The IRS lifted the pause on issuing private letter rulings allowing companies to form MLPs with their assets The Internal Revenue Service lifted its ‘pause’ on private letter rulings (PLRs) regarding what businesses qualify for tax-free inclusion in energy master limited partnerships (MLPs). The IRS decided to put a pause on issuing PLRs last April after a huge spike in
The activity of independent E&Ps in the United States garnered plenty of news headlines in the recent earnings season, with the overwhelming majority dialing back their 2015 capital plans. Major producers like California Resources Corp. (ticker: CRC), LINN Energy (ticker: LINE), Oasis Petroleum (ticker: OAS), Rosetta Resources (ticker: ROSE), Whiting Petroleum (ticker: WLL) and WPX Energy (ticker: WPX) have all
China’s largest offshore producer announced that it has begun production at its offshore expansion project China National Offshore Oil Corporation (CNOOC; ticker: CEO) announced this week that it has begun production at its Qinhuangdao 32-6 comprehensive adjustment project. Once the project reaches its peak production capability it is expected to produce 36 MBOPD, according to the company’s press release. The
Reuters Report Oil major ConocoPhillips has decided to cancel its 17 billion crown ($2.1 billion) Tommeliten Alpha gas and condensate development in the Norwegian sector of the North Sea, Stavanger Aftenblad reported on Wednesday. Discovered in 1977 and dormant for decades, the licence decided in 2014 to tie Tommeliten Alpha into the Ekofisk complex, the Norwegian Petroleum Directorate said earlier.
Story by Reuters Shareholders, management and regulators need to reassess the business model that drove Brazil’s state-controlled oil company Petróleo Brasileiro SA to lose hundreds of billions of dollars in market value in nearly six years, minority shareholder association Amec said on Wednesday. Amec said that Petrobras, as the company is known, needs a “radical shift” in management, while respecting
Production from Andes Energia’s Las Varillas x-l reached over 100 BOPD with artificial lift system Andes Energia plc (ticker: AEN) announced the results of its multi-stage fracture and production test on the Las Varillas x-1 well, which was drilled on the El Manzano West block in the Neuquen basin, Mendoza Province, Argentina, according to the company’s release. The well was
Baytex Energy Corp. (“Baytex”) (BTE) (BTE) announces that it has entered into an agreement to sell 28,820,000 common shares (“Common Shares”) at $17.35 per share (the “Offering Price”) to raise gross proceeds of approximately $500 million on a bought deal basis (the “Offering”). The issue will be made through a syndicate of underwriters (the “Underwriters”) co-led by Scotiabank and RBC
PetroQuest Energy, Inc. (“PetroQuest” or the “Company”) (PQ) announced today that it has commenced, subject to market conditions, an underwritten public offering of 10,000,000 shares of its common stock. The Company has granted the underwriters a 30-day option to purchase up to 1,500,000 additional shares of common stock to cover any over-allotments. The Company intends to use the net proceeds
Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) (TSX, NYSE: BXE) is pleased to announce that its syndicate of lenders, led by National Bank Financial as Sole Lead Arranger and Book Runner and National Bank of Canada as Administrative Agent, has agreed to amendments to certain of the financial covenants contained in the agreement governing its bank credit facilities. The Company’s
CRUDE OIL INVENTORY/’000 bbls (Week Ended 3/6/15) Current: 448,886 Actual Build/(Withdrawal): 4,512 Economist Average Estimate: 4,595 Previous: 444,374 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 ~5.3% w/w, and the four-week moving average decreased ~70 bps to ~3.9% higher y/y. Gasoline demand
Oilfields in Libya continue to be a target for rival forces Militants from Libya’s Islamic State (ISIS) affiliate abducted nine foreigners, including four Filipinos, in an attack on a central oilfield last week and beheaded eight Libyan guards, reports the BBC. The Austrain foreign ministry in Vienna said ISIS had attacked the al-Ghani oil field, located about 440 miles south-east
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