“If you are Saudi Arabia…you would go to full capacity” Goldman Sachs and Citi Group predict that Saudi Arabia will likely start to push production to its daily maximum of 11 MMBOPD in the second half of 2015, reports Bloomberg. “If you are Saudi Arabia and you’re looking at the new oil order we live in, you would go to
New Oil & Gas 360® Users Accelerate Rapidly During the Past 12 Months In 2010, EnerCom Inc. launched www.oilandgas360.com. The idea was to bring oil and gas data and insight to a global audience of oil and gas company leaders and investment professionals that invest and follow the dynamic oil and gas industry. “The idea germinated from our consulting practice,”
Energy XXI (ticker: EXXI), one of the largest operators in the Gulf of Mexico, announced significant liquidity-enhancing measures in two separate press releases on June 22, 2015. The first announcement, released prior to market opening, confirmed an agreement with the Bureau of Ocean Energy Management (BOEM) regarding supplemental bonding requirements. As explained by Capital One Securities, “In April, EXXI received
$1.5 to $1.9 billion in 2015 growth capital Denver based MarkWest Energy Partners LP (ticker: MWE) remains focused on growth, even as oil prices remain low. A recent presentation from the company says the company currently has 20 major projects under construction, and forecasts $1.5 to $1.9 billion in capital investment for 2015. The company’s focus on pipelines and associated
Goodrich Petroleum (ticker: GDP) is turning two of its six uncompleted Tuscaloosa Marine Shale (TMS) wells online and expects initial production within two weeks. The Houston-based exploration and production company will turn the remaining four wells online before its borrowing base redetermination in October. Three nearby completed wells, all operated by GDP, returned respective 24-hour rates of 1,370, 1,275 and
Energy Transfer Equity makes an all-equity offer for Williams The Williams Companies (ticker: WMB) rejected an all-equity transaction valued at $53.1 billion, including the assumption of debt and other liabilities, from Energy Transfer Equity (ticker: ETE), according to an ETE press release today. ETE made a series of offers for Williams, which WMB had not replied to prior to rejecting
Key Energy Services, Inc. (KEG) announced today that Robert Drummond, age 54, has joined the Company as President and Chief Operating Officer, effective immediately. Mr. Drummond was formerly employed by Schlumberger for 31 years, serving in various positions of increasing responsibility including management, business development and operations. He most recently served as President of Schlumberger Limited’s North American business unit.
“The shale industry is hiring local workforce—that’s going to keep the money in the community…” Building pipelines to support the shale industry has contributed over one million working hours so far in 2015 for laborers in Ohio, according to the Laborer’s International Union of North America (LiUNA) in Ohio. The industry group expects that pipeline construction will constitute three million
Bakken, Permian and Eagle Ford replacing Saudi imports of light and medium crudes Imports of medium-grade crude oil to Gulf Coast refineries were down 45% in the first quarter of 2015 compared with the first quarter of 2014, reports the Energy Information Administration (EIA). Medium-grade crude imports fell to 0.8 MMBOPD in Q1’15 from 1.5 MMBOPD the year before. Almost
Concerns over states’ rights prompt withdrawal of proposed regulation The United Forest Service announced that it will withdraw its proposed rule on groundwater resource management, according to a release from the agency. Groups like the Western Governors Association were concerned that the litigation overreached the USFS’s authority and infringed upon their rights to regulate water supplies. In its statement, the
WPX Energy (WPX) has completed the purchase of another 14,300 net acres in the San Juan Basin’s Gallup oil window from an undisclosed seller for approximately $26 million. The acreage purchase represents an estimated 100 gross drilling locations, boosting WPX’s tally in the San Juan Gallup to approximately 500. WPX now owns or controls approximately 100,000 acres in the core
Goodrich Petroleum Corporation (GDP) today announced that it has commenced completion operations on two of its six drilled but uncompleted wells in the Tuscaloosa Marine Shale (“TMS”). The B-Nez 43H-1 (70%WI) and B-Nez 43H-2 (74% WI) wells in Tangipahoa Parish are near completion of fracture stimulation, with flow back and initial production expected within 1 – 2 weeks. The Company currently
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