Listed below are gas prices for the Denver, Houston and New York metropolitan areas for 2014. All have dropped roughly $1.00 on a year-over-year basis, with prices in Denver and Houston dropping by roughly 33% compared to last December and as much as 45% since the summer. Important disclosures: The information provided herein is believed to be reliable; however, EnerCom,
Falling oil prices threaten offshore oil and gas industry’s profitability in Britain’s North Sea If Brent crude, the North Sea benchmark, remains in the $60 to $70 range, at least 85% of British offshore oil and gas resources in the planning stages are at risk of being dropped, according to Wood Mackenzie. That could mean the abandonment of $27 billion
Russian oil and gas major Gazprom announces budget reductions for next year Russia’s state-owned Gazprom (ticker: OGZPY) announced its investment program and budget for 2015, cutting its capital budget substantially from 2014. With Russia reporting its first economic contraction today, it is little surprise that its oil industry giant decided to reduce spending for 2015. Russia’s Economy Ministry said gross
Petróleo Brasileiro S.A. (ticker: PBR), or Petrobras, will release its official Q3’14 financial results in January 2015 without the external auditors report from PricewaterhouseCoopers (PwC). The decision, announced on December 29, 2014, adds that PBR is “committed to releasing its third quarter accounting statements reviewed by PwC as soon as possible.” The company typically releases its third quarter results in
Coal stockpiles are improving after being depleted by cold weather and rail problems last year. Coal stockpiles increased by more than 12 million tons in October 2014, the largest build since 2011, reports the U.S. Energy Information Administration (EIA). Stockpiles at electric power plants totaled 136 million tons at the end of October, lower than in recent years for that
Breitling Energy Corporation (BECC) (the “Company”) recently announced participation in the New Wilcox Sands Project. The Company is participating in the Jackson Prospect with Frank Davis Exploration Company, a Mississippi-based exploration and production company (“FDEC”). FDEC drilled a directional well from Concordia Parish, Louisiana to Adams County, Mississippi. The Jackson Point #1 well reached total measured depth on December 23,
Southwestern Energy Company (SWN) posted an updated presentation to its website with materials that are planned to be discussed on its company update call on December 30, 2014. Included in this material are details about the recent acquisition of southwest Marcellus and Utica assets along with the company’s plans for 2015. “These are exciting times at Southwestern Energy,” stated Steve
Tom Petrie, Chairman of Petrie Partners, appears on Bloomberg’s Street Smart to discuss the outlook of the energy industry. Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not
As expected, the majority of North American E&Ps are slashing budgets in anticipation for 2015 – a year in which the Energy Information Administration forecasts West Texas Intermediate prices at $62.75/barrel. A common theme in 2015 guidance is a focus on established, reliable plays and a pullback in wildcatting and exploration projects. Some companies admitted in their Q3’14 calls that guidance
Oil, Gas Prices Aside, the U.S. Economy, DJIA and Drillers Move Ahead Oil prices inched lower this morning, with West Texas Intermediate (WTI) and Brent below $54 and $58, respectively. Crude oil inventories increased by 7.3 million barrels, according to the Energy Information Administration’s (EIA) Weekly Petroleum Status Report, released on December 24. “[The] inventories are well above the upper
Story by The National Law Review The U.S. Environmental Protection Agency (EPA) and the Department of Justice (DOJ) announced today that XTO Energy, Inc. (XTO), a subsidiary of ExxonMobil and the nation’s largest holder of natural gas reserves, will spend an estimated $3 million to restore eight sites damaged by unauthorized discharges of fill material into streams and wetlands in
Story by Andrew Topf of Oilprice.com The oil price drop that has dominated the headlines in recent weeks has been framed almost exclusively in terms of oil market economics, with most media outlets blaming Saudi Arabia, through its OPEC Trojan horse, for driving down the price, thus causing serious damage to the world’s major oil exporters – most notably Russia.
