Story by Petro Global News Tesla Motors CEO Elon Musk has seen his fortune take a billion dollar hit since November as slumping oil prices lower demand for alternative energy and electric cars. Musk owns 28 million shares in electric car company Tesla Motors and almost 21 million shares in rooftop solar panel installer SolarCity, where he also serves as
Comstock Resources, Inc. (“Comstock” or the “Company”) (CRK) announced that it has budgeted $307 million in 2015 for its drilling and completion activities. In response to low oil prices, the Company plans to suspend its oil directed drilling activity in its Eagle Ford shale properties in South and East Texas and in the Tuscaloosa Marine shale in Mississippi. Comstock has
Cheniere Energy, Inc. (“Cheniere”) (NYSE MKT: LNG) announced today that its subsidiary, Corpus Christi Liquefaction, LLC (“Corpus Christi Liquefaction”), has entered into a liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with EDP Energias de Portugal S.A. (“EDP”) under which EDP has agreed to purchase approximately 0.77 million tonnes per annum (“mtpa”) of LNG upon the commencement of operations
Saratoga Resources, Inc. (NYSE MKT:SARA; the “Company” or “Saratoga”) today provided an update on results of recent operations and measures being taken to reduce costs and enhance operational efficiencies in the current challenging environment with oil prices declining to five year lows. The Company has successfully completed several thru-tubing plugback operations with total capital expenditure of approximately $400,000 with initial
Synergy Resources Corporation (NYSE MKT: SYRG) (“Synergy,” the “Company”), a U.S. oil and gas exploration and production company with operations focused in the Greater Wattenberg Area in the D-J Basin, announces that its Fiscal 2015 capital forecast now includes the $75 million cash payment for the recently closed Wattenberg Field acquisition and incorporates changes in the completion design for future wells. Excluding the
NATURAL GAS INVENTORY (Week Ended 12/05/14) Current: 3,295 Bcf Actual Injection/(Withdrawal): (64) Bcf Economist Average Estimate: (61) Bcf Previous: 3,359 Bcf Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports ANALYST COMMENTARY **All notes from 12/18/14** KLR Group Storage overview The EIA reported a 64 Bcf storage draw, 2 Bcf above our 62 Bcf
Down more than 50% Year to Date Oil and gas companies are tightening the purse strings for 2015, as several news releases on guidance are showing capex declines of 20% or more. Commodity hedges may protect most companies from further capital deterioration for the time being, but repercussions from the oil price collapse will be truly felt once the hedge
President Putin says the economic downturn will reverse, even as the ruble continues to slide During his annual press conference, which lasted three hours this year, President Putin offered reassurances that Russia’s economic downturn would be remedied, even as the exchange rate on the ruble continued to drop. The ruble has fallen about 45% against the dollar this year, with
Energy Shares Lead Rally The Toronto Stock Exchange TSX Composite was up more than 350 points today as battered energy stocks begin to rebound and the U.S. Federal Reserve offered assurance on its interest rates. The S&P/TSX composite index jumped 355.61 points to 14,217.13, its second straight triple-digit advance as traders continued to buy stocks that were oversold during the
Source: Business News Network Canadian oil producers Husky Energy Inc and Penn West Petroleum Ltd slashed their 2015 capital budgets due to a slide in crude oil prices. Penn West (PWT.TO 8.09%), one of Canada’s largest conventional oil producers, also cut its dividend to 3 Canadian cents per share from 14 Canadian cents. Penn West and Husky join several Canadian oil
CRUDE OIL INVENTORY/’000 bbls (Week Ended 12/12/14) Current: 379,942 Actual Build/(Withdrawal): (847) Economist Average Estimate: (2,213) Previous: 380,789 Click here for the chart with five year averages. Click here for an archive of EnerCom’s Inventory Reports ANALYST COMMENTARY **All notes from 12.17.14** KLR Group Demand Demand of ~20.5 Mmbpd increased ~5.2% w/w, and the four-week moving average increased ~170 bps to
New York health officials say they will not recommend lifting the frac ban The prospects of using hydraulic fracturing to produce natural gas from the highly productive Marcellus shale basin in the state of New York now seem completely dead. New York health officials released their findings on the practice of hydraulic well stimulation, saying they believe that the long
