Crude oil prices fell more than 4.3% Wednesday, to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears demand will shrink due to Washington’s growing trade war with Beijing. Brent crude futures dropped 4.4%, to $56.35 a barrel, a seven-month low. Prices have lost more than 20%
Read More...Crude oil prices fell slightly Tuesday, with Brent crude remaining near seven-month lows just below $60 a barrel due to growing trade tensions between China and the U.S., Kallanish Energy reports President Trump is vowing to impose new tariffs on Chinese imports, and China is retaliating by making further moves against U.S. agricultural purchases. The
Read More...Black Bear Midstream said Tuesday it’s entered into a seven-year gas gathering and processing agreement with an unnamed Cotton Valley producer in Louisiana’s Desoto and Caddo parishes, Kallanish Energy reports. Black Bear will build roughly 20 miles of 16-inch, rich gas gathering pipeline west of its DeSoto Parish, 140 million cubic feet per day cryogenic processing
Read More...Caliber Midstream Holdings said Tuesday it’s acquired Bakken assets in North Dakota from American Midstream Partners for an undisclosed price, Kallanish Energy reports. The purchase expands Caliber’s crude oil gathering and transportation service lines and widens Caliber’s area of operations within McKenzie County, North Dakota. The acquired assets include a Federal Energy Regulatory Commission-regulated crude
Read More...Chesapeake Energy Corp.’s shares reversed course yesterday, trading down nearly 12% as Wall Street analysts raised concerns about its debt level and the impact of spending on its cash flow, according to Reuters. Concerns of Chesapeake overspending come as investors are pressing oil and gas producers to cut their budgets and save cash for dividends
Read More...Enbridge Inc has closed the section of its Texas Eastern pipe that killed one person when it exploded on Thursday, so it can work with federal and state officials to investigate the incident, according to Reuters. The explosion occurred near Danville, Kentucky, marking the second so far this year on the Texas Eastern system. The
Read More...Marathon Petroleum Corp.’s second-quarter profits were up almost 5% from a year ago, clearing $1 billion, according to The Massillon Independent. The profit was equal to $1.66 per diluted share, according to a company press release. Additionally, the company’s midstream revenue was up 4 percent from the same quarter last year to $878 million, while
Read More...A gas line explosion in a residential community in rural Kentucky killed on person and set several houses on fire early Thursday morning, according to Reuters. Flames from the blast rose about 300 feet in the air, Lexington television station WKYT reported. The woman killed in the explosion was found outside her home, according to
Read More...The buyer has been revealed in Range Resources’s $634 million sale of assets in the Appalachian Basin, according to Oil & Gas 360. Lime Rock Resources made the purchase last week. Lime Rock Resources, the E&P arm of private equity firm Lime Rock Partners, acquired a non-operated overriding royalty interest in 350,000 net surface acres
Read More...In a series of statements and news reports last week, state officials announced Brazilian petrochemical company Braskem dropped its plans to build a $4 billion ethane cracker in northern West Virginia, according to Kallanish Energy. Reports of a possible ethane cracker being constructed in northern West Virginia have circulated since 2013 when the company first
Read More...Houston pipeline operator Kinder Morgan has sued a suburb of the Texas capital city of Austin over passage of an ordinance the company alleges is designed to keep its proposed Permian Highway natural gas pipeline out of town — despite the route being approved by state regulators. In a lawsuit filed last week in U.S. District
Read More...The slow on-going recovery for US steel prices is unlikely to affect the oil country tubular goods market for the foreseeable future, Kallanish hears from market sources. While skelp is posting steady gains on the back of domestic mill increases, real demand is holding all energy tubulars back, says one Gulf Coast trader. Kallanish held its representative
Read More...U.S. exports of liquefied natural gas reached a new peak of 4.7 billion cubic feet per day in May, according to the latest data from the U.S. Department of Energy’s Office of Fossil Energy, Kallanish Energy reports. This year, the U.S. became the world’s third-largest Lng exporter, averaging 4.2 Bcf/d in the first five months of the
Read More...Pennsylvania’s Commonwealth Court has issued a split decision on environmental regulations on Marcellus Shale natural gas drilling, ruling in part on the side of the Marcellus Shale Coalition, who challenged the regulations 16 days after they took effect, according to WCN 24/7. The seven-judge panel issued a 91-page decision against the Pennsylvania Department of Environmental
Read More...Although Gulfport Energy saw an overall production increase in the second quarter of 2019 when compared to the same quarter a year ago, its Utica Shale production dipped slightly, according to Kallanish Energy. The company as a whole reported second quarter 2019 net production of 1.36 billion cubic feet-equivalent per day (Bcfe/d), which was a
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