Oil markets are still adjusting to levels of oversupply, but the demand imbalance has become an old hat of sorts for the natural gas industry. El Nino is unlikely to do the gas market any favors in the upcoming winter season. Natural gas inventories are nearing five year highs, as evidenced by EnerCom’s Natural Gas Roundup inventory report, and the
Total rig count continues decline for fifth consecutive week The current price environment has continued to put downward pressure on the number of active rigs operating in the United States. For the fifth consecutive week, Baker Hughes (ticker: BHI) reported the number of rigs in the U.S. declined, ending at 838, down from 842 a week ago. The number of
Every year, oil and gas companies are required by the Securities Exchange Commission (SEC) to report their proved oil and gas reserves. By reporting these reserves, companies give their investors a meaningful understanding of the resources the company controls that it believes it could economically produce, establishing the size of the company’s reserves. To qualify under SEC guidelines as “proved
China looks to break oil and gas monopoly with new structure, further reforms The Chinese government is moving forward with plans to shake things up at its oil and gas monopolies. Reports say China will take the oil and gas transportation operations currently under the control of state-giants China National Offshore Oil Corp (CNOOC; ticker: CEO), China National Petroleum Corp
Story by the Puget Sound Business Journal China Eastern Airlines wants to build more of its own airplanes, a company executive announced this week. Liu Shaoyong, chairman of the airline and president of China Eastern Air Holding Company, came to town during Chinese President Xi Jinping’s visit to Seattle this week to speak as part of a panel at a
Story by The Washington Bureau As the Export-Import Bank remains shuttered, the export credit agency’s biggest customers are adding jobs in countries that will finance their sales. General Electric (GE) once again on Thursday cited the lack of Ex-Im Bank financing as the reason why it’s expanding operations overseas. This time, GE reached an agreement with the United Kingdom’s export
Stone Energy Corporation (SGY) today provided a production, operational and conference update. On September 1, 2015, Stone shut-in its Mary field in Appalachia curtailing approximately 100-110 Mmcfe of production per day, leaving approximately 25 Mmcfe per day producing from the Heather and Buddy fields in Appalachia. Low commodity pricing, including negative differentials in the region, combined with fees for transportation,
Goodrich Petroleum Corporation (GDP) (the “Company”) today announced that it has entered into separate, privately negotiated exchange agreements under which it will retire approximately $158.2 million in an aggregate original principal amount of its outstanding 8.875% Senior Notes due 2019 (the “Existing Notes”) in exchange for its issuance of $75 million in an aggregate original principal amount of its 8.875%
Story by Reuters North Dakota regulators on Thursday gave the energy industry 10 extra months to curb the amount of natural gas burned off at oil wells, acquiescing to industry worries that construction delays have made it all but impossible to meet existing targets. The North Dakota Industrial Commission voted unanimously to require the state’s oil producers to collect 85
Approach Resources Inc. (AREX) today announced that it has completed the scheduled semiannual borrowing base redetermination of its revolving credit facility, and as a result, the bank group has set the lender commitment amount and borrowing base at $450 million. Under the terms of the credit agreement, the bank group redetermines the borrowing base semiannually using the banks’ estimates of
