Crude oil prices were little changed Wednesday after the U.S. Federal Reserve said the central bank will hold interest rates steady, Kallanish Energy reports. Brent crude futures were down 29 cents, or 0.47%, to $61.85 a barrel. U.S. West Texas Intermediate crude settled down 14 cents, or 0.3%, to $53.76/Bbl. Government data showed U.S. crude inventories fell
Read More...A pair of independent producers, Chisholm Oil and Gas of Oklahoma, and Gastar Exploration of Houston, which exited Chapter 11 just five months ago, announced Wednesday they’re merging, Kallanish Energy reports. No pricetag was placed on the deal. The combined company, which will operate under the name Chisholm Oil and Gas and be headquartered in Oklahoma,
Read More...Meritage Midstream Services II said Monday its Thunder Creek NGL Pipeline subsidiary launched a binding open season to support construction of a 140-mile extension to its existing natural gas liquids pipeline, Kallanish Energy reports. The extension will facilitate transportation of Ngls from two processing plants located in Wyoming’s Campbell and Converse counties, to an interconnection
Read More...Martin Midstream Partners said Monday it’s selling to Hartree Cardinal Gas its membership interests in Arcadia Gas Storage, Cadeville Gas Storage Monroe Gas Storage, and Perryville Gas Storage for $215 million in cash. The storage assets consist of roughly 50 billion cubic feet of working capacity located in northern Louisiana and Mississippi. The transaction is
Read More...The volume of working natural gas injected into underground storage during the week ended May 31, was the second-highest amount in 2019, and the fifth time this year the volume was measured in triple digits, Kallanish Energy reports. The Energy Information Administration reported 119 billion cubic feet of working gas was added to storage during the
Read More...CECIL TOWNSHIP, Pennsylvania – The Appalachian Basin, specifically the trio of states including Pennsylvania, Ohio and West Virginia, is approaching a tipping point when determining what is done with the substantial volume of ethane produced here. There are three scenarios concerning ethane, according to Charles Zelek, a senior economist in the U.S. Department of Energy’s Office
Read More...Argentine oil company YPF SA said it’s now loading the first shipment of liquefied natural gas for export from the South American country, Kallanish Energy reports. The shipment includes 30,000 cubic meters (1.06 million cubic feet, or Mmcf) of LNG from the Vaca Muerta Shale play, YPF said, in a statement. “This is the first
Read More...The volume of working gas injected into underground storage in the most recent Energy Information Administration survey topped 100 billion cubic feet for the third consecutive week. At May 24, 1.87 trillion cubic feet (Tcf) of working gas was stored, up 114 Bcf from the week-earlier total of 1.75 Tcf, Kallanish Energy calculates. The latest
Read More...Canadian Natural Resources last week evacuated its Pelican Lake and Woodenhouse operations in northern Alberta, the first major shut-in of oil production triggered by wildfires in 2019, Kallanish Energy reports. The producer removed all 240 people working at the two sites, stopping a combined 65,000 barrels per day of heavy crude production, according to a statement
Read More...Billionaire activist investor Carl Icahn last week filed a lawsuit against Occidental Petroleum, looking for board seats and eventually a sale of the company, Kallanish Energy learns. Icahn said in the lawsuit filed in Delaware Chancery Court he’s built a $1.6 billion stake in Houston-based Occidental, and is upset by its decision to acquire Anadarko
Read More...U.S. oil and gas independent Devon Energy said this morning it’s selling its Canadian assets to Canadian Natural Resources Ltd. for C$3.8 billion ($2.81 billion) in cash, Kallanish Energy reports. Devon is one of several oil producers to invest in the Anadarko Bain’s Scoop and Stack plays in Oklahoma, which is seen by some industry players
Read More...U.S. crude oil futures gained nearly 1% Tuesday after flooding throughout the Midwest constricted crude flow from the storage hub in Cushing, Oklahoma, Kallanish Energy learns. U.S. West Texas Intermediate futures settled at $59.14 a barrel, up 51 cents, or 0.9%, from its close on Friday before the long Memorial Day holiday weekend. Flooded areas
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...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...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
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