Press Secretary Takes Jabs at Republicans, Energy Subsidies in Media Briefing The crude oil export ban, a hot topic among industry and American security pundits alike, appears likely to land in the House of Representatives this month. The efforts are a welcome sign for an oil and gas sector that is estimated by Moody’s to generate negative cash flow of
Synergy Resources (ticker: SYRG) is approaching the ownership of 100,000 net acres in the greater Wattenberg area, aided by the purchase of 4,300 net acres on September 15, 2015. The Platteville, Colorado exploration and production company secured the acreage in a deal with privately held K.P. Kauffman Company, Inc., for $78 million, consisting of 4.4 million SYRG shares and $35
Prices jump over $2.50 on inventory drop Oil prices today closed at $47.13, up $2.54, or 5.7% higher than where they started the day. The spike in prices is a bit of welcome news for the industry, which has been learning to live with oil prices at less than half their peak levels just over a year ago. Inventories saw
President Maduro to the world’s oil producers: “The minimum, minimum price should be $70” Oil producing countries have been negatively affected by the dramatic fall in the price of oil since the middle of last year, and some have been hit harder than others. Venezuela, in particular, is one OPEC member that is feeling the pressure. Why? Because 95% of
Petróleo Brasileiro S.A. – Petrobras announces that its average production of oil and natural gas, in Brazil and abroad, was 2.88 million barrels of oil equivalent per day (boed) in August 2015, an increase of 3.1% compared to July, when the volume produced was 2.80 million. This production represents a new historical record, 0.8% higher than the last record of
Upward revisions show significantly higher coal consumption and production from 2000 to 2013 New data from the China Statistical Abstract 2015 (CSA2015) shows upward revisions in both the consumption and production of coal in China from 2000 to 2013. Energy-content-based coal consumption from 2000 to 2013 is up to 14% higher than previously reported, while coal production is up to
Project starts up five months early and $400 million under budget Daily oil production to increase by 65,000 barrels per day Subsea development ties into existing infrastructure for capital efficiency Exxon Mobil Corporation (XOM) announced today that its subsidiary, Esso Exploration and Production Nigeria Limited, has started oil production ahead of schedule at the Erha North Phase 2 project offshore
Enterprise Products Partners L.P. (EPD) (“Enterprise”) announced today that its operating subsidiary, Enterprise Products Operating LLC (“EPO”), increased its bank credit facilities by $500 million to provide the company with up to $5.5 billion of aggregate borrowing capacity. The facilities consist of an amended $4.0 billion multi-year revolving credit agreement that matures in September 2020 and a new $1.5 billion
Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE: REN) announced today that it has entered into a definitive agreement to sell its Hilight Field assets in the Wyoming Powder River Basin to an undisclosed private party for a purchase price of $55 million. The proceeds of the sale will be used to reduce debt. The transaction, which is expected to close
VAALCO Energy, Inc. (EGY) today announced that the North Tchibala 1-H well, the first development well drilled by VAALCO in the North Tchibala field, was brought online at a rate slightly in excess of 3,000 gross barrels of oil per day (approximately 750 barrels per day net revenue interest to VAALCO). The well was drilled to a measured depth of
The U.S. Virgin Islands filed a lawsuit against Hess Corp. (ticker: HES) for approximately $1.5 billion, saying the company violated its contract by shuttering its refinery in St. Croix. Prior to being shuttered, the facility was once the world’s largest refinery, and was responsible for employing 2,500 people, or about one in four workers in the Virgin Islands. The facility
Enterprise Increases Capacity of Bank Credit Facilities by $500 Million to $5.5 Billion Enterprise Products Partners L.P. (NYSE:EPD) (“Enterprise”) announced today that its operating subsidiary, Enterprise Products Operating LLC (“EPO”), increased its bank credit facilities by $500 million to provide the company with up to $5.5 billion of aggregate borrowing capacity. The facilities consist of an amended $4.0 billion multi-year
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