February 4, 2015 – Oil & Gas 360

Noble Corporation plc Reports Fourth Quarter And Full Year 2014 Results, Announces Retirement Of Three Rigs

February 4, 2015

Noble Corporation plc (NE) today reported a fourth quarter 2014 loss from continuing operations of $595 million, or $2.38 per diluted share. Results for the quarter included an after-tax charge of $713 million, or $2.86 per diluted share, relating to the impairment of three rigs and the Company’s total goodwill balance. The Company has decided it will no longer market

Petrobras’ CEO Foster, Five other Executives Resign

February 4, 2015

Story by Reuters The chief executive and other senior management at Brazil’s Petrobras resigned on Wednesday amid a festering corruption scandal, setting off a scramble to find replacements capable of restoring investor confidence in the state-run oil company. The company’s board of directors will meet on Friday to elect a new management team to replace Chief Executive Officer Maria das

Proposed Federal Budget Seeks to Eliminate $45.5 Billion in ‘Oil and NatGas Preferences’ Over the Next Decade

February 4, 2015

Congressional Republicans have already called the proposed budget a political non-starter President Obama released his proposed federal budget, asking Congress to eliminate billions of dollars in tax breaks to the oil and gas industry in order to fund a $4 trillion budget for fiscal year 2016. The budget comes as part of a broader push to overhaul U.S. business taxes,

Crude Oil Cuttings for the Week Ended January 30, 2015

February 4, 2015

CRUDE OIL INVENTORY/’000 bbls (Week Ended 1/30/15) Current: 413,060 Actual Build/(Withdrawal): 6,333 Economist Average Estimate: 3,940 Previous: 406,727 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports. ANALYST COMMENTARY KLR Group Demand Demand of ~18.6 Mmbpd decreased ~9.1% w/w, and the four-week moving average decreased ~90 bps to ~3.8% higher y/y.

Energy PE Firm HitecVision, Oman's Petrogas to Buy UK oilfields for $635 Million -Oil & Gas 360

New Discovery Off the Coast of Brazil

February 4, 2015

Chairman of India’s Videocon says new discovery will be one of the lowest cost wells in the world A consortium that includes a 50:50 joint venture between Bharat Petroleum (ticker: PBCL) and Videocon Industries (ticker: VIDEOIND), and Brazilian oil major Petrobras (ticker: PBR) report a significant discovery off the northeast coast of Brazil. The discovery was made in a well

First Quebec Horizontal Oil Well can Withstand Prices – Junex

February 4, 2015

Canadian oil company Junex says their new horizontal well is commercial, even at today’s oil prices Quebec oil and gas company Junex (ticker: JNX) announced earlier this week that it plans to restart production of its Galt No. 4 horizontal well in the Gaspe Peninsula in Quebec, Canada, following rapid pressure build-up after the company shut in the well. The

Colorado Energy Law Fallout: Boulder County Enacts Emergency Oil and Gas Moratorium through Q1 2020 - Oil & Gas 360

Colorado Oil and Gas Taskforce Votes for More Local Control

February 4, 2015

CORRECTION: The taskforce’s meetings this week decided which proposals will continue on to the next taskforce meeting. None of the proposals have been sent to the governor for consideration at this time. Last September, Gov. John Hickenlooper created an oil and gas taskforce as part of a compromise to remove both pro- and anti-hydrocarbon development initiatives from the November ballot.

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