More Unconventional News

EnLink agrees to purchase Coronado Midstream for $600 million

Feb 2, 2015

EnLink Midstream has agreed to acquire Coronado Midstream Holdings LLC, which owns natural gas gathering and processing facilities in the Permian basin, for $600 million.

Antero trimming, delaying Marcellus drilling

Feb 2, 2015

Antero Resources Corp., Denver, has announced a $1.8 billion budget for 2015, which is down 41% from 2014. The independent said it plans to defer completions in the Marcellus during the second and third quarters to limit natural gas volumes sold into low-price markets.

Syncrude sees additional $260-400 million in possible budget cuts

Feb 2, 2015

The estimate for capital expenditures has also been reduced to $451 million net to COS, which includes $104 million of remaining expenditures on major projects and incorporates $110 million in cost reductions.

Novel upgrading technology cuts diluent use, capital costs

Feb 2, 2015

A novel bitumen upgrading process that decreases the amount of diluent required for pipeline transportation and reduces overall operating costs has been proven in a 100-b/d demonstration plant in Pennsylvania.

EIA: Stable oil outlook seen despite near-term rig-count reduction

Feb 2, 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: Texas anchors 90-unit plunge in US rig count

Jan 30, 2015

The US drilling rig count plunged 90 units—a majority of which were in Texas—to settle at 1,543 rigs working during the week ended Jan. 30, Baker Hughes Inc. reported.

Victoria extends drilling, fracing ban

Jan 30, 2015

The new Victorian Labor government of premier Daniel Andrews has extended the coal seam gas (CSG) exploration and hydraulic fracturing ban in the state and launched another parliamentary inquiry.

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.

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