Crude oil prices rose to a five-month high Monday, on expectations for tighter global supply due to fighting in Libya, Opec+-led cuts and U.S. sanctions against Iran and Venezuela. International benchmark Brent futures were up 69 cents, or 1%, to $71.03 per barrel. U.S. West Texas Intermediate crude settled up 2.1%, at $64.40/Bbl, and hit its highest level since
Read More...Houston-based independent producer Callon Petroleum said Monday it’s entered into a deal to sell certain non-core assets in the Midland Basin to an unnamed buyer for $260 million in cash. The agreement also provides for potential incremental cash payments of up to $60 million based upon future commodity prices with upside participation starting at the $60/Bbl West Texas Intermediate level,
Read More...Pressure pumper horsepower will increase in Q2, rebounding from a sluggish end to 2018, according to the new U.S. Horsepower Outlook report, offered by Westwood’s Global Energy Group. A 9% increase in hydraulic horsepower (Hhp) demand from Q4’18-Q4’19 could lead to a tighter Hhp market and potential undersupply in certain regions, Kallanish Energy learns. Westwood’s quarterly
Read More...Pin Oak Energy Partners LLC recently closed a deal with SWEPI LP, a Royal Dutch Shell affiliate, to acquire Utica Shale acreage in Northwest Pennsylvania, according to Kallanish Energy. In the deal, Pin Oak received 43,000 acres in Mercer, Crawford and Venango counties, which includes drilled and completed but not producing horizontal Utica shale wells
Read More...Petroleo Brasileiro SA (Petrobras) agreed to sell its 90% stake in a Brazilian natural gas pipeline company to France’s Engie SA and Canadian pension fund Caisse de Depot et Placement du Quebec for $8.6 billion. Engie and Caisse won the bidding war for the unit, Transportadora Associada de Gas, known as Tag, beating out Australia’s Macquarie
Read More...The U.S. Friday added two companies which ship crude oil from Venezuela to Cuba, along with 34 ships, to a financial sanctions list aimed at increasing pressure on Venezuelan President Nicolas Maduro to step down and turn over power to his opposition. A Treasury Department statement announcing the designation identified one of the companies as Ballito Bay
Read More...Power failures that kept Venezuela in darkness for much of March also briefly slashed the country’s crude production by 50%, people familiar with the situation told Bloomberg. Rolling blackouts across much of the country that started on March 7 temporarily paralyzed most of the country’s oil industry, Kallanish Energy finds. Oil output averaged less than
Read More...The Pennsylvania Department of Environmental Protection is investigating what could end up being the first case of water well contamination from fracking in Allegheny County, Pa., since the shale boom began, according to State Impact. Shortly after the Midas 8M well was completed, a landowner near the well reported that his water well nearly dried up, its
Read More...Massachusetts Gov. Charlie Baker has signed legislation funding an examination of the state’s natural gas distribution system, a move prompted by recent gas pipeline explosions, Kallanish Energy reports. In September, gas explosions and resulting fires in the state’s Merrimack Valley killed one person, injured at least 24, and damaged or destroyed more than 100 homes,
Read More...Brent crude oil prices Thursday pushed through $70 per barrel for the first time in nearly five months, as expectations of tight global supply outweighed pressure from rising U.S. production and lower global demand, Kallanish Energy reports. Brent futures touched $70.03/Bbl, the highest level since Nov. 12, when it last traded above $70/Bbl. The international benchmark for
Read More...Royal Dutch Shell Plc this week said it was leaving a U.S. refining lobbying organization in 2020 because the oil supermajor disagrees with the firm’s climate policy, Kallanish Energy learns. The oil giant, in its first review of its association with 19 industry groups, said it found “material misalignment” over climate policy with the American
Read More...Ascent Resources achieved record daily production in December 2018, producing roughly 2.4 billion cubic feet equivalent per day (Bcfe/d) gross and 1.9 Bcfe/d net, according to Kallanish Energy. Ascent and its subsidiaries also increased proved natural gas, oil and natural gas liquids reserves to roughly 7.6 trillion cubic feet equivalent (Tcfe) with a PV-10 value at Securities and
Read More...Embattled PG&E Corp. and its utility Pacific Gas and Electric, on Wednesday announced the appointment of William “Bill” Johnson as president and CEO, Kallanish Energy reports. In addition, the company, currently operating under Chapter 11 bankruptcy protection, named 10 new board members, to be appointed at the company’s next board meeting. The San Francisco-based utility
Read More...Liquefied natural gas is expected to become a big part of China-U.S. trade once the dispute is resolved between the two countries, a senior executive from China National Offshore Oil Corp. (Cnooc) said Wednesday. LNG will also continue to dominate China’s natural gas imports, having accounted for 60% of its gas imports in 2018, said Cnooc vice
Read More...A federal judge in San Francisco is barring utility giant Pacific Gas and Electric from re-issuing dividends in favor of using the funds for reducing the risk of wildfires in the company’s service area. U.S. District Judge William Alsup, in a court hearing Tuesday, also said he will monitor PG&E’s compliance with new wildfire prevention
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