Allowing independent refiners to import could boost demand China’s Ministry of Commerce announced today that it will grant licenses to two independent refineries to directly import crude oil as the country works to allow more room for independent players in its oil and gas markets, reports Economic Times. Up until now, about 90% of China’s crude imports have gone to
“The industry is set for a second straight year of painful austerity” Overall, WTI has declined roughly 25% just from the end of June, when prices were hovering around $60. The uneasiness plaguing the oil and gas sector have been compounded with the release of Q2’15 earnings results, as more companies announced project curtailments, budget adjustments and more layoffs. In
Story by The Wall Street Journal A group of companies that say they are owed millions from Miller Energy Resources Inc.’s Alaska subsidiary is trying to push the unit into bankruptcy after a securities regulator charged the company with accounting fraud. Creditors of Miller’s Cook Inlet Energy LLC subsidiary, filed an involuntary chapter 11 petition Thursday against the oil and
Kinder Morgan, Inc. (NYSE: KMI) today announced it is expanding its growing fleet of Jones Act product tankers and has signed a definitive agreement valued at an all-in price of $568 million with Philly Tankers LLC to take assignment of contracts for the construction of four, new 50,000-deadweight-ton, Tier II tankers to be constructed at the Aker Philadelphia Shipyard in
Story by The New York Times Google was born as a company that did Internet search. Over time, it has broadened its interests into everything from drones to pharmaceuticals to venture capital. Now Google is changing its corporate structure to reflect that it has essentially become a holding company with a disparate collection of businesses. Larry Page, co-founder and chief
Story by the Los Angeles Times Los Angeles is close to reaching an agreement with the U.S. Olympic Committee to be America’s candidate for the 2024 Summer Games, pledging to host the event at a projected cost of approximately $4 billion and offering a guarantee that the city would cover any financial overruns, officials involved with the bid said Monday.
Even as overall production declines, new-well production is up With just two exceptions, every major play tracked in the Energy Information Administration’s (EIA) Drilling Productivity Report (DPR) for August is showing lower month-over-month production, but the EIA anticipates greater production per new-well in every play except oil wells in the Haynesville, where the EIA expects no change. According to the EIA,
Atlas Energy Group, LLC (ATLS) (“Atlas Energy” or “ATLS”) announces today that it has entered into an agreement for a new term loan facility maturing in August 2020. The new facility will refinance Atlas Energy’s existing term loan and will have an initial balance of $82.7 million at an interest rate of LIBOR (floor of 1%) plus 7%. Atlas Energy
Story by Reuters Ultrapar Participações SA , which owns Brazil’s largest natural gas distribution company, is interested in acquiring some assets from state-controlled Petróleo Brasileiro SA that could be listed as early as this year, O Estado de S. Paulo newspaper reported on Monday. Ultrapar would be willing to acquire Liquigás, a rival controlled by the state firm commonly known
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