The number of drilling rigs in the United States continued to plummet, Kallanish Energy reports. The total dropped by 17 in the count released last Friday by Baker Hughes, the Texas-based well services company. There were 301 rigs at work in the U.S., down from 318 on May 22. A year ago, there were 984 rigs at work. That
Read More...A federal appeals court has refused to lift the ruling of a Montana federal judge that blocks construction on the Keystone XL oil pipeline. That ruling could add a new delay for the $8 billion pipeline project from western Canada to the U.S. Midwest, Kallanish Energy reports. TC Energy, the Canadian company behind the pipeline,
Read More...David C. Lawler is adding to his titles at BP America, Kallanish Energy reports He is currently the CEO of BPX Energy and will become chairman and president of BP America on July 1, succeeding retiring Susan Dio. He will remain as CEO of BPX Energy. “Beyond a track record of delivering strong safety, environmental
Read More...For the past month and a half, MDN has brought you rig count data from Enverus (formerly Drillinginfo) each Friday. Last Friday we reported the count had hit a new modern-day low, but that the Marcellus had gained back one of the seven rigs lost over a previous three week period (see Enverus: Drop in
Read More...According to the International Energy Agency (IEA), the “lifeblood” of the global energy system is…investment. That is, money. Without investment, new sources of energy don’t appear. In 2016 IEA began to publish an annual report called World Energy Investment, in order to track spending on all forms of energy worldwide. Earlier this week IEA published
Read More...David Blackmon, a senior contributor to the Forbes magazine website and 39-year veteran working for various oil companies including Burlington Resources, Shell, and El Paso Corporation, is one of our favorite experts to read on matters relating to the oil patch. He is a strong O&G supporter. So when we spotted a recent Forbes article
Read More...The North Dakota Public Service Commission this week voted 3-0 to approve the proposed expansion of the Dakota Access Pipeline (DAPL), which involves building a pump station in Emmons County to help push up to twice as much crude oil through the line daily. Pipeline owner-developer Energy Transfer plans to begin construction on the facility this
Read More...Crude oil prices rose Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude inventories, Kallanish Energy reports. Gains, however, were held down by continuing worries about the spread of the Coronavirus outside China. The Energy Information Administration reported yesterday crude inventories rose only 414,000 barrels for the week ended Feb. 14, compared
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...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.
Read More...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
Read More...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
Read More...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
Read More...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
Read More...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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