U.S. independent E&P firm Apache Corp. reported on Thursday net losses of $397 million in the second quarter of 2020, alongside a new oil discovery on Block 58 offshore Suriname. The net loss attributable to shareholders was driven by significantly lower revenues from oil production during second quarter compared to the previous year, which fell
Read More...French energy major Total posted on Thursday losses of over $8.37 billion during second-quarter driven by impairments, lower hydrocarbon prices and production levels, Kallanish Energy reports. The net loss compares to a net profit of $2.76 billion during the same period last year, as “exceptional circumstances” led to asset impairments totalling $8.1 billion. The majority
Read More...Orphaned wells have been making headlines recently as a potential source of methane emissions. The oil and natural gas industry and regulatory agencies have collaborated on identifying the number of these wells and finding solutions to the unique challenges they present, particularly since most of them were drilled in the 1800s and early 1900s. Most
Read More...Chevron and Shell’s upstream portfolios are the most resilient at oil price at $30 a barrel and offer the highest cash margins at $70/Bbl, according to analysts at Wood Mackenzie. Tom Ellacott and the Corporate Analysis team at the consulting firm have studied the resilience of the seven oil and gas majors: BP, Shell, Chevron,
Read More...The Democratic Senate primary in Colorado heated up this week with two debates between former Gov. John Hickenlooper and former State House Speaker Andrew Romanoff. Unfortunately, each candidate was only asked one question apiece both nights on energy. Hickenlooper, who supported the industry while governor, discussed a “fast” transition away from “carbon-based energy” like oil
Read More...“Keep It In The Ground” activist group Colorado Rising recently announced that it is abandoning its campaign to put costly new anti-oil and natural gas initiatives up for a vote in November after admitting it couldn’t gather enough signatures to qualify for the ballot. As Reuters reported: “A Colorado environmental group dropped plans to place
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...Coloradans living near oil and natural gas development are most likely to support this activity, while the industry’s biggest opponents tend to live in areas with little to no production, according to a new study. Key findings: (1) Strong opposition to #fracking is mostly found in places where there is little to no drilling activity.
Read More...EID’s Will Allison testified today on behalf of the Independent Petroleum Association of America before the Council on Environmental Quality. The Denver hearing is the first of two such events for CEQ to hear commentary on its proposal to update the National Environmental Policy Act. Below is Mr. Allison’s testimony: Testimony Delivered By William Allison On Behalf
Read More...Oil and natural gas development is not responsible for groundwater issues in Pavillion, according to the Wyoming Department of Environmental Quality report, Final Pavilion, Wyoming Gas Field Domestic Water Wells Report on Recommendations for Further Investigation (Final Report), released this week. This latest report represents the final chapter of the WDEQ’s more than six year-long
Read More...Presidential hopeful Joe Biden made a statement at this week’s Democratic presidential debate that shows just how out-of-touch the former vice president is with the oil and natural gas workers that have transformed his home state of Pennsylvania into an energy powerhouse and helped achieve record U.S. energy security. Taking a line from fellow candidate,
Read More...For the first time in history, the U.S exported more petroleum products to overseas markets than it imported in October, according to the Energy Information Administration’s recently-released “Short-Term Energy Outlook” It represents an historic shift as the United States solidifies its role as an oil and natural gas powerhouse that’s able to provide for its
Read More...Several Democratic presidential candidates are campaigning on promises to ban fracking on federal lands, or on some more extreme platforms – from Sens. Elizabeth Warren, Bernie Sanders and Kamala Harris – place a ban on all fracking in the United States including on private property. World leaders have advised against a U.S. ban for a
Read More...Has the technology that drove the U.S. shale boom finally peaked? One thing is clear, oil production is leveling off as innovation plateaus, according to a recent article by The Wall Street Journal. U.S. oil production increased by less than 1% during the first six months of 2019, according to the Energy Department. Over the same
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