More Unconventional News

Oxy cuts capital budget by a third

Jan 30, 2015

In the midst of falling oil prices, Occidental Petroleum Corp., Houston, expects to reduce its total capital spending for 2015 to $5.8 billion from $8.7 billion in 2014.

PwC: Low oil prices might drive surge in restructuring in 2015

Jan 29, 2015

Mergers and acquisitions (M&A) in the oil and gas industry hit 10-year highs in terms of deal value and volume in 2014, according to a report from PwC US. The record breaking year was primarily driven by a significant level of deals valued at more than $1 billion, especially in second-half 2014.

ASMP report lists routes to shale-stimulated manufacturing rebound

Jan 29, 2015

The US shale oil and gas renaissance has created a manufacturing rebound that could produce even more jobs and stimulate further economy growth with the right conditions, the American Shale & Manufacturing Partnership said in a recent report.

Cenovus trims additional $700 million from capital budget

Jan 28, 2015

Cenovus Energy Inc., Calgary, will defer $700 million in additional capital expenditures originally planned for 2015 until crude oil prices recover, targeting a revised budget of $1.8-2 billion, the company says.

Carrizo cuts drilling, completion spending by 35%

Jan 27, 2015

Carrizo Oil & Gas Inc., Houston, is cutting its drilling and completion capital expenditure plan for the year by 35% to $450-470 million, but expects to keep oil production roughly flat with last year’s fourth quarter.

Hess cuts capital budget by 16% to $4.7 billion

Jan 27, 2015

Hess Corp. has set a capital budget of $4.7 billion for 2015, down 16% from $5.6 billion spent last year. The company at the beginning of 2014 reported a $5.8 billion budget for the year.

ETP, Regency to merge in $18-billion deal

Jan 26, 2015

Energy Transfer Partners LP (ETP) and Regency Energy Partners have agreed to merge in a unit-for-unit transaction, plus a one-time cash payment to Regency unit holders, valued at $18 billion, including the assumption of net debt and other liabilities of $6.8 billion.

OGUK: Push to ban fracing in UK ‘ill-informed’

Jan 26, 2015

The House of Commons Environmental Audit Committee’s proposed amendment to the infrastructure bill that would introduce a moratorium on hydraulic fracturing in the UK is “ill-informed” and would derail industry and cross-party efforts to maximize economic recovery of oil and gas from the North Sea, Oil & Gas UK said on Jan. 26.

EIA: Stable oil production outlook in Lower 48 despite near-term rig-count reduction

Jan 26, 2015

According to data from Baker Hughes Inc., between the weeks ended Oct. 31, 2014, and Jan. 23, 2015, the number of active onshore drilling rigs in the Lower 48 dropped 16%, reflecting the sharp decline in oil prices over the last quarter of 2014.

BHI: US rig count falls for 8th straight week, down 43 units

Jan 23, 2015

The US drilling rig count fell 43 units to settle at 1,633 rigs working during the week ended Jan. 23, Baker Hughes Inc. reported.

Pengrowth cuts capital spending due to declining oil prices

Jan 23, 2015

The recent “rapid” decline in world oil prices is the main reason given by Pengrowth Energy Corp., Calgary, for setting its 2015 capital budget at $200 million, 74% below its $770 million budget for 2014.

Kinder Morgan to acquire Hiland Partners for $3 billion

Jan 22, 2015

Kinder Morgan Inc. (KMI) has agreed to acquire Hiland Partners from founder Harold Hamm and certain Hamm family trusts for $3 billion, including the assumption of debt. The deal is expected to close in the first quarter.

BHP to reduce US onshore rigs by 40% by July

Jan 21, 2015

Australia’s BHP Billiton will reduce its US onshore rig presence from 26 to 16 by July in response to lower oil prices.

Wintershall: Shale gas controversy blocking conventional production

Jan 20, 2015

Wintershall Holding GMBH says natural gas production in Germany fell by about 6% in the past year, and controversy over shale gas and hydraulic fracturing is blocking conventional gas production.

Syncrude files applications for Mildred Lake extensions

Jan 20, 2015

Syncrude Canada Ltd. has filed applications with Alberta Energy Regulator for two extensions to the Mildred Lake oil sands production area.

Shiels appointed chief executive officer of American Energy–Midstream

Jan 19, 2015

American Energy Partners LP (AEP), Oklahoma City, has named David C. Shiels as chief executive officer of affiliate American Energy–Midstream LLC (AE-MidCo).

Study says most of California’s fracturing done in Kern County

Jan 19, 2015

Almost all hydraulic fracturing done in California happens in the southwest portion of the San Joaquin basin in Kerr County, said a scientific study released by the California Natural Resources Agency, the California Council on Science & Technology (CCST), and Lawrence Berkeley National Laboratory.

BHI: US rig count plunges 74 units, hits lowest total since October 2010

Jan 16, 2015

The US drilling rig count plunged 74 units—all on land—to settle at 1,676 rigs working during the week ended Jan. 16, Baker Hughes Inc. reported. That’s the lowest total since the Oct. 29, 2010, rig count, which totaled 1,672.

Range cuts 2015 capital budget to $870 million

Jan 15, 2015

Range Resources Corp., Ft. Worth., has reduced its capital budget for 2015 to $870 million from the previously reported $1.3 billion, which already represented an 18% cut compared with the 2014 budget.

Conoco’s Lance calls for repeal of US crude oil export ban

Jan 15, 2015

The US crude export ban that was imposed in 1975 should be repealed 40 years later to ensure the US oil and gas renaissance continues, ConocoPhillips Chief Executive Officer Ryan Lance said.

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