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360 Articles

Source: Houston Chronicle

McDermott stock remains stuck below $1 per share

Houston Chronicle Stock prices for Houston oilfield service company McDermott International have remained stuck below $1 per share for more than week. Traded on the New York Stock Exchange under the stock ticker symbol MDR, McDermott slid below $1 per share on Nov. 8 and has yet to recover. An important clock has been triggered by the stock price dip. Under[Read More…]

November 18, 2019 - 3:30 pm 360 Articles, Closing Bell Story, Energy News, Oilfield Services
Source: Reuters

Exclusive: Investors step up pressure on global energy watchdog over climate change

Reuters LONDON/BRUSSELS – Fatih Birol, the head of the International Energy Agency (IEA), faced renewed pressure on Monday from investors and scientists concerned about climate change to overhaul the agency’s projections for fossil fuel demand. Pension funds, insurers and large companies were among 65 signatories of a joint letter to Birol, seen by Reuters, urging him to do more to[Read More…]

November 18, 2019 - 3:00 pm 360 Articles, Closing Bell Story, Energy News, International
Source: oklahoman.com

Gulfport Energy to cut jobs, halt share buybacks

Reuters NEW YORK – U.S. gas exploration and production company Gulfport Energy Corp (GPOR.O) on Monday confirmed that it would cut jobs, change its board and end its share buybacks, in a bid to reverse a slide in its stock price. Reuters had reported the news earlier in the day, citing sources. Gulfport shares, which fell 7.8% to $2.85 in[Read More…]

November 18, 2019 - 2:00 pm 360 Articles, Closing Bell Story, E&P, Energy News, Jobs, People
Source: Reuters/Nick Oxford

Paulson gives up opposition to reduced Callon-Carrizo deal

Reuters: Callon Petroleum Co shareholder Paulson & Co said on Monday it would now not oppose the U.S. shale producer’s purchase of smaller rival Carrizo Oil & Gas Inc, after the company last week sharply cut its offer. Billionaire investor John Paulson’s hedge fund, which had earlier said the deal was too expensive, also reduced its stake in Callon but[Read More…]

Source: Houston Chronicle

Big Oil majors looking to sell $27 billion in assets worldwide

Source: Houston Chronicle The Big Oil majors aim to unload about $27 billion in oil and gas assets worldwide in order to cut costs and focus spending on their core projects. U.S. giants Exxon Mobil and Chevron for instance are concentrating their oil and gas spending on West Texas’ booming Permian Basin, as well as Guyana for Exxon Mobil and[Read More…]

Source: Reuters/Jessica Lutz

Oil prices fall about $1 on trade talks uncertainty

Reuters HOUSTON – Oil prices eased on Monday, giving up some of last week’s gains and edging lower alongside U.S. stocks on uncertainty over a trade deal between the United States and China. Concerns about plentiful crude supplies in 2020 also weighed on the market, which expects OPEC to extend production cuts in early December to help avoid a new[Read More…]

Source: Houston Chronicle

FERC poised to make permit decisions on four LNG export projects in Texas

Houston Chronicle Federal regulators appear poised to make permit decisions on the applications submitted by four liquefied natural gas export terminals in Texas.   After more than three years of review, commissioners with the Federal Energy Regulatory Commission have placed permit decisions for the four projects on the agenda for the agency’s Thursday morning meeting. Three of the proposed projects[Read More…]

November 18, 2019 - 10:00 am 360 Articles, Closing Bell Story, Energy News, LNG, Natural Gas News
Saudi Aramco in race for IPO record with $1.7 trillion top value

Saudi Aramco in race for IPO record with $1.7 trillion top value

Reuters DUBAI- Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil giant on Sunday, below the $2 trillion sought by Saudi’s crown prince but putting it in the running to become the world’s biggest IPO.   Aramco cannot sell its shares directly to investors in the United States and other markets, as the[Read More…]

Source: Baker Hughes, EnerCom Analytics

U.S. Rig Count drops 11, down to 806 rigs

This week’s Baker Hughes rig count shows that U.S. numbers declined by 11, resulting in the total count falling to 806 rigs.  Canada decreased over last week as well by 6 rigs, resulting in a total Canadian count of 134 rigs. Breakdown by region Of the regions tracked by Baker Hughes, two regions saw an increase this week; the Mississippian basin[Read More…]

Source: Reuters/Richard Brian

Cowboys owner Jerry Jones has a long-term game plan for Haynesville gas

Reuters At a time when companies in a U.S. natural gas field have been losing money and exiting Louisiana’s Haynesville shale basin, Dallas Cowboys’ owner Jerry Jones’ Comstock Resources (CRK.N) is picking up cheap assets, betting on the field’s proximity to the growing U.S. Gulf Coast export hub. Reuters on Wednesday reported that Comstock Resources (CRK.N) is in talks to[Read More…]

November 15, 2019 - 2:00 pm 360 Articles, Closing Bell Story, EnerCom Inc, LNG, People
Source: Reuters

Oil prices gain 2% despite concerns about rising supplies

Reuters NEW YORK  – Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices. Benchmark Brent crude rose $1.04, or 1.7%, to $63.32 a barrel, while West Texas Intermediate crude rose 96 cents, or 1.7%, to $57.73 a barrel. Brent and[Read More…]

November 15, 2019 - 1:00 pm 360 Articles, Closing Bell Story, Crude Oil News, Energy News, OPEC
Source: Houston Chronicle

Billionaires circle distressed assets in U.S. oil and gas patch

Houston Chronicle Billionaires are circling the distressed U.S. oil and gas patch, looking to pick up assets on the cheap at a time when the state of the industry is scaring off other investors. Sam Zell has teamed up with Tom Barrack Jr. to buy oil assets in California, Colorado and Texas at fire-sale prices from companies trying to get[Read More…]

November 15, 2019 - 12:00 pm 360 Articles, Closing Bell Story, Crude Oil News, Energy News, People
Source: Reuters/Brendan McDermid

Court tosses Carl Icahn’s lawsuit seeking Occidental acquisition records

Reuters HOUSTON (Reuters) – Activist investor Carl Icahn will not have access to Occidental Petroleum Corp’s Anadarko takeover records to support his proxy fight against the oil firm’s board, a Delaware court judge ruled on Thursday. Icahn sued Occidental in Delaware Court of Chancery last May seeking financial records and details of its negotiations with Anadarko. He has since committed[Read More…]

November 15, 2019 - 11:00 am 360 Articles, Closing Bell Story, Energy News, People
Source: nasdaq.com

U.S. oil producers to slash spending for second straight year in 2020

Reuters U.S. energy producers plan to slash spending for a second straight year in 2020 as companies struggle to extract profits from the U.S. shale boom. While U.S. crude output hit a record 13 million barrels per day (bpd) this month, U.S. oil companies have struggled to deliver consistent profits. That is in part due to their success – higher[Read More…]

November 15, 2019 - 10:00 am 360 Articles, Closing Bell Story, Crude Oil News, Economy, Energy News, Jobs
Source: Reuters/Jason Lee

OPEC+ faces ‘major challenge’ from competitors’ surging output: IEA

Reuters LONDON- The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group’s policy meeting next month. “The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply,” the Paris-based agency said in a[Read More…]

Source: forbes.com

European Investment Bank to cease funding fossil fuel projects by end-2021

Reuters The European Investment Bank said on Thursday it would stop funding fossil fuel projects at the end of 2021, in a landmark decision. The bank’s new energy lending policy, which was approved with “overwhelming” support, will bar most fossil fuel projects, including traditional use of natural gas, bank vice president, Andrew McDowell told reporters in a call. “This is[Read More…]

November 14, 2019 - 3:45 pm 360 Articles, Closing Bell Story, Finance, International
Source: Reuters

Russia’s Putin: Saudi Arabia taking tough stance on OPEC deal

Reuters Russian President Vladimir Putin said on Thursday that Saudi Arabia was taking a tough stance on the output deal between OPEC and its allies because of Saudi Aramco’s initial public offering, but that Moscow respected Riyadh’s interests. Speaking to reporters in Brazil at a summit for BRICS countries, Putin said Moscow should continue to work with OPEC and that[Read More…]

November 14, 2019 - 3:30 pm 360 Articles, Closing Bell Story, Energy News, International, OPEC
Source: Houston Chronicle

Icahn says Occidental won’t hit target without ‘fire sale’

Houston Chronicle Activist investor Carl Icahn said Occidental Petroleum Corp.’s new target for assets sales won’t be achieved without a “fire sale” that includes its pipeline system, Western Midstream Partners LP, which was already shopped to potential buyers earlier this year. Occidental’s Chief Executive Officer Vicki Hollub said Wednesday in a statement she was “highly confident” the company will exceed[Read More…]

November 14, 2019 - 3:00 pm 360 Articles, Closing Bell Story, Energy News, People
Source: Reuters

OPEC sees smaller 2020 oil surplus ahead of policy meeting

Reuters: OPEC said on Thursday it expected demand for its oil to fall in 2020 as rivals pumped more despite a smaller surplus of crude in the global market, building a case for the group to maintain supply curbs when it meets to discuss policy next month. In its last monthly report before the Dec. 5-6 talks, OPEC said demand[Read More…]

Source: Reuters/Rodrigo Garrido

Trump energy pick to face questions on coal, nuclear power

Reuters:  President Donald Trump’s pick to run the Energy Department, Dan Brouillette, will face questions at his U.S. Senate confirmation hearing on Thursday on issues including the future of coal and nuclear power. Brouillette, 57, a former lobbyist at Ford Motor Co and Louisiana state energy regulator, would replace Rick Perry, who has said he is stepping down on Dec.[Read More…]

November 14, 2019 - 1:00 pm 360 Articles, Closing Bell Story, Energy News, People, Politics
Source: Houston Chronicle

Oil rises on signs of U.S. supply drop, OPEC’s shale outlook

Houston Chronicle Oil rose for a second day after an industry report pointed to a drop in U.S. inventories, and as OPEC said it sees potential for a “sharp” slowdown in American shale output next year. Futures added 1.1% in New York. Expectations that the U.S. government will report that crude inventories increased last week eased after data from the[Read More…]

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Weekly Gas Storage: 3 Bcf build

Natural Gas Inventories as of November 8, 2019 Working gas in storage was 3,732 Bcf as of Friday, November 8, 2019, according to EIA estimates. This represents a net increase of 3 Bcf from the previous week. Stocks were 491 Bcf higher than last year at this time and 2 Bcf above the five-year average of 3,730 Bcf. At 3,732[Read More…]

Source: Reuters/Nick Oxford

Callon Petroleum slashes Carrizo bid, hoping to save shale merger

Reuters U.S. shale producer Callon Petroleum (CPE.N) on Thursday sharply cut its offer for rival Carrizo Oil & Gas (CRZO.O) postponed a shareholder vote in a last ditch effort to win support for the deal. The new terms value Carrizo at about $723 million down from $1.2 billion in July, when Callon first made the offer. Callon shares tumbled after[Read More…]

November 14, 2019 - 10:00 am 360 Articles, Closing Bell Story, Energy News
Source: Reuters

Occidental reports continued momentum executing against key strategic and financial initiatives

Nov. 13, 2019 /PRNewswire/- (“Occidental” or “the Company”) (NYSE: OXY) today, provided an update on its speed and momentum executing against key strategic and financial initiatives designed to maximize shareholder value following the close of its acquisition of Anadarko Petroleum (“Anadarko”) on August 8, 2019. Occidental’s incremental progress following third-quarter earnings includes: Ecopetrol Joint Venture: Occidental has completed the transaction to[Read More…]

November 14, 2019 - 8:00 am 360 Articles, Closing Bell Story, E&P, Energy News, Finance
Source: PR Newswire

Ecopetrol and Occidental complete investment agreement in the US Permian Basin

BOGOTÁ, Colombia, Nov. 13, 2019 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (“the Company”) informs that today it completed the joint venture transaction announced last July 31, 2019.  Through this deal, the Company and Occidental Petroleum Corp (NYSE: OXY) agreed to form a strategic alliance or Joint Venture (“JV”) for the development of unconventional reservoirs in approximately 97,000 acres of the Permian Basin in the State of Texas (US). For these purposes, Ecopetrol Permian[Read More…]

November 14, 2019 - 7:30 am 360 Articles, Closing Bell Story, E&P, Energy News
Source: Reuters/Terray Sylvester

Dakota Access oil pipeline eyes expansion over tribe’s objections

Reuters A regulatory hearing to determine whether Dakota Access LLC can nearly double the flow of its oil pipeline through North Dakota began on Wednesday in the U.S. state, reigniting a fight with the nearby Standing Rock Sioux Tribe. North Dakota Public Service Commission will decide at a later date whether owner Dakota Access LLC, controlled by Texas-based Energy Transfer[Read More…]

November 13, 2019 - 3:30 pm 360 Articles, Closing Bell Story, Energy News, Politics
Source: Houston Chronicle

San Antonio becomes latest city considering anti-pipeline resolution

Houston Chronicle SAN ANTONIO — The San Antonio City Council is jumping into a contentious debate over state eminent domain laws and the environmental impact of the growing number of proposed pipelines to move crude oil and natural gas  from the Permian Basin.   The Houston company Enterprise Products Partners plans to build the 30-inch crude pipeline from the West[Read More…]

Source: Reuters

Growth in global oil demand to slow from 2025: IEA

Reuters Growth in global oil demand is expected to slow from 2025 as fuel efficiency improves and the use of electric vehicles increases, but consumption is unlikely to peak in the next two decades, the International Energy Agency said on Wednesday. The Paris-based IEA, which advises Western governments on energy policy, said in its annual World Energy Outlook for the[Read More…]

November 13, 2019 - 2:00 pm 360 Articles, Closing Bell Story, Energy News, International
Source: Reuters/Edgard Garrido

Mexico’s Pemex won’t pay ransom after cyberattack: energy minister

Reuters Mexican national oil company Pemex will not pay a ransom demanded by suspected cyberattackers who targeted the firm’s computer systems, Energy Minister Rocio Nahle told reporters on Wednesday. Nahle, who also serves as chair of the Pemex board, added that the attack hit the company’s administrative headquarters in Mexico City and that its “plants and wells” continued to operate.[Read More…]

November 13, 2019 - 1:30 pm 360 Articles, Closing Bell Story, Energy News, International, Mexico
Source: Reuters/Jose Nunez

Oil edges up ahead of U.S. storage data as OPEC, Fed see robust economy

Reuters Oil prices edged up on Wednesday after the Organization of the Petroleum Exporting Countries said it saw no signs of global recession and rival U.S. shale oil production could grow by much less than expected in 2020. Also supporting prices were comments by Federal Reserve Chair Jerome Powell, who said the U.S. economy would see a “sustained expansion” with[Read More…]