More Unconventional News

PwC: Low oil prices reduce 1Q M&A activity in US

May 11, 2015

Mergers and acquisitions (M&A) activity in the oil and gas industry took a hit in value and volume during the first quarter compared with fourth-quarter 2014, as the drop in oil prices continued to impact companies’ growth strategies, according to a report from PwC US.

Cold Lake project expansion starts production

May 11, 2015

ExxonMobil Corp. has started bitumen production at the $2-billion Cold Lake Nabiye project expansion in northeastern Alberta.

Noble to acquire Rosetta for $2.1 billion, enter Permian

May 11, 2015

Noble Energy Inc., Houston, has agreed to acquire Rosetta Resources Inc., Houston, in an all-stock transaction valued at $2.1 billion, plus the assumption of Rosetta’s net debt of $1.8 billion as of Mar. 31. The deal is expected to close in the third quarter.

EIA: East Coast refineries got 52% of crude by rail in February

May 11, 2015

US East Coast refineries received more than half of their crude oil feedstocks by rail during February, the US Energy Information Administration reported.

BHI: US rig count posts smallest decline in 22 weeks

May 8, 2015

During a week in which much of the oil and gas industry was either preoccupied with the Offshore Technology Conference in Houston or company earnings reports, the US drilling rig count snuck down just 11 more units to settle at 894 rigs working, according to data from Baker Hughes Inc.

Capito’s bill aims to improve federal pipeline permitting process

May 7, 2015

US Sen. Shelley Moore Capito (R-W.Va.) introduced legislation aimed at modernizing and improving the timeframe for proposed oil and gas pipelines to get federal approval.

Study shows proposed Pennsylvania gas severance tax would be costly

May 7, 2015

A proposed natural gas severance tax in Pennsylvania would have negative economic consecutives for the state, according to a Natural Resource Economics Inc. study released May 7 by the Associated Petroleum Industries of Pennsylvania (API-PA).

Chesapeake reports 1Q net loss of $3.782 billion

May 7, 2015

Chesapeake Energy Corp., Oklahoma City, reported a first-quarter net loss of $3.782 billion, down from a net income of $374 million in first-quarter 2014.

Apache reports 1Q net loss of $4.7 billion

May 7, 2015

Apache Corp. reported a first-quarter net loss of $4.7 billion, including an aftertax ceiling-test write down of $4.7 billion due to “substantially lower commodity prices.”

OTC: Many variables dictate N. America’s emergence as a global energy force

May 6, 2015

North American businesses and governments must work together toward the collective goal of advancing the continent’s energy aspirations. That was the message delivered by producers and government officials during a May 5 panel discussion at the Offshore Technology Conference in Houston.

Crude export ban could endanger US oil renaissance, Encana CEO warns

May 6, 2015

The plunge in crude oil prices since last summer is creating adverse impacts sooner than expected, and could endanger the economic renaissance the US has undergone from its dramatically increased production if crude exports are not authorized soon, Encana Corp. Chief Executive Officer Douglas J. Suttles warned.

Husky Energy reports net earnings of $191 million (Can.)

May 6, 2015

Husky Energy Inc. reported first-quarter net earnings of $191 million (Can.) compared with a loss of $603 million in the previous quarter and year-ago earnings of $662 million.

EIA: East Coast refineries got 52% of crude by rail in February

May 5, 2015

US East Coast refineries received more than half of their crude oil feedstocks by rail during February, the US Energy Information Administration reported.

EOG Resources posts $170-million 1Q net loss

May 4, 2015

EOG Resources Inc., Houston, reported a first-quarter net loss of $169.7 million, down from net income of $660.9 million during first-quarter 2014.

Hair-trigger supply a new challenge of managing oil assets

May 4, 2015

Reluctance by Saudi Arabia to cut production in defense of the crude price reflects important new realities of the oil market.

Dakota Prairie commissions first US refinery in nearly 40 years

May 4, 2015

Dakota Prairie Refining LLC, a joint venture of MDU Resources Group Inc., Bismarck, ND, and its 50-50 partner Calumet Specialty Produces Partners LP, Indianapolis, has started commercial production of diesel fuel and other products at its 20,000-b/d diesel refinery in North Dakota.

BHI: US rig count loses 27 units, down 1,015 units since Dec. 5

May 1, 2015

The US drilling rig count fell 27 units—all on land—to 905 rigs working during the week ended May 1, according to data from Baker Hughes Inc. The count has now plunged 1,015 units over 21 weeks since the week ended Dec. 5.

BLM fracing variance inadequate, Wyo. official tells Senate panel

May 1, 2015

The US Bureau of Land Management’s final hydraulic fracturing rule allows states with their own requirements to seek a variance under which their rules would apply if they were more stringent, BLM Director Neil Kornze told a US Senate Energy and Natural Resources subcommittee. But Mark Watson, Wyoming state oil and gas supervisor, said BLM would benefit instead of the states.

Statoil reports $4.67 billion 1Q loss following US shale write-downs

May 1, 2015

Statoil ASA reported a negative first-quarter international financial reporting standards net income of $4.67 billion due to asset impairments of $6.08 billion primarily comprising US onshore unconventional assets including the Bakken, Eagle Ford, and Marcellus shale plays.

ExxonMobil 1Q earning down 46% year-over-year

Apr 30, 2015

ExxonMobil Corp. reported first-quarter earnings of $4.9 billion, down from $9.1 billion during first-quarter 2014 due in part by upstream losses in the US. The total, however, exceeded analyst expectations.

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