HOUSTON, Dec. 06, 2019 (GLOBE NEWSWIRE) — Hi-Crush Inc. (NYSE: HCR), or the “Company”, today announced that Ms. Laura C. Fulton, Chief Financial Officer, will resign as Chief Financial Officer and principal financial and accounting officer of the Company effective December 31, 2019 to pursue another career opportunity. … Read more
December 05, 2019 | Source: Harvest Oil & Gas Corp. HOUSTON, Dec. 05, 2019 (GLOBE NEWSWIRE) — Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) announced today that its board of directors has approved a share repurchase program under which Harvest is authorized to repurchase up to $5.0 million of its outstanding common … Read more
December 5, 20195 Reuters Pipeline operator Kinder Morgan Inc on Thursday forecast a drop in core earnings next year, as growth from expansion projects would likely be offset by higher spending and lower contract rates on some of its gas and oil pipelines.The company said it expects 2020 adjusted earnings before interest, tax and depreciation (EBITDA) … Read more
By Lorcan Roche Kelly Dec 5, 2019, (Bloomberg) Time is running short for a trade agreement, OPEC meeting begins, and more mixed data from Europe. Here are some of the things people in markets are talking about today. Tariff reduction A Chinese Ministry of Commerce spokesperson said that officials remain in close contact with their U.S. counterparts, reiterating tariffs … Read more
By Rajesh Kumar Singh Dec 4, 2019, 9:46 PM Word Count: 411 (Bloomberg) —More and more wind farms face delays in India as developers struggle to make their projects work in the world’s cheapest market. About 2 gigawatts of wind power generation auctioned by the federal government since February 2017 is running behind schedule, according to … Read more
By Alex Longley Dec 5, 2019 (Bloomberg) Oil swung between gains and losses as speculation mounted about OPEC’s decision on production policy. Futures rose 0.6% in New York after jumping 4.2% on Wednesday, the biggest gain since the attacks on Saudi Arabia’s energy facilities. Saudi Arabia is offering fellow OPEC+ members a quid pro quo to stop cheating … Read more
By Javier Blas, Grant Smith and Annmarie Hordern Dec 5, 2019 (Bloomberg) Saudi Arabia is offering fellow OPEC+ members a quid pro quo: If you stop cheating, we’ll curb production. With just hours to go before the Organization of Petroleum Exporting Countries’ meeting in Vienna, it was unclear if the kingdom was offering to return to … Read more
By Eric Roston Dec 4, 2019 (Bloomberg) Back in 1991, when climate policy was in its infancy, an Exxon subsidiary came to a startling and prescient conclusion about how to curb carbon-dioxide emissions that cause global warming. It would require a heavy price on CO2 pollution before the companies creating emissions would change, the researchers concluded, at a level … Read more
December 05, 2019 | Source: KLX Energy Services LLC WELLINGTON, Fla., Dec. 05, 2019 (GLOBE NEWSWIRE) — KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the “Company”) (NASDAQ: KLXE), a leading U.S. onshore provider of mission critical, asset light oilfield services, today reported its third fiscal quarter ended October 31, 2019 financial results. The oilfield … Read more
December 4, 2019 Business Wire LINO LAKES, Minn. – The Line 3 Replacement Project, the largest privately financed construction project in Minnesota history, has celebrated a major milestone. Representatives from four trade and labor unions held a ceremonial signing of a project labor agreement with Enbridge guaranteeing it will be built solely by union labor. The … Read more
By Allison McNeely Dec 4, 2019 (Bloomberg) Chesapeake Energy Corp.’s move to tame its $10 billion debt load alleviates immediate concerns about the oil and gas producer’s viability, yet fundamental issues threatening the company’s long-term outlook remain. The company’s shares and bonds gained Wednesday after it said lenders agreed to loosen some restrictions on its ability … Read more
By SCOTT DEVEAU NEW YORK (Bloomberg) – Carl Icahn advanced his effort to replace Occidental Petroleum’s entire board by submitting nominations for as many as 14 directors, according to people familiar with the matter. Icahn, who owns a stake in the company valued at about $1 billion, filed his slate of directors on Tuesday, said … Read more
STEP is pumping more hours per day than almost any other fracturing service provider in North America. And when time is money, seconds matter. Efficiency is a driving force of STEP’s business strategy and a building block of the Exceptional Client Experience. As we continue to make growth a priority, finding efficiencies in our operations … Read more
By Brian Eckhouse Dec 3, 2019 (Bloomberg) The solar industry may not catch the break from U.S. import tariffs that it was counting on next year.The duties imposed by the Trump administration last year currently stand at 25% and were scheduled to fall to 20% in 2020. But the Washington-based trade group Solar Energy Industries Association warned on … Read more
By Lorcan Roche Kelly Dec 4, 2019 (Bloomberg) U.S. and China move closer to trade deal, House impeachment vote all but certain, and Aramco pricing may be at top end. Here are some of the things people in markets are talking about today. Despite everything… Recently there has been a lot that looked like it might derail … Read more
By Matthew Martin, Archana Narayanan and Will Kennedy Dec 4, 2019 (Bloomberg) Saudi Aramco is considering pricing its initial public offering at the top end of a marketed range, which would make it the world’s biggest-ever new listing, people with knowledge of the matter said. The Gulf energy giant has discussed pricing its IPO shares at … Read more
By Brian Eckhouse Dec 4, 2019 (Bloomberg) Here’s the latest indicator of how hungry investors are to profit from clean energy: BlackRock just raised $1 billion for wind, solar and battery-storage projects.The world’s largest money manager received initial commitments from over 35 institutional investors in North America, Europe and Asia for its third global renewables fund. … Read more
By Javier Blas, Salma El Wardany and Laura Hurst Dec 4, 2019 (Bloomberg) Saudi Arabia and the United Arab Emirates remained silent over Iraq’s proposal to deepen OPEC+ production cuts, leaving the market to speculate about the group’s plans before crucial talks in Vienna this week.Iraq, which has the worst record among major producers of implementing … Read more
By Sheela Tobben Dec 3, 2019 (Bloomberg) Oil rose for a second day as investors focused on the upcoming OPEC+ meeting that could lead to deeper supply cuts by some of the world’s biggest crude producers. Futures edged higher in New York on Tuesday to the highest settlement in almost a week. Members of the Organization … Read more
By Will Kennedy and Kelly Gilblom Dec 2, 2019 (Bloomberg) Since 1980, the year Saudi Aramco was fully nationalized, the world’s largest oil producer has pumped about 116 billion barrels of crude oil from giant fields below the kingdom’s desert and the waters of the Persian Gulf. At today’s rate of consumption that crude would keep … Read more
By Lorcan Roche Kelly Dec 3, 2019 (Bloomberg) China-U.S. trade talks under threat, France is latest Trump tariff target, and another retail record. Here are some of the things people in markets are talking about today. Worth waiting for? President Donald Trump suggested that he would be happy to wait until after the 2020 election to do a trade … Read more
By Will Wade Dec 3, 2019 (Bloomberg) It’s about to get harder for America’s miners to ship their coal to Asia.On Tuesday, the city of Richmond, California, is expected to approve a ban on coal at a terminal that accounts for almost a quarter of exports from the U.S. West Coast. The prohibition will shut miners out of … Read more
By Heesu Lee and Alex Longley Dec 3, 2019 (Bloomberg) Oil slipped below $56 as U.S. President Donald Trump said there may be a long wait for a trade agreement with China, casting doubt about the strength of demand just days before the OPEC+ meeting.Futures fell 0.6% in New York, erasing earlier gains. Trump said he … Read more
Company Has Recently Commenced Drilling of Etame 11H Development Well December 03, 2019 | Source: VAALCO Energy, Inc. HOUSTON, Dec. 03, 2019 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (the Company) today provided an update on its 2019/2020 drilling program Offshore Gabon. Highlights Successfully completed Etame 9H development well including approximately 1,000 feet of … Read more
By Javier Blas Dec 1, 2019 (Bloomberg) For years, OPEC ignored the rise of the U.S. shale industry and came to regret its mistake. Now, the group is making another bold gamble on America’s oil revolution: that’s its golden age is over.When the Organization of Petroleum Exporting Countries meets this week, ministers will discuss whether to … Read more
December 2, 2019 Reuters U.S. oil producers could expand daily output by 1 million barrels next year, or by as little as 100,000 barrels, with the wide gap creating huge uncertainty as OPEC officials gather this week to weigh production curbs.Shale output has routinely defied naysayers over the past three years as U.S. production has surged … Read more
By James Herron Dec 2, 2019 (Bloomberg) —Repsol SA embarked on the most ambitious attempt yet by an oil major to align itself with the Paris climate goals, saying it will eliminate all greenhouse gas emissions from its own operations and its customers by 2050.The Spanish giant’s exploration and production unit will focus on value … Read more
By Lorcan Roche Kelly Dec 2, 2019 (Bloomberg) Beijing sanctions on America avoid trade, Trump declines to participate in impeachment hearing, and there’s a lot to watch in European politics. Here are some of the things people in markets are talking about today. Reaction China’s first retaliation to the U.S. bill supporting pro-democracy movements in Hong Kong … Read more
By Alex Longley Dec 2, 2019 (Bloomberg) Oil rebounded from the biggest weekly loss since October on speculation that OPEC+ could defy expectations by deepening its production cuts. Futures surged as much as 2.7% in New York after plunging 5.1% on Friday. Iraq said OPEC and its allies will consider further output curbs at their meeting … Read more
By Grant Smith Dec 2, 2019 (Bloomberg) OPEC’s crude production fell before ministers gather to discuss their strategy for next year, though more by accident than design.Angola, which has been suffering a decline for the past four years, saw output slide to the lowest in more than a decade. Iran’s production, already squeezed to the lowest … Read more
December 02, 2019 | Source: Apache Corporation HOUSTON, Dec. 02, 2019 (GLOBE NEWSWIRE) — Apache Corporation (NYSE, Nasdaq: APA) today updated the status of its first exploratory well in Block 58 offshore Suriname. Drilling operations on the Maka Central – 1 well commenced in late September with an expected drill time of 30 to 60 days. … Read more
November 29, 2019 | Source: Greenfields Petroleum Corporation photo-release Selected Financial Information Selected Financial Information Greenfields Petroleum Corporation EBITDA EBITDA Greenfields Petroleum Corporation HOUSTON, Nov. 29, 2019 (GLOBE NEWSWIRE) — Greenfields Petroleum Corporation (the “Corporation” or “Greenfields”) (TSX VENTURE: GNF), a production focused company with operating assets in Azerbaijan, announces its financial and operating results for the … Read more
Scott DiSavino (Reuters) – U.S. energy firms reduced the number of oil rigs operating for a record 12th month in a row after this week cutting rigs for a sixth consecutive week as producers slash spending on new drilling. Drillers cut three oil rigs in the week to Nov. 27, bringing the total count down … Read more
By Kriti Gupta Nov 29, 2019 (Bloomberg) Natural gas prices capped their biggest November drop since 2001 as forecasts showed no sign of the teeth-chattering U.S. cold needed to boost demand for the heating fuel.The outlook for the second week of December turned warmer overnight, with temperatures now expected to be above normal across most of … Read more
By Catherine Ngai Nov 29, 2019 (Bloomberg) Oil fell the most in more than two months amid signals that OPEC and allied crude producers are averse to deepening output cuts when they convene next week.Futures dropped 5.1% in New York on Friday, closing the U.S. benchmark’s poorest weekly performance since early October. Saudi Arabia probably will indicate … Read more
By Stephen Cunningham Nov 30, 2019 (Bloomberg) The U.S. solidified its status as an energy producer by posting the first full month as a net exporter of crude and petroleum products since government records began in 1949.The nation exported 89,000 barrels a day more than it imported in September, according to data from the Energy Information Administration Friday. … Read more
By Sybilla Gross Nov 28, 2019 (Bloomberg) Trump says talks with the Taliban are back on, financial stress warning signs are flashing in China, Morgan Stanley ousts traders. Here are some of the things people in markets are talking about today. Taliban Talks U.S. President Donald Trump took a surprise Thanksgiving trip to Afghanistan, where he revealed that peace talks with the Taliban have … Read more
By Javier Blas and Grant Smith Nov 29, 2019 (Bloomberg) For the last year, Saudi Arabia has largely turned a blind eye to cheaters within the OPEC+ alliance, cutting its own output more than agreed to offset over-production from the likes of Iraq and even Russia. Now, Riyadh’s had enough.Prince Abdulaziz bin Salman, who took over … Read more
By James M. Gomez and Lenka Ponikelska Nov 29, 2019 (Bloomberg) In a steamy foundry behind a century-old Czech brewery, a mechanical arm pours molten aluminum into a two-story robotic mold. Within seconds, gleaming pump covers for diesel engines roll out for inspection.The state-of-the-art production line at Motor Jikov Group AS in Ceske Budejovice, near the … Read more
By Alex Longley Nov 29, 2019 (Bloomberg) Oil headed for a fourth weekly gain, the longest winning streak since April, before a key OPEC+ meeting next week that will set the path for future production cuts. Futures held steady near $58 a barrel in New York as the U.S. Thanksgiving holiday reduced trading volumes. Saudi … Read more
Banner Advertising 50% Off! Energynow.com Advertising – 50% Discount (For a 3 month commitment) All advertising must be booked and paid for by the end of December 6th, 2019 Ad Start Date: January 1st, 2020 (or before) * All advertising contracts include a Premium SHOWCASE Profile & Publishing Rights on EnergyNow Publish Announcements, … Read more
By Rachel Adams-Heard Nov 27, 2019 (Bloomberg) The battered U.S. pipeline industry is looking to the real estate business for a way to reinvigorate investor interest.Ever since a Missouri pipeline owner got approval earlier this year from the Internal Revenue Service to operate as a Real Estate Investment Trust, the sector has been abuzz at the prospect … Read more
By Ewa Krukowska Nov 28, 2019 (Bloomberg) European heavy industries like cement, steel and refining will need massive investment if the continent is to reach a goal of being carbon neutral in three decades, according to a new report.Spending on new technologies, ensuring a supply of clean energy and improving carbon pricing systems are among the … Read more
Drilling is underway at Elixir Energy Limited’s (ASX:EXR) 100% owned Nomgon IX coalbed methane (CBM) production sharing contract (PSC). Located in the South Gobi Desert in Mongolia, immediately next to the Chinese border, Elixir’s Nomgon IX CBM PSC covers an area of around 30,000km2 (over 7 million acres). This is a region that is exceptional … Read more
An exploration renaissance is underway at Alaska’s North Slope basin — a region boasting a long history of successful oil discoveries. The renewed industry interest can largely be attributed to new technologies along with exploration incentives that’s leading to once stranded oil resources being commercialised. Discoveries in the region include the largest current oil field … Read more
Lilis Energy Notified of NYSE American Listing Deficiency November 27, 2019 | Source: Lilis Energy Inc. FORT WORTH, Texas, Nov. 27, 2019 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced that on November 21, 2019 … Read more
November 27, 2019 | Source: Key Energy Services, Inc. HOUSTON, Nov. 27, 2019 (GLOBE NEWSWIRE) — On November 27, 2019, Key Energy Services, Inc. (“Key” or the “Company”) (NYSE: KEG) was notified by the New York Stock Exchange (the “NYSE”) that the NYSE had determined to commence proceedings to delist the Company’s common stock (the “Common Stock”) … Read more
By Sophie Alexander and David Wethe Nov 27, 2019 (Bloomberg) Dallas Cowboys owner Jerry Jones is doubling down on a forlorn corner of the U.S. shale patch, calling Louisiana’s Haynesville play the best for low-cost hydrocarbons and saying he’s hunting for more acreage there. The billionaire owner of America’s Team is no stranger to contrarian investments. … Read more
By Steven Church and Mark Chediak Nov 28, 2019 (Bloomberg) PG&E Corp.’s latest attempt at escaping the California policy that saddled the power giant with billions of dollars in wildfire liabilities, pushed it into bankruptcy and led to the ousting of its chief executive officer has failed. U.S. Bankruptcy Judge Dennis Montali on Wednesday sided with … Read more
ANCHORAGE, Alaska — Hilcorp Energy Co. and one of its drilling contractors have each paid fines of $25,000 or more after a worker died at a company drilling rig on Alaska’s North Slope, officials said. Shawn Huber, 36, died at the Milne Point field in December 2018 when a 700-pound (318-kilogram) section of drilling pipe … Read more
By Ann Koh and Alex Longley Nov 28, 2019 (Bloomberg) Oil fell for a second day after U.S. crude supplies rose and President Donald Trump signed a law supporting Hong Kong protesters, potentially complicating trade talks with China.Futures declined as much as 0.8% in New York. American stockpiles defied analyst expectations to expand for a fifth … Read more
By Grant Smith, Olga Tanas and Dina Khrennikova Nov 28, 2019 OPEC and its allies sent more signals that they’ll stick with their existing output cuts at their meeting next week.As a key advisory committee in Vienna heard that the oil market will be balanced in 2020 if the Organization of Petroleum Exporting Countries maintains … Read more
By Sybilla Gross and Alex Millson Nov 27, 2019 (Bloomberg) Trump signs Hong Kong Bill backing protesters. Investors are losing interest in mainland China stocks. Concerns rise after third Hong Kong stock in a week sees huge plunge. Here are some of the things people in markets are talking about today. Trump Signs President Donald Trump signed a … Read more
Recently I fielded an email enquiry from a large international oil and gas company asking my views on what should be included in the scope of a digital transformation. A bit like asking for the table of contents from my book. Context The volume of interest in understanding how digital will impact oil and gas … Read more
By Sybilla Gross and Alex Millson Nov 26, 2019 (Bloomberg) Trump signals the first phase of a trade deal is near completion, early signs are pointing to a slowdown in China for a seventh straight month, and mainland investors are eagerly awaiting Alibaba stocks. Here are some of the things people in markets are talking about … Read more
Nov 27, 2019 (Bloomberg) As the United Nations warns countries need to do more to stave off the worst impacts of climate change, the world’s biggest carbon emitter has little to offer in the way of stronger action. While China’s top environmental officials reiterated the nation’s commitment to the Paris Agreement climate goals during a briefing in Beijing … Read more
By Michael Bellusci Nov 26, 2019 (Bloomberg) More free time for analysts usually means a lot less interest in the sector they cover.No group illustrates this better than oil and gas, especially oilfield service stocks. The Philadelphia Oil Service Sector Index sank 2% Tuesday and has fallen more than 15% this year. Meanwhile, the S&P 500 … Read more
By Ann Koh and Alex Longley Nov 27, 2019 (Bloomberg) Oil held steady as traders weighed hopes for a limited U.S.-China trade deal against a reported increase in American crude stockpiles.Futures were little changed above $58 a barrel in New York after rising 1.1% over the previous two sessions. President Donald Trump said talks on the … Read more
by Rachel Adams-Heard and Kevin Crowley Nov 27, 2019 (Bloomberg) —Texas wildcatters, after years eye-rolling at shale skeptics, are now saying global analysts are underestimating just how severe the industry’s slowdown is. What’s ticking folks off these days is how the International Energy Agency in Paris and the Energy Information Administration in Washington still predict … Read more
By Alexander Weber (Bloomberg) —It’s been the one bright spot for banks and money managers in these dark times of sluggish growth, a $30 trillion treasure trove that has remained largely unregulated. That’s about to change. Officials in Brussels are trying to advance some of the most ambitious ideas how to police the market for green investments, … Read more
By Simon Casey Nov 25, 2019 (Bloomberg) As U.S energy stocks endure an annus horriblis, industry figures such as Harold Hamm and Kelcy Warren are taking advantage.Share purchases in the sector made by insiders so far this year stand at $544 million, more than double the total in 2018, according to data from Insider Insights. Insider … Read more
By Sybilla Gross Nov 25, 2019 (Bloomberg) Westpac’s CEO steps down, SoftBank launches a $3 billion tender offer for WeWork, and markets gain again on hopes a trade deal is near. Here are some of the things people in markets are talking about today. Hartzer Resigns Westpac Chief Executive Officer Brian Hartzer has resigned after the lender was engulfed by allegations it … Read more
By Ann Koh and Grant Smith Nov 26, 2019 (Bloomberg)Oil rose on signs of progress in trade talks between the U.S. and China, and estimates that American crude inventories retreated for the first time in five weeks. Futures gained 0.6% to trade above $58 a barrel in New York. Washington and Beijing “reached consensus on properly resolving … Read more
Nov 26, 2019 (Bloomberg) —Ebony Lopez’s electric company in Napa wine country used to get a handful of inquiries a week from people asking about generators. After PG&E Corp. shut power to millions of Californians last month, it’s more like 10 to 15 calls a day.“It’s been nonstop,” Lopez said. “People are definitely being reactive.” … Read more
November 26, 2019 Reuters Global oil consumption has apparently accelerated since mid-year as lower prices filter through the supply chain, increasing demand and avoiding a big increase in inventories. But all may not be as it seems. Much of the growth has come from China, where reported consumption is rising at rates inconsistent with the country’s … Read more
By Will Wade Nov 25, 2019 (Bloomberg) For all the talk of ditching fossil fuels to fight climate change, coal remains king in much of the world.The amount of electricity generated from coal jumped 7% in the developing world last year, according to BloombergNEF’s annual Climatescope report that evaluated more than 100 nations. It’s the biggest increase in … Read more
Nina Chestney LONDON (Reuters) – New clean energy investment slid by more than a fifth in developing countries last year due to a slowdown in China, while the amount of coal-fired power generation jumped to a new high, an annual survey showed on Monday. Bloomberg New Energy Finance (BNEF) surveyed 104 emerging markets and found … Read more
November 25, 2019 Reuters U.S. natural gas futures fell over 5% on Monday on forecasts for the weather to moderate during the second week of December even though temperatures were expected to be a little colder than previously expected during the next two weeks. Meteorologists currently forecast the weather over much of the U.S. Lower 48 … Read more
By Lorcan Roche Kelly Nov 25, 2019 (Bloomberg) China offers another olive branch to the U.S., pro-democracy candidates win big in Hong Kong election, and big M&A news. Here are some of the things people in markets are talking about today. IP rules, ok? Intellectual property has been one of the major sticking points in trade talks … Read more
By Simone Foxman and Verity Ratcliffe Nov 25, 2019 (Bloomberg) Qatar, the world’s biggest supplier of liquefied natural gas, plans to boost output capacity by almost two thirds after it adds production facilities to exploit recently discovered reserves. The Persian Gulf state will expand its LNG capacity to 126 million tons a year by 2027, thanks … Read more
By Jesper Starn and Lars Paulsson Nov 24, 2019 (Bloomberg) In a remote area almost eight times the size of Manhattan covered by millions of young fir trees, Europe’s biggest onshore wind park is emerging. Workers are installing turbines perched atop 130-meter tall towers at a rate of about two a week at the site in … Read more
By Ann Koh and Grant Smith Nov 25, 2019 (Bloomberg) Oil held near $57 a barrel in New York as China made a concession that could help resolve trade tensions with the U.S. that have weighed on the global economy and fuel demand.Futures fell 0.9% and were more than $1 below the two-month intraday high reached … Read more
November 22, 2019 Reuters U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row and the rig count has dropped 24% year-on-year as producers cut spending on new drilling.Drillers cut three oil rigs in the week to Nov. 22, bringing the total count down to 671, the … Read more
NEW ORLEANS — The federal agencies that make and enforce offshore oil and gas leases say they’ll encourage new wells in shallow Gulf of Mexico waters by allowing some reduced-royalty or even royalty-free production if owners can prove they need it. Some $20 billion worth of oil and gas may go untapped without changes described … Read more
Author: Nancy Abrams G&B Portable Fabric Building’s Zero Impact Solutions As the Fabric Building and Tensile Membrane Structures Industry is changing, G&B wants to focus on the Environment and what we do to help Zero Impact Initiatives for Natural Resource Management and Extraction Sites. Our last few articles have focused on why Fabric Buildings are … Read more
San Jose, Cal. – November 12, 2019 – Bedrock Automation, maker of Bedrock OSA®, the world’s most powerful and secure automation platform, has appointed Jesse K. Hill as Executive Director of Sales. Hill will lead Bedrock Automation’s expanding programs to sell OSA Open Secure Automation to oil and gas, utilities and other automation-intensive, security-conscious industries. … Read more
“Osprey is great example of how small-medium enterprises can make a real difference in a big corporate like Shell. Their success is founded on a great team, superior technology and tremendous stamina”. Geert van de Wouw, VP Shell Ventures Learn More: https://www.linkedin.com/pulse/behind-scenes-shell-ventures-who-says-elephants-cant-van-de-wouw/ In the short video below, Giancarlo Savini (Implementation Manager at Shell Ventures in … Read more
By Anthony DiPaola and Nicolas Parasie (Bloomberg) Saudi Aramco officials met investors in Dubai on Sunday in a sales push for an initial public offering that could be the world’s largest.The investor meetings are Aramco’s first outside Saudi Arabia since the world’s most profitable company said earlier this month it would sell 1.5% of its stock. … Read more
By Julian Lee Nov 24, 2019 (Bloomberg Opinion)In less than two weeks, OPEC and its allies are due to meet to decide on the next phase of their deal for managing the supply of crude oil, and therefore its price. Expect them to decide to do nothing for another six months, kicking the can further down the … Read more
By James Thornhill (Bloomberg) The world’s biggest lithium-ion battery is about to get even bigger, with Tesla Inc. set to beef up capacity at the Hornsdale site in South Australia.The system will be expanded by 50% to 150 megawatts, according to an announcement from Neoen SA, the French company that operates the site. The storage site … Read more
By William Wilkes, Vanessa Dezem and Anna Shiryaevskaya (Bloomberg) It’s the most nettlesome problem in the quest to ditch fossil fuels: how can you get thousand-degree heat used in factory furnaces without pumping billions of tons of greenhouse gases into the atmosphere?Heat-intensive processes like steel making and oil refineries are the starting point for production of … Read more
Reuters U.S. natural gas futures edged up on Friday as the market focused more on forecasts for colder weather and more heating demand during the first week of December than warmer than previously expected weather next week.Front-month gas futures for December delivery on the New York Mercantile Exchange were up 2.9 cents, or 1.1%, to … Read more
By Jacquelyn Melinek Nov 22, 2019 (Bloomberg) Oil fell Friday but still ended the week higher after President Donald Trump said he was “very close” to a trade pact with China but warned that Beijing wants the deal more. Futures slipped 1.4% in New York on Friday and rose 0.1% for the week, marking the third … Read more
By Adam Haigh Nov 21, 2019 (Bloomberg) U.S. President Donald Trump receives legislation supporting Hong Kong protesters. Billionaire Louis Bacon calls time on the hedge fund business. Rich Hongkongers plan escape routes for their cash. Here are some of the things people in markets are talking about. Moral Authority House Speaker Nancy Pelosi sent Donald Trump legislation supporting Hong Kong protesters, … Read more
By Kriti Gupta Nov 22, 2019 (Bloomberg) Banks have begun trimming back the credit lines of America’s shale producers, further undercutting a beleaguered industry that’s been struggling to rebuild investor confidence.Laredo Petroleum Inc. and Oasis Petroleum Inc. are among at least six producers whose ability to secure short-term loans against their oil and natural gas reserves … Read more
By Saket Sundria and Grant Smith Nov 22, 2019 (Bloomberg) Oil pared a third weekly advance amid mixed signals on a trade agreement between the U.S. and China, which would end an impasse that has weighed on the global economy and fuel demand.Futures slipped 0.4% in New York, yet remained on track for a weekly increase. … Read more
ANCHORAGE, Alaska — The Trump administration will consider a new management plan and expanded oil drilling for the National Petroleum Reserve-Alaska, an Indiana-size area that former Interior Secretary Ken Salazar characterized as an “iconic place on our Earth.” The Bureau of Land Management announced Thursday it will take public comment through Jan. 21 on four … Read more
By Gerson Freitas Jr., Naureen S. Malik and Kriti Gupta Nov 21, 2019 (Bloomberg) In five days, New York Governor Andrew Cuomo may decide to expel one of the world’s biggest utilities from the state’s most populous region.That threat is the culmination of an extraordinary showdown between Cuomo and British energy giant National Grid Plc over … Read more
By Lorcan Roche Kelly Nov 21, 2019 (Bloomberg) Trade worries dominate despite China reassurance, impeachment inquiry drama, and markets only see a Conservative U.K. election victory. Here are some of the things people in markets are talking about today. Mood sours The Congressional bill in support of demonstrators in Hong Kong that’s expected to be signed by President Donald Trump is renewing market worries that … Read more
By David Fickling (Bloomberg Opinion) Investors are turning their back on fossil fuels. Sweden’s central bank sold its holdings of sovereign debt issued by Canadian and Australian local governments dependent on fossil fuel extraction, the Riksbank said last week. A day later, the European Investment Bank said it would stop providing funding for conventional fossil fuels by 2022.One … Read more
By Saket Sundria and Grant Smith Nov 21, 2019 (Bloomberg) Oil steadied after Wednesday’s rally amid mixed prospects for a trade agreement between the U.S. and China that impacts global energy demand, and lower crude stockpiles at a key American storage hub.Futures for January delivery rose 0.6% in New York. China’s Vice Premier Liu He said … Read more
By Helen Robertson Nov 21, 2019 (Bloomberg) Climate change poses a serious risk to Saudi Aramco’s long-term business as rising sea levels and temperatures could damage infrastructure, curb productivity and even halt some of its operations. Sea level rises pose the biggest threat to Aramco’s business and may lead to some of its refining facilities being … Read more
By Grant Smith Nov 21, 2019 (Bloomberg) OPEC may have no appetite to cut oil production deeper when it meets next month, but flaring political crises across the group are once again threatening supply. Unrest erupted in Iraq and Iran this month — two of the Middle East’s biggest producers — as people took to the streets protesting … Read more
By Emma Vickers, Joe Carroll and Tom Maloney (Bloomberg) Farris and Dan Wilks hit pay dirt during the shale boom when they sold their Texas fracking company in 2011 for $3.5 billion, giving them ample resources to fund their interests in land, politics and religion.But many of their more recent investments in the Permian Basin have … Read more
November 20, 2019 | Source: Berry Petroleum Company, LLC DALLAS, Nov. 20, 2019 (GLOBE NEWSWIRE) — On November 19, 2019 the California Department of Conservation, Division of Oil and Gas released a number of initiatives designed to safeguard public health and the environment, advance California’s goal to become carbon-neutral by 2045 and manage the decline of oil … Read more
November 20, 2019 | Source: Key Energy Services, Inc. HOUSTON, Nov. 20, 2019 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (“Key” or the “Company”) (NYSE: KEG) announced today that on November 18, 2019, the Company received a letter from the New York Stock Exchange (the “NYSE”) notifying it that, over a period of 30 consecutive trading … Read more
BY JAMES MACPHERSON THE ASSOCIATED PRESS Workers survey the damage of a pipeline leak in a field near Edinburg, N.D. in this undated handout photo. Credit: TC Energy Top U.S. House Democrats have called for a federal review of the Keystone pipeline and the agency that regulates it in the wake of 1.4-million-litre (383,000-gallon) spill in northeastern … Read more
By Adam Haigh Nov 19, 2019 (Bloomberg) The U.S. Senate passes a bill aimed at backing Hong Kong protesters, Washington and Beijing are discussing tariff rollbacks, and the EU is poised to send a warning to China over 5G. Here are some of the things people in markets are talking about. Deal Closer? The near-deal between the … Read more
By Kevin Crowley and David Wethe Nov 20, 2019 (Bloomberg)California intensified its battle against fossil fuels by seeking independent reviews of all pending hydraulic fracturing permits and halting approvals of a key production technique in an area that has pumped crude for more than a century. Governor Gavin Newsom ordered regulators to assess the safety … Read more
By Kevin Crowley Nov 19, 2019 (Bloomberg) ConocoPhillips announced a 10-year plan to buy back $30 billion of shares, equivalent to about half of its current market capitalization, as the oil producer attempts to distance itself from the troubled U.S. shale industry.The company also said it will pay dividends of about $20 billion over the period … Read more
By Saket Sundria and Grant Smith Nov 20, 2019 (Bloomberg) Oil steadied after falling to a two-week low on signs of swelling American crude inventories, while heightened political tensions clouded the chances of a trade deal between the U.S. and China. Futures held above $55 a barrel in New York after slumping 3.2% on Tuesday, the … Read more
November 20, 2019 | Source: Petroteq Energy Inc. NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. SHERMAN OAKS, Calif., Nov. 20, 2019 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE:PQCF), an oil sands mining … Read more
By Erik Larson Nov 18, 2019 (Bloomberg) You’d expect most companies accused of a longstanding fraudulent scheme to be thrilled if the government dropped those claims against them. Not so for Exxon Mobil Corp. — at least not today. The energy giant unleashed a torrent of criticism against New York Attorney General Letitia James in … Read more
Interview by Marc LaCour Don’t miss this educational and entertaining podcast where Paul sits down with Mark to talk about Osprey Informatics and all of the services they provide. Weather it’s personalized and accurate alerts for things such as vehicles, equipment leaks etc.., to critical sensors that combine data with SCADA OGGN is a new … Read more
Sunexo Solutions’ RegSync Bundle finds insight around how to address climate concerns of future development Calgary, Canada: Working with Questor Technology, Sunexo Solutions (Sunexo) and local Calgary startup RegSync, completed an analysis of all public comments and engagement records submitted by LNG proponents in north-western British Columbia, with a focus on air quality and emissions. … Read more
By Andreea Papuc Nov 18, 2019 (Bloomberg) Hundreds of Hong Kong protesters remain surrounded by police, Jay Powell meets with Donald trump and climate change is set to bring more fire tornadoes to Australia. Here are some of the things people in markets are talking about today. Hong Kong Siege A two-day university siege in Hong Kong is raising fears … Read more
By William Mathis Nov 18, 2019 The world is getting windier at the same time that developers are installing more turbines to generate electricity from breezes. Average wind speeds rose about 7% since 2010 in northern mid-latitude regions, reversing a trend of slowing winds in the decades prior, according to a group of researchers from … Read more
By Alex Tanzi Nov 19, 2019 (Bloomberg) The New York city area may boast the largest share of personal income in the U.S., but pay is growing the fastest in the much smaller oil-boom towns of Odessa and Midland, Texas, according to new Commerce Department data.Indeed, Midland’s per capita personal income of more than $122,000 a year … Read more
By Will Wade Nov 19, 2019 (Bloomberg) In the end, the unraveling economics of U.S. coal proved too much for even a giant among power generators to handle. At 12:09 p.m. local time on Monday — after churning out electricity for almost five decades — the largest coal-fired power plant in the western U.S. permanently closed, becoming … Read more
By Saket Sundria and Grant Smith Nov 19, 2019 (Bloomberg) Oil fell for a second day on indications American crude stockpiles and shale output will keep expanding, while investors wait for a breakthrough in U.S.-China trade talks.Futures declined as much as 1.6% in New York to their lowest since Nov. 8. U.S. oil inventories probably rose … Read more
November 18, 2019 | Source: SAExploration Holdings, Inc. HOUSTON, Nov. 18, 2019 (GLOBE NEWSWIRE) — SAExploration Holdings, Inc. (NASDAQ: SAEX, OTCQB: SXPLW), or SAE, today announced a combined $130 million of new projects in Alaska, Canada and the Middle East. The largest contract is valued at approximately $112 million for onshore data acquisition services to be performed … Read more
November 19, 2019 | Source: KLX Energy Services LLC WELLINGTON, Fla., Nov. 19, 2019 (GLOBE NEWSWIRE) — KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the “Company”) (NASDAQ: KLXE), a leading U.S. onshore provider of mission critical, asset light oilfield services, announced a major cost reduction program to address the abrupt deterioration in industry conditions, … Read more
November 19, 2019 | Source: Precision Drilling Corporation photo-release Alpha Image #1 Alpha Brand Precision Drilling Corporation Alpha Image #2 Alpha Brand Precision Drilling Corporation This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For important information with respect to such forward-looking information and statements and the further assumptions and risks to … Read more
By Will Wade (Bloomberg) U.S. miner Contura Energy Inc.’s $800 million bet on international coal markets is souring.In November 2018, when Contura bought Alpha Natural Resources and became America’s biggest supplier of metallurgical coal, global prices for the fuel were climbing — bolstered by demand, particularly in China. Since then, trade tensions have escalated, curbing purchases … Read more
By Grant Smith Nov 15, 2019 (Bloomberg) Global oil markets are likely to remain “calm” next year as soaring production outside OPEC and high inventories keep consumers comfortably supplied, the International Energy Agency said.Supplies outside OPEC — driven by the U.S., Brazil, Norway and Guyana — will increase by 2.3 million barrels a day in 2020, almost twice … Read more
By Carlos Caminada and Robert Tuttle Nov 17, 2019 (Bloomberg) Hedge-fund managers unwound bets that crude will fall at the fastest pace in 16 months as the prospects for a trade war truce and a slowdown in shale drilling helped futures rebound. Oil short-sellers slashed their bearish positions on West Texas Intermediate crude by 41% in … Read more
By Joe Easton Nov 17, 2019 (Bloomberg) Good morning. Saudi Aramco’s valuation fell short of Crown Prince Mohammed bin Salman’s original target, protests could be a theme of the week again and the U.K. prime minister declared a Brexit-related boost at home. Here’s what’s moving markets. Aramco Below Target The financial world spent the weekend with one … Read more
By Ewa Krukowska Nov 15, 2019 (Bloomberg) Why is the natural gas industry relaxed about the European Investment Bank’s decision to stop funding fossil fuel projects? On its face, the move on Thursday by the lending arm of the European Union will choke off access to hundreds of millions of dollars of funds for building new … Read more
By Saket Sundria and Grant Smith Nov 18, 2019 (Bloomberg) Oil eased from the highest close in eight weeks as traders awaited clearer signs on whether the U.S. and China can reach a trade deal, and relieve pressure on the world economy.Futures slipped 0.9% after closing at the highest level since Sept. 23 on Friday. American … Read more
By Filipe Pacheco, Archana Narayanan and Netty Ismail Nov 17, 2019 (Bloomberg) Demand for what could be the world’s biggest initial public offering will probably be high, and the price range announced by Saudi Aramco shows there’s room for the shares to rally when they start trading, according to analysts. The company will sell shares at … Read more
November 18, 2019 | Source: Gulfport Energy Corporation Continues Accretive Debt Repurchases and Suspends Share Repurchase Program; Completes 13% Headcount Reduction Two Directors to Step Down from Board at Year-End Chairman David L. Houston Will Not Seek Re-Election at 2020 Annual Meeting OKLAHOMA CITY, Nov. 18, 2019 (GLOBE NEWSWIRE) — Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the “Company”), … Read more
By Sam Galpin, Bedrock Automation Real-time wellhead product data-gathering and analysis can improve wellhead operations significantly but has traditionally been too cost-prohibitive and risky for cash-strapped oil fields. Today, however, the advent of open communications capability protected by advanced cyber security, makes this a viable option for producers of all sizes. The control architecture shown … Read more
Contamination Removal for Targa Resources Link to Original: blackpowdersolutions.com/targa-resources-contamination-removal Summary Targa Resources Corp. was encountering a number of black powder contamination issues at their Galena Park LPG loading terminal. Black powder is a small and highly pervasive form of particulate contamination. This case study reviews results from the installation and operation of a patented magnetic separator … Read more
November 15, 2019 Reuters U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers plan to slash spending for a second consecutive year in 2020 while they struggle to extract profits from the shale boom.Drillers cut 10 oil rigs in the week to Nov. 15, … Read more
November 15, 2019 Reuters U.S. natural gas futures were little changed on Friday, putting the contract on track to fall about 5% for the week as weather later in November was forecast to be less cold than previously expected.Front-month gas futures for December delivery on the New York Mercantile Exchange were up 0.8 cents, or 0.3%, … Read more
By Phil Serafino Nov 14, 2019 (Bloomberg) Good morning. Protests are under way in Hong Kong again, European stocks are stuck in neutral and the U.S. and China look to be close to a trade deal. Here’s what’s moving markets. Hong Kong There’s no sign of an end to the demonstrations that have shaken Hong Kong for more … Read more
By Elizabeth Low and Grant Smith Nov 15, 2019 (Bloomberg) Oil headed for a weekly decline as rising U.S. crude inventories and new production elsewhere signaled that global markets will remain comfortably supplied.Futures were little changed below $57 a barrel in New York, bringing the loss this week to 1%. U.S. government data showed stockpiles expanded … Read more
By Gerson Freitas Jr. Nov 15, 2019 (Bloomberg) Two decades ago, when coal ruled U.S. power generation, a Florida utility plowed some of its extra cash into a wind farm atop a desolate Oregon plateau.It was the start of an unimaginably successful bet.This year, that company — now named NextEra Energy Inc. — became the world’s … Read more
November 14, 2019 Reuters Montana lawmakers representing Native American tribal members called on the state’s congressional delegation and the U.S. State Department on Thursday to extend the public comment period for the environmental review of the Keystone XL pipeline, saying tribes were not properly consulted. “We are particularly concerned with the lack of formal consultation with … Read more
By Stephen Cunningham Nov 14, 2019 (Bloomberg) The pioneers of the U.S. shale boom are warning of a slowdown in oil production growth, but it appears the U.S. government doesn’t agree.The Energy Information Administration revised up its forecast for the growth rate for crude output in 2020 to 1 million barrels a day from 910,000 barrels a day … Read more
By Lorcan Roche Kelly Nov 14, 2019 Mixed global growth picture, impeachment hearings signal battles ahead, and Hong Kong unrest continues. Here are some of the things people in markets are talking about today. Dodging recession Germany’s economy eked out 0.1% growth in the third quarter, narrowly averting recession against expectations. Growth for the euro area was just 0.2%, … Read more
By Elizabeth Low and Grant Smith Nov 14, 2019 (Bloomberg)Oil rose for a second day after an industry report pointed to a drop in U.S. inventories, and as OPEC said it sees potential for a “sharp” slowdown in American shale output next year. Futures added 1.1% in New York. Expectations that the U.S. government will … Read more
By Liam Denning Nov 13, 2019 (Bloomberg Opinion) The International Energy Agency would like you to know it is not in the business of making predictions: The WEO [World Energy Outlook] analyses the choices that will shape our energy use, our environment and our wellbeing. It is not, and has never been, a forecast of where the energy … Read more
By Laura Hurst Nov 13, 2019 The male-dominated club of oil and gas chief executives just received a new female member.Katherine Roe was appointed interim chief executive officer of Wentworth Resources Plc after the company announced Eskil Jersing was leaving the company with immediate effect on Wednesday. Roe will retain her role as chief financial … Read more
By Kiel Porter, Allison McNeely and Rachel Adams-Heard Nov 13, 2019 (Bloomberg) Troubled energy companies have had a rough ride this year, but the worst may not be over as a pile of debt starts coming due about a year from now.North American oil and gas producers have about $93 billion of debt coming due by … Read more
November 13, 2019 17:05 ET | Source: Targa Resources Corp. HOUSTON, Nov. 13, 2019 (GLOBE NEWSWIRE) — Targa Resources Partners LP (the “Partnership”), a subsidiary of Targa Resources Corp. (NYSE: TRGP), and the Partnership’s subsidiary Targa Resources Partners Finance Corporation announced today the pricing of an upsized offering of $1.0 billion aggregate principal amount of senior unsecured … Read more
November 13, 2019 | Source: Enservco Nine-Month Results – 2019 vs. 2018 Total revenue increased 19% to $38.1 million from $32.0 million Well enhancement service revenue up 19% to $34.9 million from $29.5 million Water transfer service revenue up 25% to $3.2 million from $2.6 million Net loss improved 19% to $4.3 million from net loss … Read more
LINTON, N.D. — Dakota Access pipeline officials argued Wednesday that the company’s proposal to double the line’s capacity does not increase the potential of a failure, a claim that has been long dismissed by opponents of the idea. Texas-based Energy Transfer wants to double the capacity of the pipeline to as much as 1.1 million … Read more
November 13, 2019 | Source: Epsilon Energy Ltd. HOUSTON, Nov. 13, 2019 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today reported third quarter 2019 financial and operating results. Michael Raleigh, CEO, commented, “Following the initial flow-back and testing phase the operator turned in-line to sales four lower Marcellus wells on October … Read more
By Elizabeth Low and Grant Smith Nov 13, 2019 (Bloomberg) Oil fell for a third day amid concerns over the U.S.-China trade dispute, and signs of another increase in American crude stockpiles.Futures declined as much as 1.1% in New York. President Donald Trump’s speech on Tuesday disappointed investors after he gave little insight on how the impasse with Beijing … Read more
By Erik Larson Nov 13, 2019 (Bloomberg) When New York’s climate change lawsuit against Exxon Mobil went on trial last month in a Manhattan courtroom, the energy giant’s lead lawyer took great pains to emphasize that the state’s allegations weren’t really about climate change.After all, Theodore Wells said, Exxon was accused of hatching a cynical, arguably pedestrian scheme … Read more
By Lorcan Roche Kelly Nov 13, 2019 (Bloomberg) Wall Street awaits Powell testimony, public impeachment inquiry hearings begin, and another warning on oil demand. Here are some of the things people in markets are talking about today. Powell’s turn In his speech to the Economic Club of New York yesterday President Donald Trump renewed his assault on … Read more
November 13, 2019| Source: Lilis Energy Inc. FORT WORTH, Texas, Nov. 13, 2019 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX), an exploration and production company operating in the Permian Basin of West Texas and Southeastern New Mexico, announced that Joseph C. Daches has been appointed Chief Executive Officer. Mr. David Wood, Chairman of the … Read more
November 12, 2019 | Source: Enservco DENVER, Nov. 12, 2019 (GLOBE NEWSWIRE) — Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today announced it has received notification from the NYSE American LLC (the “NYSE American”) indicating that the NYSE American has … Read more
November 12, 2019 | Source: Halcon Resources Corporation HOUSTON, Nov. 12, 2019 (GLOBE NEWSWIRE) — Halcón Resources Corporation (“Halcón” or the “Company”) today announced its third quarter 2019 results. Average daily net production for the quarter ended September 30, 2019 was 16,489 Boe/d, of which 57% was oil. The Company earned $50.8 million of total revenue for … Read more
November 12, 2019 | Source: Rattler Midstream LP MIDLAND, Texas, Nov. 12, 2019 (GLOBE NEWSWIRE) — Rattler Midstream LP (Nasdaq: RTLR) (“Rattler”), a subsidiary of Diamondback Energy, Inc. (Nasdaq: FANG) (“Diamondback”), announced today the closing of the previously announced acquisition of Reliance Gathering, LLC (“Reliance Gathering”) by its newly-formed joint venture with Oryx Midstream (“Oryx”), a … Read more
Lukasz Skalka, founder Osprey Informatics, interviewed by Amazon Web Services (AWS) where he shares his thoughts on innovating within the oil & gas industry, managing a start-up in Canada and the one thing he can’t do without. A major shift is taking place in the oil and gas industry. Whereas it was hard … Read more
By Grant Smith Nov 12, 2019 (Bloomberg) Global oil demand will hit a plateau around 2030 as the use of more efficient cars and electric vehicles ends an expansion that dominated the past century, the International Energy Agency predicts.While the current growth rate of 1 million barrels a day — or about 1% — will hold for … Read more
By Carlos Caminada Nov 12, 2019 (Bloomberg) Chesapeake Energy Corp., the U.S. natural gas producer that’s struggling under the burden of a high debt-load and low prices, said its second-biggest investor distributed its stake to its limited partners. NGP Energy Capital Management LLC “made an in kind pro rata distribution of the shares” to partners … Read more
Market won’t recover if Berlin goes through with ill-designed climate package, company chief Kettwig warns by Bernd Radowitz in Berlin Original Thousands of workers will lose their jobs at Enercon and outsourced production companies closely aligned to the German wind turbine manufacturer as a collapse in the wind power expansion in its home market hits the … Read more
By Jacquelyn Melinek Nov 11, 2019 (Bloomberg) Oil fell as equity markets faltered on concern chances of a U.S.-China trade settlement are slipping away.Futures in New York fell 0.7% on Monday. President Donald Trump dashed expectations over the weekend that a trade deal had been reached. Meanwhile, Oman’s oil chief said OPEC and allied producers probably won’t … Read more
By Lorcan Roche Kelly Nov 12, 2019 (Bloomberg) Wall Street awaits Trump speech, Hong Kong on brink of “total breakdown,” and a bonus warning for bankers. Here are some of the things people in markets are talking about today. Trade update? Markets, as ever, are hungry for good news on trade with stocks dropping yesterday as concerns rose that the … Read more
By Will Wade Nov 12, 2019 (Bloomberg) As coal prices tumble and bankruptcies rise, a few U.S. miners are still pushing ahead with plans to expand. Arch Coal Inc. and Consol Energy Inc. remain on track to open new mines to dig steelmaking, or metallurgical, coal from the West Virginia hills. That’s even as the … Read more
By Will Wade Nov 11, 2019 (Bloomberg) SunPower Corp., one of America’s largest solar-panel makers, is giving up its manufacturing business to focus on installing rooftop solar systems. The company is spinning off its panel production operations into a new company, Maxeon Solar, that will be based in Singapore with factories in France, Malaysia, Mexico … Read more
By Grant Smith Nov 12, 2019 (Bloomberg) With their next meeting just weeks away, OPEC and its partners are showing no impetus for stronger action to support oil prices. But without intervention, some influential forecasters say a new supply glut could send the market crashing early next year.Crude prices, trading at about $62 a barrel in London, … Read more
November 11, 2019 | Source: Chaparral Energy Inc OKLAHOMA CITY, Nov. 11, 2019 (GLOBE NEWSWIRE) — Chaparral Energy, Inc. (NYSE: CHAP) announced today its third quarter 2019 financial and operational results. The company will hold its quarterly earnings call Tuesday, November 12, at 9 a.m. Central. Recent Highlights Achieved third quarter 2019 total production of 26.2 … Read more
November 12, 2019 | Source: Contango Oil & Gas HOUSTON, Nov. 12, 2019 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today its financial results for the third quarter ended September 30, 2019 and provided an operational update. Third Quarter Highlights Replaced our maturing credit agreement with a new … Read more
November 12, 2019 | Source: Sanchez Midstream Partners LP HOUSTON, Nov. 12, 2019 (GLOBE NEWSWIRE) — Sanchez Midstream Partners LP (NYSE American: SNMP) (“SNMP” or the “Partnership”) today reported third-quarter 2019 results. Highlights from the report include: Third-quarter 2019 net loss of $6.8 million, compared to net income of $3.9 million for second-quarter 2019 and net income … Read more
CALGARY — The owner of the Keystone pipeline says the line has returned to service after a breach that leaked an estimated 1.4 million litres of oil in northeastern North Dakota late last month. TC Energy Corporation says the move follows the approval of its repair and restart plan by the U.S. Pipeline and Hazardous Materials … Read more
November 8, 2019 Reuters U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as producers cut spending on new drilling, even though most are still increasing output as they benefit from efficiency gains.Drillers cut seven oil rigs in the week to Nov. 8, bringing the total … Read more
By Jacquelyn Melinek Nov 11, 2019 (Bloomberg) Oil stalled close to a six-week high as equity markets faltered on concern chances of a U.S.-China trade settlement are slipping away.Futures in New York traded just 23 cents shy of the six-week closing high reached on Nov. 8. President Donald Trump dashed expectations over the weekend that a trade … Read more
By David Wethe Nov 11, 2019 (Bloomberg) Carbo Ceramics Inc. plunged 47% after warning investors it may fail as a going concern in part because its largest frack-sand customer halted purchases.The slump on Monday was the fracking sand provider’s worst since its 1996 debut as a public company. The Houston-based company issued the warning in … Read more
By Lorcan Roche Kelly Nov 11, 2019 (Bloomberg) Hong Kong violence escalates, Aramco predicts peak oil demand, and political fault lines exposed. Here are some of the things people in markets are talking about today. Clashes Hong Kong has seen one of its most violent days since June, with clashes between demonstrators and police intensifying after an officer … Read more
November 10, 2019 Reuters Saudi Aramco is looking to sell up to 0.5% of the state oil giant to retail investors in its planned initial public offering (IPO), three sources familiar with the matter told Reuters.The Saudi oil group has not yet revealed the size of its planned IPO or what proportion of the company it … Read more
UNICAT Catalyst Technologies, Inc. welcomes you to our Pressure Swing Adsorption Seminar to be held at the Hilton New Orleans Riverside in New Orleans, LA on November 14 – 15, 2019. Regardless of your experience, you will leave with the fundamentals of PSA systems and the knowledge and valuable trouble shooting skills to optimize your … Read more
Pinnacle Midstream, a Houston-based supplier of storage and processing services for the oil and gas industry, has selected the Bedrock® OSA® control system as the automation platform for its crude oil receipt and delivery points. The Bedrock system will coordinate flow of product from partners, through the Pinnacle processing facilities and onto refiners and shippers. … Read more
Author: Nancy Abrams Critical Components Infrastructure by G&B Portable Fabric Buildings The Energy Sectors and Commercial Construction markets are growing, and new pipelines, pipeline expansions and processing facilities are required to meet these new demands. G&B’s Portable Fabric Building Systems can be installed permanently or temporarily for all Resource Management Construction Sites and Energy Projects. Contributing … Read more
By Matthew Martin and Javier Blas Nov 10, 2019 (Bloomberg) Global oil demand may peak within the next 20 years, according to an assessment included in the prospectus for Saudi Aramco’s initial public offering, suggesting views are slowly changing in the kingdom where officials long dismissed the notion as overblown.Rather than providing its own assessment, … Read more
By Arsalan Shahla Nov 10, 2019 (Bloomberg)Iran discovered an oil field containing the equivalent of 53 billion barrels, potentially boosting its reserves as the OPEC member struggles to overcome the effects of sanctions on its energy industry. It wasn’t immediately clear how much of the oil discovered in southern Khuzestan province is new, or how … Read more
By Nathaniel Bullard (Bloomberg Opinion) –The Organization of the Petroleum Exporting Countries this week published its annual World Oil Outlook, a reliably huge and dense examination of the future of the cartel’s main product, as well as the markets that will drive its growth and compete against it. Bloomberg Opinion’s Liam Denning referred to this year’s … Read more
by Natural Gas Now Guest Blogger Shocker! Getting rid of an old wind turbine is proving to be quite an issue and a high expense, showing renewables are neither free nor especially green. In Minnesota, Xcel Energy estimates conservatively that it will cost $532,000 (in 2019 dollars) to decommission each of its wind turbines—a total cost of $71 million … Read more
November 8, 2019 Reuters TransCanada workers inspect Keystone Pipeline after leak detected in South Dakota The massive Keystone pipeline has been transporting oil from Canada to the United States at a higher-than-standard level of pressure since it started operating in 2010, thanks to a special permit granted by U.S. regulators on the condition operator … Read more
By Erik Larson Nov 7, 2019, (Bloomberg) The New York attorney general’s office dropped its claim that Exxon Mobil Corp. intentionally misled investors about how it accounts for the financial risks of climate change, significantly diminishing the state’s case in the last minutes of a high-stakes securities fraud trial.Assistant Attorney General Jonathan Zweig caused a … Read more
By Ann Koh and Grant Smith Nov 8, 2019 (Bloomberg) Oil fell as traders awaited more concrete signs that the U.S. and China are resolving their trade dispute, and amid concerns that OPEC and its partners won’t deepen output curbs to prevent a glut. Futures lost as much as 1.9% in New York. The U.S. and … Read more
By Lorcan Roche Kelly Nov 8, 2019 (Bloomberg) U.S. confirms phase one trade deal would include tariff rollback, doubts increase over Aramco’s valuation, and markets drop their defensives. Here are some of the things people in markets are talking about today. Yes, but White House economic adviser Larry Kudlow confirmed to Bloomberg that tariff agreements and concessions would … Read more
By Dinesh Nair and Matthew Martin Nov 8, 2019 (Bloomberg) Saudi Arabia is negotiating commitments from its wealthiest citizens to buy stock in the Aramco initial public offering, from the Olayan family and Prince Alwaleed Bin Talal to low-profile tycoons in the oil producer’s backyard, people with knowledge of the matter said. The billionaire Olayans, … Read more
November 07, 2019 17:00 ET | Source: Rosehill Resources Inc. HOUSTON, Nov. 07, 2019 (GLOBE NEWSWIRE) — Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ: ROSE, ROSEW, ROSEU) today reported financial and operational results for the quarter ended September 30, 2019. Third Quarter 2019 Highlights and Recent Items: Average net production of 20,576 barrels of oil equivalent … Read more
November 07, 2019 | Source: Key Energy Services, Inc. HOUSTON, Nov. 07, 2019 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (“Key” or the “Company”) reported third quarter 2019 consolidated revenues of $106.5 million and a net loss of $25.5 million, or $(1.25) per share as compared to consolidated revenues of $112.9 million and a net loss … Read more
November 07, 2019 | Source: RigNet, Inc. HOUSTON, Nov. 07, 2019 (GLOBE NEWSWIRE) — RigNet, Inc. (NASDAQ: RNET, the “Company”), the leading provider of ultra-secure, intelligent networking solutions and specialized applications, announced today its results for the quarter ended September 30, 2019. Increased quarterly revenue 1.1% to $61.0 million compared to the prior quarter Net loss … Read more
November 07, 2019 | Source: Mammoth Energy Services, Inc. OKLAHOMA CITY, Nov. 07, 2019 (GLOBE NEWSWIRE) — Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK) today reported financial and operational results for the third quarter ended September 30, 2019. Financial Highlights for the Third Quarter of 2019: Total revenue was $113.4 million for the three … Read more
Management to Review Financial Results and Provide an Update on Corporate Developments on Conference Call Webcast at 11:00 a.m. ET on Friday, November 8, 2019 November 07, 2019 | Source: Lilis Energy Inc. FORT WORTH, Texas, Nov. 07, 2019 (GLOBE NEWSWIRE) — Lilis Energy, Inc. (NYSE American: LLEX), an exploration and production company operating in the … Read more
By Grant Smith and Salma El Wardany Nov 6, 2019 (Bloomberg) The biggest producers in OPEC+ aren’t pushing for deeper oil-supply cuts when the group meets next month, according to delegates across the coalition.The Organization of Petroleum Exporting Countries and its allies are more likely to stick to their current output targets and encourage members … Read more
CALGARY — Encana Corp. says its new head office will be in Denver following a reorganization that will include changing its name to Ovintiv. The Calgary-based company didn’t say which city would be its home base when it announced last week it would establish a “corporate domicile” in the United States to replace its longstanding … Read more
November 07, 2019 | Source: Vantage Drilling International HOUSTON, Nov. 07, 2019 (GLOBE NEWSWIRE) — Vantage Drilling International (“Vantage” or the “Company”) reported a net loss attributable to controlling interest of approximately $25.7 million or $5.14 per share for the three months ended September 30, 2019 compared to a net loss attributable to controlling interest of … Read more
November 07, 2019 | Source: Targa Resources Corp. HOUSTON, Nov. 07, 2019 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRC”, the “Company” or “Targa”) today reported third quarter 2019 results. Third Quarter 2019 Financial Results Third quarter 2019 net loss attributable to Targa Resources Corp. was $47.3 million compared to a net loss of $23.7 million … Read more
November 07, 2019 | Source: Denbury Resources Inc. PLANO, Texas, Nov. 07, 2019 (GLOBE NEWSWIRE) — Denbury Resources Inc. (NYSE: DNR) (“Denbury” or the “Company”) today announced net income of $73 million, or $0.14 per diluted share, for the third quarter of 2019. Adjusted net income(1) (a non-GAAP measure) was $41 million, or $0.08(1)(2) per diluted share, with the … Read more
November 07, 2019| Source: Natural Gas Services Group, Inc. Midland, Nov. 07, 2019 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading provider of gas compression equipment and services to the energy industry, today announced financial results for the three and nine months ended September 30, 2019. Third Quarter 2019 … Read more
November 07, 2019| Source: Comstock Resources, Inc. Frisco, TX, Nov. 07, 2019 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the third quarter of 2019. On July 16, 2019, Comstock completed the acquisition of Covey Park Energy, LLC (“Covey Park”). The Company’s financial results include … Read more
November 07, 2019| Source: Ultra Petroleum Corp. ENGLEWOOD, Colo., Nov. 07, 2019 (GLOBE NEWSWIRE) — Ultra Petroleum Corp. (“Ultra” or the “Company”) (OTCQX: UPLC) announces financial and operating results for the quarter ended September 30, 2019. Financial and Operating Highlights: Third quarter production was 60.2 billion cubic feet equivalent (“Bcfe”) or 654 MMcfe per day, at … Read more
November 07, 2019 09:00 ET | Source: Berry Petroleum Company, LLC DALLAS, Nov. 07, 2019 (GLOBE NEWSWIRE) — Berry Corporation (NASDAQ: BRY) (“Berry” or the “Company”) today reported net income of $53 million or $0.65 per diluted share and adjusted net income of $33 million or $0.40 per diluted share for the third quarter of 2019. In addition, … Read more
November 07, 2019 06:50 ET | Source: Riviera Resources, Inc. HOUSTON, Nov. 07, 2019 (GLOBE NEWSWIRE) — Riviera Resources, Inc. (OTCQX: RVRA) (“Riviera” or the “Company”) and its wholly owned subsidiary, Blue Mountain Midstream LLC (“Blue Mountain”) announces financial and operating results for the third quarter 2019. The Company highlights the following accomplishments: Increased previously announced $100 … Read more
By Lorcan Roche Kelly and Sid Verma Nov 7, 2019 (Bloomberg) China and U.S. agree to phased tariff rollback, the latest on impeachment, and decision day at the Bank of England. Here are some of the things people in markets are talking about today. Undoing A Chinese Ministry of Commerce spokesman said that both sides in the … Read more
By Michael Bellusci Nov 6, 2019 (Bloomberg) Chesapeake Energy Corp. collapsed to a 20-year low Wednesday, one day after the shale gas driller warned it may not be able to outlast low fuel prices and issued a “going concern” notice. Shares fell as much as 24% intraday to their lowest since 1999. The stock also briefly dipped … Read more
By Michael Hirtzer and Isis Almeida Nov 6, 2019 (Bloomberg) Valero Energy Corp. has temporarily shut two of the three ethanol plants it bought from Green Plains Inc. just a year after the purchase, according to people familiar with the matter and the U.S. fuel refiner’s website. The second-biggest U.S. oil processor by capacity has … Read more
Natasha Doff Nov 6, 2019 (Bloomberg) Russia has ditched plans to set greenhouse-gas emissions targets for companies as a sign of its commitment to fighting climate change, following lobbying from big businesses that risked fines if they didn’t comply. The measure was part of a bill intended to accompany Russia’s ratification of the 2015 Paris … Read more
By Grant Smith Nov 7, 2019 (Bloomberg) Oil jumped as China and the U.S. made progress in resolving the trade dispute that has weighed on global markets this year, offsetting signs that OPEC and its partners won’t make deeper cuts to supply. Brent crude rose as much as 1.6% in London, reversing much of Wednesday’s … Read more
By Erik Larson Nov 6, 2019 (Bloomberg) Exxon Mobil Corp.’s expert witness — a Harvard Law School professor — challenged New York’s claim in a securities-fraud trial that investors lost as much as $1.6 billion after authorities accused the company of hiding the financial risks of climate change, calling the argument “a tad circular.”Allen Ferrell, … Read more
November 6, 20199:20 AM Reuters Canadian pipeline operator TC Energy Corp has declared force majeure after a spill forced its Keystone oil pipeline to shut down last week, the second consecutive month it has made the declaration, sources said. TC told shippers that the shutdown means that it cannot carry out 30% of their normal November … Read more
A training video for the onshore drilling industry detailing lessons learned from the January 22, 2018, blowout and fire at the Pryor Trust gas well in Pittsburg County, Oklahoma, that fatally injured five workers.
By Lorcan Roche Kelly Nov 6, 2019 (Bloomberg) Trump’s impeachment defense takes a knock, euro-area economy stays near stagnation, and some big corporate news. Here are some of the things people in markets are talking about today. Quid pro quo Transcripts of Gordon Sondland’s testimony to House impeachment panels undermine the assertions by President Donald Trump and his allies … Read more
By Kevin Crowley Updated on Nov 5, 2019 (Bloomberg) Occidental Petroleum Corp. dropped the most in almost five years after a 40% budget cut raised concerns the oil driller won’t lift output fast enough to reduce debt incurred during the Anadarko Petroleum Corp. takeover. Shale drilling in the U.S. Permian Basin will account for the biggest chunk … Read more
By Rachel Adams-Heard, David Wethe and Kriti Gupta Nov 5, 2019 (Bloomberg) –Chesapeake Energy Corp. – once the epitome of America’s shale-gas fortunes — is warning it may not be able to outlast low fuel prices.Reflecting growing pain across the energy sector, the Oklahoma-based company’s shares and bonds tumbled Tuesday after it said it may not … Read more
By Kevin Crowley and Michael Bellusci Nov 6, 2019 (Bloomberg) The days of relentless production growth from U.S. shale oil fields are ending, potentially aiding OPEC’s years-long effort to drain a worldwide supply glut, according to industry pioneers Scott Sheffield and Mark Papa. Investor calls for shale producers to shut down rigs and stop burning through cash … Read more
By James Thornhill Nov 5, 2019 (Bloomberg) India, the U.S and China saw some of the biggest rises in greenhouse gas emissions last year due to booming energy consumption dominated by fossil fuels, putting global climate goals at risk, according to a new report.Emissions jumped 6.3% in India, rose 3.4% in the U.S. and 2.3% … Read more
By Ann Koh and Grant Smith Nov 6, 2019, 3:33 AM (Bloomberg) Oil retreated from a six-week high as signs of another increase in U.S. crude reaffirmed the prevailing view that global markets are comfortably supplied. Futures lost as much as 0.8% in New York after rising 5.6% over the past three sessions. The American … Read more
November 05, 2019 | Source: Superior Energy Services, Inc. HOUSTON, Nov. 05, 2019 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (NYSE: SPN; OTCQX: SPNV) (the “Company”) today announced a net loss for the third quarter of 2019 of $38.4 million, or $0.25 per share, on revenue of $425.7 million. This compares to a net loss of $71.1 … Read more
November 05, 2019| Source: Rattler Midstream LP MIDLAND, Texas, Nov. 05, 2019 (GLOBE NEWSWIRE) — Rattler Midstream LP (NASDAQ: RTLR) (“Rattler” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced financial and operating results for the third quarter ended September 30, 2019. THIRD QUARTER 2019 HIGHLIGHTS Q3 2019 consolidated net income (including … Read more
November 05, 2019 | Source: Devon Energy Corporation OKLAHOMA CITY, Nov. 05, 2019 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today reported operational and financial results for the third quarter of 2019. The company’s earnings release, supplemental financial tables and related operations report can be accessed via the Investor Relations section of Devon’s website, www.devonenergy.com. These materials will … Read more
November 05, 2019 | Source: Innospec Inc. Strong revenue growth in Fuel Specialties and Oilfield Services Operating income up 14 percent; Excellent cash generation reduces net debt to 0.1x EBITDA GAAP diluted EPS up 45 percent; Adjusted non-GAAP EPS up 17 percent Dividend for full year increased by 15 percent ENGLEWOOD, Colo., Nov. 05, 2019 (GLOBE NEWSWIRE) … Read more
To Acquire 7,360 Tier-One Net Acres in Howard County November 05, 2019 | Source: Laredo Petroleum, Inc. TULSA, OK, Nov. 05, 2019 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or “the Company”) today announced its 2019 third-quarter results, reporting net loss attributable to common stockholders of $264.6 million, or $1.14 per diluted share, which … Read more
November 05, 2019 | Source: Green Plains Inc. Results for the Third Quarter of 2019: Net loss attributable to the company of $39.0 million, or $(1.06) per diluted share Adjusted EBITDA of $(13.4) million Cash, cash equivalents and restricted cash of $254.0 million As of Sept. 30, 2019, the Company is net debt zero excluding working … Read more
November 05, 2019| Source: Harvest Operations Corp. CALGARY, Alberta, Nov. 05, 2019 (GLOBE NEWSWIRE) — Harvest Operations Corp. (“Harvest” or the “Company”) announced its financial and operating results for the third quarter ended September 30, 2019. This press release is an overview of the third quarter results for 2019 and should be read with the unaudited … Read more
November 06, 2019| Source: Carnelian Energy Capital; Bison Oil & Gas Partners II, LLC DENVER, Nov. 06, 2019 (GLOBE NEWSWIRE) — Bison Energy, LLC (“Bison”), a wholly-owned subsidiary of Bison Oil & Gas Partners II, LLC, and Pivot Energy (“Pivot”) today announced that the companies have entered into an agreement to develop their first solar … Read more
November 06, 2019 | Source: Amplify Energy Corp. HOUSTON, Nov. 06, 2019 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today its pro forma(1) and reportable(2) operating and financial results for the third quarter of 2019. Key Amplify Third Quarter Operational Highlights During the third quarter this year we generated the following: Pro forma(1) daily … Read more
November 5, 2019 TC Energy Corp has plugged its Keystone crude oil pipeline in North Dakota, allowing workers to excavate a portion of the pipeline that leaked last week and determine the cause of the spill, a state official said on Tuesday. Work will begin this week to access the precise point of the pipeline … Read more
Osprey Reach enables you to manage and access all your assets remotely through a single application With Osprey Reach, companies can increase productivity through virtual asset inspections, improve HSE compliance with automated leak and safety monitoring, as well as strengthen security and accountability through proactive activity detection and exception-based alerting at remote sites. FIND OUT … Read more
By Lorcan Roche Kelly Nov 5, 2019 (Bloomberg) Trade optimism lifted by Xi, OPEC sees its market share falling for years, and Wall Street gets a reprieve. Here are some of the things people in markets are talking about today. Opening doors President Xi Jinping reiterated China’s commitment to the global trading order in a keynote speech … Read more
By Sheela Tobben, Lucia Kassai and Catherine Ngai Nov 5, 2019 (Bloomberg) Oil deliveries off the Keystone pipeline are set to tumble this month, as fears mounted over a longer-than-expected outage after its operator said Monday that work to remove a damaged section of the pipe would be completed by week’s end. The 590,000 barrel-a-day … Read more
By Kelly Gilblom Nov 5, 2019 (Bloomberg) Royal Dutch Shell Plc has agreed to buy French offshore wind developer Eolfi SA, continuing its expansion into renewable power. The Anglo-Dutch oil major is boosting spending on low-carbon energy as it faces pressure to address the risks climate change poses to its business. Shell’s biggest renewable bets … Read more
By Alex Longley Nov 5, 2019 (Bloomberg) Oil rose for a third day, buoyed by signs of progress in the prolonged U.S.-China trade dispute, despite expectations for expanding American crude stockpiles. Futures climbed as much as 1% in New York. China is reviewing locations in the U.S. where President Xi Jinping would be willing to … Read more
KEY FINDINGS The global blockchain in energy market is projected to record a CAGR of 59. 49% during the projected period. The rise in the investments by venture capitalists, and the fast-growing end-users like oil and gas, are the factors pushing the growth of the market. November 05, 2019 | Source: ReportLinker FR New York, Nov. 05, … Read more
November 04, 2019 | Source: Occidental HOUSTON, Nov. 04, 2019 (GLOBE NEWSWIRE) — Occidental Petroleum Corporation (NYSE:OXY) today announced its third quarter 2019 results. The announcement and financial schedules can be accessed via the Investor Relations section of the company’s website, oxy.com. The earnings release is also available on the Securities and Exchange Commission’s website at sec.gov. The company will hold a … Read more
November 04, 2019| Source: Delek US Holdings, Inc Reported third quarter net income of $51.3 million and Adjusted EBITDA of $163.1 million Significant cash generation helped fund a $75.3 million investment in Wink to Webster Joint Venture Increased dedicated acreage on Big Spring Gathering system to over 275,000 acres Record quarter contribution margin from the logistics segment … Read more
November 04, 2019 | Source: HighPoint Resources Corporation DENVER, Nov. 04, 2019 (GLOBE NEWSWIRE) — In a release issued under the same headline earlier today by HighPoint Resources Corporation (NYSE: HPR), please note that a correction is required. The correction relates to an inadvertently excluded line item, “Proceeds from sale of properties”, in the Unaudited Consolidated Statements … Read more
Frank’s International N.V. Announces Third Quarter 2019 Results November 05, 2019 | Source: Frank’s International N.V. HOUSTON, Nov. 05, 2019 (GLOBE NEWSWIRE) — Frank’s International N.V. (NYSE: FI) (the “Company” or “Frank’s”) today reported financial and operational results for the three and nine months ended September 30, 2019. Third Quarter 2019 Financial Highlights Revenue for the quarter … Read more
By Kevin Crowley Nov 4, 2019 Vicki Hollub is set to face investors for the first time since leading Occidental Petroleum Corp.’s controversial $37 billion purchase of Anadarko Petroleum Corp.On an earnings call on Tuesday, Occidental’s chief executive officer will need to show hard evidence that her plan for the merger is working, after drawing … Read more
By Kevin Crowley Nov 2, 2019 (Bloomberg) America’s two biggest oil companies are starting to push back against the fracking ban touted by the leading candidates for the Democratic presidential nomination, which may become one of the most consequential flashpoints for energy markets during the election campaign.Exxon Mobil Corp. and Chevron Corp. executives spoke out … Read more
By Erik Larson (Bloomberg) —New York rested its securities-fraud case against Exxon Mobil Corp. after nine days of trial testimony without appearing to produce any definitive evidence that the oil company intentionally misled investors about how it accounted for climate-change risks.Exxon began presenting its first witnesses on Friday and may wrap up its defense late … Read more
By Kevin Crowley and Kelly Gilblom Nov 2, 2019 (Bloomberg) Big Oil emerged from the third-quarter earnings season battered and bruised, and in some cases it only had itself to blame.Exxon Mobil Corp. aside, the Western supermajors have made bold proclamations about showering investors with cash as they emerge leaner and meaner from the 2014-2016 … Read more
By Archana Narayanan, Javier Blas and Matthew Martin Nov 3, 2019 (Bloomberg) Saudi Aramco may be worth as little as $1.5 trillion or even less, well below the target set by the kingdom, according to research sent on Sunday to potential investors by the banks involved in the company’s initial public offering. The research, according to … Read more
By Lorcan Roche Kelly Nov 4, 2019 (Bloomberg) Aramco (finally) launches IPO, progress made on trade talks, and a raft of corporate news. Here are some of the things people in markets are talking about today. At last Saudi Aramco published an intention to float document yesterday, putting the company on track to list it shares on … Read more
By Ann Koh and Alex Longley Nov 4, 2019 (Bloomberg) Oil held its biggest gain in almost seven weeks after improved U.S. and Chinese economic data aided the demand outlook and Saudi Aramco said it would go ahead with its long-awaited initial public offering.Futures rose 0.8% in New York after jumping on Friday. U.S. Commerce … Read more
By Sveinung Sleire Nov 4, 2019 (Bloomberg) Norway’s central bank governor warned that the political debate surrounding the country’s oil industry’s future may be weighing on the krone. Norges Bank has been taken aback by the weakness of the currency, which plunged to record lows against the euro last month despite four rate hikes since … Read more
By Laura Hurst Nov 4, 2019 (Bloomberg) OPEC+ oil producers have slashed output by more than planned for months in an effort to tackle a looming oversupply. Yet a handful of countries continue to make that job harder. Iraq, Nigeria and Russia — OPEC’s largest ally — pumped above their quota in October, putting the … Read more
November 01, 2019 | Source: SEACOR Marine Holdings Inc. HOUSTON, Nov. 01, 2019 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced that a wholly-owned subsidiary of the Company entered into … Read more
San Jose, Cal. – Bedrock Automation, the maker of the world’s first Open Secure Automation (OSA®) platform, has released a white paper describing cyber security vulnerabilities of industrial control systems and methods for protecting them. The 20-page document, Securing Industrial Control Systems – Best Practices, covers the threat landscape and presents a holistic approach to … Read more
There’s a lot of discussion about the future of oil, so let’s talk about it. Globally, we consume 96 million barrels of oil everyday. This is the same as 48 super tankers of oil, every 24 hours. So what is all that oil used for? Well, we as consumers, we use almost all of … Read more
November 1, 2019 Reuters U.S. energy firms this week reduced the number of oil rigs operating for a second week in a row as independent producers cut spending as record crude production weighs on the outlook for energy prices.Drillers cut five oil rigs in the week to Nov. 1, bringing the total count down to 691, … Read more
By Bloomberg News Nov 1, 2019 (Bloomberg) Hope for a boom in the global solar industry this year is fading as the top market is expected to miss its installation target. China is likely to fail meeting the new capacity estimates it touted earlier this year, which were as high as 45 gigawatts, according to … Read more
By Emily Chasan Nov 1, 2019 (Bloomberg) Chicago is the greenest place to work in the U.S., but other cities are trying to catch up fast.The Windy City topped a ranking of green office space certified for environmental efficiency for the third year running. The city’s percentage of certified green office space rose to 71.1%, … Read more
By Archana Narayanan, Javier Blas and Matthew Martin Nov 1, 2019 (Bloomberg) Saudi Crown Prince Mohammed bin Salman will decide in the next two days whether there’s enough support from local investors to finally go ahead with the initial public offering of state oil producer Aramco.Aramco is preparing to announce its intention to float on … Read more
By Sam Unsted and Celeste Perri Nov 1, 2019 (Bloomberg) Good morning. The impeachment process took a step forward, British election campaigning took a step up and Christine Lagarde has stepped into her new role. Here’s what’s moving markets. Impeachment U.S. lawmakers voted to move to the public phase of the inquiry targeting President Donald Trump, putting him on … Read more
By Bloomberg News Nov 1, 2019 (Bloomberg) As the global campaign against coal gathers pace, the world’s biggest consumer is nevertheless set to boost imports this year.China’s purchases of foreign coal in the first nine months have already raced ahead of last year by almost 10%, suggesting it’ll be “difficult to have imports at the … Read more
October 31, 2019 | Source: Gulfport Energy Corporation OKLAHOMA CITY, Oct. 31, 2019 (GLOBE NEWSWIRE) — Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the “Company”) today reported financial and operational results for the three-months and nine-months ended September 30, 2019 and provided an update on its 2019 activities. Key information includes the following: Net production averaged 1,527.0 MMcfe … Read more
October 31, 2019 | Source: Key Energy Services, Inc. HOUSTON, Oct. 31, 2019 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (“Key” or the “Company”) (NYSE: KEG) announced today that it has engaged Moelis & Company LLC as its financial advisor and Sullivan & Cromwell LLP as its legal advisor to assist the Company in analyzing various … Read more
October 31, 2019 | Source: Corridor Resources Inc. HALIFAX, Nova Scotia, Oct. 31, 2019 (GLOBE NEWSWIRE) — (TSX – CDH): Corridor Resources Inc. (“Corridor or the Company”) today announced that the Board of Directors (“Board”) has commenced a formal process to explore and develop strategic alternatives (the “Strategic Review”) with a view to enhancing shareholder value. Corridor has … Read more
By Kevin Orland Oct 31, 2019 (Bloomberg) Canada’s beleaguered energy sector suffered another morale blow as Encana Corp. — one of its marquee companies that was born out of the 19th-century railway boom — announced plans to move its headquarters to the U.S. and drop the link to Canada from its name. The Calgary-based company … Read more
By Heesu Lee and Alex Longley Nov 1, 2019 (Bloomberg) Oil headed for its biggest weekly loss in a month as swelling American stockpiles and renewed doubts over a long-term U.S.-China trade deal suggested supply will continue to outpace demand.Futures edged higher in New York on Friday, but are down about 4% this week. Chinese … Read more
October 31, 2019 Reuters U.S. crude production soared nearly 600,000 barrels per day in August to record of 12.4 million, buoyed by a 30% increase in Gulf of Mexico output, according to government data released on Thursday.The U.S. has become the world’s largest oil producer with output surging to records above 12 million bpd this year … Read more
October 31, 2019 Reuters TC Energy Corp’s Marketlink crude oil pipeline was operating at reduced rates, three sources said on Thursday, due to supply disruptions as Keystone pipeline was shut after a leak in Walsh County, North Dakota. The Marketlink pipeline has a capacity of 750,000 barrels per day (bpd) and flows south from Cushing, Oklahoma, … Read more
By Jacquelyn Melinek (Bloomberg) Oil fell for a third day as a U.S. government report showed a bigger-than-expected build in domestic crude supplies and Chile canceled a summit where the U.S. and China were expected to sign a preliminary trade accord. Futures in New York declined to the lowest in a week on Wednesday. The … Read more
By Samuel Potter Oct 31, 2019 (Bloomberg) China has trade-deal doubts, investors digest Fed cut, and the earnings deluge continues. Here are some of the things people in markets are talking about today. Doubts and data Chinese officials are casting doubts about reaching a comprehensive long-term trade deal with the U.S. In private conversations with visitors to Beijing … Read more
Encana Corp will shift base to the United States and become Ovintiv Inc, the Canadian oil and gas producer said on Thursday, as Canada faces pipeline capacity shortages that have led many companies to move from the country’s energy sector. Rivals Royal Dutch Shell , ConocoPhillips and Suncor Energy have either been selling their Canadian … Read more
By Noah Feldman Oct 31, 2019 (Bloomberg Opinion) A growing number of cities and states want to turn climate change lawsuits against oil companies into the next tobacco or opioid litigation. In principle, that seems like a truly terrible idea. Such lawsuits will likely do even less to remedy the effects of climate change than … Read more
By Erik Larson Oct 30, 2019 (Bloomberg) Former Exxon Mobil Corp. Chief Executive Officer Rex Tillerson rejected the New York attorney general’s claim that for years he spearheaded a secret scheme to defraud investors by lying about how the oil company planned for the financial risks of climate change. Tillerson, called as a witness by … Read more
October 30, 2019 Source: Mid-Con Energy Partners, LP TULSA, Oct. 30, 2019 (GLOBE NEWSWIRE) — Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy” or the “Partnership”) announced today its operating and financial results for third quarter 2019. “We significantly increased our development efforts during the third quarter of 2019,” said President and Chief Executive Officer, … Read more
October 30, 2019 | Source: Murphy USA Inc. EL DORADO, Ark., Oct. 30, 2019 (GLOBE NEWSWIRE) — Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three and nine months ended September 30, 2019. Key Highlights: Net income was $69.2 million, or $2.18 per … Read more
October 30, 2019 | Source: Apache Corporation HOUSTON, Oct. 30, 2019 (GLOBE NEWSWIRE) — Apache Corporation (NYSE, Nasdaq: APA) today announced third-quarter 2019 financial and operational results on its website at www.apachecorp.com or investor.apachecorp.com as well as on Twitter (@ApacheCorp). There will be a conference call Oct. 31 at 10 a.m. Central time to discuss the results. The conference call … Read more
By David Wethe Oct 30, 2019 (Bloomberg) The downturn in shale drilling has been so steep and brisk that oilfield companies are taking the unprecedented step of scrapping entire fleets of fracking gear.With almost half of U.S. fracking firepower expected to be sitting idle within weeks, shale specialists including Patterson-UTI Energy Inc. and RPC Inc. … Read more
By Filipe Pacheco and Verity Ratcliffe Oct 30, 2019 (Bloomberg) Brazil’s president welcomed an informal invitation from Saudi Arabia for his country to join OPEC and said he’d be eager to accept.The Saudi offer highlights Brazil’s growing importance as an oil producer as well as the challenge it poses to the producer group’s influence on … Read more
By Sharon Cho and Saket Sundria Oct 30, 2019 (Bloomberg) The U.S. has a message for buyers of sanctioned Iranian crude: we’re watching you. The Trump administration routinely examines the effectiveness of its sanctions and is monitoring nations buying oil from Iran, said Kurt Donnelly, deputy assistant secretary for energy diplomacy from the Bureau of Energy … Read more
By Samuel Potter Oct 30, 2019 (Bloomberg) Impeachment process rumbles on, earnings roll in, and the U.K. readies for an election. Here are some of the things people in markets are talking about today. Unavoidable impeachment update House Democrats will put Intelligence Committee Chairman Adam Schiff in the lead of the next phase of its impeachment inquiry of … Read more
By Heesu Lee and Alex Longley Oct 30, 2019 (Bloomberg) Oil was steady as traders weighed a report of rising stockpiles at a U.S. storage hub against signs that Saudi Arabia is willing to make deeper production cuts. West Texas Intermediate futures pared some losses after dropping 0.8% earlier. The American Petroleum Institute reported that … Read more
By Jef Feeley and Dana Hull Oct 30, 2019 (Bloomberg) Tesla Inc. chief executive officer Elon Musk said he shifted resources from the solar company he bought three years ago to save his electric-car company from bankruptcy while it was ramping up production of the Model 3. Musk made the admission as part of a … Read more
By David R. Baker, Mark Chediak and Brian K. Sullivan Oct 30, 2019, 8:02 AM (Bloomberg) As Northern California residents began to get their power back, people in the Southern part of the state were facing some of the strongest winds “in recent memory” and utilities there were cutting service and warning blackouts could spread. … Read more
October 29, 2019 | Source: Greenfields Petroleum Corporation HOUSTON, Oct. 29, 2019 (GLOBE NEWSWIRE) — Greenfields Petroleum Corporation (the “Company” or “Greenfields”) (TSX VENTURE: GNF), a production focused company with operating assets in Azerbaijan, announces that Vitol Energy (Bermuda) Ltd. (“Vitol”), the Company’s senior debt lender, has demanded repayment of all amounts owing under Vitol’s secured … Read more
October 29, 2019 | Source: Infrastructure and Energy Alternatives, Inc. Entered into an Equity Commitment Agreement for the sale of 80,000 shares of Series B-3 Preferred Stock and 3,568,750 warrants to purchase common stock for a gross purchase price of $80 million, with further commitment to issue up to $30 million of additional preferred stock and warrants … Read more
October 30, 2019 | Source: Contango Oil & Gas HOUSTON, Oct. 30, 2019 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today that the Company has completed its previously announced acquisition of approximately 159,872 net acres located in North Louisiana (12,560 net acres) and the Western Anadarko Basin … Read more
October 30, 2019 03:00 ET | Source: VAALCO Energy, Inc. HOUSTON, Oct. 30, 2019 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (the Company) today provided an update on its 2019/2020 drilling program Offshore Gabon. At the Etame field, the Company has begun drilling the Etame 9H horizontal development well targeting the Gamba formation, as … Read more
By Catherine Ngai, Mike Jeffers and Kevin Crowley (Bloomberg) America’s shale boom got the world accustomed to soaring production. Now growth has slowed, and a cloud has formed over the industry.Fracking pushed the U.S. closer to its long-sought goal of energy independence at a time of unprecedented geopolitical risk. Wells from Texas’s Permian Basin to the … Read more
October 29, 2019 Reuters U.S. natural gas futures surged over 6% for a second day in a row on Tuesday to their highest level in five weeks on forecasts the cold weather blanketing much of the country will remain through at least mid-November.Traders noted if the current cold forecasts hold, utilities will start pulling gas out … Read more
By Samuel Potter Oct 29, 2019 (Bloomberg) Tariff Man is having a bad week, Labour backs an election, and earnings are mixed. Here are some of the things people in markets are talking about today. Trump’s bad week Tariff Man has had a rough start to the week. First the World Series jeers, and then House Speaker Nancy … Read more
By Rachel Adams-Heard Oct 28, 2019 (Bloomberg) It was just a year ago that Tom Loughrey tried pitching a fund to bet against shale producers.“I was basically kicked out of every office in New York City,” Loughrey said. In the months since, an exchange-traded fund that tracks oil drillers has lost half its value, shale production growth … Read more
By Nayla Razzouk and Manus Cranny Oct 29, 2019 (Bloomberg) Saudi Arabia’s Energy Minister Prince Abdulaziz said his country is ready to make deeper cuts in oil output than it agreed to with other global producers, according to Nigerian Minister of State for Petroleum Resources Timipre Sylva.“He assured me that they are very ready to … Read more
By TIM BOWER One oft-cited reason why more female executives don’t advance to top management jobs is their lack of access to informal organizational and industry networks. Some people blame unconscious bias: High-ranking men connect more easily with other men. Others cite professional and personal obligations, from office housekeeping to child-rearing, that disproportionately fall … Read more
By Heesu Lee and Alex Longley Oct 29, 2019 (Bloomberg) Oil declined for a second day on expectations of rising inventories at a key pricing point in Oklahoma. Futures in New York fell as much as 1.4% after dropping 1.5% Monday. Genscape Inc. said oil stored at the Cushing storage hub expanded last week, reviving … Read more
By Kevin Crowley Oct 29, 2019 (Bloomberg)ConocoPhillips followed BP Plc in posting higher-than-expected third-quarter profit as the U.S. oil producer continues to boost shale output.The Houston-based company on Tuesday reported production of 1.32 million barrels per day of oil equivalent, less than the median of analysts’ estimates of 1.34 million. Key Takeaways Conoco Chief Executive … Read more
October 28, 2019 | Source: Archrock HOUSTON, Oct. 28, 2019 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock”) today reported results for the third quarter of 2019. Third Quarter 2019 Financial Results Net income for the third quarter of 2019 was $20.4 million compared to $10.0 million in the third quarter of 2018. Adjusted EBITDA (a non-GAAP measure as … Read more
By Yakob Peterseil Oct 28, 2019 (Bloomberg) Brexit extension is granted, HSBC eyes a revamp and Trump’s military win provides some consolation. Here are some of the things people in markets are talking about today. Means and ways The European Union agreed to delay Brexit by three months to Jan. 31 after French President Emmanuel Macron dropped his opposition to the plan. While the move … Read more
By Heesu Lee and Alex Longley Oct 28, 2019, (Bloomberg) Oil was steady after the biggest weekly advance in more than a month on signs of progress in the prolonged U.S.-China trade spat.Futures were little changed in New York after capping a 5.4% weekly gain on Friday. The U.S. said it was close to finalizing … Read more
By James Thornhill Oct 28, 2019 (Bloomberg) Opening up a potentially huge shale gas region in Australia’s Northern Territory would increase the country’s already-hefty greenhouse gas emissions making it a “particularly dangerous” contributor to climate change, according to a new study.The report, commissioned by environmental lobby group Lock The Gate, tested a range of scenarios for … Read more
By Kevin Crowley and Kelly Gilblom Oct 27, 2019, (Bloomberg) Slumping energy prices, sluggish global demand and shrinking chemical margins are weighing on the oil industry as its biggest names prepare to announce quarterly results to investors demanding ever-higher payouts.The so-called supermajors — Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and … Read more
By Brian Parkin Oct 28, 2019 (Bloomberg) Germany’s wind power industry could shed about 40% of its jobs because of sliding interest among investors to build turbines on land, threatening a key driver of the nation’s ambitious clean energy targets. Environmental rules are snagging license approval for scores of onshore projects, causing delays of as … Read more
October 25, 2019 Reuters Pump Jacks are seen at sunrise near Bakersfield, California U.S. energy companies reduced the number of oil rigs operating this week, leading to a record 11-month decline as producers follow through on plans to cut spending on new drilling. Drillers cut 17 oil rigs in the week to Oct. 25, … Read more
By Julian Lee Oct 27, 2019 (Bloomberg Opinion) It’s just been six months since the biggest crisis for Russian oil distribution in living history, and the leader of the country’s largest oil company is already flinging mud in the direction of the world’s other two giant oil producers, Saudi Arabia and the U.S.On Thursday, speaking at … Read more
By Anthony DiPaola and Manus Cranny Oct 27, 2019 (Bloomberg) Global markets are “awash” in crude thanks to the surge in U.S. oil output, and the boom looks set to continue, U.S. Energy Secretary Rick Perry said in a Bloomberg TV interview.U.S. shale production has turned the world “on its head,” and Goldman Sachs Group … Read more
By Mark Chediak and David R. Baker 27, 2019 (Bloomberg) PG&E Corp. cut power to more than 2.5 million Californians in the state’s largest deliberate blackout ever.As of midnight local time, the bankrupt utility giant had shut off the lights to 877,000 homes and businesses in 38 counties across Northern and Central California — including … Read more
CARACAS, Venezuela — Motorists in socialist Venezuela have long enjoyed the world’s cheapest gasoline, with fuel so heavily subsidized that a full tank these days costs a tiny fraction of a U.S. penny. But the economy is in such shambles that drivers are now paying for fill-ups with a little food, a candy bar or … Read more
October 24, 2019 SIOUX FALLS, S.D. — South Dakota’s governor said Thursday that the state has agreed not to enforce aspects of laws that critics say were meant to suppress expected protests against the Keystone XL pipeline, under a settlement with a group that challenged the laws as unconstitutional. Republican Gov. Kristi Noem said in … Read more
By Yakob Peterseil Oct 25, 2019 (Bloomberg) Another spanner in the Brexit works, Amazon disappoints, and the U.S. starts a spy hunt. Here are some of the things people in markets are talking about today. Brexit knots The European Union is considering how long to delay the U.K.’s departure from the bloc, but Boris Johnson’s bid … Read more
By Erik Larson Oct 24, 2019 (Bloomberg) Exxon Mobil Corp. was sued by Massachusetts for allegedly hiding its early knowledge of climate change from the public and misleading investors about the future financial impact of global warming, two days after a trial started on similar claims in New York. The 205-page complaint, filed Thursday in … Read more
By Saket Sundria and Grant Smith Oct 25, 2019 (Bloomberg) Oil held steady amid signs of weaker demand, but remained on track for the biggest weekly gain in more than a month as supplies tightened.Futures were little changed in New York, on course for a weekly increase of more than 4%. U.S. government data on … Read more
By Jennifer A. Dlouhy Oct 24, 2019 (Bloomberg) The U.S. has forfeited some $18 billion tied to oil and gas production in the Gulf of Mexico since 2000 because of a decades-old law that gave energy companies a break on paying royalties when drilling in deep waters, federal investigators concluded Thursday. The foregone revenue will keep climbing, … Read more
By David Fickling Oct 24, 2019 (Bloomberg Opinion) From the Rocky Mountains to the Rhineland and Australia’s Great Dividing Range, the great tide of the coal industry is receding.The entire Powder River Basin, the region spanning the states of Montana and Wyoming that provides about half of America’s thermal coal, is “distressed,” Moody’s Investors Service … Read more
By Jeremy Hodges and William Mathis Oct 25, 2019 (Bloomberg) The pace of expansion in the offshore wind industry needs to double to meet the world’s climate targets, the International Energy Agency said. The Paris-based institution estimated investment in the technology is growing 2.2% a year, drawing in $840 billion over the next two decades. … Read more
October 24, 2019 | Source: Dril-Quip, Inc. Houston, Oct. 24, 2019 (GLOBE NEWSWIRE) — Dril-Quip, Inc. (NYSE: DRQ) today reported operational and financial results for the third quarter 2019. Key highlights for the third quarter of 2019 included: Increased revenue to $108 million, which is at the high end of the guidance range of $100 – … Read more
October 24, 2019 | Source: Oil States International, Inc. HOUSTON, Oct. 24, 2019 (GLOBE NEWSWIRE) — Oil States International, Inc. (NYSE: OIS) reported a net loss for the third quarter of 2019 of $31.9 million, or $0.54 per diluted share, on revenues of $263.7 million and Consolidated EBITDA (Note A) of $31.3 million. The reported third quarter 2019 results … Read more
October 23, 2019 | Source: Apergy Corporation Revenue of $278 million in Q3-19, down 9% sequentially Net income of $14 million and adjusted net income of $21 million in Q3-19 Diluted EPS of $0.18 and adjusted diluted EPS of $0.27 in Q3-19 Adjusted EBITDA of $67 million in Q3-19, down 11% sequentially; adjusted EBITDA margin of … Read more
October 24, 2019 | Source: Enservco DENVER, Oct. 24, 2019 (GLOBE NEWSWIRE) — Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today announced it expects 2019 third quarter revenue to increase approximately 23% year over year to between $4.6 million … Read more
By Lorcan Roche Kelly Oct 24, 2019 (Bloomberg) Draghi’s last stand, it’s PMI day, and earnings season continues apace. Here are some of the things people in markets are talking about today. Ciao European Central Bank President Mario Draghi gives the last post-decision press conference of his term today. While economists expect no policy change from this meeting, Draghi is … Read more
By Kiel Porter Oct 23, 2019 (Bloomberg) – It’s not a lot of fun being a Wall Street energy banker these days. Long lunches, maybe, but that’s because there’s not much going on in the way of deals. They started to disappear once crude oil prices crashed and, along with it, jobs and big bonuses. … Read more
By Brian Eckhouse Oct 24, 2019 (Bloomberg) In a quarter where Tesla Inc. blew past profit expectations, even its foundering rooftop-solar business managed to stage a bit of a turnaround. Installations increased for the first time in a year, the company said in its earnings statement Wednesday. The 43 megawatts of solar deployed were a 48% jump from the previous three months … Read more
By Ishika Mookerjee Oct 24, 2019 (Bloomberg) The world needs to spend $50 trillion on five areas of technology by 2050 to slash emissions and meet the Paris Agreement’s goal of halting global warming, Morgan Stanley analysts wrote in a report. To reduce net emissions of carbon to zero, the world would have to eradicate … Read more
By Saket Sundria and Grant Smith Oct 24, 2019, 6:28 AM (Bloomberg) Oil traded near $56 a barrel in New York as weak economic data from Germany added to concerns over slowing global fuel demand, tempering the boost from a surprise pullback in U.S. crude stockpiles. Futures recouped earlier losses of 1% as equities strengthened on positive … Read more
By Erik Larson Oct 22, 2019 (Bloomberg) Exxon Mobil Corp.’s lawyer slammed New York’s securities-fraud case as the trial opened, saying the state “twisted” reality by conflating two internal metrics the company uses to account for the financial impact of climate change on its business.Instead, Exxon has evidence proving the two metrics were used for … Read more
By Lorcan Roche Kelly Oct 23, 2019 (Bloomberg) Impeachment vote more likely after diplomat testimony, U.K. may be heading for an election, and earnings season rumbles on. Here are some of the things people in markets are talking about today. Undiplomatic Testimony from William Taylor, the top U.S. envoy to Ukraine, has given new impetus to … Read more
By Anurag Kotoky Oct 23, 2019 (Bloomberg) “Flight shame” — flyers feeling guilty about their carbon footprint — is a real phenomenon and will raise costs for airlines, consumers and companies, while catapulting emission offsetting into a big business, Citigroup Inc. predicts. The cost of offsetting planes’ carbon emissions could become as much as 10 … Read more
By Stephen Cunningham and Jeffrey Bair Oct 23, 2019 (Bloomberg) The busiest U.S. fuel pipeline might expand jet fuel deliveries to respond to growing demand in the home of country music.Shippers on Colonial Pipeline Co., which carries as much as 1.37 million barrels a day of fuel from the Houston area to North Carolina, have … Read more
By Saket Sundria and Grant Smith Oct 23, 2019 (Bloomberg) Oil fell as Russia sounded a cautious note on whether OPEC and its partners may cut production further, while industry data showed U.S. crude inventories were expanding. Futures fell as much as 1.3% in New York, erasing some of Tuesday’s gains as Russia’s Energy Minister … Read more
By Adam Majendie and Pratik Parija Oct 23, 2019 (Bloomberg) $300 billion. That’s the money needed to stop the rise in greenhouse gases and buy up to 20 years of time to fix global warming, according to United Nations climate scientists. It’s the gross domestic product of Chile, or the world’s military spending every 60 days. … Read more
October 21, 2019 | Source: Range Resources Corporation FORT WORTH, Texas, Oct. 21, 2019 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced multiple transactions demonstrating continued success in enhancing balance sheet strength through debt reduction and the expansion of available liquidity. Additionally, given continuing success in debt reduction, Range also initiated a share repurchase program. Range … Read more
By Simon Casey and Kriti Gupta Oct 22, 2019 (Bloomberg) Paulson & Co. reiterated its opposition to Callon Petroleum Co.’s planned takeover of rival Permian Basin crude producer Carrizo Oil & Gas Inc., this time targeting management compensation.In a letter to the Callon board on Tuesday, along with a 54-slide presentation, Paulson took aim at what it says … Read more
By Lorcan Roche Kelly Oct 22, 2019 (Bloomberg) Trudeau wins second term, Brexit rumbles on, and a big day for corporate news. Here are some of the things people in markets are talking about today. Just enough Canadian Prime Minister Justin Trudeau has won a second term, securing enough seats to form a stable government with support … Read more
By Kevin Orland and Robert Tuttle Oct 21, 2019 (Bloomberg) The prospect of Canadian Prime Minister Justin Trudeau sharing power with parties that are more stridently in favor of fighting climate-change is already causing concern among leaders of the nation’s energy industry.Trudeau won reelection Monday night, but lost his majority in parliament, meaning the New … Read more
By David Fickling Oct 21, 2019 (Bloomberg Opinion) On paper, you could scarcely imagine two more different companies than WeWork and Saudi Aramco.The serviced-office startup is a notorious cash sink, while Saudi Arabian Oil Co. is a gusher of dollars. In retrospect, the canceled initial public offering by WeWork’s parent We Co. seems inevitable, given its $17.32 billion … Read more
By Sabrina Valle Oct 22, 2019 (Bloomberg) An auction next month of oilfields in Brazil may be the priciest ever held, raising at least $50 billion in licensing fees and compensation, according to people familiar with government estimates. Exxon Mobil Corp., Royal Dutch Shell Plc and other energy giants are set to vie for deep-sea … Read more
By Saket Sundria and Grant Smith Oct 22, 2019 (Bloomberg) Oil held steady as estimates of brimming U.S. crude stockpiles added to signs that, with demand constrained by weak economic growth, markets remain comfortably supplied. West Texas Intermediate futures were little changed above $53 a barrel after falling for the past two days. U.S. crude … Read more
By Josh Wingrove and Theophilos Argitis Updated on Oct 22, 2019 (Bloomberg) Canadian Prime Minister Justin Trudeau won a second term in national elections, displaying once again a remarkable ability to overcome scandal and controversy to remain in power.Trudeau’s Liberal Party won or was leading in 156 of Canada’s 338 electoral districts, as of 1:33 … Read more
By Jennifer Jacobs, Ari Natter and Jennifer A. Dlouhy Oct 18, 2019 (Bloomberg) President Donald Trump said he will nominate Dan Brouillette to be his next energy secretary when Rick Perry leaves the job later this year.“Dan’s experience in the sector is unparalleled. A total professional, I have no doubt that Dan will do a … Read more
October 22, 2019| Source: RigNet, Inc. RigNet’s new office combines operations of four facilities that were previously acquired from DTS, Autocomm and SAFCON together with RigNet’s original facility in Lafayette. The new facility brings together local RigNet staff as well as employees of these recently acquired companies. RigNet is hosting an invitation-only ribbon-cutting ceremony on Oct … Read more
Completes cumulative sales of 1,000 barrels since re-commissioning October 21, 2019 | Source: Petroteq Energy Inc. SHERMAN OAKS, Calif., Oct. 21, 2019 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands clean recovery mining oil company with proprietary technology, is pleased to announce that the … Read more
By Lorcan Roche Kelly Oct 21, 2019 (Bloomberg) Brexit deal optimism holds, China prepares for sub-6% growth, and Trump’s bad week. Here are some of the things people in markets are talking about today. Not yet British Prime Minister Boris Johnson’s first attempt to get his Brexit deal through Parliament on Saturday failed, and he has been forced … Read more
By Saket Sundria and Grant Smith Oct 21, 2019 (Bloomberg) Oil fell again after a weekly loss amid ongoing concern that a fragile economic outlook will continue to weigh on fuel demand. Futures fell 1% in New York after dropping 1.7% last week. Policy makers in China, the world’s second-biggest oil consumer, are preparing for … Read more
By William Mathis Oct 21, 2019 (Bloomberg) Electricity capacity from renewable energy is set to expand by as much as 50% in the next five years, bolstered by government support and falling costs. But more would be needed to slow down warming of the globe, the International Energy Agency said. Those gains represent an increase … Read more
By Grant Smith Oct 18, 2019 (Bloomberg) As the clamor grows for OPEC to slash even more oil production, and the group vows to consider any necessary action, its next meeting could result in an unusual step: a preemptive supply cut.The Organization of Petroleum Exporting Countries and its partners — known as OPEC+ — have … Read more
By Stephen Cunningham and Jennifer A. Dlouhy Oct 19, 2019 (Bloomberg) President Donald Trump prompted a bout of head-scratching when he said the U.S. had control of the Middle East’s oil. Trump made the comments twice on Friday — first in a tweet proclaiming “The U.S. has secured the Oil,” and later while discussing the … Read more
By Julian Lee Oct 20, 2019 (Bloomberg Opinion) Saudi Arabia should give up trying to manage the global crude market and return to the pump-at-will policy it briefly adopted in 2014 under its longest serving oil minister Ali Al-Naimi.In the mercantilist world in which we now live, where decisions are based on narrow national interest, it makes … Read more
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October 18, 2019 Reuters U.S. energy firms this week increased the number of oil rigs operating for a second week in a row for the first time since June even as producers follow through on plans to reduce spending on new drilling this year. Companies added 1 oil rigs in the week to Oct. 18, bringing … Read more
By Jacquelyn Melinek Oct 18, 2019 (Bloomberg) Oil posted a weekly loss amid concerns over a slowing global economy and abundant crude supplies. Futures in New York fell 1.7% this week. China reported the slowest pace of economic growth since the early 1990s last quarter, and U.S. government data a day earlier showed American crude inventories expanding. … Read more
By Jennifer Jacobs, Jenny Leonard and Ari Natter Oct 17, 2019 (Bloomberg) Energy Secretary Rick Perry notified President Donald Trump on Thursday that he’ll leave the post this year.Perry, one of the administration’s original cabinet secretaries, enjoyed good rapport with Trump. The former Texas governor has recently come under scrutiny in the House impeachment inquiry … Read more
By Lorcan Roche Kelly Oct 18, 2019 (Bloomberg) China grows at slowest pace in decades, Brexit deal faces knife-edge vote, and Aramco delays IPO (again). Here are some of the things people in markets are talking about today. Miss China’s gross domestic product rose 6% in the three months to September, the slowest pace since the early 1990s, … Read more
By Will Kennedy and Dinesh Nair Oct 18, 2019 (Bloomberg) Saudi Aramco’s stop-start initial public offering was delayed again just days before a planned launch as doubts re-emerged about the $2 trillion valuation placed on the state oil giant by Crown Prince Mohammed bin Salman. The postponement, by at least a few weeks, will allow … Read more
By Will Wade Oct 17, 2019 (Bloomberg) The clearest sign yet that America’s Coal County is headed for widespread job cuts: The amount of coal being produced per U.S. miner is at the lowest level in eight years. Productivity has slid 11% this year alone. The last time it was this low was in 2011, … Read more
By Catherine Traywick Oct 17, 2019 (Bloomberg) It wasn’t so long ago that Coloradans voted against a bid to block oil and gas development near homes. The state — one of the nation’s top crude-producing regions — is cracking down anyway.Companies planning to drill wells within 2,000 feet (610 meters) of a home should now expect additional … Read more
October 17, 2019 | Source: VAALCO Energy, Inc. HOUSTON, Oct. 17, 2019 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“VAALCO” or the “Company”), today announced that the Etame 9P appraisal wellbore, targeting the subcropping Dentale reservoir beneath the VAALCO-operated Etame field offshore Gabon, was successfully drilled to a total depth of 10,260 feet … Read more
By Will Wade Oct 17, 2019 (Bloomberg) The clearest sign yet that America’s Coal County is headed for widespread job cuts: The amount of coal being produced per U.S. miner is at the lowest level in eight years.Productivity has slid 11% this year alone. The last time it was this low was in 2011, when … Read more
October 17, 2019 Reuters The United States became a net exporter of crude and petroleum products for a second week in a row for the first time on record last week, data from the Energy Information Administration showed on Thursday. The U.S. exported about 31,000 barrels per day (bpd) of crude and petroleum products on a … Read more
By Lorcan Roche Kelly Oct 17, 2019 (Bloomberg)Brexit deal agreed in Brussels, China says officials working on text of a trade agreement, and more bank earnings due. Here are some of the things people in markets are talking about today. Deal done European Commission President Jean-Claude Juncker says a new Brexit deal has been reached. The pound … Read more
By Matthew Martin, Dinesh Nair, Sonali Basak and Archana Narayanan Oct 17, 2019 (Bloomberg) Saudi Aramco has enlisted the help of a former Donald Trump national security adviser and an ex-House of Representatives majority leader to pull off the world’s biggest IPO. One-time Trump staffer Dina Powell, a partner at Goldman Sachs Group Inc., and … Read more
By Elizabeth Low Oct 17, 2019 (Bloomberg) Oil traded near $53 a barrel after an industry report showed a sharp jump in U.S. inventories, adding to concern that supply keeps growing while demand ebbs.Futures were down 0.2% in New York, paring earlier losses of as much as 1.1% after the European Union and the U.K. … Read more
By Jack Wittels Oct 17, 2019 (Bloomberg) Record-high shipping costs are spilling over into the prices for refined fuels in Europe, Asia and the U.S. As freight rates rocket amid U.S. sanctions and geopolitical risks, the prices of oil products such as gasoline and diesel are being forced to adapt in order to enable trade. … Read more
By Netty Ismail Oct 17, 2019 (Bloomberg) Anyone buying into Saudi Aramco’s initial public offering in anticipation of a quick rebound in the country’s stock market may be in for a disappointment. Crown Prince Mohammed bin Salman’s desire to get a $2 trillion valuation for the energy giant comes as analysts slash their earnings-per-share estimates … Read more
Ron Bousso, Dmitry Zhdannikov LONDON (Reuters) – Royal Dutch Shell (RDSa.L) still sees abundant opportunity to make money from oil and gas in coming decades even as investors and governments increase pressure on energy companies over climate change, its chief executive said. But in an interview with Reuters, Ben van Beurden expressed concern that some shareholders … Read more
(Reuters) — ProPetro Holding Corp. this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling. The job cuts reflect slowing shale activity due to weak prices for oil and gas, and producers exhausting their spending budgets … Read more
By Kevin Orland and Natalie Obiko Pearson Oct 16, 2019 (Bloomberg) At the Fish Place diner in Fort McMurray, booths are filled with oil workers in baseball caps and the parking lot is lined with pickup trucks sporting six-foot (1.8 meter) neon safety flags, a hallmark of the mining industry. Fort McMurray is the regional … Read more
By Lorcan Roche Kelly Oct 16, 2019 (Bloomberg) Brexit deal hopes dim, China warns of retaliation over Hong Kong bill, and earnings roll on. Here are some of the things people in markets are talking about today. Brexit trouble If yesterday was dominated by hopes of an imminent agreement over the U.K.’s exit from the European Union, … Read more
By Gerson Freitas Jr. Oct 16, 2019 (Bloomberg) Some New Yorkers that have been waiting for months to get natural gas service will see their homes and businesses hooked up by the end of October because of an emergency order issued by Governor Andrew Cuomo. Utility owner National Grid Plc is rushing to comply with … Read more
By Julian Lee Oct 16, 2019 (Bloomberg) The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. That’s the inescapable conclusion from the latest round of monthly reports published by the three big oil-forecasting agencies. The International Energy Agency, the U.S. Energy Information Administration and the Organization of … Read more
By Bloomberg News Oct 16, 2019 (Bloomberg) There are almost as many places to charge your electric vehicle in Beijing as there are in the entire United States. China, the world’s biggest market for EVs, has about eight public chargers for each one in the U.S., according to the latest counts. That imbalance likely will become … Read more
By Sheela Tobben Oct 16, 2019 (Bloomberg)Soaring oil-tanker costs are drying up activity in the U.S. export market as sellers are slow to lower offers and buyers are skittish, according to market participants. Some sellers have held back from offering cargoes, while others have yet to reduce their offers enough to accommodate the rising cost … Read more
By Elizabeth Low and Grant Smith Oct 16, 2019 (Bloomberg) Oil steadied near $53 a barrel after two days of declines as the fragile economic environment and unresolved U.S.-China trade war continue to deteriorate the outlook for global fuel demand.Futures in New York rose 0.6%. The International Energy Agency sees a “serious challenge” for OPEC and other … Read more
October 16, 2019 08:00 ET | Source: Infrastructure and Energy Alternatives, Inc. INDIANAPOLIS, Oct. 16, 2019 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced a new wind energy project award valued at approximately $67 million. The award … Read more
October 15, 2019 Reuters U.S. oil and gas employment has started to fall as the sector contracts in response to lower prices over the last year – and further job losses are likely in the next few months as the rate of well drilling declines further. In 2017/18, the second shale-oil boom created almost 100,000 new … Read more
By Eric Roston Oct 15, 2019 (Bloomberg) If the U.S. wants to extend economic growth, it should double down on cleaning up the environment and fighting climate change, which are fueling both jobs and revenue, according to a new analysis by University College London researchers.“Don’t listen to the political rhetoric,” said Mark Maslin, a professor of … Read more
By Julian Lee Oct 13, 2019 (Bloomberg Opinion) America’s second shale boom is running out of steam. But don’t panic just yet, a third one may be coming over the horizon.The U.S. Energy Information Administration published its latest short-term energy outlook last week and has cut its forecast of oil production by the end of 2020 … Read more
By Lorcan Roche Kelly Oct 15, 2019 (Bloomberg) JPMorgan kicks off bank earnings, pressure mounts on Turkey, and Brexit negotiations head to the wire. Here are some of the things people in markets are talking about today. A lot to watch Earnings season kicks off with a bang this morning as we get reports from JPMorgan Chase & Co., Goldman … Read more
By Ewa Krukowska Oct 15, 2019 (Bloomberg) The European Investment Bank stopped short of agreeing a strategy to limit funding for fossil fuels, a plan that would help step up Europe’s ambition to fight climate change. The board of the Luxembourg-based lending arm of the European Union decided at a meeting on Tuesday to postpone … Read more
By Elizabeth Low and Grant Smith Oct 15, 2019 (Bloomberg) Oil fell again as a deteriorating outlook for the global economy weighed on demand, while estimates of increased American crude stockpiles suggested that supplies remain abundant.Futures fell as much as 2.2% in New York after declining the same amount on Monday. Investor confidence remained weak … Read more
By Ajay Chhibber Oct 14, 2019 (Bloomberg Opinion) At International Monetary Fund and World Bank meetings in Washington this week, there will be much debate about slowing global growth, the impact of the U.S.-China trade war, the role of central banks in preventing a global recession, the risk of disruption to oil markets and much more. … Read more
By Catherine Ngai, Mike Jeffers and Kevin Crowley Oct 14, 2019 (Bloomberg) America’s shale boom got the world accustomed to soaring production. Now growth has slowed, and a cloud has formed over the industry.Fracking pushed the U.S. closer to its long-sought goal of energy independence at a time of unprecedented geopolitical risk. Wells from Texas’s Permian … Read more
Upgraded IEC 61131-3 compatible engineering software available for free download; reduces automation development costs. San Jose, Cal. – Bedrock Automation, maker of Bedrock OSA®, the world’s most powerful and secure automation platform, has announced a new version of its free IEC 61131-compliant integrated development environment (IDE). Bedrock IDE 1.10 features a completely redesigned Device Management Tool, … Read more
By Lorcan Roche Kelly Oct 14, 2019 Trump’s mini-deal not enough to lift gloom, earnings season kicks off, and Brexit not fixed yet. Here are some of the things people in markets are talking about today. Stayin’ alive China’s agreement to boost agricultural purchases and the White House’s decision to hold off on increasing tariffs … Read more
By Elizabeth Low and Grant Smith Oct 14, 2019 (Bloomberg) Oil slid after surging the most in almost a month on Friday amid doubts that recent progress in the U.S.-China trade talks will compensate for a worsening global demand outlook.Futures in New York fell as much as 1.4% after gaining 2.2% in the previous session. … Read more
By Anthony DiPaola Oct 14, 2019 (Bloomberg) In the early hours of a sweltering Saturday in September, a volley of missiles pierced the heart of Saudi Arabia’s oil industry, knocking out 5% of global production. A month later, it’s as if the attack never happened. Saudi Aramco says it’s currently pumping 9.9 million barrels a … Read more
(Reuters) – U.S. energy firms this week increased the number of oil rigs operating for the first time in eight weeks even though energy services firms are cutting jobs as most producers follow through on plans to reduce spending on new drilling this year. Companies added two oil rigs in the week to Oct. 11, … Read more
By Dina Khrennikova Oct 13, 2019 (Bloomberg) Saudi Arabia said it had no involvement in Friday’s attack on an Iranian oil tanker in the Red Sea that caused a spike of more than 2% in crude prices.“We don’t engage in such behavior,” Minister of State for Foreign Affairs Adel Al-Jubeir said in Riyadh Sunday. “Besides, … Read more
By Henry Meyer Oct 13, 2019 (Bloomberg) Russian President Vladimir Putin’s visit on Monday to Saudi Arabia, only his second since he came to power two decades ago, underscores the new depth in ties between the Kremlin and the traditional U.S. ally. Yet there’s also growing frustration in Moscow at the lack of tangible economic … Read more
By Jacquelyn Melinek Oct 11, 2019 (Bloomberg) Oil jumped to the highest in two weeks after the U.S. and China reached a partial agreement following trade talks and as an Iranian oil tanker was struck. Futures in New York climbed 2.2% on Friday and the global benchmark Brent closed above $60 a barrel for the first time … Read more
By Lorcan Roche Kelly Oct 11, 2019 (Bloomberg) U.S.-China talks going “very well,” oil jumps on Iranian tanker attack, and Brexit deal hopes rise. Here are some of the things people in markets are talking about today. Meeting President Donald Trump said that the first day of high-level trade talks with China in Washington went “very well” … Read more
By Sharon Cho and Elizabeth Low Oct 11, 2019 (Bloomberg) Oil jumped to $60 a barrel after reports of missile strikes on an Iranian tanker off the coast of Saudi Arabia reignited fears over military escalation in the world’s most important crude-producing region.Brent futures surged about $1 a barrel after the Islamic Republic News Agency … Read more
By Golnar Motevalli, Arsalan Shahla and Yasna Haghdoost Oct 11, 2019 (Bloomberg) Iran said missiles struck one of its tankers in the Red Sea, the latest in a series of attacks on oil infrastructure in the region that have roiled energy markets.The Islamic Republic’s tanker company initially said the attacks probably came from Saudi Arabia, … Read more
By Grant Smith Oct 11, 2019 (BloombergThe International Energy Agency cut forecasts for growth in global oil demand, noting that fears of an economic slowdown are overshadowing the loss of supply during last month’s attack on Saudi Arabia.The strike on the kingdom’s production facilities caused the biggest disruption in modern history, halting about 6% of world oil … Read more
October 10, 2019 Reuters Saudi Arabia, the world’s largest oil exporter, told OPEC that the kingdom’s oil production in September fell by 660,000 barrels per day (bpd) compared with August to 9.13 million bpd in the wake of attacks on its energy installations. Secondary sources said Saudi Arabia’s oil production was even lower, falling month-on-month in … Read more
By Michael Bellusci Oct 9, 2019 (Bloomberg) The prospect of Elizabeth Warren becoming the 2020 Democratic presidential nominee, or the 46th president of the U.S., has energy investors worrying about risks to hydraulic fracturing.“What happens if Elizabeth Warren becomes president and bans fracking?” was the most common question Sanford C. Bernstein received during recent marketing, … Read more
October 10, 2019 Reuters Saudi Arabia, the world’s largest oil exporter, told OPEC that the kingdom’s oil production in September fell by 660,000 barrels per day (bpd) compared with August to 9.13 million bpd in the wake of attacks on its energy installations. Secondary sources said Saudi Arabia’s oil production was even lower, falling month-on-month … Read more
By Lorcan Roche Kelly Oct 10, 2019 (Bloomberg) U.S.-China talks start with hopes for a mini-deal, the latest Trump revelations, and a last-ditch attempt to reach a Brexit deal. Here are some of the things people in markets are talking about today. Curbing enthusiasm The White House is looking at rolling out a previously agreed currency … Read more
By Elizabeth Low and Alex Longley Oct 10, 2019 (Bloomberg) Oil held losses near a two-month low as pessimism persisted over the global economic outlook and American crude inventories expanded more than expected.Futures were little changed in New York after earlier falling as much as 2.3% on a report that the U.S. and China had … Read more
Chevron Corp. may be based in California, but Chief Executive Officer Mike Wirth had little praise for the state as he lauded the Texas business environment during an event in Houston on Wednesday. The Chevron boss hailed Texas’s resource base, its skilled workforce and overall business environment while criticizing policies back in the Golden State … Read more
By Vivian Nereim Oct 10, 2019 (Bloomberg) Saudi Arabia will start offering loans for renewable energy projects and manufacturers of renewable-energy components as the kingdom seeks to diversify its economy away from crude oil. The 105 billion-riyal ($28 billion) Saudi Industrial Development Fund opened applications for the program, called Mutjadeda, on Sunday. The program will give loans … Read more
By Laura Hurst, Kelly Gilblom and Grant Smith Oct 9, 2019 (Bloomberg) As the oil industry’s top executives gathered in London for one of the most important events of the year their view on crude prices was clear: they’ll struggle next year.Vitol SA Chief Executive Officer Russell Hardy told the Oil & Money conference on Wednesday that … Read more
October 09, 2019 | Source: Infrastructure and Energy Alternatives, Inc. INDIANAPOLIS, Oct. 09, 2019 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, is providing an update on the status of the potential preferred stock financing and merger transactions … Read more
October 10, 2019 | Source: TerraForm Power, Inc. NEW YORK, Oct. 10, 2019 (GLOBE NEWSWIRE) — TerraForm Power, Inc. (Nasdaq: TERP) (“TerraForm Power”) today announced that its indirect subsidiary, TerraForm Power Operating, LLC (the “Issuer”), intends to offer, in a private offering, $700 million aggregate principal amount of senior notes to be issued with a maturity of … Read more
October 9, 2019 Reuters Royal Dutch Shell’s chief executive took aim beyond the energy sector to call on leaders of other industries including aviation, shipping and steel to jointly draw up plans to tackle greenhouse gas emissions. Ben van Beurden also warned on Wednesday that energy companies that do not collaborate in the fight against climate … Read more
October 9, 2019 Reuters The Trump administration’s effort to cut red tape and speed up major energy projects has backfired in the case of the three biggest U.S. pipelines now planned or under construction. All three have been stalled by successful legal challenges by environmental groups alleging the administration failed to apply the regulatory scrutiny required … Read more
By Lorcan Roche Kelly Oct 9, 2019 (Bloomberg) U.S.-China relationship is rapidly deteriorating, Trump vows to stonewall impeachment probe, and the Fed’s not-QE balance sheet expansion. Here are some of the things people in markets are talking about today. Off track An editorial published in Chinese and English in the China Communist Party-run Global Times newspaper emphasized the low … Read more
Oct 8, 2019 (Bloomberg) Shareholders of global oil giants will be “drowned” in cash from dividends and buybacks for the next 20 years as the firms shift their capital structure to finance renewable projects, according to Rystad Energy. Majors such as Exxon Mobil Corp. and Chevron Corp. have traditionally had to hoard cash as they … Read more
By Anna Shiryaevskaya Oct 9, 2019 (Bloomberg) Giant ocean-going tankers built the liquefied natural gas industry into a $150-billion-a-year business. The next expansion opportunity may come from ships a seventh of the normal size. Fifty-five years after the first commercial LNG tanker sailed from Algeria, this segment of the gas industry is pushing into ever … Read more
By Serene Cheong, Alex Longley and Catherine Ngai Oct 9, 2019, 2:32 AM Word Count: 806 (Bloomberg) —The turmoil caused by U.S. sanctions on Chinese shipping companies in the global seaborne freight market is now impacting the way oil is purchased and traded. Measures against units of China’s COSCO Shipping Energy Transportation Co., the world’s largest … Read more
By Elizabeth Low and Alex Longley Oct 9, 2019 (Bloomberg) Oil erased losses amid optimism on trade talks scheduled to take place in Washington and signs of unrest near the border between Turkey and Syria. Futures added as much as 1.3% in New York, after falling in the previous 2 sessions. China remains open to … Read more
By Manuel Baigorri and Elffie Chew Oct 9, 2019 (Bloomberg) Exxon Mobil Corp is considering a sale of its offshore Malaysia upstream assets as part of U.S. energy giant’s divestiture program, according to people with knowledge of the matter. The company is working with an adviser on the potential sale of the Malaysian assets, which … Read more
By Michael Bellusci Oct 9, 2019 (Bloomberg) The prospect of Elizabeth Warren becoming the 2020 Democratic presidential nominee, or the 46th president of the United States, has energy investors worrying about risks to hydraulic fracturing.“What happens if Elizabeth Warren becomes president and bans fraccing?” was the most common question Sanford C. Bernstein received during recent … Read more
October 08, 2019| Source: Halcon Resources Corporation Houston, Oct. 08, 2019 (GLOBE NEWSWIRE) — Halcón Resources Corporation (“Halcón” or the “Company”) is pleased to announce that it has emerged from bankruptcy under Chapter 11 of the US Bankruptcy Code. By successfully completing its financial restructuring, the Company eliminated more than $750 million in debt and more … Read more
BY STAFF THE ASSOCIATED PRESS Greta Thunberg looks on during the Climate Change Rally and March Monday, Oct. 7, 2019 in Rapid City, S.D. . (Adam Fondren/Rapid City Journal via AP) A 16-year-old climate activist who garnered international attention when she scolded world leaders at the United Nations is visiting Indigenous reservations in the U.S. to … Read more
By Lorcan Roche Kelly Oct 8, 2019 (Bloomberg) China promises to hit back over U.S. tech blacklist, Trump’s Syria move sows confusion, and Johnson prepares for Brexit talks to collapse. Here are some of the things people in markets are talking about today. Not off to a good start Any hopes of a major breakthrough at this … Read more
By Kelly Gilblom Oct 8, 2019 (Bloomberg) When BP Plc announced its historic exit from Alaska, Chief Executive Officer Bob Dudley pointed to an extra perk from the $5.6 billion sale: a significantly lower carbon footprint.Cutting emissions is important for Dudley, partly because influential shareholders are forcing BP to align its spending with climate goals. … Read more
By Elizabeth Low and Grant Smith Oct 8, 2019 (Bloomberg) Oil fell again, erasing earlier gains, as economic tensions between the U.S. and China flared ahead of talks aimed at resolving their long-running trade feud. Futures in New York slipped as much as 1.7% following news that the White House is considering plans to potentially … Read more
By Bruce Stanley and Annmarie Hordern Oct 8, 2019 (Bloomberg) Qatar has invited Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA, ConocoPhillips and other “big players” to submit bids to help expand its part of the world’s largest natural gas field, Energy Minister Saad Sherida Al-Kaabi said. The Persian Gulf state will award final … Read more
October 08, 2019 | Source: Harvest Oil & Gas Corp. HOUSTON, Oct. 08, 2019 (GLOBE NEWSWIRE) — Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced that it has declared a one-time cash distribution of $7.00 per share and also entered into a new credit facility. Dividend The Board of Directors has approved … Read more
October 07, 2019 | Source: Berry Petroleum Company, LLC DALLAS, Oct. 07, 2019 (GLOBE NEWSWIRE) — Berry Petroleum Corporation (NASDAQ: BRY) (“Berry” or the “Company”) announced today preliminary third quarter production results in line with its full-year production guidance. In addition, the company is continuing its commitment to returning value to shareholders through its fixed dividend and … Read more
October 7, 2019 Business Wire HOUSTON & LONDON–(BUSINESS WIRE)–Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for September 2019 was 1,131, down 7 from the 1,138 counted in August 2019, and up 127 from the 1,004 counted in September 2018. The international offshore rig count for September 2019 … Read more
Newly commissioned Permian Basin crude pipelines have yet to boost U.S. crude exports, as the ongoing U.S-China trade war weighs on demand from Asia. The U.S. Census Bureau said exports averaged 2.73 million barrels a day in August, up just 40,000 barrels from a month before. That’s despite the start of two widely anticipated crude … Read more
October 7, 2019 ConocoPhillips (NYSE: COP) today announced an increase in its quarterly dividend of 38 percent, to 42 cents per share. This represents an annualized increase in the dividend of approximately $500 million. The dividend is payable Dec. 2, 2019, to stockholders of record at the close of business on Oct. 17, 2019. The … Read more
By Lorcan Roche Kelly Oct 7, 2019 China tries to manage expectations ahead of trade talks, more whistle-blowers come forward, and Brexit pessimism increases. Here are some of the things people in markets are talking about today. Narrow scope The world’s two largest economies are going into this week’s trade talks with very different views on … Read more
October 07, 2019 | Source: HighPoint Resources Corporation DENVER, Oct. 07, 2019 (GLOBE NEWSWIRE) — HighPoint Resources Corporation (“HighPoint” or the “Company”) (NYSE: HPR) today provided an operations update, including positive results from the Hereford Field (“Hereford”) and announces third quarter of 2019 production at the high end of its guidance range. Highlights include: Third quarter production … Read more
October 07, 2019 | Source: Viper Energy Partners LP MIDLAND, Texas, Oct. 07, 2019 (GLOBE NEWSWIRE) — Viper Energy Partners LP (NASDAQ:VNOM) (“Viper” or the “Partnership”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today provided an update on production and acquisitions for the third quarter of 2019. HIGHLIGHTS Q3 2019 production of 21,265 boe/d (64% oil), … Read more
October 07, 2019 | Source: Viper Energy Partners LP MIDLAND, Texas, Oct. 07, 2019 (GLOBE NEWSWIRE) — Viper Energy Partners LP (NASDAQ: VNOM) (“Viper”), a subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), announced today that it proposes to offer, subject to market conditions and other factors, $400 million aggregate principal amount of its senior notes … Read more
By Elizabeth Low and Alex Longley Oct 7, 2019 (Bloomberg) Oil pared its biggest weekly drop since July ahead of the resumption of U.S.-China trade talks later this week that may sway a cloudy demand outlook. Futures in New York added as much as 0.8% after losing 5.5% last week. Chinese officials are signaling they’re increasingly reluctant … Read more
By Brian Eckhouse, Christopher Martin and Ari Natter (Bloomberg)The Trump administration dealt a fresh blow to renewable energy developers on Friday by stripping away an exemption the industry was counting on to weather the president’s tariffs on imported panels.The U.S. Trade Representative said Friday it was eliminating a loophole granted about four months ago for bifacial solar … Read more
By Christopher Martin (Bloomberg) and Keshia Clukey (Bloomberg BNA) Oct 3, 2019 (Bloomberg) Pennsylvania, the heart of the U.S. shale-gas boom and one of the biggest coal-producing states, is joining a carbon market. Governor Tom Wolf on Thursday ordered regulators to come up with a plan by July 31 to regulate emissions from power plants … Read more
By Julian Lee Oct 6, 2019 How much do you care about the scourge of plastic waste, and how much more might you pay for a bottled drink in order to reduce it? We may be about to find out.The cost of brand new polyethylene terephthalate, or virgin PET (the stuff used to make plastic containers and fibers for … Read more
October 4, 2019 U.S. energy firms this week reduced the number of oil rigs operating for a seventh week in a row as producers follow through on plans to cut spending on new drilling this year. Drillers cut 3 oil rigs in the week to Oct. 4, bringing the total count down to 710, the … Read more
By Anurag Kotoky Oct 6, 2019 (Bloomberg) —Hyundai Motor Co. launched India’s first electric SUV this summer with a quirky TV commercial urging millennials to “Drive Into the Future.” A few months later, the automaker finds itself on a lonesome road.In a nation of about 150 million drivers, only 130 Kona SUVs were sold to dealers through August. That … Read more
By Lorcan Roche Kelly Oct 4, 2019 (Bloomberg) It’s jobs day, Trump’s impeachment problem is not going away, and Hong Kong cracks down on protesters. Here are some of the things people in markets are talking about today. Critical number Today’s jobs data may bookend the bad week in markets amid mounting signs of a slowdown coming to … Read more
By Sharon Cho and Alex Longley Oct 4, 2019 (Bloomberg) Oil headed for its biggest weekly decline since the middle of July as a streak of disappointing economic data added to fears a global recession is coming.Futures in New York edged higher Friday, but are down 5.8% this week. A key measure of American service industry activity … Read more
By David Wethe and Catarina Saraiva Oct 4, 2019 (Bloomberg) — Barry Marks can hear the Permian Basin slowing down. It’s right there on country-music station 96.1 FM in Odessa, Texas, where commercials for shale-patch jobs used to fill the airways. Those kinds of radio ads have fallen by two-thirds, said Marks, the general manager … Read more
By Chris Hughes Oct 4, 2019 (Bloomberg Opinion) A change at the top is a moment for reappraisal. Bob Dudley, BP Plc’s chief executive officer, rehabilitated the oil major after the fatal Deepwater Horizon rig explosion and spill in the U.S. in 2010. His replacement Bernard Looney, appointed on Friday, should avoid the temptation to … Read more
October 03, 2019 | Source: Extraction Oil & Gas, Inc. DENVER, Oct. 03, 2019 (GLOBE NEWSWIRE) — Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction”) today announced that Elevation Midstream, LLC (“Elevation”), its wholly-owned subsidiary, has begun moving crude oil, natural gas and water through its Badger central gathering facility (“CGF”). Extraction also provided 2020 capital … Read more
October 03, 2019 | Source: Rattler Midstream LP MIDLAND, Texas, Oct. 03, 2019 (GLOBE NEWSWIRE) — Rattler Midstream LP (Nasdaq: RTLR) (“Rattler”), a subsidiary of Diamondback Energy, Inc. (Nasdaq: FANG) (“Diamondback”), and Oryx Midstream (“Oryx”), a portfolio company of Stonepeak Infrastructure Partners, announced today that their newly-formed joint venture entity has entered into a definitive purchase … Read more
October 03, 2019 | Source: Occidental Occidental also signed a 12-year power purchase agreement to source solar energy for Permian Basin operations Use of solar energy is expected to reduce the cost and carbon intensity of Occidental’s operations HOUSTON, Oct. 03, 2019 (GLOBE NEWSWIRE) — Occidental (NYSE:OXY) today announced the start-up of the company’s first solar facility to … Read more
October 03, 2019 | Source: TerraForm Power, Inc. NEW YORK, Oct. 03, 2019 (GLOBE NEWSWIRE) — TerraForm Power, Inc. (Nasdaq: TERP) (“TerraForm Power”) today announced its intention to offer shares of its Class A common stock (“common stock”) in an underwritten public offering, subject to market conditions. The underwriters may offer the shares from time to … Read more
October 3, 2019 Reuters U.S. natural gas futures reversed course to turn positive on Thursday as forecasts for cooler weather this month drove expectations of increased demand for the fuel, offsetting a slightly bigger-than-expected storage build. Gas futures for November delivery on the New York Mercantile Exchange rose 2.8 cents, or 1.3%, to $2.275 per million … Read more
By Simon Casey (Bloomberg)The Permian Basin in Texas and New Mexico is dotted with drilling rigs, crisscrossed by pipelines and produces far more oil than any other part of the U.S. Yet its emissions of a key greenhouse gas are mostly a mystery, one that a non-profit group aims to solve. The Environmental Defense Fund … Read more
By Jeremy Hodges Oct 2, 2019 (Bloomberg) A Royal Dutch Shell Plc division took a 20% stake in Indian solar firm Orb Energy Pvt Ltd. as part of a drive to deliver a reliable source of electricity to 100 million people in the developing world by 2030. Orb Energy, based in Bengaluru, south India, provides … Read more
By William Mathis and Jeremy Hodges Oct 3, 2019 (Bloomberg) One of the world’s biggest investors in renewable energy sees a growing opportunity in offshore wind projects. More certainty from governments about future regulation and the expansion of new floating technology could drastically broaden the opportunities for investors, according to Mark Dooley, global head of … Read more
By Annmarie Hordern, Dina Khrennikova and Olga Tanas Oct 3, 2019 (Bloomberg) As crude prices sink again — completely erasing the surge caused by attacks on Saudi Arabia — OPEC+ ministers acknowledged the growing risks to oil demand but gave no indication of a change in strategy.“Of course, demand is affected by the status of … Read more
By Lorcan Roche Kelly More weak data adds to investor nerves, U.S. puts tariffs on European exports, and Johnson’s Brexit plan gets some pushback. Here are some of the things people in markets are talking about today. Weakness The tick-tock of disappointing economic indicators continued this morning, with a composite purchasing managers index for the euro area … Read more
By Will Wade and Rick Green Oct 3, 2019 (Bloomberg) Murray Energy Corp., the U.S. coal giant that had pressed the Trump administration for help averting bankruptcy, may be headed toward default. The largest closely held coal miner in America failed to make multiple payments to lenders this week, the company said in a statement on Wednesday. … Read more
By Sharon Cho and Grant Smith Oct 3, 2019 (Bloomberg) Oil held near the lowest level in almost two months as American crude inventories expanded the most since May and disappointing U.S. economic data added to pessimism over the demand outlook. Futures fell 1.4% in New York after settling 1.8% lower on Wednesday. U.S stockpiles … Read more
By Dinesh Nair and Anthony DiPaola Oct 3, 2019 (Bloomberg) Abu Dhabi’s government-owned energy giant has kicked off the potential sale of a stake in its natural gas pipelines, in a deal that could fetch about $5 billion, people with knowledge of the matter said.Abu Dhabi National Oil Co., producer of about a tenth of … Read more
By Lorcan Roche Kelly Oct 2, 2019 (Bloomberg) U.S. recession fears rise, Boris Johnson’s big day, and Hong Kong economy hit hard by protests. Here are some of the things people in markets are talking about today. Slowdown Yesterday’s data from the Institute for Supply Management showing its factory index slipped to the lowest since June 2009 has renewed … Read more
By Stephan Kueffner and Peter Millard Oct 1, 2019 (Bloomberg) OPEC is getting smaller, again.Ecuador said Tuesday it will leave the Organization of Petroleum Exporting Countries in January. For OPEC, the departure matters more in symbolism than barrels — Ecuador is one of its smallest producers, but stated clearly it wants to leave the group to … Read more
By Sharon Cho and Grant Smith Oct 2, 2019 (Bloomberg) Oil steadied after sliding for six days in a row as signs of tighter supply in the U.S. and OPEC jostled with ongoing concern that a fragile global economy is eroding fuel demand.Futures held near $54 a barrel in New York after falling 8.6% since … Read more
By Brian Eckhouse and David R. Baker Sep 30, 2019 (Bloomberg) One of America’s biggest renewable-energy companies is making a bet on natural gas.NextEra Energy Partners LP agreed to buy Meade Pipeline Co., an owner of a pipeline that provides gas from Pennsylvania, in a deal valued at about $1.37 billion, according to a statement … Read more
October 1, 2019 Reuters U.S. oil production growth is decelerating gradually in response to lower prices, which should reduce predicted over-supply in 2020 and force the global oil market back towards balance. Domestic crude production fell 276,000 barrels per day to 11.806 million bpd in July, according to data published by the U.S. Energy Information … Read more
By Lorcan Roche Kelly Oct 1, 2019 (Bloomberg) Japanese bond sell-off goes global, impeachment investigation draws in Trump allies, and more weak European data. Here are some of the things people in markets are talking about today. Bad auction An auction of Japanese 10-year debt drew the lowest bid-to-cover ratio of any since 2016, leading to … Read more
By Grant Smith and Sharon Cho Oct 1, 2019 (Bloomberg)Oil rose after its biggest quarterly slump of the year, yet ongoing concerns that a faltering global economy will erode demand continued to weigh on the market.Futures increased 1.1% in New York, having tumbled 7.5% in the past three months as Saudi Arabia fully restored its output following … Read more
By Anthony DiPaola and Manus Cranny Sep 30, 2019 (Bloomberg) Saudi Aramco is producing more than 9.9 million barrels a day of crude as it fully recovers from the worst-ever attacks on its energy infrastructure.Output reached that level on Sept. 25 and is a “little bit” higher now, Ibrahim Al-Buainain, chief executive officer of state-owned … Read more
September 30, 2019 | Source: Chaparral Energy Inc OKLAHOMA CITY, Sept. 30, 2019 (GLOBE NEWSWIRE) — Chaparral Energy, Inc. (NYSE: CHAP) announced today the company’s bank group has completed its regularly scheduled fall borrowing base redetermination and reaffirmed the borrowing base at $325 million. As of June 30, 2019 the company had approximately $33 million in cash … Read more
By Lorcan Roche Kelly Sep 30, 2019 (Bloomberg) White House downplays report on China investment limits, Saudi Arabia doesn’t want war with Iran, and Boris Johnson has more problems. Here are some of the things people in markets are talking about today. Qualified denial Officials from the Trump administration issued a partial — and qualified — denial to the revelation that … Read more
By Grant Smith Sep 30, 2019 (Bloomberg) Oil headed for its weakest quarter since late last year as fears over the global economy and fuel demand overshadowed this month’s unprecedented attack on Saudi Arabia’s energy facilities. Brent futures have slumped about 8% since the end of June as a brief spike following the strikes on … Read more
By Noah Smith Sep 30, 2019 (Bloomberg Opinion) More people are coming around to the idea that climate change is really bad news. A recent Washington Post poll found that 38% of Americans now consider climate change a crisis, with another 38% calling it a major problem. And denialism is in retreat — an overwhelming majority, and … Read more
By Peter Millard and Kelly Gilblom Sep 30, 2019 (Bloomberg) It was supposed to be BP Plc’s big Brazilian breakthrough after years of setbacks in one of the world’s top destinations for offshore oil. The potential bonanza is still out of reach, two years after the London-based major teamed up with Brazil’s national oil company … Read more
By Thomas Buckley Sep 28, 2019 (Bloomberg) BP Plc Chief Executive Officer Bob Dudley, who took the helm after the 2010 Deepwater Horizon oil spill crisis and has led the energy giant for almost a decade, is preparing to leave the company within a year, according to a Sky News report. Dudley, 64, has had … Read more
This brief 30-minute presentation will provide concrete examples on how oil & gas companies can manage their remote distributed assets through AI assisted exception-based alerting, accelerating cost savings and increasing efficiencies while mitigating safety and environmental risks. For more information and to RSVP, Please click here.
Sept 27 (Reuters) U.S. energy firms reduced the number of oil rigs this week and for a record 10th month in a row as producers follow through on plans to cut spending on new drilling this year. Drillers cut six oil rigs in the week to Sept. 27, bringing the total count down to 713, … Read more
By Sheela Tobben Sep 27, 2019 (Bloomberg) Oil in New York capped its worst week since July as U.S. President Donald Trump’s administration escalated trade tensions with China in a protracted dispute that’s imperiled world energy demand.Futures fell almost 1% Friday after seesawing earlier. In the latest salvo in the trade war between the world’s … Read more
ANCHORAGE, Alaska — Nearly every Alaska resident will be $1,606 richer next week when they get their share of the state’s oil wealth. The Alaska Department of Revenue announced the amount of this year’s check in a release Friday. It said nearly 631,000 Alaskans will receive the check, starting with disbursements Thursday. The total amount … Read more
By Lorcan Roche Kelly Sep 27, 2019 (BloombergTrump’s comments fuel impeachment probe, more warning signs for Europe’s economy, and little hope for a Brexit breakthrough. Here are some of the things people in markets are talking about today. Close to a spy President Donald Trump’s recorded comments at a closed-door gathering with U.S. diplomats seem set … Read more
By Liam Denning Sep 26, 2019 (Bloomberg Opinion) How bad are things in the Permian basin? You can actually book a hotel room in Midland, Texas, at a reasonable price.A finance source I speak with contacted me this week with the news they were paying $250 a night for their room at a decent hotel … Read more
By Rachel Adams-Heard and Michael Leonard Sep 26, 2019 (Bloomberg) A potential initial public offering of a U.S. pipeline company faces a new hurdle after a Delaware court said its private equity backer must make changes before the share sale can proceed.In a decision Wednesday, the Delaware Court of Chancery said EnCap Flatrock Midstream can’t … Read more
By Heesu Lee and Alex Longley Sep 27, 2019 (Bloomberg) Oil fell after a report that Saudi Arabia has moved to impose a partial cease-fire in Yemen, bringing hope of easing tensions in the Middle East. Futures declined as much as 1.5% in New York. Saudi Arabia has agreed to a cease-fire in four areas … Read more
By Reade Pickert Sep 27, 2019 (Bloomberg) The U.S. economy cooled in August as Americans spent less than projected and companies cut capital-equipment orders, with below-forecast prices also adding to concerns that may support the case for further Federal Reserve easing. Treasury yields pared gains. Consumer spending on goods and services, which accounts for about … Read more
By Amy Stillman, Eric Martin and Lucia Kassai Sep 27, 2019 (Bloomberg) Petroleos Mexicanos’s head of crude oil trading Victor Briones has left the company, people familiar with the matter said Thursday. Briones, who worked for two decades at PMI, the trading arm of Mexico’s state-owned oil company, left amid an external review of new … Read more
By Morten Buttler Sep 27, 2019 (Bloomberg) Vestas Wind Systems A/S is scaling back part of its business to adjust to market demand and will cut about 590 jobs as part of the strategy. “To meet the manufacturing requirements of our changing product portfolio,” which includes its EnVentus platform and 4 MW platform variants, Vestas … Read more
By David Wethe Sep 26, 2019 (Bloomberg) Gary Heminger has been fighting shareholder activists for almost as long as Marathon Petroleum Corp. has existed. Now he may be fighting for his job. Heminger, whose compensation as chairman and chief executive officer exceeds his counterpart’s at Exxon Mobil Corp., has been at the helm while Marathon … Read more
By Leonid Bershidsky and Tobin Harshaw Sep 25, 2019, 10:00 PM (Bloomberg Opinion) —On climate change, leaders have a tendency to make lofty long-term promises but take only baby steps to reach them. At the United Nations climate summit, German Chancellor Angela Merkel gave an interesting explanation for why: They believe technology eventually will pick … Read more
By Will Wade and Eric Roston Sep 26, 2019 (Bloomberg) Millions of people in 170 countries took to the streets to protest. World leaders lined up at the United Nations to pledge action. A 16-year-old girl, close to tears, shamed them for robbing her of a future.The pressure to act on climate change is mounting. … Read more
By Alex Longley Sep 26, 2019 (Bloomberg) Oil fell as investors weighed Saudi Arabia’s quicker-than-expected recovery from the biggest attacks ever on its energy industry against prospects of a thaw in the U.S.-China trade war.Futures dipped 0.7% in New York after sliding 3.7% over the previous two sessions. Saudi Arabia has boosted production capacity to more than … Read more
By Joanna Ossinger Sep 26, 2019 (Bloomberg) Can it finally be energy stocks’ time to shine? JPMorgan Chase & Co. thinks so. The U.S. energy industry features the second-worst performing group of stocks in the S&P 500 this year, up 5.3% compared with an advance of 19% for the broader gauge. That’s despite love from Wall … Read more
By Lorcan Roche Kelly Sep 26, 2019 (Bloomberg) Trump not out of the woods on impeachment, oil traders rattled by U.S. ship sanctions, and Europe’s money laundering scandal widens. Here are some of the things people in markets are talking about today. Backfiring The release of a rough transcript of the July call between President Donald Trump and … Read more
CALGARY — Melius Energy says it has successfully tested a new technology that allows oilsands bitumen to be shipped as a semi-solid product in six-metre-long shipping containers. The Calgary-based company says it moved 130 barrels of bitumen treated with the BitCrude process from Edmonton to Prince Rupert, B.C., by intermodal rail. President Nicole Zhang says the … Read more
September 26, 2019 | Source: VAALCO Energy, Inc. HOUSTON, Sept. 26, 2019 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY), (“VAALCO” or the “Company”), an independent energy company focused on development and production assets in West Africa, is pleased to announce that its common shares (“Common Shares”) will be admitted to the standard listing segment … Read more
September 25, 2019 | Source: Halcon Resources Corporation Houston, Sept. 25, 2019 (GLOBE NEWSWIRE) — Halcón Resources Corporation (OTC PINK: HKRS) (“Halcón” or the “Company”) announced that the United States Bankruptcy Court for the Southern District of Texas confirmed the Company’s prepackaged plan of reorganization (the “Plan”) under chapter 11 of the Bankruptcy Code and expects to … Read more
September 25, 2019 Reuters Japan and its private sector firms will invest $10 billion on liquefied natural gas (LNG) projects worldwide, the country’s industry minister said on Thursday, in a strategy to boost the global LNG market and reinforce the security of energy supply.The move, doubling a commitment by Japan two years ago to bolster energy … Read more
September 24, 2019 | Source: MDM Permian, Inc. Management Acquires 2 Leases, 4 Wells, Options On Four Land Sections ADDISON, Texas, Sept. 24, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE – MDM Permian, Inc. (OTC: MDMP) is pleased to announce that it has entered into an agreement for the acquisition of four (4) Canyon Sand wells … Read more
By Noah Smith With crowds taking to the streets to call for action on climate change and activists haranguing the United Nations, the issue of global warming is once again front and center. The equivocation of former years seems belatedly to be giving way to a general realization that something must be done. The effort will be sweeping and global, and … Read more
By Lorcan Roche Kelly Sep 25, 2019 Impeachment inquiry, Johnson back in Parliament, and Aramco IPO may be finally going ahead. Here are some of the things people in markets are talking about today. Investigation House Speaker Nancy Pelosi announced a formal impeachment inquiry of President Donald Trump, a move which is likely to dominate national politics … Read more
September 24, 2019 Reuters Canadian pipeline company Enbridge Inc said on Tuesday it has received a permit from the U.S. Army Corps of Engineers to install 54 steel supports along its underwater Line 5 pipeline in Michigan’s Straits of Mackinac. Line 5 ships 540,000 barrels per day of light crude oil and propane and is … Read more
By Nic Querolo Sep 24, 2019 (Bloomberg) The overlap between consumers who buy electric vehicles and those who want solar panels on their roofs may not be so broad after all. While conventional wisdom has long held that EV drivers prefer to charge cars with clean energy, surveys that fed that belief targeted early adopters … Read more
By Liam Denning Sep 24, 2019 (Bloomberg Opinion) In capital markets, trust boils down to – what else? – money. The more trusted you are, the more money investors will give you at a relatively low cost. Trust is in the eye of the beholder, of course. The U.S. government borrows fantastical sums at next to nothing, … Read more
By Jeffrey Bair Sep 25, 2019(Bloomberg) California drivers may soon pay $4 a gallon at the pump after refinery upsets pushed up the wholesale market in San Francisco to the strongest level in almost seven years. San Francisco spot gasoline traded at its highest premium to futures since 2012 and Los Angeles was the highest … Read more
Oil extended declines as Saudi Arabia was said to be ahead of schedule in restoring its output capacity. Futures lost as much as 1.5% in New York after dropping 2.3% on Tuesday. Saudi Aramco’s production capacity now exceeds 11 million barrels a day, beating a self-imposed deadline by about a week, according to people with knowledge of … Read more
By Anthony DiPaola Sep 25, 2019 (Bloomberg) Saudi Arabia is recovering faster than expected from the biggest attacks ever on its oil industry, beating its own target for restoring capacity by about a week. State oil producer Saudi Aramco has boosted total production capacity to more than 11 million barrels a day, according to people … Read more
September 24, 2019 | Source: Petroteq Energy Inc. SHERMAN OAKS, Calif., Sept. 24, 2019 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands clean recovery mining oil company with proprietary technology, is pleased to announce that the Company has recommenced production today from the Asphalt Ridge … Read more
By Lorcan Roche Kelly Sep 24, 2019 (Bloomberg) China grants new waivers on U.S. agricultural purchases, Boris Johnson loses in Supreme Court, and Trump’s Ukraine problems are not going away. Here are some of the things people in markets are talking about today. More relief Chinese authorities granted companies waivers to buy between 2 and 3 … Read more
By Heesu Lee and Alex Longley Sep 24, 2019 (Bloomberg) Oil edged lower on signs Saudi Arabia is making progress in restoring lost output even as uncertainty remains about the kingdom’s ability to meet its timeline of a full return by the end of the month.Futures dropped 1% in New York after rising 1% on … Read more
By Simon Casey and Naureen S. Malik Sep 24, 2019 (Bloomberg) One of the opening events of Climate Week in New York offered a rare sight — nine bosses of some of the world’s largest oil and gas companies in one room.The occasion was the Oil and Gas Climate Initiative, an industry-supported organization whose members set … Read more
By Nic Querolo, Christopher Martin and Will Wade Sep 24, 2019 (Bloomberg) Climate Week is underway. That means some the globe’s most powerful corporate leaders are making pledges to be greener as heads of state gather in New York to discuss ways to stop the planet from warming.The main event was held on Monday at … Read more
By Julian Lee Sep 22, 2019 (Bloomberg Opinion) The real impact of the attack on Saudi oil installations last weekend goes well beyond the temporary loss of 5% of global oil production: It strikes at the heart of the mechanism that’s guaranteed the security of the world’s crude supply for most of the past 50 years.Ever since the … Read more
By Lorcan Roche Kelly Sep 23, 2019 (Bloomberg) “Constructive” trade talks, more bad news for Europe’s economy, and a raft of corporate news. Here are some of the things people in markets are talking about today. Farm relief The news that a Chinese trade delegation cancelled a planned visit to U.S. farms on Friday caused an outbreak of … Read more
By Anthony DiPaola (Bloomberg) Saudi Aramco reiterated its commitment to bringing production back to its full capacity by the end of the month. The company will restore 5.7 million barrels per day, said Chief Executive Officer Amin Nasser, the amount that was knocked out by recent attacks on the kingdom’s oil facilities. “We will continue … Read more
By Kevin Crowley Sep 22, 2019 (Bloomberg) Championed by Big Oil as the fastest way to reduce emissions and reviled by environmentalists who say the world needs to ditch all fossil fuels — the debate over natural gas may be one of the controversial aspects of climate change.The arguments will get an airing as politicians, … Read more
By Rakteem Katakey Sep 23, 2019 (Bloomberg) Oil fell as traders weighed conflicting reports on whether Saudi Arabia will succeed in restoring its lost production by the end of this month, while concerns over demand returned following gloomy European data.Brent crude fell 0.5%, reversing earlier gains. Saudi Arabia, which has reiterated it will bring back all lost … Read more
September 20, 2019 | Source: Petroteq Energy Inc. NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. SHERMAN OAKS, Calif., Sept. 20, 2019 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated … Read more
September 23, 2019 | Source: VAALCO Energy, Inc. HOUSTON, Sept. 23, 2019 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“VAALCO” or the “Company”), an independent energy company focused on development and production assets in West Africa, is pleased to announce that the Prospectus for the dual listing of the Company’s common shares (“Common … Read more
September 20, 2019 Reuters U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to the lowest since May 2017, even as crude prices jumped more than 7% this week after an attack halved output in the world’s top oil exporter Saudi Arabia.Drillers cut 14 oil rigs … Read more
By Andrew Harris, Ryan Beene and Jennifer A. Dlouhy Sep 20, 2019 (Bloomberg) California is asking a federal court to prevent President Donald Trump from stripping the state of its power to set limits on auto emissions of greenhouse gases that are stricter than those of the national government and encourage more electric-vehicle use. In … Read more
By Jeffrey Bair and Brian K. Sullivan Sep 20, 2019 (Bloomberg) Imelda’s rains have largely left Houston, but the city and the surrounding region are reeling from the fallout. Much of the area remains flooded, with homes and businesses damaged, hundreds of abandoned cars left on highways, water systems compromised and at least two people … Read more
By Kiel Porter Sep 19, 2019 (Bloomberg) Blackstone Group Inc. and Apollo Global Management Inc. are interested in bidding for a majority stake in Western Midstream Partners LP being sold by Occidental Petroleum Corp., according to people familiar with the matter. Global Infrastructure Partners and KKR & Co. are also interested, said the people, who asked … Read more
By Naureen S. Malik Sep 20, 2019 (Bloomberg) New Mexico is turning to satellites and artificial intelligence to track methane emissions as soaring oil and natural gas production from the Permian Basin stokes concern about climate change. The southwestern state will use a model being developed by Descartes Labs to map and quantify how much … Read more
By Laura Curtis Sep 20, 2019 (Bloomberg) It’s all repo madness, rogue trading, and Brexit hype hope. Here are some of the things people in markets are talking about today. Repo madness Pressure is mounting on the Federal Reserve to take more aggressive steps to address stress in U.S. funding markets as swap spreads tumbled to record lows Thursday. The New York … Read more
By Will Wade Sep 19, 2019 (Bloomberg) Wind power in Texas is about to blow past coal for the first time. Turbines in the Lone Star State are forecast to generate 87 terawatt-hours of electricity in 2020, according to a report Thursday from Rystad Energy. That will exceed the roughly 84 terawatt-hours next year from coal plants. … Read more
By Sheela Tobben Sep 20, 2019 (Bloomberg) Oil edged lower on Friday but still posted the biggest weekly gain in months, days after an attack on a key Saudi Arabian facility roiled markets.Brent rose 6.7% this week, the largest weekly gain since January, while West Texas Intermediate oil registered the biggest weekly rise since June. … Read more
By William Mathis Sep 20, 2019 (Bloomberg) The world’s biggest offshore wind park planned off the coast of England will probably in the next decade generate power cheaper than by burning coal. A number of offshore wind projects won contracts to sell power at guaranteed prices in a U.K. auction Friday. The price of 39.65 … Read more
September 19, 2019 Reuters U.S. natural gas futures fell more than 3% from a near five-month high on Thursday following the release of a report showing a bigger-than-expected storage build. The U.S. Energy Information Administration (EIA) said utilities added 84 billion cubic feet (bcf) of gas to storage during the week ended Sept. 13. That was … Read more
By Anthony DiPaola, Khalid Al-Ansary and Will Kennedy Sep 19, 2019 (Bloomberg) Saudi Arabia’s state energy producer is trading crude produced outside the country as normal and is not currently seeking to buy additional barrels from Iraq’s state oil marketer, according to people with knowledge of the companies’ operations. Armed drones and missiles attacked Saudi … Read more
By Lorcan Roche Kelly Sep 19, 2019 (Bloomberg) Fed move puts inversion back on the radar, a raft of central-bank decisions, and the OECD cuts global outlook. Here are some of the things people in markets are talking about today. Divided, they fall The Federal Reserve’s 25 basis-point interest rate cut yesterday was accompanied by forecasts that showed officials were … Read more
By Mark Chediak and Brian Eckhouse Sep 19, 2019 (Bloomberg) For years, wind and solar power were derided as boondoggles. They were too expensive, the argument went, to build without government handouts. Today, renewable energy is so cheap that the handouts they once needed are disappearing. On sun-drenched fields across Spain and Italy, developers are … Read more
By Grant Smith Sep 19, 2019 (Bloomberg) Oil rose amid doubts about the speed of Saudi Arabia’s recovery from the weekend’s attack on its facilities that knocked out a large chunk of its production.Futures gained 2.1% in New York after paring around half of Monday’s 15% surge over the past two days. The Saudis asked … Read more
By Matt Day Sep 19, 2019 (Bloomberg) Jeff Bezos is holding a press conference on Amazon.com Inc.’s sustainability efforts on Thursday, a day before workers around the world — including more than 1,000 of his own employees — are scheduled to walk out to spotlight climate change. Amazon’s founder and chief executive offer is scheduled … Read more
WASHINGTON — President Donald Trump announced Wednesday that his administration is revoking California’s authority to set auto mileage standards stricter than those issued by federal regulators, a move critics said would result in less fuel efficient cars that create more planet-warming pollution. In a tweet, Trump said his action would result in less expensive, safer … Read more
By Christopher Martin Sep 19, 2019 (Bloomberg) The tallest, most powerful wind turbines ever made are coming to U.S. waters care of General Electric Co. Denmark-based Orsted A/S plans to use 12-megawatt turbines made by GE for projects off the coast of Maryland and New Jersey, according to a statement from the companies Thursday. The … Read more
September 18, 2019 | Source: Extraction Oil & Gas, Inc. DENVER, Sept. 18, 2019 (GLOBE NEWSWIRE) — Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction”) today announced that its Board of Directors has appointed Audrey Robertson to serve as an independent member of the Company’s Board. Ms. Robertson will serve as a member of the Audit … Read more
Recent Production Surpasses 22,000 BOEPD September 19, 2019 | Source: Rosehill Resources Inc. HOUSTON, Sept. 19, 2019 (GLOBE NEWSWIRE) — Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ: ROSE, ROSEW, ROSEU) today provided an operational update for recent activity as well as expected production for the quarter ending September 30, 2019. Highlights Placed onto production nine wells … Read more
By Nick Wadhams, Glen Carey and Josh Wingrove Sep 18, 2019 (Bloomberg) President Donald Trump said he wants tougher U.S. sanctions on Iran as his top diplomat arrived in Saudi Arabia to consult with leaders and build a case against Tehran following weekend attacks on the kingdom’s key oil facilities. “We’ll be adding some very … Read more
By Conor Sen Sep 18, 2019 (Bloomberg Opinion) For the past few decades, the U.S. economy has benefited from more immigration, more trade, lower taxes and increased domestic oil production, especially because of fracking. These trends coincided with declining inflation and favorable conditions for consumers, investors and companies (although a downside was rising inequality … Read more
By Laura Curtis Sep 18, 2019 (Bloomberg) It’s decision day at the Fed, money markets are set to get another cash infusion, and Iran passed a note to America. Here are some of the things people in markets are talking about today. Fed day The Federal Reserve is widely expected to reduce interest rates by a … Read more
By Brian Eckhouse and Naureen Malik Sep 18, 2019 (Bloomberg) Every major U.S. electricity grid is getting greener. Except for the massive one serving half of the people in the country. That’s just as problematic as it sounds for the policymakers, power providers and climate activists looking to wean Americans off fossil fuels. While members of … Read more
By Abbas Al Lawati Sep 17, 2019 (Bloomberg) Saudi Arabia joined a U.S.-led coalition to secure sea lines vital to oil shipping in the Middle East in the aftermath of a devastating attacks on Aramco’s oil facilities. The International Maritime Security Construct’s area of operation covers the Strait of Hormuz, the world’s most critical waterway for … Read more
By Alice Gledhill and Alexander Weber Sep 18, 2019 (Bloomberg) Wall Street’s race is on for dominance in the fast-growing business of turning back climate change.HSBC Holdings Plc, Citigroup Inc. and Bank of America Corp. have helped power an unprecedented surge in sales of “green” bonds, which are used to finance everything from wind farms to … Read more
By Saket Sundria Sep 18, 2019 (Bloomberg) Oil stabilized on signs Saudi Arabia is quickly restoring production following a debilitating weekend attack, after two tumultuous days in which it surged the most on record and then pared almost half of that gain.Brent slid on Wednesday, having tumbled the previous day as Saudi Aramco said it had revived … Read more
By Grant Smith Sep 18, 2019 (Bloomberg) Saudi Arabia is fixing its energy infrastructure and restoring crude production, but the weekend’s attacks may have done irreparable damage to one of the kingdom’s greatest assets — its role as guardian of global oil markets. For decades, Riyadh has kept a buffer of spare production capacity that was used … Read more
By Anthony DiPaola Sep 17, 2019 (Bloomberg) Saudi Arabia attempted to move beyond the worst oil disruption in its history, assuring the world that crude exports won’t suffer, its damaged facility has partially restarted and that production capacity will be back to normal within months.The long-awaited update on Tuesday from the kingdom — which before … Read more
By Christopher Martin Sep 17, 2019 (Bloomberg) Duke Energy Corp. agreed to eliminate carbon emissions from its power plants and offset those that it can’t by 2050, joining a slew of power producers taking steps to limit the effects of global warming. Duke, one of the largest U.S. emitters of greenhouse gases, plans to shift away … Read more
September 17, 2019 Reuters The Minnesota Supreme Court on Tuesday declined to hear environmental and tribal challenges to Enbridge Inc’s Line 3 oil pipeline, a decision that removes one potential obstacle for the already-delayed project. The ruling means the Minnesota Public Utilities Commission (MPUC), the state regulator that approved the Line 3 project last year, will … Read more
September 17, 2019 Reuters Oil prices dropped about 6% on Tuesday after Saudi Arabia’s energy minister said the kingdom has fully restored its oil production hit by an attack this weekend that shut 5% of global oil output. Saturday’s attacks raised the specter of a major supply shock in a market that in recent months has … Read more
By James Thornhill and Saket Sundria Sep 17, 2019 (Bloomberg) Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply.As state oil giant Saudi Aramco grows less optimistic that there’ll be a rapid recovery after the strikes that … Read more
By Anthony DiPaola, Javier Blas and Julian Lee Sep 17, 2019 (Bloomberg) The oil market is facing a prolonged disruption to Saudi Arabia’s oil production with few options for replacing such huge output losses. The weekend attacks on the kingdom eliminated about 5% of global oil supply — and raised the risk of more conflict … Read more
By Lorcan Roche Kelly Sep 17, 2019 (Bloomberg) Aramco production could take months to restore, WeWork IPO is delayed, and Johnson gets his day in court. Here are some of the things people in markets are talking about today. Oil pressure Saudi Aramco could take months to fully restore output at its giant Abqaiq plant with oil analysts saying that damage at … Read more
By Michael Bellusci and Felice Maranz Sep 16, 2019 (Bloomberg) A weekend strike on a Saudi Arabian oil facility is rippling beyond a surge in oil prices. Energy stocks are experiencing a massive rally, exchange stocks with commodities businesses are getting a boost and flagging banks exposed to energy loans are experiencing some relief. Cruise-ship operators and … Read more
By Catherine Ngai and Kevin Orland Sep 16, 2019 (Bloomberg) Canada is counting on its geographical isolation as a key to protecting itself from attacks like the one this past weekend in Saudi Arabia that knocked about 5% of global supply offline.As oil producers, traders and analysts grapple over the implications of what energy security looks like … Read more
September 16, 2019 Reuters Saudi Aramco Refinery The strike on the heartland of Saudi Arabia’s oil industry, including damage to the world’s biggest petroleum-processing facility, has driven oil prices to their highest level in nearly four months.Here are some facts about the impact on oil supply and spare capacity: WHY IS IT SO DISRUPTIVE FOR GLOBAL … Read more
Mark Slaughter, left – Scott Crist, right Scott Crist Appointed CEO of Osprey Mark Slaughter Named CEO of Infrastructure Networks Both CEOs to Remain Active on each other’s Board of Directors HOUSTON AND CALGARY, September 17, 2019 – In a move more common in major league sports free agency periods, Osprey Informatics (“Osprey”), the leader … Read more
September 16, 2019 | Source: Ultra Petroleum Corp. ENGLEWOOD, Colo., Sept. 16, 2019 (GLOBE NEWSWIRE) — Ultra Petroleum Corp. (“Ultra Petroleum” or the “Company”) (OTCQX: UPLC) announces that it has received unanimous approval from the lenders for its revolving credit facility (the “Credit Facility”) and entered into an amendment that, among other items, removes the financial … Read more
September 16, 2019 | Source: Devon Energy Corporation OKLAHOMA CITY, Sept. 16, 2019 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) announced today that David Harris has been appointed to the position of executive vice president, exploration and production. Tony Vaughn previously served in this role and will retire from Devon after 20 years of service. … Read more
Market Your Company on EnergyNow Don’t Be Left Behind in Your Marketing Get Started With One of Two Marketing Bundles from EnergyNow.com Access the EnergyNow Website, Daily Email, Social Media (Linkedin etc.) and EnergyNow SHOWCASE Digital Marketplace For more information and to download the list of specials, please fill out the form below and include … Read more
September 16, 2019 09| Source: TGS Houston, Texas (16 September 2019) — TGS, a leading provider of multi-client geoscience data for exploration & production (E&P) companies, today announced achievement of five milestones accelerating the company’s growth strategy. The achievements include new technologies in key basins; strengthening position in the South Atlantic; further growth onshore; enhancing imaging and … Read more
September 16, 2019| Source: VAALCO Energy, Inc. HOUSTON, Sept. 16, 2019 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY) (“VAALCO” or the “Company”), an independent energy company focused on development and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange (”LSE”), to … Read more
September 16, 2019 | Source: Harvest Oil & Gas Corp. HOUSTON, Sept. 16, 2019 (GLOBE NEWSWIRE) — Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced that it has completed the previously announced sales of Barnett Shale assets and certain Mid-Continent area assets located in the Anadarko Basin and SCOOP/STACK. In addition, the Company … Read more
By Joe Easton Sep 15, 2019 (Bloomberg) Good morning. A devastating attack on a Saudi Arabia oil facility sent crude oil futures soaring, rippling through other markets. Boris Johnson is once again backing his Halloween Brexit date, and Chinese economic data continues to show evidence of the trade war’s impact. Here’s what’s moving markets. Saudi Strike … Read more
By Enda Curran Sep 16, 2019 (Bloomberg) The record oil-price surge after a drone strike on a Saudi Arabian oil facility couldn’t come at a worse time for a world economy already in the grip of a deepening downturn. While the severity will depend on how long the price spike endures, the development will further erode business … Read more
Will Kennedy and Javier Blas Sep 16, 2019 (Bloomberg) Saudi Aramco officials are growing less optimistic that there will be a rapid recovery in oil production after the attack on the giant Abqaiq processing plant, a person with knowledge of the matter said. All eyes are on how fast the kingdom can recover from the … Read more
By Serene Cheong and Dan Murtaugh Sep 16, 2019 (Bloomberg) —Oil posted its biggest ever intraday jump, briefly surging above $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies and raised the specter of more destabilization in the region.In an extraordinary start to trading on Monday, … Read more
September 13, 2019 Reuters U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers cut spending, leading to slower growth in crude output. Drillers cut five oil rigs in the week to Sept. 13, bringing the total count down to 733, the lowest since … Read more
By Liam Denning Sep 14, 2019 We’re about to find out just how laid back the oil market really is. It has shrugged off sanctions on Iran, exploding tankers and drones getting shot down over the Strait of Hormuz. But this weekend’s strike against Saudi Arabia’s Abqaiq processing facility – perhaps the single most important … Read more
By Matthew G. Miller and Ros Krasny Sep 15, 2019(Bloomberg) President Donald Trump said he’s authorized releasing oil from the Strategic Petroleum Reserve following the attacks on Saudi Arabia on Saturday, which sent Brent crude oil prices skyrocketing as much as 19%. In tweets, the president said the amount of oil released would be determined … Read more
By Tina Davis (Bloomberg) Some U.S. oil companies are positioned to gain from the attacks on Saudi Arabia’s facilities over the weekend and an attendant rise in crude prices.The biggest moves could come from U.S. oil companies with a sizable short interest, including Apache Corp., Continental Resources Inc., Concho Resources Inc., Devon Energy Corp. and … Read more
By Zainab Fattah Sep 15, 2019 (Bloomberg) A predawn attack on the heart of Saudi Arabia’s energy industry knocked out half of the country’s oil production and raised the prospect of retaliation. The U.S., without providing evidence, blamed the strike by a swarm of armed drones on the kingdom’s arch rival Iran. Iran has denied … Read more
By Nayla Razzouk and Javier Blas Sep 14, 2019 (Bloomberg) Saudi Arabia’s oil production was cut by half after a swarm of explosive drones struck at the heart of the kingdom’s energy industry and set the world’s biggest crude-processing plant ablaze — an attack blamed on Iran by the top U.S. diplomat.Iran-backed Houthi rebels in … Read more
September 13, 2019 HOUSTON & STUART, Fla.–(BUSINESS WIRE)–Pason Power Inc. (“Pason Power”), a provider of intelligent software for the energy storage market, announced today that it is combining its business with Energy Toolbase LLC (“Energy Toolbase”), an industry-leading software platform that specializes in modeling and proposing the economics of solar and energy storage projects. These … Read more
By Sheela Tobben Sep 13, 2019 (Bloomberg) Oil fell to a two-week low as the International Energy Agency warned of a looming supply glut.Futures in New York ended the week 3% lower after four straight days of declines. Sentiment continues to be dominated by an International Energy Agency report highlighting the challenge facing OPEC and … Read more
By Lorcan Roche Kelly Sep 13, 2019 (Bloomberg) Trade hopes rise again, markets mull the fallout post ECB, and Biden maintains Democratic lead. Here are some of the things people in markets are talking about today. More measures The editor of a state-run Chinese newspaper whose tweets in recent months have accurately presaged moves by Beijing wrote this … Read more
By Jennifer A. Dlouhy Sep 12, 2019 (Bloomberg) The Trump administration on Thursday took a major step toward auctioning oil drilling rights across every acre of the Arctic National Wildlife Refuge’s coastal plain, hours after the House of Representatives voted to outlaw the activity. In an environmental impact statement, the Interior Department acknowledged oil development … Read more
By Tsuyoshi Inajima and Alex Longley Sep 13, 2019 (Bloomberg) Oil was set for a weekly decline as the International Energy Agency warned of a looming supply glut.Futures erased earlier losses in New York on Friday, but were still down 1.9% for the week. Sentiment has been dominated by the challenge facing the Organization of … Read more
More than a dozen Greenpeace activists were arrested Thursday after partially shutting the Houston Ship Channel by suspending themselves from a bridge spanning the key oil route in protest against the fossil fuel industry. The section of the channel between Baytown and Spilmans Island was closed, according to the Coast Guard’s Vessel Traffic Center, which … Read more
By Mikael Holter Sep 13, 2019 (Bloomberg) Offshore drilling executives are trying to win back investors who have fled their stocks over the past year, insisting that a protracted recovery is gaining momentum. After suffering their worst downturn ever following the collapse of oil prices in 2014, rig companies started regaining hope as crude recovered … Read more
September 13, 2019| Source: Contango Oil & Gas HOUSTON, Sept. 13, 2019 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) today announced that it has priced a public offering of approximately 44.7 million shares of its common stock for total gross proceeds (before the underwriting discount and estimated expenses) … Read more
September 13, 2019 | Source: VAALCO Energy, Inc. HOUSTON, Sept. 13, 2019 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY) (“VAALCO” or the “Company”) today announced that the Company has commenced its 2019/2020 drilling campaign and spud the Etame 9P appraisal wellbore at the Etame field offshore Gabon. Drilling of the Etame 9P appraisal wellbore is … Read more
September 11, 2019 Reuters General Electric Co (GE) on Wednesday said it plans to reduce its ownership in oil and gas company Baker Hughes A GE Co to 38.4% from 50.4% at June-end, and aims to raise $2.7 billion in the process. The U.S. conglomerate, which will lose majority control of Baker Hughes, said it would … Read more
By Ari Natter Sep 12, 2019 (Bloomberg) The House is poised to vote Thursday to again bar oil and gas drilling in Alaska’s Arctic National Wildlife Refuge, as Democrats seek to put Republicans on the record on tough environmental issues for the 2020 election. The legislation by California Democratic Representative Jared Huffman would repeal a … Read more
By Alex Longley Sep 12, 2019 (Bloomberg) As OPEC and its allies meet in Abu Dhabi, the IEA said it faces a significant challenge in managing the market into 2020. Demand for the group’s crude in the first half of 2020 will be 1.4 million barrels a day below its August output as production surges from their … Read more
By Rakteem Katakey Sep 12, 2019 (Bloomberg) The U.S. briefly became the world’s No. 1 oil exporter as record shale production found its way to global customers, and there are prospects for more. Surging output from shale helped America ship almost 9 million barrels a day of crude and oil products in June, surpassing Saudi … Read more
By Joe Nocera Sep 12, 2019, 4:30 AM (Bloomberg Opinion) I used to tell people that I was in the room when the 1980s – the bull-market-greed-is-good ‘80s – began. It was June 1982, and the room was a luxe Waldorf Towers suite leased by Lazard Freres. An investment banker at the firm had loaned … Read more
Oil extended declines as the International Energy Agency highlighted the difficulty that OPEC and its allies face in balancing the market. Futures declined as much 2.2% in New York. The Organization of Petroleum Exporting Countries and its friends face a daunting task next year as supply from competitors grows, the IEA said. Following a meeting … Read more
By Laura Curtis Sep 12, 2019 (Bloomberg) There’s a little progress in the trade war, the ECB decision might actually hold some surprises, and there’s a lot going on in oil. Here are some of the things people in markets are talking about today. Baby steps A collective sigh of relief was heard around the world … Read more
September 12, 2019| Source: Alta Mesa Resources, Inc. HOUSTON, Sept. 12, 2019 (GLOBE NEWSWIRE) — Alta Mesa Resources, Inc. (NASDAQ: AMR “Alta Mesa Resources”), Alta Mesa Holdings, LP (“Alta Mesa”), Alta Mesa Holdings GP, LLC, OEM GP, LLC, Alta Mesa Finance Services Corp., Alta Mesa Services, LP and Oklahoma Energy Acquisitions, LLC, or collectively “the Companies”, … Read more
OKLAHOMA CITY — T. Boone Pickens, a brash and quotable oil tycoon who grew even wealthier through corporate takeover attempts, died Wednesday. He was 91. Pickens was surrounded by friends and family when he died of natural causes under hospice care at his Dallas home, spokesman Jay Rosser said. Pickens suffered a series of strokes … Read more
WASHINGTON — The House approved legislation Wednesday that would permanently bar drilling off the Atlantic and Pacific coasts and extend a moratorium on drilling off Florida’s west coast. Coastal lawmakers from both parties said the bills would protect U.S. coasts from drilling that can pollute crucial waters — and lead to disasters such as the … Read more
September 11, 2019 Reuters U.S. natural gas futures slipped on Wednesday from a near 14-week high on forecasts for a little less cooling demand over the next two weeks than previously expected and a continued slowdown in export growth. Front-month gas futures for October delivery on the New York Mercantile Exchange were down 3.2 cents, or … Read more
By Laura Curtis Sep 11, 2019 China eases up on tariffs, banks count down to ECB, and some surprise M&A action. Here are some of the things people in markets are talking about today. Fish food China is seeking to ease the impact of the trade war by exempting certain U.S. goods from the 25% tariffs put in place … Read more
By Jennifer A. Dlouhy Sep 11, 2019 (Bloomberg) The U.S. House of Representatives is set to vote Wednesday on two proposals for limiting drilling in U.S. coastal waters, including an effort to permanently ban rigs near Florida, as Democrats seek to demonstrate their opposition to fossil fuels and emphasize Republicans’ sustained support for oil.The measures … Read more
By Dina Khrennikova, Grant Smith and Nayla Razzouk Sep 11, 2019 (Bloomberg)Ministers from OPEC+ are gathering in Abu Dhabi with deeper production cuts off the agenda for now, but with a backdrop of growing concern about the strength of oil demand as the global economy slows. Crude has lurked in the low $60s for most … Read more
By Simon Casey Sep 11, 2019 (Bloomberg) The oil services sector will contract in 2020 as producers cut spending in response to lower crude prices, ending three years of growth, according to Rystad Energy. The market will shrink 4% to $621 billion next year from $647 billion in 2019, the research company said Wednesday in … Read more
By Eric Roston (Bloomberg) Slowing the planetary march toward climate catastrophe—and the multitrillion-dollar investment required to do it—has become a central issue of global and national debate. But there’s the equally expensive matter of dealing with the here and now: From historic wildfires to unprecedented hurricanes, global warming has reshaped the lives of millions, with increasingly tragic consequences. … Read more
September 10, 2019 | Source: Dril-Quip, Inc. HOUSTON, Sept. 10, 2019 (GLOBE NEWSWIRE) — Dril-Quip, Inc. (NYSE: DRQ) today announced it has entered into agreements with AFGlobal Corporation, pursuant to which AFGlobal will lease Dril-Quip’s forge facilities and equipment located at its Houston manufacturing campus with the option to acquire those same assets. Effective October 1, … Read more
September 10, 2019| Source: Range Resources Corporation FORT WORTH, Texas, Sept. 10, 2019 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) has been notified by Sunoco that they will be performing optimization work at the Marcus Hook export terminal that is expected to result in more efficient transportation to end markets. This upgrade will cause the Mariner East pipeline … Read more
\ September 11, 2019 | Source: Buckeye Partners L.P. HOUSTON, Sept. 11, 2019 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL) today reported that it has partially resumed operations at its Buckeye Bahamas Hub (“BBH”) facility following Hurricane Dorian. BBH is now able to accommodate customer vessels at its inland berths for both loading and unloading … Read more
By Tsuyoshi Inajima and Alex Longley Sep 11, 2019 (Bloomberg) Oil rose as industry data showed a decline in American stockpiles, countering speculation that the ouster of U.S. National Security Adviser John Bolton may lead to a less hawkish approach on Iran and Venezuela.Futures added as much as 1.6% in New York, after dipping 0.8% … Read more
By Sharon Cho Sep 10, 2019 (Bloomberg) The U.S.-China trade war has already almost halved oil demand growth and things are only going to get worse, according to Citigroup Inc.The conflict has cut 800,000 barrels a day from consumption growth since the end of March 2018, said Ed Morse, global head of commodity research at … Read more
September 10, 2019 Reuters A group of oil and gas companies has agreed to begin testing blockchain, a technology at the heart of digital currencies, in a bid to lower administrative costs in their field operations while also reducing payment disputes and chances for fraud. The OOC Oil & Gas Blockchain Consortium, whose members include Chevron … Read more
By Lorcan Roche Kelly Sep 10, 2019 (Bloomberg) China opens its markets a little more, U.K. parliament closes for now, and Apple launches a new phone. Here are some of the things people in markets are talking about today. Scrapping limits China removed limits for overseas investment in the country’s stocks and bonds, the latest push by authorities … Read more
By Amy Stillman, Nacha Cattan and Eric Martin Mexico’s conservative budget for next year depends in part on its oil company boosting production by about 17%, something that the country hasn’t achieved in almost four decades. Pemex, as the Mexican national oil producer is known, is expected to increase its output to 1.951 million barrels … Read more
By Amanda Albright and Naureen S. Malik Sep 10, 2019 (Bloomberg) A manure-to-energy deal brought to market by Goldman Sachs Group Inc. is hitting the fan.Arizona’s Pinal County and its more than 300,000 cattle seemed like the perfect place to profit from the estimated 82 pounds of waste produced by a 1,000-pound cow each day — all while creating … Read more
By Austin Weinstein (Bloomberg) So much of the Permian Basin is under production that the lights glowing at night, on well pads and rigs and double-wide trailers, make the place look in NASA satellite photos like a giant Lite Brite. But there’s a spot where the Permian dims. It’s a big one, covering more than … Read more
By Alex Longley Sep 10, 2019 (Bloomberg) Oil extended its advance as U.S. stockpiles were estimated to have dropped and OPEC+ members gathered in the United Arab Emirates ahead of meetings this week. Futures rose for a fifth day in New York, the longest run of gains since late July. U.S. crude inventories probably declined … Read more
September 9, 2019 Reuters ExxonMobil Gulf of Mexico Rig Spanish oil giant Repsol SA is in advanced talks to acquire some deepwater assets in the U.S. Gulf of Mexico from Exxon Mobil Corp for about $1 billion, three people familiar with the matter said on Monday.The deal would be a boon to Exxon’s plans to accelerate … Read more
By Noah Smith Sep 9, 2019 (Bloomberg Opinion) Senator Bernie Sanders is leading the charge for a national moratorium on hydraulic fracturing, the process of extracting oil or gas by cracking open subterranean rock. Unfortunately, such a ban would make another of his goals – switching to green energy – harder to achieve.At a recent climate forum, … Read more
By Lorcan Roche Kelly Sep 9, 2019 (Bloomberg) Some surprisingly good European data, markets look to central banks, and Saudi Arabia has a new oil boss. Here are some of the things people in markets are talking about today. U.K., Germany The British economy saw the immediate threat of recession recede with this morning’s GDP data … Read more
By Gregory Korte and Joe Carroll Sep 9, 2019 (Bloomberg) For Republicans, the Texas Miracle may become a victim of its own success. The booming economy that helped the Lone Star State weather the 2008 recession has also sparked a migration there that’s changing the face of Texas politics. The workers who’ve moved to Texas … Read more
By Grant Smith Sep 9, 2019 (Bloomberg) While one Iranian tanker is attracting global attention, serious oil watchers remain absorbed by a bigger mystery: the hunt for the rest of Iran’s fleet. The quest has led to ever more inventive methods of tracking ships, and divergent views on the amounts of crude secretly slipping into world markets. … Read more
September 6, 2019 Reuters U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row after drilling slowed for nine straight months as independent producers cut spending by about 10% this year. Drillers cut four oil rigs in the week to Sept. 6, bringing the total count down … Read more
By Ramesh Ponnuru Sep 8, 2019 (Bloomberg Opinion) Much has been made of the willingness of Democratic presidential candidates to risk taking positions that aren’t popular with voters at large in order to boost themselves in the primaries. Democratic politicians and strategists are aware that most people don’t want to see private health insurance banned, for example, but such … Read more
By Julian Lee Sep 8, 2019 (Bloomberg) A Saudi ruler replaces his oil minister for failing to deliver high enough prices as demand growth weakens and non-OPEC supply soars. I thought I’d woken up in 1986. My former boss, Sheikh Zaki Yamani, was removed from his role as energy minister by King Fahd that year, … Read more
By Tsuyoshi Inajima Sep 9, 2019 (Bloomberg) Oil rose for a fourth day after Saudi Arabia’s new energy minister signaled that OPEC and its allies will continue with production cuts as the group prepared to gather in Abu Dhabi. Futures added 0.9% after climbing 2.6% last week. Prince Abdulaziz bin Salman, appointed at the weekend … Read more
By Anthony DiPaola Sep 8, 2019 (Bloomberg) Saudi Arabia’s King Salman Bin Abdulaziz named his son Prince Abdulaziz as the country’s energy minister, replacing Khalid Al-Falih, who led three years of active OPEC diplomacy to forge a global alliance with producers such as Russia to limit production in order to prop up prices. Will this … Read more
By Allison McNeely Sep 5, 2019 (Bloomberg) Oil wells jet out of the scrubby, dusty ground in West Texas’ Permian Basin as far as the eye can see. A gas station off Route 285 bustles with workers in boots and baseball caps. Residents fret about the crumbling road, which has been pummeled by trucks barreling in and … Read more
Reuters U.S. natural gas futures fell almost 2% from a seven-week high last Thursday following the release of a bigger than expected weekly storage build and a projected decline in the amount of gas flowing to liquefied natural gas (LNG) export plants. The U.S. Energy Information Administration said utilities added 84 billion cubic feet (bcf) … Read more
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September 06, 2019 | Source: Buckeye Partners L.P. HOUSTON, Sept. 06, 2019 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL) today reported that it has now accounted for all employees at its Buckeye Bahamas Hub (BBH) facility and continues its focus on relief and recovery. An initial delivery of supplies and other resources, including food, clothing, … Read more
By Lorcan Roche Kelly Sep 6, 2019 (Bloomberg) It’s jobs day, the bond market awaits Powell’s speech, and China’s central bank eases policy. Here are some of the things people in markets are talking about today. Payrolls If yesterday’s ADP report is any guide, today’s jobs number may surprise to the upside. Nonfarm payrolls are expected to show an increase of … Read more
By Grant Smith and Sharon Cho Sep 6, 2019 (Bloomberg) Oil fell as trade tensions between the U.S. and China worsened the outlook for global demand growth. Futures dropped 2% in New York, erasing all gains for the week. Prices had touched a one-month high on Thursday after American inventories slid by 4.77 million barrels, … Read more
By Kevin Crowley Sep 4, 2019 (Bloomberg) A bloodbath in energy stocks is creating a rich opportunity for Big Oil to dominate America’s hottest shale play. Independent producers in the Permian Basin of Texas and New Mexico are trading much lower than when Chevron Corp. bid for Anadarko Petroleum Corp. in April. Royal Dutch Shell … Read more
By Patricia Laya, Peter Millard and Lucia Kassai Sep 5, 2019 (Bloomberg) A Chinese oil contractor halted work on an expansion project in Venezuela because it hasn’t been paid, underscoring the difficulties for the Nicolas Maduro regime even at energy ventures backed by allies.China Huanqiu Contracting and Engineering Corporation, an affiliate of government-run China National … Read more
By William Mathis Sep 5, 2019 (Bloomberg) The global energy supply is turning greener.Investment in new renewable energy is on course to total $2.6 trillion in the years from 2010 through the end of 2019, according to a study by BloombergNEF for the United Nations Environment Program and Frankfurt School’s UNEP Center published Thursday.The boom … Read more
By Simon Casey and Vonnie Quinn Sep 4, 2019 (Bloomberg) Jerry Jones, the billionaire owner of the Dallas Cowboys, said his bet on shale gas in the southern U.S. is well placed even after prices slumped. Domestic natural gas is down 19% this year amid a supply glut. Despite that, Jones’s Comstock Resources Inc. bought Covey Park … Read more
(Bloomberg) The U.S. has placed new sanctions on Iran and a top American official has said more measures will follow, further restricting the Islamic Republic’s ability to export oil. Iran is exporting a fraction of the crude it previously shipped because of sanctions and the U.S. may look to tighten the flow of other oil … Read more
By Laura Curtis Sep 5, 2019 Next trade talks are penciled in, Boris Johnson’s very-bad week continues, and Apple Inc. is adding to all that cash. Here are some of the things people in markets are talking about today. Talk about talks “Early October.” That’s when the next face-to-face talks between U.S. and Chinese officials will take place … Read more
(Bloomberg) Russia’s pact with OPEC has significantly enhanced President Vladimir Putin’s presence on the world stage, but as his geopolitical clout keeps growing the economic benefits for his country have lost some potency.What began in 2016 as a temporary measure to boost oil prices has become an alliance meant to last for “eternity.” For a third year, … Read more
By Sharon Cho and Grant Smith Sep 5, 2019 (Bloomberg) Oil steadied near $56 a barrel as China said it will resume talks with the U.S. to try and resolve a trade impasse that has weighed on global growth and fuel consumption. Futures in New York were little changed after jumping 4.3% Wednesday in the … Read more
September 04, 2019 | Source: Extraction Oil & Gas, Inc. DENVER, Sept. 04, 2019 (GLOBE NEWSWIRE) — Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction” or the “Company”) today announced that Russell T. Kelley, Jr., Extraction’s Chief Financial Officer, has resigned from the Company, effective September 15, 2019, to pursue other interests. Tom Brock has been … Read more
By Laura Curtis and Lorcan Roche Kelly Sep 4, 2019 (Bloomberg) Hong Kong and Italian asset rally, U.K. politics turn messier and central banks send mixed messages. Here are some of the things people in markets are talking about today. MPs Take Control Now that the dust has settled from Prime Minister Boris Johnson’s dramatic Tuesday … Read more
By Liam Denning (Bloomberg Opinion) An entity dubbing itself “Ohioans For Energy Security” has a warning for the good people of the Buckeye State: The Chinese government is quietly invading our American electric grid; intertwining themselves financially in our energy infrastructure. Before we get into the details of the one-minute ad in which a suitably ominous … Read more
By Sharon Cho and Alex Longley Sep 4, 2019 (Bloomberg) Oil rose as a forecast decline in U.S. crude inventories countered pessimism driven by a surprise contraction in American manufacturing and a warning to China from President Donald Trump. Futures in New York climbed as much as 1% after closing 2.1% lower Tuesday. American stockpiles fell for … Read more
By Ellen R. Wald Sep 4, 2019 (Bloomberg Opinion) The Saudi Arabian monarchy made a major change this week in the leadership of its national oil company, Saudi Aramco. Khalid Al-Falih, the former CEO and current oil minister, was removed as chairman and replaced by Yasir Al-Rumayyan, the head of Saudi Arabia’s sovereign wealth fund. With the … Read more
By Timothy Abington and Kelly Gilblom Sep 4, 2019 (Bloomberg) Major oil companies are poised to do a record number of clean-energy deals this year, with Royal Dutch Shell Plc leading a group of European companies that are well ahead of their U.S. rivals. The data compiled by BloombergNEF underscore the quickening pace of the … Read more
By Ryan Teague Beckwith Sep 4, 2019 (Bloomberg) Whoever wins the the Democratic presidential nomination will likely incorporate seven major ideas for fighting climate change that have widespread buy-in among the crowded 2020 field.Although they disagree on environmental policy in other ways, the contenders have broad areas of agreement that point to an emerging Democratic … Read more
September 03, 2019 18:27 ET | Source: Buckeye Partners L.P. HOUSTON, Sept. 03, 2019 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL) today reported that its initial preliminary assessments, subject to physical verification, have not identified any significant damage to its Buckeye Bahamas Hub (BBH) as a result of Hurricane Dorian. Buckeye will provide further updates … Read more
September 03, 2019 | Source: Apergy Corporation THE WOODLANDS, Texas, Sept. 03, 2019 (GLOBE NEWSWIRE) — Apergy Corporation (“Apergy”) (NYSE: APY) was ranked first in a key measure of customer loyalty in the artificial lift industry in a worldwide survey released recently by Kimberlite Oilfield Research. The survey also found that Apergy is the only major … Read more
September 03, 2019 | Source: Petroteq Energy Inc. SHERMAN OAKS, Calif., Sept. 03, 2019 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands mining oil company with proprietary technology, announces the issuance to an arm’s length lender of a US$480,000 principal amount (including an original issue … Read more
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September 3, 2019 Reuters U.S. natural gas futures rose over 3% to a seven-week high on Tuesday on forecasts for warmer weather and higher cooling demand next week than previously expected.Front-month gas futures for October delivery on the New York Mercantile Exchange (NYMEX) were up 7 cents, or 3.1%, to $2.355 per million British thermal units … Read more
September 3, 2019 Reuters Venezuela’s oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation’s second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions.Overall exports of crude and refined products by state-run oil company Petroleos de … Read more
FOR IMMEDIATE RELEASE August 29, 2019 CONTACT: [email protected] PERMIAN STRATEGIC PARTNERSHIP APPLAUDS GOVERNOR ABBOTT, TEXAS TRANSPORTATION LEADERS FOR FUNDING CRITICAL IMPROVEMENTS FOR PERMIAN ROADS AUSTIN, TX – Permian Strategic Partnership (PSP) Chairman Don Evans today appeared before the Texas Transportation Commission to thank state leaders for directing an additional $600 million in strategic state funding over the … Read more
By Grant Smith Sep 3, 2019 (Bloomberg) For four decades, the “Oil & Money” conference has been one of the crude sector’s biggest fixtures, bringing together executives, government ministers and journalists for a few days of discussion about the industry in London. In recent years however, there’s been increasing disquiet about whether the event’s name … Read more
By Lorcan Roche Kelly Sep 3, 2019 (Bloomberg) Trade worries increase again, it’s all kicking off in the UK, and Dorian slowly moves toward the U.S. Here are some of the things people in markets are talking about today. Setting a date Chinese and U.S. officials are having difficulty agreeing a date for the next round of trade … Read more
By Anthony DiPaola Sep 2, 2019 (Bloomberg) The Saudi decision to shrink the energy ministry will leave the kingdom’s oil policy unchanged as the world’s largest crude exporter continues cutting output to balance markets, a person with knowledge of the matter said.With crude trading below Saudi Arabia’s break-even level, oil policy is now a top … Read more
By Sharon Cho and Grant Smith Sep 3, 2019 (Bloomberg) Oil held losses as the U.S. and China’s inability to agree on a schedule for talks deepened concern that their ongoing trade clash will further erode fuel demand.Brent futures for November slipped 0.7% in London after dropping 1% on Monday. Chinese and U.S. officials have yet … Read more
Changes Have Significant Implications for Small Business Producers WASHINGTON, D.C. – In response to the EPA’s announcement today of changes from the Obama-era methane regulations (the 2016 New Source Performance Standards [NSPS], Subpart OOOOa), including the change of the regulated emission from methane to volatile organic compounds (VOC), Independent Petroleum Association of America (IPAA) Executive Vice President Lee Fuller … Read more
By Grant Smith Sep 2, 2019 (Bloomberg) OPEC’s crude production rose last month, the first increase since the group and its allies started a new round of output cutbacks at the start of the year to shore up a weak global market. Nigeria and Saudi Arabia led the boost by the Organization of Petroleum Exporting … Read more
By Sharon Cho and Grant Smith Sep 2, 2019 (Bloomberg) Oil fell again Monday after its first monthly decline since May as a deepening trade war further stoked fears that fading global economic growth will hurt fuel demand. Futures dropped to trade near $55 a barrel in New York, having lost 5.9% in August. U.S. tariffs on … Read more
By Kevin Crowley and Brandon Kochkodin (Bloomberg) Exxon Mobil Corp. is poised to drop out of the S&P 500 Index’s 10 biggest companies for the first time since the index’s inception some 90 years ago, the consummation of a long-term trend of tech titans replacing industrial giants in the top ranks of U.S. stock market.Visa … Read more
August 30, 2019| Source: Infrastructure and Energy Alternatives, Inc. INDIANAPOLIS, Aug. 30, 2019 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced that it has completed the sale of 50,000 shares of Series B Preferred Stock (which … Read more
(Reuters) – U.S. energy firms this week reduced the number of oil rigs operating, with the rig count declining for the ninth straight month to its lowest since January last year as most producers cut spending on new drilling this year. Drillers cut 12 oil rigs in the week to Aug. 30, bringing the total … Read more
Natgas futures slip, but log first monthly gain in nine August 30, 2019 Reuters U.S. natural gas futures fell on Friday on technical selling and forecasts pointing to lower demand, but prices posted their first monthly gain since November as above-normal temperatures boosted gas use for cooling. On its second day as the front-month, gas … Read more
By Nacha Cattan and Javier Blas Aug 30, 2019 (Bloomberg) Mexico’s Finance Ministry got the green light to hedge the country’s oil production for next year but is still fine-tuning the details, according to people with direct knowledge of the transaction. An internal committee just approved the decision that Mexico would lock in oil prices … Read more
August 30, 2019 Reuters Analysts have slashed their oil price forecasts to the lowest in more than 16 months, citing softening global demand as an economic slowdown looms and uncertainty prevails on the U.S.-China trade front, a Reuters poll showed on Friday. The 2019 outlook for West Texas Intermediate crude futures was cut to the lowest … Read more
By Elisabeth Behrmann, Andrew Noel and David Stringer Aug 29, 2019 Battery packs clamber up a conveyor belt before dropping into a flame-proof chamber, where they are crushed into gray metallic mush, a cocktail containing the car fuel of the future. The facility separates components like cobalt, nickel, graphite and lithium from waste plastic particles. Factory owner … Read more
By Lorcan Roche Kelly Aug 30, 2019 (Bloomberg) ECB hawks raise their voices, hurricane approaches Florida, and MPs confident they can still block a no-deal Brexit. Here are some of the things people in markets are talking about today. Not yet? European Central Bank Executive Board member Sabine Lautenschlaeger became the latest policymaker to add her voice … Read more
By Tsuyoshi Inajima and Alex Longley Aug 30, 2019 (Bloomberg) Oil headed for its biggest weekly increase since mid-July after a sizable drop in American crude inventories and an apparent pause in U.S.-China trade hostilities eased demand fears. Futures in New York fell 0.7% on Friday but are up 4% for the week. China said … Read more
By Joanna Ossinger Aug 30, 2019 (Bloomberg) Energy companies have struggled this year to get interest from investors, but they’re starting to get more attention from a couple notable areas.S&P 500 Energy companies are down 0.6% year-to-date and Stoxx 600 Oil & Gas has gained just 0.3%, while WTI crude is up about 25%. Energy … Read more
August 29, 2019 08:30 ET | Source: Petroteq Energy Inc. SHERMAN OAKS, Calif., Aug. 29, 2019 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil sands mining oil company with patented – proprietary clean oil recovery technology (CORT), is pleased to announce that the 30-day comment period … Read more
By Laura Curtis Aug 29, 2019 (Bloomberg) The status of trade talks remains unclear, Mnuchin is revisiting very long bonds, and political news in Europe is a mixed bag. Here are some of the things people in markets are talking about today. Trade front It looks like the trade-talk clouds that have kept markets on edge this week are … Read more
By Liam Denning Aug 28, 2019 (Bloomberg Opinion) There goes the other pipeline. Back in the day, BP Plc was sometimes dismissed as a “two-pipelines company.” This referred to two of its biggest positions: The Forties field and pipeline system in the North Sea and the Trans Alaska Pipeline bringing oil south from the Prudhoe Bay wells … Read more
By Alex Longley Aug 29, 2019 (Bloomberg) Oil rose, erasing earlier losses, as American crude inventories fell and China indicated that it won’t escalate the protracted trade war with the U.S. Futures in New York climbed as much as 1.2% after rallying almost 4% over the previous two sessions. European and U.S. equities pared earlier declines as … Read more
By Jennifer A. Dlouhy Aug 28, 2019 (Bloomberg) The U.S. Environmental Protection Agency is set to unveil a proposal that would step back from federal regulation specifically targeting methane emissions at oil and gas facilities, potentially staving off requirements for a million existing U.S. wells. A White House review of the proposal has been concluded, … Read more
By Jeff Kearns Aug 29, 2019 (Bloomberg) U.S. economic growth decelerated in the second quarter by more than initially reported, with stronger consumer spending offset by weaker readings across other categories that suggest President Donald Trump’s trade actions are weighing more heavily on the pace of expansion. Inflation-adjusted gross domestic product grew at a 2% … Read more
By Dana Hull and Brian Eckhouse Aug 29, 2019 (Bloomberg) One evening last year, David Burek noticed charred wood and a burning smell in his attic, near his young sons’ bedroom. He climbed a ladder and saw a melted connector wire from the solar panels installed on the roof of his North Dartmouth, Massachusetts, home. Firefighters rushed … Read more
By Ellen Proper Aug 29, 2019 Dow Inc. is partnering with the Dutch developer of a method for turning plastic trash back into oil as the global chemical powerhouse seeks to expand recycling amid rising alarm over pollution. Fuenix Ecogy Group has created a method for breaking down plastic into a form that can be … Read more
By Robert Tuttle and Kevin Orland Aug 28, 2019 (Bloomberg) Enbridge Inc.’s proposed shift to long-term crude shipping contracts on its Mainline pipeline network is drawing the ire of a growing number of producers, and now Canada’s energy regulator is getting involved, which could delay the process.After ConocoPhillips and Canadian Natural Resources Ltd. became the … Read more
August 29, 2019 | Source: TGS Reference is made to TGS’ press release of 14 August 2019 announcing the closing of the acquisition of Spectrum ASA. Following the transaction, which will further enhance TGS’ position as the leading multi-client geophysical data company, a new Executive Team has been announced. The team, led by CEO Kristian Johansen, consists of the … Read more
August 28, 2019 | Source: VAALCO Energy, Inc. HOUSTON, Aug. 28, 2019 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY) (“VAALCO” or the “Company”) today provided an operational update with additional details on the commencement of its 2019/2020 drilling program, the successful completion of its full-field annual maintenance shutdown at Etame, and the extension of the … Read more
By Kevin Crowley Aug 28, 2019 (Bloomberg) Texas oilman Jeffery Hildebrand became a billionaire by shunning the shale revolution taking place in his home state. Now, he’s making his biggest bet yet — Alaska — just as shale producers run out of steam. Hildebrand’s Hilcorp Energy Co. is buying a collection of old wells and … Read more
By Robert Tuttle and Kevin Orland Aug 28, 2019 (Bloomberg) Enbridge Inc.’s plan to contract space on its Mainline oil pipeline system is drawing the ire of producers who argue the new system will give too much power to Midwest refiners. ConocoPhillips and Canadian Natural Resources Ltd. are the latest companies to object to Enbridge’s … Read more
(Bloomberg) Blackstone Infrastructure Partners is offering to buy out the remaining shares of Tallgrass Energy LP following a 40% slump since it took control of the pipeline operator earlier this year.Blackstone is offering $19.50 for all outstanding Class A shares, a 36% premium to Tuesday’s close, Tallgrass said in a statement. The take-private proposal is … Read more
By Kevin Crowley Aug 28, 2019 BP Plc agreed to sell its entire business in Alaska to closely held Hilcorp Energy Co. for $5.6 billion, ending a six-decade presence in the state as oil production there declines.The deal includes BP’s operating stake in Prudhoe Bay, the largest-producing oil field in U.S. history, as well as … Read more
By Lorcan Roche Kelly Aug 28, 2019 (Bloomberg) Pound plunges on Johnson’s Brexit move, China prepares for the worst, and Italy almost has a new government. Here are some of the things people in markets are talking about today. Brexit gambit The British pound fell as much as 1.1%, the most in a month, after the BBC … Read more
By Grant Smith and Heesu Lee Aug 28, 2019 (Bloomberg) Oil rose for a second day after an industry report showed a bigger-than-expected drop in American crude inventories, allaying concerns that the market is poised to tip back into oversupply.Futures in New York climbed as much as 1.7% after jumping 2.4% on Tuesday. The American … Read more
By Amy Stillman Aug 27, 2019 (Bloomberg) A deal that will save Mexico $4.5 billion has been reached with three pipeline companies to carry natural gas throughout the country, according to President Andres Manuel Lopez Obrador.Carlos Slim’s Grupo Carso SAB was the first to reach agreement with the country’s Federal Electricity Commission, or CFE, Lopez … Read more
By Lorcan Roche Kelly Aug 27, 2019 (Bloomberg) Trade optimism eases, Italy talks struggle and drugmakers face opioid reckoning. Here are some of the things people in markets are talking about today. Fading trade hopes Markets are still in thrall to the whims of President Donald Trump’s latest trade threats. Yesterday’s rally was driven by optimism following comments made … Read more
By Dana Hull and Matt Day Aug 26, 2019 (Bloomberg) Walmart Inc. isn’t the only corporation that has seen its Tesla Inc. solar panels catch fire. On Friday, Amazon.com Inc. said a June 2018 blaze on the roof of one of its warehouses in Redlands, California, involved a solar system that Tesla’s SolarCity division installed. … Read more
By Heesu Lee and Grant Smith Aug 27, 2019 (Bloomberg) Oil rose after four days of losses as President Donald Trump gave mixed signals on resolving the trade dispute between the U.S. and China.Futures in New York increased as much as 1.3% after falling 4.8% over the previous four sessions. Trump struck a more conciliatory … Read more
By Michael Bellusci Aug 27, 2019 (Bloomberg) Most of Wall Street has now issued an opinion on this year’s worst-performing energy initial public offering by Borr Drilling Ltd., except for its lead book runner Goldman Sachs. The bank is the only U.S. underwriter of its New York debut not to issue a rating after its … Read more
By Jennifer A. Dlouhy and Christopher Martin Aug 26, 2019 (Bloomberg) President Donald Trump scoffed yet again at a source of electricity championed by his own energy secretary, saying wind power doesn’t work “all that well.” “We’re the No. 1 energy producer in the world,” Trump said at the end of a summit of Group … Read more
By Naureen S. Malik and Christine Buurma Aug 26, 2019 Liquefied natural gas may have dodged the latest round of Chinese tariffs on U.S. goods, but plans for new American terminals to ship the fuel abroad are under threat as the trade war escalates.Tellurian Inc. and other developers will probably delay final investment decisions on … Read more
By Rachel Adams-Heard Aug 26, 2019 (Bloomberg) Diana Cerny has an oil boom to thank for the packed tables at her restaurant in Carlsbad, New Mexico.Gushing shale production has brought boot-clad workers from all over the world to this Permian Basin city less than an hour north of the Texas border. White F-150s filled the … Read more
New brand reflects strength in data analytics and focus on creating the future of energy through partnership and collaboration August 22, 2019| Source: Enverus After 20 years, Drillinginfo, the leading energy SaaS and data analytics company, announced today that it has changed its name to Enverus. AUSTIN, TX, Aug. 22, 2019 (GLOBE NEWSWIRE) — Drillinginfo, the leading … Read more
By Lorcan Roche Kelly Aug 26, 2019 Trump says China called requesting talks, G-7 meeting continues, and Germany seems headed for a recession. Here are some of the things people in markets are talking about today. De-escalation President Donald Trump said that China called and asked to restart trade talks. His statement came after China’s top trade negotiator, Vice … Read more
By Matthew Martin and Mahmoud Habboush Aug 26, 2019 Oil jumped after U.S. President Donald Trump said that China wanted to restart trade talks, potentially easing tensions between the two countries.Futures in New York rose as much as 1.5%, snapping the longest run of declines in more than five weeks. Trump’s comments reversed a drop … Read more
August 26, 2019 06:00 ET | Source: PDC Energy, Inc. Creates Premier Mid-Cap Operator with Peer-Leading Cost Structure and Free Cash Flow Profile Increases Share Repurchase Program from $200 million to $525 million Immediately Accretive to all Key Financial Metrics Companies to Host a Joint Investor Call Today at 8:00 a.m. ET / 6:00 a.m. MT DENVER, Aug. … Read more
| Source: Diamondback Energy, Inc. MIDLAND, Texas, Aug. 23, 2019 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today released its 2019 Corporate Responsibility Report. The online report outlines Diamondback’s commitment to environmental responsibility, managing and reducing risks, governance and business ethics, and our commitment to our people and communities. The report is available at www.diamondbackenergy.com/about/sustainability. … Read more
(Reuters) – U.S. energy firms this week cut the most oil rigs in about four months, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions. Drillers cut 16 oil rigs in the week to Aug. 23, the deepest cut since the week of April … Read more
By Brian Eckhouse Aug 23, 2019 (Bloomberg) It only took 12 hours for hedge fund investor David Einhorn, a well-known Tesla Inc. critic, to wade into the controversy over the company’s solar systems.He called on Tesla Chief Executive Officer Elon Musk to resign after a Business Insider report overnight showed the company tried to replace … Read more
August 23, 2019 Globe Newswire OMAHA, Neb., Aug. 23, 2019 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced the Nebraska Supreme Court has affirmed the November 2017 decision by the Nebraska Public Service Commission that approved the Keystone XL Pipeline route through the state. “The Supreme Court decision … Read more
By Grant Smith Updated on Aug 23, 2019 (Bloomberg) Oil tumbled in New York, erasing this week’s gain, as China’s retaliation against U.S. tariffs spurred fears the trade war will deal an even bigger blow to demand.Futures fell 3.1%, turning what had been a weekly gain into a loss of 2.3%. China will impose additional levies on … Read more
Aug 23, 2019 (Bloomberg) Pending a hurricane, it might get a lot cheaper to head out to big college football games this fall across the southern U.S. GasBuddy fuels analyst Patrick DeHaan said about 100 of the nation’s 150,000 gas stations have regular unleaded below $2 per gallon this week. He said the number of … Read more
By Laura Curtis Aug 23, 2019 (Bloomberg) Powell’s speech due, Macron has hopes for the G-7, and Hong Kong is causing global worries. Here are some of the things people in markets are talking about today. Fed Features You may have heard by now that Federal Reserve Chairman Jerome Powell is going to speak in a place called … Read more
Sustainable Finance A greener energy industry is testing investors’ ability to adapt. A decade ago, integrated oil and gas companies such as Exxon and Chevron made up the biggest sub-index in the S&P 500, accounting for 7.8%. And yet, by this July, that same group had dropped to 11th place, with a 2.4% weighting. Twelve investors told … Read more
August 20, 2019 Global oil consumption is falling at the fastest rate for almost five years as manufacturing activity and trade flows slip around the world and vehicle production tumbles. Demand in the top 18 consuming countries, each using more than 1 million barrels per day (bpd), fell by almost 0.2% in the three months … Read more
By Laura Curtis Aug 22, 2019 (Bloomberg) Traders are waiting for Powell, manufacturing in Europe gives ammo for bulls and bears, and Boris Johnson is on a Brexit tour of Europe. Here are some of the things people in markets are talking about today. Powell up Investors around the globe are waiting with bated breath for … Read more
By Saket Sundria and Grant Smith Aug 22, 2019 (Bloomberg) Oil recovered after its first drop this week as attention turned from expanding American fuel stockpiles to the prospects for monetary easing as the world’s top central bankers gather in Jackson Hole, Wyoming. Futures added 1.2% to trade above $56 a barrel in New York. … Read more
By Julian Lee Aug 22, 2019 (Bloomberg) The current quarter will be key in shaping the oil supply/demand balances for 2019, according to the latest outlooks from the world’s three major oil-forecasting agencies. If the big inventory draws they expect fail to materialize, OPEC’s goal of pulling down excess stockpiles will be delayed again. The International … Read more
By Dinesh Nair Aug 22, 2019 (Bloomberg) The largest global stock exchanges have restarted efforts to court Saudi Aramco as the battle to host the world’s biggest-ever initial public offering heats up again, people with knowledge of the matter said. Top officials from London Stock Exchange Group Plc, the New York Stock Exchange and Hong Kong Exchanges … Read more
By Kevin Orland Aug 21, 2019 (Bloomberg) Capital keeps marching out of Canada’s oil industry, with Kinder Morgan Inc.’s sale of its remaining holdings in the country on Wednesday adding to more than $30 billion of foreign-company divestitures in the past three years.Pembina Pipeline Corp., based in Calgary, is snapping up Kinder’s Canadian assets and … Read more
August 21, 2019 | Source: Comstock Resources, Inc. Frisco, TX, Aug. 21, 2019 (GLOBE NEWSWIRE) COMSTOCK RESOURCES ANNOUNCES THE APPOINTMENT OF RONALD MILLS AS VP OF FINANCE AND INVESTOR RELATIONS FRISCO, TX, August 21, 2019 – Comstock Resources, Inc. (NYSE: CRK) (“Comstock” or the “Company”) today announced that it has appointed Ronald Mills as Vice President of Finance … Read more
August 22, 2019 | Source: Infrastructure and Energy Alternatives, Inc. INDIANAPOLIS, Aug. 22, 2019 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced a new wind energy project award. The award is for construction of the Sugar … Read more
CALGARY, August 20, 2019 – geoLOGIC systems ltd. (geoLOGIC) today announced that it has purchased TOP Analysis ltd. (TOP Analysis), a provider of Canadian thermal oilsands critical information & competitive intelligence through an easy to use SaaS platform available to all disciplines. Founded in 2013, TOP Analysis has fundamentally changed the way in which companies … Read more
Frac Shack America is excited to be hosting the 5th Annual Frac Whack Golf Tournament again this year! You can’t miss out on what is becoming one of the most anticipated Oil & Gas events of the year! This year, we are teaming up with the National Military Family Association to raise some money and stand behind service … Read more
By Lorcan Roche Kelly Aug 21, 2019 (Bloomberg) Trump says the U.S. is very far from a recession, Fed minutes are due later, and Germany tests the bond market. Here are some of the things people in markets are talking about today. No stimulus, yet President Donald Trump said that he is open to a range of … Read more
By Saket Sundria and Grant Smith Aug 21, 2019 (Bloomberg) Oil held steady after a reported drop in U.S. crude inventories alleviated some of traders’ concern that slowing economic growth will diminish demand. Futures were little changed above $56 a barrel in New York on Wednesday. The American Petroleum Institute reported a 3.45 million-barrel decline … Read more
By Saket Sundria, Rajesh Kumar Singh and Debjit Chakraborty Aug 21, 2019 A global glut in natural gas is threatening to undermine a $4 billion investment by Reliance Industries Ltd. aimed at boosting profits at the world’s largest oil refining complex. The project made all the sense in the world when energy magnate Mukesh Ambani’s … Read more
By Verity Ratcliffe Aug 21, 2019 (Bloomberg) Iran is about to burn a lot more fuel oil as a result of U.S. sanctions and new global shipping rules, reversing the nation’s progress in switching to cleaner-burning natural gas. Power plants and other industrial facilities will burn more than 200,000 barrels a day of highly polluting … Read more
By Alex Nussbaum Aug 20, 2019 (Bloomberg) The U.S. will account for for almost two-thirds of the world’s new oil and natural gas output in the decade ahead, making it a critical obstacle to stopping climate pollution, a London-based advocacy group says.Propelled by the shale boom, the U.S. will pump out the equivalent of 88.9 billion … Read more
August 20, 2019 | Source: MDM Permian, Inc. ADDISON, Texas, Aug. 20, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE – MDM Permian, Inc. (OTC: MDMP) is pleased to announce the following Operations Update: Management consolidates oil/gas production plays in Texas Permian Basin In order to streamline operations and focus full attention to the Permian Basin, … Read more
By Caleb Mutua Aug 19, 2019 (Bloomberg) After years pouring funds into the shale boom, bond buyers are getting increasingly selective as defaults rise and many explorers continue to burn more cash than they make.While Exxon Mobil Corp. and Occidental Petroleum Corp. have recently sold a combined $20 billion of investment-grade debt, junk rated issuers … Read more
August 20, 2019 Reuters The United States has removed nearly 2.7 million barrels of Iranian oil from global markets as a result of Washington’s decision to reimpose sanctions on all purchases of Iran’s crude, U.S. Secretary of State Mike Pompeo said on Tuesday. In an interview with MSNBC, Pompeo said the U.S. government was confident it … Read more
August 20, 20198:49 AM Reuters U.S. natural gas futures were little changed on Tuesday amid forecasts for near-normal temperatures going into the home stretch of summer. Front-month gas futures for September delivery on the New York Mercantile Exchange (NYMEX) remained unchanged at $2.210 per million British thermal units as of 10:24 a.m. EDT (1424 GMT). Forecasts … Read more
By Saket Sundria and Grant Smith Aug 20, 2019 Oil steadied near $56 a barrel as hints of a trade detente between the U.S. and China, along with the prospect of monetary stimulus, buoyed financial markets. Futures gained as much as 0.6% in New York after settling 2.4% higher on Monday. U.S. Commerce Secretary Wilbur … Read more
By Sharon Cho Aug 19, 2019 (Bloomberg) The rivalry between U.S. and Middle Eastern oil producers has jumped up a notch as American crude makes its way right to the heart of Asia, the world’s most-prized energy market. Royal Dutch Shell Plc has offered a cargo of U.S. West Texas Intermediate Midland crude that’s priced off the … Read more
By Lorcan Roche Kelly Aug 20, 2019 (Bloomberg) Volcker rule changes, Boris Johnson’s bid to renegotiate Brexit, and today’s corporate news is brought to you by the letter A. Here are some of the things people in markets are talking about today. Easing the rules Wall Street regulators will roll out “Volcker 2.0,” an update to … Read more
August 19, 2019 | Source: Sanchez Energy Corporation Obtains Interim Approval to Access up to $50 Million in New Financing Maintains Substantial Liquidity to Continue Safe Operations in the Normal Course HOUSTON, Aug. 19, 2019 (GLOBE NEWSWIRE) — Sanchez Energy Corporation (“Sanchez Energy” or the “Company”) (OTC Pink: SNECQ) today announced that the Company and certain of … Read more
By Jennifer A. Dlouhy Aug 19, 2019 (Bloomberg) After protesters disrupted construction of an oil pipeline in North Dakota by chaining themselves to construction equipment and pitching tents along the route, oil and chemical companies found a way to keep it from happening again. They made it a crime. The companies, including Koch Industries Inc., … Read more
August 19, 2019 Reuters Saudi Aramco has formally asked major banks to submit proposals for potential roles in its planned initial public offering, two sources with direct knowledge of the matter said. Aramco’s planned IPO, which could potentially raise $100 billion, is the centrepiece of Saudi Arabia’s economic transformation drive to attract foreign investment and diversify … Read more
August 19, 2019 | Source: Certarus Ltd HOUSTON, Aug. 19, 2019 (GLOBE NEWSWIRE) — Certarus Ltd. (“Certarus” or the “Corporation”) is pleased to announce that it has entered into a flare gas capture and compressed natural gas supply agreement with a Multi-National American Energy Supermajor (“Supermajor”) to service its electric hydraulic fracturing operations in the Delaware … Read more
Aug 18, 2019 (Bloomberg) Australia’s booming coal industry has made it the world’s third-biggest exporter of potential carbon dioxide emissions locked in fossil fuels, placing it only behind oil giants Russia and Saudi Arabia. Australia makes up 7% of all global fossil fuel exports by carbon dioxide potential, as it accounts for almost one-third of … Read more
By Lorcan Roche Kelly Aug 19, 2019 Trump says U.S. is still talking with China, investors ready for a week of central bank speculation, and European politics are still a mess. Here are some of the things people in markets are talking about today. No deal… yet President Donald Trump said the U.S. is “doing very well … Read more
By Saket Sundria and Grant Smith Aug 19, 2019 (Bloomberg) —Oil rose for a second day as a drone attack on a Saudi Arabian oil field revived concerns that the tense Middle East political situation may jeopardize crude exports.Futures in New York advanced 0.6% to trade near $55 a barrel. Yemeni rebels attacked oil and gas facilities … Read more
(Bloomberg) The race to develop oil terminals that can fully load supertankers on the U.S. Gulf Coast remains congested, even as one of North America’s largest pipeline operators decided to push its project ahead.Over a year, more than 10 projects have been proposed for terminals that, combined, will be able to load 8 million barrels … Read more
By Brian Eckhouse Aug 18, 2019, 9:49 AM (Bloomberg) Tesla Inc. has another new plan to revive its foundering solar division: rentals.The Palo Alto, California-based company is now offering no-contract solar-panel packages as part of a relaunch announced in a series of tweets early Sunday by Chief Executive Officer Elon Musk. “With the new lower … Read more
Yemeni rebels attacked oil and gas facilities at the Shaybah field in southeast Saudi Arabia, but failed to disrupt production. Saudi Arabian Oil Co., or Aramco as the company is known, extinguished a small fire at a natural gas liquids plant at Shaybah on Saturday morning, it said in a statement. There were no casualties … Read more
By Mikael Holter Aug 18, 2019 (Bloomberg) Freyr AS, a startup planning to build one of Europe’s first battery gigafactories in Norway, has a bigger vision for the region: a “Nordic Battery Belt.”The Norwegian company is still gathering approvals, technology licenses and funding for its initial, 40 billion-krone ($4.5 billion) project in northern Norway. But … Read more
By Julian Lee Aug 18, 2019 (Bloomberg Opinion) Saudi Arabia isn’t as willing to do whatever it takes to support oil prices as it would have us believe. That’s the only conclusion one can draw from what we’ve learnt since a government official said the kingdom wouldn’t tolerate a continued price slide.After crude fell to a seven-month … Read more
August 18, 2019 | Source: Petroteq Energy Inc. NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. SHERMAN OAKS, Calif., Aug. 18, 2019 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV:PQE; OTC:PQEFF; FSE: PQCF), a fully integrated surface oil … Read more
Osprey uses advanced Computer Vision (AI) and machine learning to recognize objects and events of interest while disregarding objects of no value, minimizing false positives. Our cloud-based platform Osprey Reach is designed for industrial applications and is being used at several midstream and downstream terminals throughout North America and Australia. Osprey Reach offers proven operational, … Read more
August 16, 2019 Reuters OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply. In a monthly report, the Organization of the Petroleum Exporting Countries cut its … Read more
August 16, 2019 Reuters Global oil and gas major BP has published its master sales and purchase contract templates for its liquefied natural gas (LNG) trading business and says it is the first of its peers to do so. BP , which has a global LNG portfolio made up of volumes it has produced or bought, … Read more
By Laura Curtis Aug 16, 2019 (Bloomberg) Fed in focus after choppy week, oil got caught up in some messy politics, and the economic data is actually pretty good. Here are some of the things people in markets are talking about today. Fed watch At the tail end of a wild week in markets, it’s back to Fed … Read more
By BloombergNEF and Bloomberg News Aug 15, 2019 The renewable energy transition promises to reduce carbon emissions, but it’s happening at different speeds around the world. Read on for some key insights from BloombergNEF’s New Energy Outlook 2019, which provides a detailed road map to the future. 1. The Old World Will Move the Fastest … Read more
By Millicent Dent Aug 16, 2019 (Bloomberg) New York Governor Andrew Cuomo last month signed the most aggressive climate law in the nation. But even he’s not sure it’ll work out as planned, and Cuomo’s not alone.Some of the technology needed to achieve an 85% cut in statewide greenhouse gas emissions from 1990 levels by 2050 isn’t … Read more
By Christopher Martin and Naureen S. Malik Aug 15, 2019 (Bloomberg) An energy emergency that Texas’s grid operator was forced to declare on Thursday as an unrelenting heat wave threatened power shortages has ended. While temperatures remained near 100 degrees Fahrenheit (38 degrees Celsius) in some parts of Texas, the state’s electricity demand has begun … Read more
August 15, 2019 Reuters Oil production in North Dakota rose 30,000 barrels-per-day (bpd) to 1,425,000 bpd in June, monthly data from the state Industrial Commission showed. The data was released on the North Dakota Industrial Commission’s monthly index report page and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission’s … Read more
By Lorcan Roche Kelly Aug 15, 2019 (Bloomberg) China says U.S. violates Trump-Xi accord, bond market still very nervous, and it’s a huge day for retailers. Here are some of the things people in markets are talking about today. Warning Just as markets seemed to be catching their breath after yesterday’s huge moves, Chinese authorities issued a … Read more
By Will Wade Aug 15, 2019 It must have seemed like a good idea at the time.The annals of green energy are filled with people who devised brilliant solutions to vexing problems, delivering more power for less money, making things cleaner, easier, and better. Many became rich and famous in the process. And then there … Read more
By Jonathan Browning and Alex Longley Aug 15, 2019 The U.S. is seeking to block authorities in Gibraltar from releasing the supertanker Grace 1, which was seized last month on suspicion of hauling Iranian crude oil to Syria in violation of European sanctions. “The U.S. Department of Justice has applied to seize the Grace 1 … Read more
By Sharon Cho and Grant Smith Aug 15, 2019 (Bloomberg) Oil held losses as a surprise gain in U.S. crude stockpiles added to deepening concerns over the outlook for global demand. Futures fell again in New York after a 3.3% drop on Wednesday. China signaled on Thursday it may retaliate against President Donald Trump’s plans … Read more
(Bloomberg Markets) No one disputes that change is coming to the energy sector. A decade ago, integrated oil and gas companies such as Exxon Mobil Corp. and Chevron Corp. seemed like solid investments. They made up the biggest sub-index in the S&P 500, accounting for 7.8% . And yet, by this July, that same group … Read more
Seasoned, Strategic Finance Executive Ragan T. Altizer Named Chief Financial Officer August 14, 2019| Source: Halcon Resources Corporation Houston, Aug. 14, 2019 (GLOBE NEWSWIRE) — Halcón Resources Corporation (OTC PINK: HKRS) (“Halcón” or the “Company”) today announced that Ragan T. Altizer has been appointed Executive Vice President, Chief Financial Officer and Treasurer of the Company effective … Read more
August 14, 2019 | Source: Enservco Six-Month Results – 2019 vs. 2018 Revenue increased 19% to $33.4 million from $28.2 million Well enhancement service revenue up 18% to $31.2 million from $26.3 million Water transfer service revenue up 19% to $2.3 million from $1.9 million Net income improved to $1.1 million from net loss of $1.2 … Read more
August 14, 2019 Reuters OPEC and U.S. shale producers should reduce crude shipments into an oversupplied market, Continental Resources Chief Executive Harold Hamm said on Tuesday, as Iran sanctions and the U.S.-China trade dispute has roiled the market.Hamm, who heads one of the largest U.S. shale companies, urged energy producers to curb spending and production, … Read more
By Lorcan Roche Kelly Aug 14, 2019 (Bloomberg) Trade talks remain on track, more signs of a global slowdown, and elections grow more likely in Italy and the U.K. Here are some of the things people in markets are talking about today. September meeting The U.S. and China are, much to the relief of markets, making … Read more
By Katia Dmitrieva Aug 13, 2019 (Bloomberg) A key measure of U.S. consumer prices unexpectedly accelerated in July in a broad-based advance, signaling inflation may be firming as the Federal Reserve debates whether to lower interest rates further.The core consumer price index, which excludes food and energy, rose 0.3% from the prior month, and 2.2% … Read more
By Grant Smith and Sharon Cho Aug 14, 2019, (Bloomberg) Oil declined again after its biggest surge in five weeks amid industry data showing that U.S. crude stockpiles increased and growing alarm about the health of the global economy.Futures lost as much as 3.9% in New York on weak economic data from China and Germany, along … Read more
By Anna Shiryaevskaya and Naureen S. Malik Aug 13, 2019 (Bloomberg) Liquefied natural gas tankers are taking longer-than-usual journeys to deliver cargoes and spending more time idling at sea in a sign some traders are starting to use vessels for storage. There may be other reasons for keeping the cargoes on the water, including logistical or … Read more
By Jennifer A. Dlouhy Aug 14, 2019 (Bloomberg) The Trump administration is readying a plan to end direct federal regulation of methane leaks from oil and gas facilities, even as some energy companies insist they don’t want the relief.A draft proposal from the Environmental Protection Agency would prevent the federal government from restricting emissions of … Read more
By Christopher Martin and Naureen S. Malik Aug 14, 2019 (Bloomberg) It may be time to start building power plants in Texas again. The state’s generators made a killing this week as unrelenting heat sent electricity prices skyrocketing to unprecedented levels, briefly blowing past a $9,000 a megawatt-hour price ceiling. That put producers more than … Read more
By Divya Balji Aug 14, 2019 (Bloomberg) Slowing global growth and the threat of a drawn-out trade war between the two largest economies have impacted corporate profits across the world. Not so in Canada, where equity bulls have boosted their earnings expectations to a record high. Strategists are expecting profits for companies listed on the … Read more
August 14, 2019 | Source: Harvest Oil & Gas Corp. HOUSTON, Aug. 14, 2019 (GLOBE NEWSWIRE) — Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the second quarter of 2019 and the filing of its Form 10-Q with the Securities and Exchange Commission (“SEC”) on August 14, 2019. Harvest … Read more
August 14, 2019 | Source: Vantage Drilling International HOUSTON, Aug. 14, 2019 (GLOBE NEWSWIRE) — Vantage Drilling International (“Vantage” or the “Company”) reported net income attributable to controlling interest of approximately $590.7 million or $116.96 per share for the three months ended June 30, 2019 compared to a net loss attributable to controlling interest of $31.1 … Read more
August 14, 2019| Source: Infrastructure and Energy Alternatives, Inc. INDIANAPOLIS, Aug. 14, 2019 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced its financial results for the second quarter ended June 30, 2019. Second Quarter Highlights Awarded … Read more
August 13, 2019 Reuters0 Comments U.S. crude stocks rose unexpectedly last week while gasoline inventories increased and distillate stocks drew, data from industry group the American Petroleum Institute showed on Tuesday.Crude inventories rose by 3.7 million barrels in the week to August 9 to 443 million, compared with analysts’ expectations for a decrease of 2.8 million … Read more
August 13, 2019 | Source: Interoil Exploration & Production ASA 13 August 2019 Below please find average gross operated production in July 2019 and corresponding numbers for June 2019. Interoil operated July 2019 June 2019 Boe/d* Bopd ** Boe/d* Bopd ** Colombia 1907 1227 1806 1268 * Barrels of oil equivalents per day ** Barrels of … Read more
August 12, 2019 | Source: Martin Midstream Partners L.P. KILGORE, Texas, Aug. 12, 2019 (GLOBE NEWSWIRE) — Martin Midstream Partners L.P. (the “Partnership”) (NASDAQ: MMLP) announces the sale of its East Texas Pipeline (the “Pipeline”) to an undisclosed buyer. The net proceeds of approximately $17.5 million will be used to reduce outstanding borrowings under the Partnership’s revolving credit … Read more
By Erik Larson Aug 13, 2019 (Bloomberg) A group of U.S. states and cities sued the Trump administration over its new “clean energy” plan, alleging it is an industry giveaway that will reverse progress in addressing climate change and prolong the nation’s dependence on fossil fuels. The lawsuit, the latest of several legal challenges raised … Read more
August 13, 2019 Reuters U.S. natural gas futures rose almost 2% on Tuesday on forecasts for more heat and cooling demand next week than previously expected despite an increase in output to a fresh record high. Front-month gas futures for September delivery on the New York Mercantile Exchange rose 3.7 cents to $2.142 per million British … Read more
August 13, 2019 Reuters Exxon Mobil is considering an exit from the British North Sea after more than 50 years in the oil and gas basin as it focuses on U.S. shale production and new projects. The world’s largest publicly traded energy company, Exxon has held talks with a number of North Sea operators in recent … Read more
By Lorcan Roche Kelly Aug 13, 2019 (Bloomberg) Traders dump everything Argentine, Hong Kong protests continue, and more signs of a downturn. Here are some of the things people in markets are talking about today. Pesomism The Argentine peso tumbled as much as 25% to a record low of 60 per dollar yesterday, with the country’s main … Read more
By Millicent Dent and Naureen S. Malik Aug 13, 2019 (Bloomberg) The extreme heat that sent electricity demand and power prices surging to record levels in Texas on Monday is threatening to do it all over again Tuesday.Wholesale electricity prices jumped 36,000% to average as much as $6,537.45 a megawatt-hour across the Texas power grid. It was … Read more
By Sharon Cho and Grant Smith Aug 13, 2019 (Bloomberg) Oil steadied near $55 a barrel in New York as persistent concerns over slowing demand jostled with expectations that U.S. crude stockpiles will continue to tighten.Futures were little changed after rising 7.5% in the past three days. American inventories probably dropped by about 2.3 million … Read more
By The Editors Aug 13, 2019 (Bloomberg Opinion) Rather unexpectedly, Republicans have become a minor font of ideas on fighting climate change. There’s been talk of clean-energy tax credits, a boost to carbon-capture technology, a renewed push for nuclear power, even a new “Roosevelt Conservation Caucus” dedicated to green issues. Above all, they say, the … Read more
By Liam Denning Aug 13, 2019 (Bloomberg Opinion) When the market doesn’t go your way, there’s a certain deflective comfort to be found in blaming the market. The slump in energy stocks has spurred some talk of getting out of public markets altogether – even as one company, Saudi Aramco, is apparently considering finally taking a giant … Read more
August 12, 2019 U.S. natural gas futures edged up on Monday as the market focused more on forecasts for more demand over the next two weeks than previously expected as opposed to an increase in output to record levels. Front-month gas futures for September delivery on the New York Mercantile Exchange rose 2.7 cents, or … Read more
By Matthew Martin Aug 12, 2019 (Bloomberg) Saudi Aramco showed Monday it’s still the world’s most profitable company — and paid out almost all its net income in dividends — despite the dwindling price of oil. Profit slid 12% to $46.9 billion in the first six months of 2019, the state-owned energy giant said in … Read more
By Lorcan Roche Kelly Aug 12, 2019 (Bloomberg) Shock election result set to shake Argentina, tensions rise further in Hong Kong, and Italian politics are still a mess. Here are some of the things people in markets are talking about today. Peso set to plunge Argentina’s President Mauricio Macri unexpectedly lost a primary vote by 15 … Read more
August 12, 2019 | Source: Gulfport Energy Corporation OKLAHOMA CITY, Aug. 12, 2019 (GLOBE NEWSWIRE) — Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the “Company”) announced today that Quentin R. Hicks will join the Company as Executive Vice President and Chief Financial Officer reporting to David M. Wood, President and Chief Executive Officer. Mr. Hicks will … Read more
By Heesu Lee and Grant Smith Aug 12, 2019 (Bloomberg) Oil dropped as U.S. President Donald Trump said planned trade talks with China next month could be called off, stoking concerns the deepening dispute will damage global growth.Futures lost as much as 1.8% in New York, snapping a two-day gain, as a stronger dollar curbed … Read more
By Debjit Chakraborty and Dhwani Pandya Aug 12, 2019 (Bloomberg) The world’s biggest crude producer will soon own a part of the world’s biggest oil refinery. Saudi Aramco will buy a 20% stake in the oil-to-chemicals business of India’s Reliance Industries Ltd., including the 1.24 million barrels-a-day Jamnagar refining complex on the country’s west coast, … Read more
August 9, 2019 Reuters U.S. energy firms this week reduced the number of oil rigs operating for a sixth week in a row as producers cut spending on new drilling and completions leading to lower production growth forecasts.Drillers cut six oil rigs in the week to Aug. 9, bringing the total count down to 764, … Read more
August 11, 2019 | Source: Sanchez Energy Corporation Voluntarily Files for Reorganization under Chapter 11 Maintains Substantial Liquidity to Continue Safe Operations in the Normal Course Receives Commitments for $175 Million in New Financing HOUSTON, Aug. 11, 2019 (GLOBE NEWSWIRE) — Sanchez Energy Corporation (“Sanchez Energy” or the “Company”) (OTC Pink: SNEC) today announced that the Company and certain … Read more
by Grant Smith Aug 9, 2019 (Bloomberg) The outlook for global oil demand is “fragile” amid growing signs of an economic slowdown, which squeezed consumption growth during the first five months of this year to the weakest in a decade, the International Energy Agency said.The IEA, which advises major economies, trimmed forecasts for oil-demand growth … Read more
By Christopher Martin and Jennifer A. Dlouhy Aug 9, 2019 (Bloomberg) The Trump administration cast the fate of the nation’s first major offshore wind farm into doubt by extending an environmental review for the $2.8 billion Vineyard Wind project off Massachusetts.The Interior Department has ordered an additional study of the farm, proposed by Avangrid Inc. … Read more
By Julian Lee Aug 10, 2019 (Bloomberg Opinion) As I warned last week, oil demand growth is drying up and it’s not over yet. Two of the major oil agencies have just cut their forecasts for incremental demand this year, but they haven’t gone far enough.The revisions to full-year oil demand growth by the International Energy Agency (IEA) … Read more
By Kiran Dhillon Aug 9, 2019 (Bloomberg) Oil surged the most in nearly a month as investors digested Saudi Arabia’s latest plan to help stabilize prices following a large dip earlier in the week that was fueled by demand concerns. WTI advanced 3.7% in New York on Friday, paring its weekly loss to 2.1%. Escalating … Read more
August 9, 2019 Reuters Canadian energy company Enbridge Inc said it is working on a plan to put in service a couple of pipelines adjacent to the Texas Eastern natural gas pipeline in Kentucky that exploded on Aug. 1, killing one person. The company, which made the announcement on Thursday, did not say when the two … Read more
By Joe Easton Aug 8, 2019 (Bloomberg) Good morning. The Italian government is unstable as ever, the U.K. has come out fighting on Brexit, Asian markets ended the week on a calmer note, Goldman Sachs plays the long game on European stocks and Uber Technologies Inc. reported an impressive loss. Here’s what’s moving markets. Salvini’s Demands … Read more
By Ellen R. Wald Aug 9, 2019 (Bloomberg Opinion) Saudi Aramco, the world’s largest oil company, will hold a public investor-relations call on Monday, even though the company is private and has only one shareholder. Many analysts expect that, for the first time, the Saudi Arabian behemoth will speak openly about its finances, including its … Read more
By Tsuyoshi Inajima and Grant Smith Aug 9, 2019 (Bloomberg) Oil is poised for a second weekly loss as investors weigh the deteriorating U.S.-China trade dispute against the latest steps from Saudi Arabia to stabilize the market.Brent crude rose 1.4% in London, but is down 6% for the week. The deepening spat between Beijing and … Read more
August 09, 2019 06:00 ET | Source: Ultra Petroleum Corp. ENGLEWOOD, Colo., Aug. 09, 2019 (GLOBE NEWSWIRE) — Ultra Petroleum Corp. (“Ultra Petroleum” or the “Company”) (OTCQX: UPLC) announces financial and operating results for the quarter ended June 30, 2019. Financial and Operating Highlights: Second quarter production was 62.5 billion cubic feet equivalent (“Bcfe”), above guidance, The … Read more
August 8, 2019 Reuters U.S. natural gas futures rose almost 2% on Thursday as record power demand in Texas and forecasts for hotter weather and greater cooling demand in late August lifted prices from a near three-year low in the prior session. That increase comes despite the impending release of a federal report later Thursday … Read more
By Ryan Collins Aug 8, 2019 An unusual split vote by Texas regulators over the flaring of natural gas shows that the days of giving a free pass to the controversial practice in the Lone Star state may be numbered.The chairman of the Texas Railroad Commission, which oversees the oil and gas industry in the … Read more
By Alex Nussbaum and Andy Hoffman Aug 7, 2019 Shale drillers are being left behind by America’s increasingly skeptical capital markets. For one of the world’s biggest oil traders, that’s an opportunity.Swiss commodities giant Mercuria Energy Group Ltd. is in talks on several ventures with shale producers as banks cut back on their exposure to … Read more
August 8, 2019 Reuters Saudi Arabia plans to keep its crude oil exports below 7 million barrels per day in August and September despite strong demand from customers, to help drain global oil inventories and bring the market back to balance, a Saudi oil official said. State-owned Aramco’s oil nominations – the requests made by refiners … Read more
August 08, 2019 | Source: Key Energy Services, Inc. HOUSTON, Aug. 08, 2019 (GLOBE NEWSWIRE) — Key Energy Services, Inc. (“Key” or the “Company”) reported second quarter 2019 consolidated revenues of $112.9 million and a net loss of $18.3 million, or $(0.90) per share as compared to consolidated revenues of $109.3 million and a net loss … Read more
August 08, 2019 | Source: Rosehill Resources Inc. HOUSTON, Aug. 08, 2019 (GLOBE NEWSWIRE) — Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ: ROSE, ROSEW, ROSEU) today reported financial and operational results for the quarter ended June 30, 2019. Second Quarter 2019 Highlights and Recent Items: Average net production of 18,934 barrels of oil equivalent (“BOE”) per … Read more
August 08, 2019| Source: Halcon Resources Corporation DENVER, Aug. 08, 2019 (GLOBE NEWSWIRE) — Halcón Resources Corporation (OTC PINK:HKRS) (“Halcón” or the “Company”) today announced its second quarter 2019 results and provided an update on operations and other matters. Net production for the three months ended June 30, 2019 averaged 18,055 barrels of oil equivalent per … Read more
August 08, 2019| Source: Contango Oil & Gas HOUSTON, Aug. 08, 2019 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today its financial results for the second quarter ended June 30, 2019 and provided an operational update. Second Quarter Highlights Production of 2.9 Bcfe for the quarter, or … Read more
By Christopher Martin Aug 8, 2019, 3:01 AM (Bloomberg) The most profitable corner of the booming U.S. solar industry isn’t making — or even installing — panels. It’s building the components that keep electricity flowing to the power grid. They’re called inverters, and the two companies that make the vast majority of premium ones in … Read more
By Lorcan Roche Kelly Aug 8, 2019 (Bloomberg) The yuan fix fixes markets again, oil producers try to fix prices again, and the Italian coalition needs fixing again. Here are some of the things people in markets are talking about today. Stability Chinese policy makers tried to calm global worries by fixing the yuan stronger … Read more
By Justin Fox Aug 7, 2019 The state of Alaska is in the middle of a big budget fight. In late June, the state’s new Republican governor used a line-item veto to slice more than $400 million in spending out of the $8.7 billion state operating budget. By far the biggest cuts fell on the three-campus University of … Read more
By Millicent Dent Aug 8, 2019 (Bloomberg) Of all the efforts to break up utility monopolies in the U.S., the one unfolding in Arizona may be the most likely to succeed. Officials in the state, where Arizona Public Service Co. has long reigned, are considering allowing customers to pick their own electricity providers. Independent power … Read more
By Heesu Lee and Grant Smith Aug 8, 2019 (Bloomberg) Oil rebounded from the lowest level since January after Saudi Arabia contacted other producers to discuss options to stem a rout that’s been driven by the worsening U.S.-China trade war. Futures rose as much as 3.4% in New York, clawing back much of Wednesday’s 4.7% … Read more
By Grant Smith and Javier Blas Aug 8, 2019 (Bloomberg) While Saudi Arabia and its allies may be considering all possible means to end the slump in oil prices, the options available to them are scarce.The world’s biggest crude exporters have already been laboring since the beginning of the year to shore up prices by cutting production. … Read more
August 07, 2019 | Source: Chaparral Energy Inc OKLAHOMA CITY, Aug. 07, 2019 (GLOBE NEWSWIRE) — Chaparral Energy, Inc. (NYSE: CHAP) announced today its second quarter 2019 financial and operational results. The company will hold its quarterly earnings call Thursday, August 8, at 9 a.m. Central. Recent Highlights Achieved second quarter 2019 total production of 28.3 … Read more
August 07, 2019 | Source: Bonanza Creek Energy, Inc. DENVER, Aug. 07, 2019 (GLOBE NEWSWIRE) — Bonanza Creek Energy, Inc. (NYSE: BCEI) (the “Company” or “Bonanza Creek”) today announced its second quarter 2019 financial results and operating outlook and has posted an updated investor presentation on its corporate website. Highlights of the second quarter 2019 include: Increasing … Read more
August 07, 2019| Source: VAALCO Energy, Inc. HOUSTON, Aug. 07, 2019 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the second quarter 2019. Operational and Financial Highlights for the second quarter of 2019 include: Produced an average of 3,664 barrels of oil per day (“BOPD”) net near the midpoint … Read more
August 07, 2019 | Source: Berry Petroleum Company, LLC DALLAS, Aug. 07, 2019 (GLOBE NEWSWIRE) — Berry Petroleum Corporation (NASDAQ: BRY) (“Berry” or the “Company”) today reported net income of $32 million or $0.39 per diluted share and adjusted net income of $20 million or $0.25 per diluted share for the second quarter of 2019. In … Read more
August 08, 2019 | Source: Targa Resources Corp. HOUSTON, Aug. 08, 2019 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRC”, the “Company” or “Targa”) today reported second quarter 2019 results. Second Quarter 2019 Financial Results Second quarter 2019 net income (loss) attributable to Targa Resources Corp. was ($10.2) million compared to $109.1 million for the second … Read more
August 08, 2019 | Source: Infrastructure and Energy Alternatives, Inc. INDIANAPOLIS, Aug. 08, 2019 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced that it is postponing its earnings call until Tuesday August 13, 2019. The purpose … Read more
August 08, 2019 | Source: Sanchez Midstream Partners LP HOUSTON, Aug. 08, 2019 (GLOBE NEWSWIRE) — Sanchez Midstream Partners LP (NYSE American: SNMP) (“SNMP” or the “Partnership”) today reported second-quarter 2019 results. Highlights from the report include: Second-quarter 2019 net income of $3.9 million, compared to a net loss of $0.4 million for first-quarter 2019 and … Read more
August 7, 2019 Reuters U.S. natural gas futures for Wednesday slipped close to a 38-month low with a 5% drop in crude prices and forecasts for less gas demand next week than previously expected. The move lower came despite a decline in production and forecasts that power demand in Texas would rise to a record … Read more
By Laura Curtis Aug 7, 2019 (Bloomberg) Central banks are going easy, another oil bear market, and a milestone for gold. Here are some of the things people in markets are talking about today. Everybody’s doing it Fear over trade and currency wars is prompting monetary action around the globe. New Zealand’s central bank stunned investors and sent the … Read more
By Grant Smith and Tsuyoshi Inajima Aug 7, 2019 (Bloomberg) Brent crude declined further after falling into a bear market as concern the U.S.-China trade war will continue to sap demand outweighed an industry report showing American crude stockpiles are still shrinking. Futures slipped to a seven-month low just above $58 a barrel in London, after … Read more
(Bloomberg) China is expected to start avoiding U.S. crude oil imports as trade tensions ratchet up, according to traders and analysts, ensnaring a key commodity that has largely escaped the tit-for-tat trade war. After tensions escalated over the past week, some Chinese buyers will likely begin reducing purchases of oil from the U.S. in anticipation … Read more
By Ryan Collins Aug 6, 2019 (Bloomberg) The latest crop of earnings from Permian Basin drillers shows how production continues to boom in America’s hottest oil patch. On Tuesday, Devon Energy Corp., Diamondback Energy Inc. and Parsley Energy Inc. boosted their projected output for this year while signaling they may spend a little less than … Read more
By Ed Hammond Aug 6, 2019 (Bloomberg) PDC Energy Inc. is in talks to combine with rival explorer SRC Energy Inc., in a potential deal that would create a larger oil and gas player in Colorado, according to people familiar with the matter.The companies, which are both active drillers in Colorado’s Denver-Julesburg Basin, are in … Read more
By Ari Natter Aug 7, 2019 (Bloomberg) Bernie Sanders says the industry is a criminal enterprise. Joe Biden is vowing to take action against it. Other candidates are competing to say who will wean America from its products the soonest. The fossil fuel industry is squarely in the cross hairs of Democrats running for the … Read more
By Verity Ratcliffe and Manus Cranny Aug 7, 2019 (Bloomberg) Growth in global oil demand is slowing and won’t exceed 650,000 barrels a day this year before picking up pace up in 2020, according to Vitol Group’s chief executive officer.Oil markets are focused on the U.S.-China trade war while “slightly under-pricing” the risk of possible … Read more
August 07, 2019 | Source: Halcon Resources Corporation HOUSTON, TEXAS, Aug. 07, 2019 (GLOBE NEWSWIRE) — Halcón Resources Corporation (OTC PINK: HKRS) (“Halcón” or the “Company”) and its subsidiaries today announced that they filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas … Read more
August 07, 2019 | Source: Denbury Resources Inc. PLANO, Texas, Aug. 07, 2019 (GLOBE NEWSWIRE) — Denbury Resources Inc. (NYSE: DNR) (“Denbury” or the “Company”) today announced net income of $147 million, or $0.32 per diluted share, for the second quarter of 2019. Adjusted net income(1) (a non-GAAP measure) was $59 million, or $0.13(1)(2) per diluted share, with … Read more
Board Concludes Strategic Alternatives Review Process August 07, 2019 | Source: QEP Resources, Inc. DENVER, Aug. 07, 2019 (GLOBE NEWSWIRE) — QEP Resources, Inc. (NYSE:QEP) (QEP or the Company) today reported second quarter 2019 financial and operating results and announced the outcome of its strategic alternatives review process. HIGHLIGHTS QEP’s Board of Directors concluded formal strategic alternatives … Read more
August 07, 2019 | Source: Comstock Resources, Inc. Frisco, TX, Aug. 07, 2019 (GLOBE NEWSWIRE) — COMSTOCK RESOURCES, INC. REPORTS SECOND QUARTER 2019 FINANCIAL AND OPERATING RESULTS FRISCO, TEXAS, August 7, 2019 – Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the second quarter of 2019. On August 14, 2018, the … Read more
Purchase Enhances PFIE’s Burner Management System Solutions and Adds to Industry Expertise August 06, 2019 | Source: Profire Energy, Inc. LINDON, Utah, Aug. 06, 2019 (GLOBE NEWSWIRE) — Profire Energy, Inc. (NASDAQ: PFIE), a technology company (“Profire Energy” or the “Company”), which creates, installs and services burner and chemical management solutions in the oil and gas industry, … Read more
August 06, 2019 | Source: DCP Midstream LP DENVER, Aug. 06, 2019 (GLOBE NEWSWIRE) — Today, DCP Midstream, LP (NYSE: DCP), or DCP, reported its financial results for the three and six months ended June 30, 2019. HIGHLIGHTS Reported net income attributable to partners of $119 million and $194 million for the three and six months ended … Read more
August 06, 2019 | Source: U.S. Well Services, Inc. HOUSTON, Aug. 06, 2019 (GLOBE NEWSWIRE) — U.S. Well Services, Inc. (the “Company”, “U.S. Well Services” or “we”) (NASDAQ: USWS) today reported second quarter 2019 financial and operational results. Second Quarter 2019 Highlights Deployed two new electric fleets in April and June, respectively, bringing total fleets to … Read more
August 06, 2019| Source: Diamondback Energy, Inc MIDLAND, Texas, Aug. 06, 2019 (GLOBE NEWSWIRE) — Midland, TX (August 6, 2019) – Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2019. HIGHLIGHTS Q2 2019 net income of $349 million, or $2.11 per diluted share; adjusted … Read more
August 06, 2019| Source: Hi-Crush Inc. Revenues of $178.0 million in 2Q 2019 vs. $159.9 million in 1Q 2019 Loss of $(1.16) per share in 2Q 2019, or $(0.02) per share excluding non-cash charge for deferred taxes related to the Conversion, completed on May 31, 2019, vs. $(0.06) per share in 1Q 2019 Achieved 2Q 2019 … Read more
August 06, 2019 | Source: Rattler Midstream LP MIDLAND, Texas, Aug. 06, 2019 (GLOBE NEWSWIRE) — Rattler Midstream LP (NASDAQ: RTLR) (“Rattler” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced financial and operating results for the second quarter ended June 30, 2019. HIGHLIGHTS Q2 2019 consolidated net income (including non-controlling interest) … Read more
U.S. dry natural gas production will rise to an all-time high of 91.03 billion cubic feet per day (bcfd) in 2019, breaking last year’s record of 83.39 bcfd, the Energy Information Administration said in its Short Term Energy Outlook (STEO) on Tuesday. The latest output projection for 2019 was down from EIA’s 91.35 bcfd forecast … Read more
U.S. oil output is expected to rise 1.28 million barrels per day to 12.27 million bpd this year, the U.S. Energy Information Administration said in a monthly report, slightly lowering its annual growth forecast from 1.40 bpd last month. The agency increased its forecast for production growth in 2020 to 990,000 bpd from 900,000 bpd … Read more
By Caleb Mutua Aug 6, 2019 (Bloomberg) Occidental Petroleum Corp. is selling $13 billion of debt to help finance itsacquisition of Anadarko Petroleum Corp. after receiving over $75 billion in orders for the deal at the peak, according to people familiar with the matter.It’s the biggest demand for a debt sale since Saudi Arabia’s Aramco received … Read more
By Lorcan Roche Kelly Aug 6, 2019 (Bloomberg) China manipulates currency, more negative-yielding bonds, and Venezuela hit with new sanctions. Here are some of the things people in markets are talking about today. Halting slide Chinese authorities reacted to the Treasury Department’s currency manipulator tag by halting the decline of its currency overnight. The People’s Bank of China set … Read more
By Christopher Martin Aug 5, 2019 (Bloomberg) Last week, solar stocks capped their biggest rally in four months, bolstered by bullish earnings reports from U.S. equipment manufacturers Enphase Energy Inc. and SunPower Corp. On Monday, those gains were largely gone — wiped out by an escalating trade war between U.S. and China that has American … Read more
By Justin Sink Aug 5, 2019 (Bloomberg) President Donald Trump imposed further sanctions on Venezuela, freezing the government’s assets in the U.S. and adding immigration restrictions in a move aimed at stepping up pressure on the regime of Nicolas Maduro.Property belonging to the Venezuelan government “may not be transferred, paid, exported, withdrawn, or otherwise dealt … Read more
By Kiel Porter, Gillian Tan and Rachel Adams-Heard Aug 6, 2019 The Williams Companies Inc. is working with investment firm Global Infrastructure Partners on a possible offer for Noble Energy Inc.’s midstream unit, according to people with knowledge of the matter. The two firms are among groups that are in talks to take Noble Midstream … Read more
By Tsuyoshi Inajima and Grant Smith Aug 6, 2019 (Bloomberg) Oil steadied as China moved to stabilize the yuan’s slide, cooling some concerns about an escalation in the standoff with the U.S., which labeled the Asian nation a currency manipulator. Futures added as much as 1.3% in New York as the People’s Bank of China on Tuesday … Read more
August 06, 2019 | Source: Infrastructure and Energy Alternatives, Inc. INDIANAPOLIS, Aug. 06, 2019 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced a new wind energy project award valued at approximately $98 million. The award is … Read more
August 05, 2019 | Source: Amplify Energy Corp. HOUSTON, Aug. 05, 2019 (GLOBE NEWSWIRE) — Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the second quarter 2019. Key Transaction Highlights and Events On August 2, 2019, Amplify’s and Midstates Petroleum Company, Inc.’s (“Midstates”) (NYSE: MPO) respective shareholders … Read more
August 05, 2019 | Source: Centennial Resource Development DENVER, Aug. 05, 2019 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced financial and operational results for the second quarter 2019. Financial and Operational Highlights: Reported 38 percent increase in daily oil and 32 percent increase in equivalent production volumes year-over-year … Read more
August 05, 2019 | Source: HighPoint Resources Corporation Reported production sales volume increased 18% over the second quarter of 2018 to 2.84 million barrels of oil equivalent (“MMBoe”) Oil production sales volume increased 16% over the second quarter of 2018 to 1.75 million barrels of oil (“MMBbls”), represents approximately 62% of total reported production sales volumes … Read more
August 05, 2019 | Source: RigNet, Inc. HOUSTON, Aug. 05, 2019 (GLOBE NEWSWIRE) — RigNet, Inc. (NASDAQ: RNET, the “Company”), the leading provider of ultra-secure, intelligent networking solutions and specialized applications, announced today its results for the quarter ended June 30, 2019. Increased quarterly revenue 4.9% to $60.3 million compared to the prior quarter Net loss of … Read more
Strong Fundamentals Drive Solid Top and Bottom Line Improvement August 06, 2019 | Source: Frank’s International N.V. HOUSTON, Aug. 06, 2019 (GLOBE NEWSWIRE) — Frank’s International N.V. (NYSE: FI) (the “Company” or “Frank’s”) today reported financial and operational results for the three and six months ended June 30, 2019. Second Quarter 2019 Financial Highlights Revenue for … Read more
By Naureen S. Malik Aug 5, 2019 (Bloomberg) Natural gas futures slid toward $2 per million British thermal units, a level that hasn’t been breached in three years, as fading summer heat and maintenance on the largest U.S. export terminal leave the market struggling to absorb a barrage of supply from shale basins.Temperatures may be … Read more
By Laura Curtis Aug 5, 2019 (Bloomberg)An ugly sell-off to start the week, another trade war escalation, and Berkshire Hathaway has loads of cash. Here are some of the things people in markets are talking about today. Miserable start Financial markets were roiled Monday by yet another escalation of the U.S.-China trade war. Amid the tumult the … Read more
By Mathew Carr Aug 5, 2019, 3:40 AM (Bloomberg) For the same investment, new wind and solar energy projects combined with battery-powered electric vehicles will eventually produce as much as seven times more useful energy than gasoline cars with oil priced near current levels, according to BNP Paribas SA. Oil will have fall to $9-$10 … Read more
By Tsuyoshi Inajima and Alex Longley (Bloomberg) Oil resumed its decline as a sharp drop in the Chinese yuan compounded fears that a deepening trade war will depress demand.Futures lost as much as 1.8% in New York. The yuan weakened beyond 7 a dollar for the first time in more than a decade after U.S. … Read more
By David Stringer Aug 4, 2019, 6:41 PM (Bloomberg Markets) It’s just a marketing gimmick. But it casts a spell. A pale orange-and-gold sunset bathes the macadamia plantations and avocado orchards that sweep down to Australia’s Byron Bay. The coming dusk is a cue for two sleek Tesla battery packs in the garage at Amileka, … Read more
By Kyle Lahucik Aug 5, 2019 (Bloomberg) Ever since James Dean reveled in teen angst in his Mercury coupe in the 1955 classic “Rebel Without a Cause,” cars have been pumping exhaust into pop culture. A decade later it was Steve McQueen losing hubcaps in a Bullitt Mustang, then Burt Reynolds burst into box office lore … Read more
August 05, 2019 Source: Delek Logistics Partners, L.P. Declared second quarter distribution of $0.85 per limited partner unit; increased by 10.4% percent year-over-year Second quarter net cash from operations was $24.1 million Distributable cash flow coverage ratio of 1.08x for the second quarter 2019 Acquired 33% Interest in Red River pipeline joint venture acquisition in May … Read more
August 05, 2019 | Source: Amplify Energy Corp. HOUSTON, Aug. 05, 2019 (GLOBE NEWSWIRE) — Amplify Energy Corp. (OTCQX: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the second quarter 2019. Key Transaction Highlights and Events On August 2, 2019, Amplify’s and Midstates Petroleum Company, Inc.’s (“Midstates”) (NYSE: MPO) respective shareholders approved … Read more
By Rachel Adams-Heard (Bloomberg) The world’s biggest oil companies have been steadily shifting investments toward natural gas, driven by an emerging globally traded market and environmental concerns. But right now they’re taking a hit as prices tank.Supermajor energy producers — Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc — … Read more
By Rachel Adams-Heard Aug 2, 2019 (Bloomberg) One of the largest oil drillers in America’s most prolific shale field is being forced to slow down, casting a dark cloud over an industry already struggling to win back investors. Concho Resources Inc., which Evercore ISI calls the bellwether of shale, plunged on Thursday after scaling back … Read more
By Kevin Orland (Bloomberg) U.S. oil giants Exxon Mobil Corp. and Chevron Corp. got a little help from their neighbor to the north last quarter.A corporate tax rate cut in the oil-rich province of Alberta, where both companies have operations, boosted Exxon’s second-quarter profit by almost $500 million, according to a statement Friday. Chevron noted a $180 … Read more
By Brian Wingfield Aug 2, 2019 Signals from oil tankers last month suggest that Saudi Arabia is sending an ever-larger portion of its crude to China — with the U.S. losing out. Saudi Arabia’s observed exports to China soared to 1.74 million barrels a day in July, the highest since Bloomberg began tracking the tanker … Read more
Noteholders Have Also Agreed to Backstop $150 MM of a $165 MM Rights Offering for Common Stock August 02, 2019 | Source: Halcon Resources Corporation HOUSTON, Aug. 02, 2019 (GLOBE NEWSWIRE) — Halcón Resources Corporation (OTC PINK: HKRS) (“Halcón” or the “Company”) today announced the Company has entered into a Restructuring Support Agreement (the “RSA”) with certain … Read more
August 2, 2019 Upstream liquids production grows by 8 percent from a year earlier, driven by the Permian Basin Guyana resource estimate increases to over 6 billion oil-equivalent barrels; Liza Phase 1 nears startup U.S. Gulf Coast steam cracker exceeds design capacity by 10 percent, less than a year after startup August 02, 2019 07:30 … Read more
August 2, 2019 U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling. Drillers cut six oil rigs in the week to Aug. 2, bringing the total count … Read more
By Lorcan Roche Kelly Aug 2, 2019 (Bloomberg) Trump’s trade bomb, it’s jobs day and Johnson’s tiny majority just got smaller. Here are some of the things people in markets are talking about today. Mr. 10% We need to start today’s missive with an apology. Yesterday we may have given the impression that the trade war … Read more
By Ari Natter Aug 1, 2019 (Bloomberg)Democratic presidential front-runner Joe Biden clarified his stance on fossil fuels a day after he seemed to indicate during the presidential debate that he would phase out the use of coal and the drilling technique known as fracking if elected. Asked at the debate whether fossil fuels, including coal, and … Read more
By Heesu Lee and Grant Smith Aug 2, 2019, 6:52 AM (BloombergOil is set for a weekly loss after the steepest one-day drop in more than four years as U.S. President Donald Trump abruptly escalated the trade war with China, deepening concerns over slowing growth. While futures in New York rebounded on Friday, prices are … Read more
By Robert Tuttle Aug 2, 2019 (Bloomberg) U.S. refiners want more Canadian oil, and pipeline companies are finding ways to get it to them.Companies are adding space to their congested oil export pipelines from Canada even as plans for bigger expansions and new lines face delays. TC Energy Corp. will offer as much as 50,000 … Read more
By Dana Hull Aug 2, 2019 (Bloomberg) Tesla Inc.’s energy business is shaking up management ranks nearly three years into Chief Executive Officer Elon Musk’s thus far dubious bet on solar, according to people familiar with the matter.Kunal Girotra, who joined Tesla in August 2015 as a senior product manager for its home battery product … Read more
By Eddie Spence Aug 2, 2019 Oil companies have a problem, and his name is Robert Paver. This 22-year-old graduate, along with his fellow students of earth sciences at the University of Oxford, should be natural recruits for an industry that has a long and lucrative history in the U.K. But instead of contemplating a … Read more
August 01, 2019 08:05 ET | Source: RigNet, Inc. HOUSTON, Aug. 01, 2019 (GLOBE NEWSWIRE) — RigNet (NASDAQ: RNET, the company), the leading provider of ultra-secure, intelligent networking solutions, announced today that it has signed two multi-year agreements with Transocean, one of the world’s largest offshore drilling contractors. RigNet is providing rig analytic applications through Intelie Live, … Read more
August 01, 2019 | Source: Gulfport Energy Corporation OKLAHOMA CITY, Aug. 01, 2019 (GLOBE NEWSWIRE) — Gulfport Energy Corporation (NASDAQ: GPOR) (“Gulfport” or the “Company”) today reported financial and operational results for the three-months and six-months ended June 30, 2019 and provided an update on its 2019 activities. Key information includes the following: Net production averaged 1,359.0 … Read more
August 01, 2019 | Source: Extraction Oil & Gas, Inc. DENVER, Aug. 01, 2019 (GLOBE NEWSWIRE) — Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction” or the “Company”) today reported financial and operational results for the second quarter of 2019. Second-Quarter 2019 Highlights Average net sales volumes of 82,856 barrels of oil equivalent per day (BOE/d), including 40,113 … Read more
August 01, 2019 16:05 ET | Source: Mammoth Energy Services, Inc. Second Quarter net loss of $11 million, or $0.24 per diluted share Second Quarter Adjusted EBITDA of $9 million Suspended dividend due to oilfield service market conditions 2019 capital budget decreased 49% from $80 million to $41 million OKLAHOMA CITY, Aug. 01, 2019 (GLOBE NEWSWIRE) — Mammoth … Read more
Announces Cash Distribution August 01, 2019 | Source: Buckeye Partners L.P. HOUSTON, Aug. 01, 2019 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL) today reported its financial results for the second quarter of 2019. Net income attributable to Buckeye was $90.0 million for the second quarter of 2019 compared to $91.9 million for the second quarter of … Read more
August 01, 2019 | Source: Shell Midstream Partners, L.P. Houston, Aug. 01, 2019 (GLOBE NEWSWIRE) — Shell Midstream Partners, L.P. (NYSE: SHLX), a growth-oriented master limited partnership formed by Royal Dutch Shell plc (“RDS”), reported net income attributable to the partnership of $115 million for the second quarter of 2019, which equated to $0.38 per common … Read more
JUNCTION CITY, Ky. — A regional gas pipeline ruptured early Thursday in Kentucky, causing a massive explosion that killed one person, hospitalized five others, destroyed railroad tracks and forced the evacuation of a nearby mobile home park, authorities said. Some structures were completely consumed by the blaze, and five to seven people were unaccounted for … Read more
HOUSTON — An explosion and fire at an Exxon Mobil oil refinery in Texas on Wednesday left 37 people with minor injuries, in the latest of a series of petrochemical industry blazes this year in the Houston area. The fire began after an explosion at approximately 11:07 a.m. at an Exxon Mobil plant in Baytown, … Read more
By Laura Curtis Aug 1, 2019 (Bloomberg) The Fed dust has settled, trade wars and/or talks to resume in September, and more corporate earnings. Here are some of the things people in markets are talking about today. Trump’s all (mad) about the Fed. Chairman Jerome Powell managed to give markets a thrill even though the quarter point cut he delivered … Read more
By Kevin Orland Aug 1, 2019 (Bloomberg) TC Energy Corp.’s $8 billion Keystone XL crude oil pipeline is inching forward after a court injunction that stopped work on the project was been lifted.An order issued by a Montana judge barring certain pre-construction activities was dissolved on Monday, according to the Canadian company. That followed a … Read more
By Brian Wingfield and Julian Lee Jul 31, 2019, 10:12 AM – Updated on Jul 31, 2019, 5:01 PM Word Count: 663 (Bloomberg) —Oil tanker owners are finding a way to reduce the risks of navigating the Strait of Hormuz, the world’s most important — and lately most dangerous — energy chokepoint: vanish from global tracking … Read more
By Christopher Martin Aug 1, 2019 (Bloomberg) Wind turbines may be carbon-free, but they’re not recyclable. A photograph of dozens of giant turbine blades dumped into a Wyoming landfill touched off a debate Wednesday on Twitter about wind power’s environmental drawbacks. The argument may be only beginning. Fiberglass turbine blades — which in some cases … Read more
July 31, 2019 | Source: SRC Energy Inc. DENVER, July 31, 2019 (GLOBE NEWSWIRE) — SRC Energy Inc. (NYSE American: SRCI) (“SRC”, the “Company”, “we”, “us” or “our”), a U.S. oil and gas exploration and production company with operations focused on the Wattenberg Field in the Denver-Julesburg Basin, reports its financial results for the three and … Read more
July 31, 2019 | Source: Occidental HOUSTON, July 31, 2019 (GLOBE NEWSWIRE) — Occidental Petroleum Corporation (NYSE:OXY) today announced its second quarter 2019 results. The announcement and financial schedules can be accessed via the Investor Relations section of the company’s website, oxy.com. The earnings release is also available on the Securities and Exchange Commission’s website at sec.gov. The company will hold a … Read more
Increases Oil Production Guidance, Maintains Capital Budget and Expects to Generate $30 Million In Free Cash Flow for Full-Year 2019 July 31, 2019| Source: Laredo Petroleum, Inc. TULSA, OK, July 31, 2019 (GLOBE NEWSWIRE) — Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo” or “the Company”) today announced its 2019 second-quarter results, reporting net income attributable to common stockholders … Read more
July 31, 2019 | Source: Murphy USA Inc. EL DORADO, Ark., July 31, 2019 (GLOBE NEWSWIRE) — Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three and six months ended June 30, 2019. Key Highlights: Net income was $32.7 million, or $1.01 per … Read more
July 31, 2019 16:15 ET | Source: Mid-Con Energy Partners, LP TULSA, July 31, 2019 (GLOBE NEWSWIRE) — Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy” or the “Partnership”) announced today its operating and financial results for the second quarter 2019. “The second quarter of 2019 was highlighted by the efforts and success of our operations team … Read more
July 31, 2019 | Source: Apache Corporation HOUSTON, July 31, 2019 (GLOBE NEWSWIRE) — Apache Corporation (NYSE, Nasdaq: APA) today announced second-quarter 2019 financial and operational results on its website at www.apachecorp.com or investor.apachecorp.com as well as on Twitter (@ApacheCorp). There will be a conference call Aug. 1 at 10 a.m. Central time to discuss the results. The conference call will … Read more
July 31, 2019 Reuters U.S. crude oil stockpiles fell for the seventh straight week, falling to their lowest levels since November even as production rebounded and net imports increased, the Energy Information Administration said on Wednesday.Crude inventories fell 8.5 million barrels in the week ended July 26, far exceeding analysts’ expectations for a decrease of 2.6 … Read more
by Bloomberg Heesu Lee | Thursday, August 01, 2019 Oil retreated from a two-week high as the Federal Reserve dimmed hopes for more U.S. interest rate cuts. (Bloomberg) — Oil retreated from a two-week high as the Federal Reserve dimmed hopes for more U.S. interest rate cuts, countering a seventh weekly decline in American crude … Read more
July 31, 2019 Reuters Oil and gas producer Whiting Petroleum on Wednesday reported a surprise quarterly loss, announced a 33% job cut and asset sales as a lack of natural gas infrastructure hits prices. Construction of new oil and gas pipelines in the United States has failed to keep pace with output, which has more than … Read more
July 31, 20191:37 PM Reuters U.S. natural gas futures rose 4.5% on Wednesday, recovering from a three-year low touched the previous day as investors covered short positions after prices held above technical support and as traders rolled over positions. On its second day as the front month, gas futures for September delivery on the New York … Read more
July 30, 2019 Reuters Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas. Like dozens of other Permian startups, the firm then pursued a classic wildcatter’s strategy – borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale … Read more
By Brian Parkin and William Wilkes Jul 30, 2019 (Bloomberg) The American trend toward companies lining up supplies of green electricity directly from wind and solar farms is about to take off in Germany. Encavis AG and Luxcara GmbH, which are two of the biggest developers of renewables in Europe’s largest economy, said Germany is … Read more
By Heesu Lee and Grant Smith Jul 31, 2019 (Bloomberg) Oil traded near a two-week high in New York amid signs of a further drop in U.S. stockpiles and ongoing concerns that political friction in the Persian Gulf could disrupt exports.Futures rose as much as 1.1%. American crude inventories dropped by 6.02 million barrels last … Read more
By Laura Curtis Jul 31, 2019 (Bloomberg) A Fed rate cut is basically baked in, trade talks between the U.S. and China are on pause again, and earnings are coming in fast. Here are some of the things people in markets are talking about today. All eyes on the Fed. Again Policy makers at the Federal Reserve are … Read more
July 30, 2019 | Source: DCP Midstream LP DENVER, July 30, 2019 (GLOBE NEWSWIRE) — Today, DCP Midstream, LP (NYSE: DCP) announced that it has signed a long-term agreement with Western Midstream Partners, LP (NYSE: WES) that will provide DCP with up to 225 million cubic feet per day of incremental processing capacity at Western’s DJ … Read more
July 31, 2019 | Source: Ultra Petroleum Corp. ENGLEWOOD, Colo., July 31, 2019 (GLOBE NEWSWIRE) — Ultra Petroleum Corp. (“Ultra Petroleum” or the “Company”) (NASDAQ: UPL) today announced that The Nasdaq Stock Market (“Nasdaq”) has initiated proceedings to delist the Company’s common stock, effective August 8, 2019, as a result of the Company not regaining compliance … Read more
Companies like Osprey Informatics are delivering intelligent visual monitoring solutions to the oil and gas industry. The Osprey Reach intelligent visual monitoring platform captures video from any number of cameras across a company’s operations. It then analyzes these data with computer vision, a type of AI that automatically detects activity or equipment anomalies from images … Read more
July 30, 2019 Reuters Exxon Mobil Corp’s plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals.On Friday, the largest U.S. oil company is expected to report a 79-cents-a-share profit, down from 92 … Read more
July 30, 2019 Business Wire ConocoPhillips (NYSE: COP) today reported second-quarter 2019 earnings of $1.6 billion, or $1.40 per share, compared with second-quarter 2018 earnings of $1.6 billion, or $1.39 per share. Excluding special items, second-quarter 2019 adjusted earnings were $1.1 billion, or $1.01 per share, compared with second-quarter 2018 adjusted earnings of $1.3 billion, or … Read more
By Jeff Kearns Jul 30, 2019 The Federal Reserve’s preferred measure ofunderlying U.S. inflation showed signs of rebounding back toward the central bank’s target in June just before a widely anticipated interest-rate cut spurred partly by weak price gains. The core personal consumption expenditures price gauge, which excludes food and energy, climbed 0.2% from the prior … Read more
By Stephen Cunningham Jul 29, 2019 Some small refiners in the U.S. won’t have much longer to wait to hear if they were exempted from biofuel mandates. The Environmental Protection Agency will start deciding on 2018 waivers in the “next few weeks, month at the most,” EPA Administrator Andrew Wheeler said on Monday at an … Read more
By Rachel Adams-Heard Jul 30, 2019 (Bloomberg) Oil tycoon T. Boone Pickens’ eponymous fund is swapping out one of its crude investment vehicles for renewables, seeing an opportunity in clean energy as fossil fuels get pummeled in the capital markets.BP Capital Fund Advisors LLC plans to revamp an oil-focused exchange-traded fund with a shift to … Read more
By Lorcan Roche Kelly Jul 30, 2019 (Bloomberg) Pound adds to losses, massive day for earnings and trade talks begin. Here are some of the things people in markets are talking about today. Sterling performance The British pound dropped below $1.2200 overnight and was trading at $1.2185 by 5:45 a.m. Eastern Time as investors pushed the currency … Read more
By Heesu Lee and Grant Smith Jul 30, 2019 (Bloomberg) Oil rose as expectations that the Federal Reserve will cut interest rates and the resumption of trade talks between the U.S. and China shored up the outlook for fuel demand.Futures advanced 0.8% in New York, trading above $57 a barrel, after climbing by the most … Read more
July 30, 2019 | Source: Harvest Oil & Gas Corp. HOUSTON, July 30, 2019 (GLOBE NEWSWIRE) — Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced that it has entered into a definitive agreement to sell substantially all of its interests in the Barnett Shale to an undisclosed buyer for $72 million … Read more
By David Wethe Jul 29, 2019 (Bloomberg) As much as $9 billion will be needed over the next decade just to throw away dirty water in the world’s busiest shale field, according to Raymond James & Associates Inc.The scale of the challenge is mind-boggling: drillers typically pump 30 Olympic-sized swimming pools of water into an … Read more
July 29, 2019 | Source: Mid-Con Energy Partners, LP TULSA, July 29, 2019 (GLOBE NEWSWIRE) — Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy” or the “Partnership”) is pleased to announce the appointment of Chad B. Roller, Ph.D., 42, as Chief Operating Officer of Mid-Con Energy GP, LLC (the “General Partner”) the general partner of the … Read more
July 29, 2019 18:45 ET | Source: Archrock HOUSTON, July 29, 2019 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock”) today reported results for the second quarter of 2019. Second Quarter 2019 Financial Results Net income for the second quarter of 2019 was $11.4 million compared to $4.1 million in the second quarter of 2018. Adjusted EBITDA (a non-GAAP … Read more
July 29, 2019 Reuters U.S. natural gas futures fell to a fresh three-year low on Monday with spot prices at their lowest in years, production rising close to record highs and forecasts for less demand this week than previously expected. Analysts noted the front-month has traded around multi-year lows since late May despite power demand and … Read more
By Sam Unsted July 29, 2019 Good morning. The week is set to be dominated by trade talks and the Federal Reserve, a slew of takeovers emerged over the weekend and Boris Johnson’s first full week at Number 10 begins. Here’s what’s moving markets. Talks Restart It’s a huge week for the global economy, topped by U.S. data, … Read more
By Heesu Lee and Grant Smith Jul 29, 2019 Oil steadied near $56 a barrel in New York before the resumption of talks aimed to resolve a trade dispute between the U.S. and China, while political tensions in the Persian Gulf continue to simmer. Futures were little changed in New York after rising 1% last … Read more
July 26, 2019 Reuters U.S. energy firms this week reduced the number of oil rigs operating for a fourth week in a row as producers follow through on plans to cut spending on new drilling and completions. Drillers cut three oil rigs in the week to July 26, bringing the total count down to 776, the … Read more
July 29, 2019| Source: Oil States International, Inc. HOUSTON, July 29, 2019 (GLOBE NEWSWIRE) — Oil States International, Inc. (NYSE: OIS) reported a net loss for the second quarter of 2019 of $9.7 million, or $0.16 per diluted share, on revenues of $264.7 million and Consolidated EBITDA (Note A) of $26.5 million. The reported second quarter 2019 results included … Read more
By Carlos Caminada Jul 26, 2019 (Bloomberg) Jim Crane, the former All-American pitcher that owns the Houston Astros, was voted off of Nabors Industries Ltd.’s board by shareholders. The world’s biggest owner of land-drilling rigs says it wants him to stay.Even though Crane received less than a majority of votes in favor of his re-election … Read more
July 26, 20197 Reuters U.S. natural gas futures fell about 1% early Friday, nearing a three-year low, as rising gas output offset forecasts for higher cooling demand as weather heats up through mid August. On its second to last day as the front month, gas futures for August delivery on the New York Mercantile Exchange slid … Read more
By Alex Nussbaum Jul 26, 2019 (Bloomberg) Oil finished higher for the week after a volatile trading session that pitted gnawing doubts about global demand against supply threats from the Middle East and beyond.Futures gained 0.3% in New York on Friday and ended the week up 1%, reversing from last week’s steep loss. Oil turned … Read more
By Lorcan Roche Kelly Jul 26, 2019 (Bloomberg) U.S. GDP due, a plethora of corporate news, and new U.K. PM off to a bad start on Brexit. Here are some of the things people in markets are talking about today. Where’s the growth? European Central Bank President Mario Draghi yesterday said that he did not see … Read more
By Saket Sundria and Grant Smith Jul 26, 2019 (Bloomberg) Oil is set for a weekly increase as U.S. crude stockpiles tighten and lingering tensions surrounding Iran stoke concerns that energy flows from the Middle East may be disrupted. Futures gained 0.6% in New York on Friday and are up 1.4% this week. American crude … Read more
By Kevin Crowley, Lucia Kassai and Kevin Cirilli Jul 26, 2019 (Bloomberg) Pressure is mounting on U.S. President Donald Trump to end Chevron Corp.’s 100-year presence in Venezuela as he seeks to exert maximum pressure on the embattled regime of Nicolas Maduro. Trump will announce his decision on whether to grant the U.S. oil major … Read more
By Christopher Martin and Brian Eckhouse Jul 26, 2019 (Bloomberg) Sunnova Energy International Inc. was set to pull off one of the biggest rooftop solar IPOs in recent history. Earlier this week, the company was estimating its value at almost $1 billion and offering shares for $16 to $18. Instead, the Houston-based solar panel installer … Read more
By Ashlee Vance (Bloomberg) There’s a photo of J.B. Straubel from 2004 that has become part of Tesla lore. It was taken back when the company was more of a hopeful concept than an actual carmaker. He’s in the backyard of his house, hand-gluing lithium ion batteries to a case as part of the arts … Read more
By Stephen Cunningham and Naureen S. Malik Jul 26, 2019, 6:00 AM (Bloomberg) The biggest and most closely watched U.S. power auction of the year has been delayed again — this time, for an undetermined amount of time.The Federal Energy Regulatory Commission on Thursday ordered the nation’s largest power grid operator to suspend an auction that it … Read more
July 25, 2019 | Source: Dril-Quip, Inc. HOUSTON, July 25, 2019 (GLOBE NEWSWIRE) — Dril-Quip, Inc. (NYSE: DRQ) today reported operational and financial results for the second quarter 2019. Key highlights for the second quarter of 2019 included: Increased revenue to $104 million, above the guidance range of $90 – $100 million Recorded product bookings of … Read more
July 25, 2019 | Source: Range Resources Corporation FORT WORTH, Texas, July 25, 2019 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its second quarter 2019 financial results. Highlights – In July, sold 2% overriding royalty in southwest Pennsylvania leases for gross proceeds of $600 million Sold non-producing acreage in Pennsylvania for gross proceeds of $34 million … Read more
July 25, 2019 Reuters Enbridge Inc on Thursday said it was open to working with the Bad River Band and will consider re-routing its Line 5 oil pipeline after the native American tribe in Wisconsin sued the company seeking to shut the pipeline. The Bad River Band filed a federal lawsuit against Enbridge on Tuesday in … Read more
By Lorcan Roche Kelly Jul 25, 2019 (Bloomberg) Decision day at the ECB, more corporate results, and Puerto Rico governor resigns. Here are some of the things people in markets are talking about today. Easing? Today’s monetary policy decision from the European Central Bank may be an unusual mid-summer one, as policymakers might actually decide to change … Read more
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