EdgeMarc Energy Holdings, an independent producer backed by Goldman Sachs’s private equity arm and the Ontario Teachers Pension Fund, is filing for Chapter 11 bankruptcy, following an explosion in Energy Transfer’s Revolution Pipeline in Beaver County, Pennsylvania, according to Kallanish Energy. “Since the explosion of the Revolution pipeline in 2018, EdgeMarc’s production has been significantly
Read More...In April 2019, Venezuela’s crude oil production averaged 830,000 barrels per day, down from 1.2 million barrels per day (Mmbpd) at the beginning of the year, according to the Energy Information Administration. Last month’s average is the lowest level since January 2003, when a nationwide strike and civil unrest largely brought the operations of Venezuela’s
Read More...Independent producer Roan Resources said Monday it’s hired Citigroup Global Markets and Jefferies to assist the company in evaluating “strategic alternatives,” Kallanish Energy reports. Roan said it’s received multiple unsolicited indications of interest for an outright purchase of the company, as well as inquiries from potential consolidation partners. Oklahoma-based Roan has formed a transactional working
Read More...Global investment behemoth KKR and privately-held Western Natural Resources Monday announced they are partnering to acquire producing and undeveloped oil and gas assets in the Williston Basin. KKR’s investment amount was not disclosed, Kallanish Energy reports. Western CEO Heath Mireles and his team bring operating experience to the partnership, having drilled, completed and operated thousands of
Read More...The number of rigs working onshore in the Lower 48 U.S. states last week fell for the sixth consecutive week, according to data compliled by oilfield services firm Baker Hughes, a GE company. For the week ended May 17, 954 rigs were working in the Lower 48, down a lone rig from the previous week,
Read More...Toby Z. Rice and Derek A. Rice, EQT shareholders trying to wrest control from the executives and board of the U.S.’s largest natural gas producer, said last week they’re reducing the size of their slate of nominees for the EQT board to seven from nine, Kallanish Energy reports. The change was motivated by EQT’s announcement
Read More...Crude oil prices slipped Friday, but West Texas Intermediate and Brent both posted a weekly gain on rising concerns over more Middle East supply disruptions due to U.S.-Iran political tension, Kallanish Energy reports. A deputy head of Iran’s Revolutionary Guards said Friday Iran could “easily” hit U.S. warships in the Persian Gulf, the latest rhetoric
Read More...Last week the Pennsylvania Department of Environmental Protection ordered ETC Northeast Pipeline LLC to identify and restore or mitigate all streams and wetlands that it illegally eliminated or altered during the construction of the Revolution Pipeline, according to a DEP press release. During the construction of the pipeline, ETC illegally eliminated at least 23 streams
Read More...The state of South Dakota is suing a privately-held Texas-based exploration and production company for $15.5 million for abandoning 40 natural gas wells in Harding County, Kallanish Energy reports. The South Dakota Department of Environment and Natural Resources (Denr) is requesting the court require Spyglass Cedar Creek and its general partners, Kevin Sellers and March Kimmel, to bring the wells
Read More...Crude oil prices jumped as much as 2% Thursday as tensions in the Middle East grew, with a Saudi-led coalition launching air strikes in retaliation for recent attacks on its oil infrastructure. U.S. West Texas Intermediate crude futures settled 85 cents higher, at $62.87 per barrel, gaining 1.4% and closing at the highest level in two
Read More...Omni Energy Group is seeking permission from the Ohio Department of Natural Resources to put two saltwater injection wells near the intersection of U.S. 40 and Ohio 331 near St. Clairsville, according to The Intelligencer Wheeling News-Register. Landowners within 500 feet of the proposed site were notified by Gerard Russomagno, CEO of the Omni Energy Group
Read More...California authorities said Wednesday power lines owned and operated by Pacific Gas & Electric Corp. (PG&E) caused the state’s most destructive wildfire ever – which killed 85 and nearly destroyed an entire city, Kallanish Energy learns. Lines owned by the San Francisco-based utility sparked the Camp Fire on Nov. 8, in Butte County, California, the state Department of Forestry and Fire
Read More...Crude oil futures rose slightly Wednesday as worries that rising tensions in the Middle East could impact global supplies overshadowed an unexpected rise in U.S. crude inventories, Kallanish Energy reports. U.S. West Texas Intermediate crude futures settled 24 cents higher, at $62.02 per barrel. Brent crude futures rose 53 cents, to $71.77/Bbl. U.S. crude stocks rose unexpectedly last
Read More...A natural gas explosion last September in a pipeline not yet in service has led to an independent producer backed by Goldman Sachs’s private equity arm and the Ontario Teachers Pension Fund filing for Chapter 11 bankruptcy, Kallanish Energy reports. EdgeMarc Energy Holdings plans to sell all of its assets, the company said Wednesday, blaming an
Read More...Marathon is combining MPLX and Andeavor Logistics — two of its oil and gas pipeline, transportation and storage operations — for $9 billion, according to the Dayton Daily News. The merger is expected to expand the company’s geographic footprint in the Ohio basin and enhance long-term growth opportunities. Andeavor unitholders will receive 1.135 MPLX common units for each
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