HOUSTON—The current energy investing environment is “the worst we’ve seen in multiple decades,” according to KeyBanc Capital Markets analyst Leo Mariani, characterizing investor interest in oil and gas company equities. Multiples of many E&P companies are below even where they were in the late 1990s—prior to the shale era—when they had an exploration model with
Read More...TGS, a leading provider of mult-client geoscience data for E&P companies, announced the Eastern Delta Refocus 3D Ocean-Bottom Seismic (OBS) imaging program in the U.S. Gulf of Mexico on Feb. 13. This reprocessing project marks the next phase of imaging over the mature, hydrocarbon producing areas of Main Pass and Viosca Knoll. By applying advanced
Read More...Marathon Oil Corp.’s quarterly profit missed analysts’ estimates on Feb. 12, as tumbling oil and gas prices more than offset the benefits of robust U.S. shale production. Marathon’s results mirrored weaker earnings across the sector, as prices of global crude fell in the quarter on oversupply and demand concerns, fueled by fears of slowing global
Read More...Feeling a bit run-down? Why not try some multivitamins, shipped directly to your home in a 100 percent post-consumer recycled PET bottle? Amcor Ltd. announced Feb. 11 that it is supplying the first 100 percent PCR multivitamin packaging for Ritual, a startup with a range of multivitamins shipped to customers’ homes. It is supplying two
Read More...... … … Air quality keeps improving and natural gas is a large contributor, along with technology and the ability to innovate that comes with economic growth. Breathe a Little Easier is part of our ongoing effort to explain the role that energy has played in improving human living standards over the past two centuries. This
Read More...A partner in the proposed Kitimat LNG project on the British Columbia coast said it will record a $720 million after-tax writedown on its investments in Western Canada, Kallanish Energy learns. Australia-based Woodside Petroleum said the charge against 2019 earnings reflects uncertainty in timing of when it will be able to develop its natural gas fields
Read More...U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) for the week ended Feb. 7, increased by 7.46 million barrels (Mmbbl) from the previous week, the Energy Information Administration reported Wednesday. At 442.47 Mmbbl, U.S. crude oil inventories are roughly 2% below the five-year average for early February, Kallanish Energy reports. U.S.
Read More...Since the Endangered Species Act (ESA) was first introduced in 1973, environmental activist groups – like the Sierra Club and Center for Biological Diversity – have exploited the ESA as a tool to block infrastructure development and further an anti-fossil fuel agenda. In reality, these actions add burdensome costs to federal agencies that cut into
Read More...On Monday, CNX Resources Corporation announced total proved reserves of 8.43 Tcfe, as of December 31, 2019, seeing a 7% increase compared to the year before, according to PR Newswire. As a result of continued development within the Marcellus and Utica Shale plays, CNX organically added 1,648 Bcfe of proved reserves. Furthermore, the company replaced over
Read More...Tom ShepstoneShepstone Management Company, Inc. . … The Philadelphia refinery sale proposed by the debtor makes no sense and unsecured creditors are calling out what may be some serious corruption. I wrote about the proposed bankruptcy sale of a Philadelphia refinery the other day noting things seemed awfully fishy. But, now the rot is becoming
Read More...Dow to expand ethylene capacity in Canada, Shells sells refinery to focus on chemicals, PTTG advances Ohio works Posted on Feb 12, 2020 News Briefs Image shows one of the PTT Global Chemical’s existing assets. The company is evaluating an FID for a new cracker and polymer plant in Ohio. Image courtesy of PTTGC. Dow
Read More...In December Chevron announced it was writing down over $10 billion worth of its U.S. onshore shale assets, with $6.5 billion of that number coming from their Marcellus/Utica assets (see Chevron Writes Down $5B+ in Marc/Utica Assets, Looks to Sell All). In addition, the company announced it is putting all of its M-U assets up
Read More...The Ohio Supreme Court ruled yesterday that the Ohio tax commissioner correctly charged Tallgrass Energy’s Rockie Express (REX) pipeline $2 million in excise tax (based on $699 million of income), for gas transported from and to (within) Ohio. REX claimed it did not owe the tax because the same law that exempts gas transported out
Read More...Last week MDN told you that because of Andrew Cuomo’s blockade of new pipelines from Pennsylvania, the Iroquois Gas Transmission pipeline which crosses the state continues to import much of the gas flowing through it from Canada (see Due to Cuomo Pipeline Ban, Iroquois Imports Canadian Gas for NY). We spotted another article about Iroquois
Read More...Yesterday Dominion Energy issued its fourth quarter and full-year 2019 update. As part of the update, Dominion’s top brass talked about 2020 and beyond. Of particular interest for us was a bunch of news about the company’s stalled Atlantic Coast Pipeline (ACP) project. In particular, Dominion has purchased a small stake in the pipeline from
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