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
Read More...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
Read More...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,
Read More...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
Read More...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
Read More...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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