Outside activists threatening energy industry: CEA

Well-funded, out-of-state activists are threatening Oklahoma’s oil and gas resources and pipeline network, a consumer energy group warned in a recent report, CNHI News Service reported. Consumer Energy Alliance officials said the Sierra Club, Earthjustice and Food & Water Watch have operations in Oklahoma or members who are working to halt production in the state.

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Oxy looking to sell Wyoming, Colorado assets: sources

Occidental Petroleum Corp is soliciting bids for oil and gas properties in Wyoming and Colorado acquired when it purchased Anadarko Petroleum, hoping the assets will bring up to $700 million, people familiar with the matter told Reuters. Occidental offered roughly 200,000 acres in the Denver-Julesburg Basin of Wyoming and Colorado that produce $66 million a

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Aramco will offer less than 1% of shares to individuals

Saudi Aramco will sell up to 0.5% of its shares to individual investors in what could be the largest initial public offering in history, Kallanish Energy reports. The process begins Nov. 17, and closes on Dec. 4, the company said in its IPO prospectus, released last Saturday. The 658-page document comes almost four years after

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Oil gains on trade deal hopes, better demand outlook

Crude oil prices rose more than 1% Tuesday on hopes for a U.S.-China trade agreement and optimism Washington could roll back some of the tariffs it has imposed on Chinese imports, Kallanish Energy learns. Brent crude futures gained 84 cents, or 1.4%, to settle at $62.94 a barrel, while West Texas Intermediate crude futures gained

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ICD admits receiving NYSE non-compliance letter

Onshore drilling service provider Independence Contract Drilling (ICD) said Tuesday it received written notification from the New York Stock Exchange that as of Nov. 1, the company is no longer in compliance with NYSE continued-listing criteria, Kallanish Energy reports. Said criteria requires listed companies to maintain an average closing share price of at least $1.00 over 30 consecutive

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Where Does Most “Associated Gas” Come From?

click for larger version A few weeks ago MDN said the Marcellus/Utica produces more than twice as much natural gas as the Permian–33.3 Bcf/d in November for the M-U versus 16 Bcf/d for the Permian (see EIA Oct ’19 Drilling Report: Permian Gas Grows More than M-U). The Permian, an oil play, is a serious

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Oil industry veteran Keenan resigns from Apache

Oil and gas industry veteran Steven Keenan, who is credited with the Alpine High shale discovery for Apache Corp, resigned from his position as senior vice president of Worldwide Exploration, the company said. Houston-based Apache told Reuters Keenan’s resignation is not connected to the well the company is currently drilling offshore in Suriname. The company said,

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Years of offshore investments could be worthless: Rystad

International E&P companies are struggling to make money from offshore investments made during the latest investment upturn, according to a new study by Rystad Energy, Kallanish Energy reports. The independent research company has evaluated all offshore oilfields sanctioned since 2010 and ranked them by estimated value per barrel of oil under various oil-price scenarios. The

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Trump wants deal with XOM, or others to tap Syrian oil

President Trump said Sunday he’s interested in making a deal with ExxonMobil or another producer to tap Syrian oil reserves, Kallanish Energy reports. “What I intend to do, perhaps, is make a deal with an ExxonMobil or one of our great companies to go in there and do it properly … and spread out the wealth,” he

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Aramco delays planned IPO until post-earnings update

Saudi Aramco has delayed the planned launch of its initial public offering in hopes pending third-quarter results will raise investor confidence in the world’s largest oil firm, two sources familiar with the matter told Reuters. Aramco had been expected to announce plans this week to float a 1% to 2% stake on the kingdom’s Tadawul

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The Carlyle Group exits Corpus oil terminal project

The Carlyle Group, an international private equity/investment firm and the entity behind efforts to build a $1 billion crude oil export terminal at Harbor Island, Port of Corpus Christi, Texas, is pulling out of the project. The Washington, D.C.-based company said in a statement it’s dissolved its relationship with The Berry Group, Kallanish Energy finds.  The

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Trump nominates Brouillette to be Energy secretary

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

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Oil falls as China’s economic concerns outweigh refining

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

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Schlumberger loses $11.4B amid big pretax charges

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,

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Brent to average $60/Bbl in 2020: STEO

Brent crude oil spot prices will average $59 per barrel in the fourth quarter of 2019, then fall to $57/Bbl by the second quarter of 2020, $5/Bbl lower than forecast one month ago, the Energy Information Administration reported Tuesday in its October Short-Term Energy Outlook (STEO). Despite the recent increase in supply disruptions, EIA expects

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