Oil prices break the 100-day moving average Both Brent crude and West Texas Intermediate (WTI) saw a sharp fall on July 6, 2015, resulting from a variety of negative factors. WTI closed at $52.71, a 7.5% drop, while Brent tumbled 8.5% to $56.81. Both the international and U.S. benchmarks broke below the 100-day moving averages. The WTI drop is the
LINN Energy Announces Sale of Remaining Permian Basin Wolfcamp Acreage for $281 Million LINN Energy, LLC (NASDAQ:LINE) (“LINN” or the “Company”) and LinnCo, LLC (NASDAQ:LNCO) (“LinnCo”) announced today that LINN has signed a definitive agreement to sell its remaining position in Howard County in the Permian Basin for a contract price of $281 million. The transaction is expected to close
Outright Midstream Sale Could Generate $600 to $700 Million Eureka Hunter Pipeline, a privately owned subsidiary of Magnum Hunter Resources (ticker: MHR), surpassed throughput volumes of 700 MMcf/d on July 2, 2015, according to a company release. Eureka spans nearly 200 miles throughout the Marcellus/Utica region and includes nine interconnects, consisting of transmission and processing plants. Two additional interconnects are
Southcross Energy Partners, L.P. Announces Completion of NGL Pipelines and Provides Update on Southcross Holdings LP’s Robstown Eagle Ford Fractionator Southcross Energy Partners, L.P. (SXE) (“Southcross”) today announced the completion of a 60,000 bbls/d Y-grade pipeline connecting Southcross’ Woodsboro processing facility to Southcross Holdings LP’s (“Holdings”) 63,000 bbls/d Robstown Fractionator (“Robstown”) near Corpus Christi, Texas and a 20,000 bbls/d propane
Sunrise Energy Project Production Update Husky Energy (HSE.TO) is continuing to ramp up production at the Sunrise Energy Project in northeast Alberta. Sunrise began producing bitumen in mid-March 2015. Twenty-five well pairs are now on production, with steaming under way on 43 of 55 well pairs. Strong reservoir and facility performance has contributed to increasing production volumes averaging 5,000-5,500 barrels
Union Pacific charges add approximately $1.71 per barrel in shipping costs Union Pacific Corp. (ticker: UNP) announced that it will charge customers an additional $1,200 per car to ship crude oil by rail if they are using DOT-111 rail cars. The new charge will go into effect starting August 1, according to documents seen by Reuters. The news makes Union
Magellan Petroleum Corporation (MPET) (“Magellan” or the “Company”) today announced the formation of a special committee of independent members of the Board of Directors of the Company (the “Special Committee”) to consider various strategic alternatives potentially available to the Company. The formation of the Special Committee is not in response to any proposal received by the Company or an approach
For every 2.5 barrels of oil produced, it is estimated that a typical commercial enhanced oil recovery (EOR) project can safely prevent one metric ton of CO2 from entering the atmosphere As of 2014, approximately 13.6 million metric tons of CO2 was captured that would otherwise be released into the atmosphere has been sequestered as a result of EOR: U.S.
BP will pay its record setting settlement over the course of the next 18 years BP (ticker: BP) will pay $18.7 billion in settlements to the U.S. and the five states along the Gulf of Mexico to resolve the Deepwater Horizons oil spill that took place in 2010. The agreement is “the largest settlement with a single entity in American
Baker Hughes (ticker: BHI) released its weekly rig count tally on Thursday, July 2 – one day earlier than normal in consideration of the July 4th Independence Day holiday. The United States added three rigs to its fleet in the latest report and now has 862 total. A total of 12 oil-focused rigs joined the fleet, breaking a 29-week decline
Bonterra Energy Corp. Confirms Cash Dividend for June 2015 Payable July 31, 2015 Bonterra Energy Corp. (www.bonterraenergy.com) (TSX:BNE) announces that the June 2015 monthly cash dividend will be $0.15 per share and will be paid on July 31, 2015. The record date for the dividend is July 15, 2015 and the ex-dividend date is July 13, 2015. The dividend is
Russia offers $40 per Mcm discount on gas, but Ukraine says no Russian state-owned energy giant Gazprom (ticker: OGZPY) announced that it is halting gas flows to Ukraine amid a pricing dispute. Gazprom CEO Alexi Miller said Gazprom has not received advanced payment for deliveries of natural gas for July, and will not deliver gas to Ukraine at any price
