You know funding for oil and gas is tight—really tight—when a multi-year low is made in the XOP (S&P Oil & Gas Exploration & Production ETF). The XOP’s collapse in August plumbed depths last seen in February 2016, when West Texas Intermediate (WTI) crude sank to just over $26/bbl. In the recent slump, activity in energy capital markets
Read More...Bill desRosiersExternal Affairs Coordinator, Cabot Oil & Gas … … The Shale Gas News, heard every Saturday at 10 AM on 94.3 FM, 1510 AM and Sundays on YesFM, talked about the Mountain Valley Pipeline, Gulf of Mexico, Russia and much more last week. The Shale Gas News has grown again; welcome Gem 104 as our FOURTH
Read More...The world’s largest oilfield services company surpassed Wall Street expectations on third-quarter revenue, but took a huge hit on the bottom line due to pretax charges, Kallanish Energy reports. Schlumberger reported an $11.4 billion loss on $8.54 billion of revenue during the quarter, a loss per share of $8.22 for common stockholders. One year ago,
Read More...Crude oil prices were lower Friday, as concerns about China’s economy outweighed strong signals from its refining sector, Kallanish Energy learns. But losses were limited on hopes for progress toward a U.S.-China trade agreement. Brent crude oil futures fell 49 cents, to settle at $59.42 a barrel, while U.S. West Texas Intermediate crude futures lost
Read More...President Trump last Friday announced he has nominated deputy energy secretary Dan Brouillette to replace departing energy chief Rick Perry, Kallanish Energy reports. “I am pleased to nominate Deputy Secretary Dan Brouillette to be the new Secretary of Energy. Dan’s experience in the sector is unparalleled. A total professional, I have no doubt that Dan
Read More...Following a New York hedge fund’s recommendation to break Marathon Petroleum into three companies, CEO Gary Heminger and Greg Goff, one of the company’s directors, assured employees “the company intends to continue as a diversified oil and gasoline company,” according to Shale Ohio. Elliott Management, which owns 2.5% of Marathon’s stock, believes the company would be more
Read More...Düsseldorf, Germany — Wanhua Chemical Group Co. Ltd. wanted to get a running start on innovation at K 2019, using the show to introduce a 3D printed shoe with Chinese athletic footwear maker Peak Sports. Wanhua, which is based in Yantai, China, is supplying three different grades of thermoplastic polyurethane as a solution for the
Read More...Sustainability is taking many forms for ExxonMobil Chemical. “We’re helping customers develop sustainable solutuions,” Polyethylene Market Development Manager Adeline Duponchel said Oct. 18 at K 2019. “Now we’re targeting designs for recycling in products like monomaterial pouches.” Duponchel added that, as a resin supplier, Houston-based ExxonMobil can provide several sustainable solutions to its customers, including
Read More...Düsseldorf, Germany — Injection molding machinery sales are lower this year for Billion SAS, the Bellignat, France-based company that makes all-electric presses. A slowdown in the automotive industry is giving the company “a little bit of heartache,” Billion President and CEO Korbinian Kiesl said during an interview at K 2019. “There is a kind of
Read More...Italian plastics machinery maker Negri Bossi SpA is for sale. A European machinery executive who has knowledge of the deal confirmed the information with Plastics News Oct. 20, the fifth day of the K trade show. “They did the due diligence, so there is somebody that is interested to buy the company,” the source said.
Read More...Chevron Corp. said late on Oct. 18 it is optimistic about maintaining a presence in Venezuela even amid U.S. sanctions on the country and state oil company PDVSA as part of Washington’s effort to oust President Nicolas Maduro. The company’s remarks follow an earlier report by Bloomberg that said the United States is considering extending
Read More...Royal Dutch Shell plans to sell its onshore upstream assets in Egypt’s Western Desert to focus on expanding its Egyptian offshore gas exploration, Shell Egypt said on Oct. 20. Having won three oil and two gas concessions in Egypt last February, senior executive last week told Reuters that the company would start operating the new
Read More...Russia produced more oil in September than envisaged by a global deal due to an increase in gas condensate output as the country prepared for winter, local news agencies reported on Oct. 20. Russian oil output edged down to 11.25 million barrels per day (MMbbl/d) last month from August’s 11.29 MMbbl/d but remained above the
Read More...Düsseldorf, Germany — Sales this year at Sumitomo (SHI) Demag Plastics Machinery GmbH should be 286 million euros, about 9 percent down from 295 million euros in 2018, CEO Gerd Liebig said at the company’s Oct. 17 news conference. Liebig said that decline is not that bad, given economic uncertainty caused by Brexit, new European
Read More...Keep It Grounded In Fact(American Fuel & Petrochemical Manufacturers) Keep it in the ground say fractivists and other environmental extremists, but we’ve just gotten a glimpse of that future and it’s anything but pretty. If you’ve ever wondered what life would be like if Extinction Rebellion and the other “Keep It in the
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