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...After losing $48.8 million, or 31 cents per diluted share, during the third quarter, Gulfport Energy announced plans to sell some of its interests in the Utica Shale, according to the Times Reporter. The company made the announcement before its conference call with investors to discuss third-quarter earnings last Friday. Gulfport said proceeds from its
Read More...EQT Corp. reduced its capital budget by $115 million for 2019 and plans to trim $525 million from its budget in 2020, according to the Pittsburgh Business Times. In its third quarter report, the first under the guidance of its new management team led by Toby Rice, EQT said it spent $475 million on capital,
Read More...On Monday morning, a third sinkhole developed along the construction route of the Mariner East pipeline in Sleighton Park in Middletown township, Pa, according to the Daily Local News. The sinkhole was discovered at approximately 2:30 a.m. by Sunoco in a spot adjacent to the location the first sinkhole, which was reported on Sept. 13.
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...Shale Support Global Holdings, a provider of frac-sand and logistics services to the oil and gas industry, has signed an extension to continue working with Shale Rail as the exclusive supply company for a Bradford County, Pennsylvania, frac sand storage facility. In an effort to better serve the Marcellus Shale play, Shale Rail released plans to
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’s April 2019 executive order on the transportation of liquefied natural gas (LNG) by rail tank cars, which mandated a federal rule by 2020, has pushed forward a rule-making proposal, according to Kallanish Energy. The U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration has proposed LNG rail shipments be allowed in DOT-113
Read More...Range Resources Corp. recently announced plans to buy back $100 million shares, using proceeds from recent asset sales to do so, according to the Pittsburgh Business Times. The most recent asset sale was for a 0.5% overriding royalty interest in 350,000 net surface acres in Range’s southwestern Pennsylvania natural gas production. Range received $150 million
Read More...Offshore wind should become a $1 trillion business by 2040, the International Energy Agency (IEA) said Friday, with global capacity set for a 15-fold increase, Kallanish Energy reports. According to the IEA’s Offshore Wind Outlook 2019, investment last year in the sector neared $20 billion, compared to under $8 billion in 2010. With today’s investment
Read More...Millions of Californians were without power Sunday as Pacific Gas and Electric Co. implemented its largest-ever blackout to prevent wildfires during high and hot winds, Kallanish Energy reports. The outages extend from parts of California’s Humboldt County to the Salinas Valley and were expected to reach a portion of the state’s Kern County by Sunday
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...A recently-filed class action lawsuit claims Encino Energy and its affiliates underpaid landowners in Columbiana and Carroll counties in Ohio at least $5 million for oil and natural gas royalties, according to Farm and Dairy. The lawsuit was filed in the U.S. District Court for the Northern District of Ohio on Oct. 18 by the
Read More...President Donal Trump spoke at the Shale Insight Conference in Pittsburgh on Wednesday, applauding his administration’s support for domestic energy production, according to The Beaver County Times. During his speech, Trump credited himself for the thriving fossil fuels industry and historically low unemployment in the region. He said his administration has restored energy dominance in
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