$40 Oil Prices Coming into View Once Again An inventory build of 4.2 million barrels (MMBO) pushed down the price of West Texas Intermediate (WTI) by nearly 3% in Thursday trading, increasing the United States’ crude stockpile to more than 487 MMBO overall. Crude oil inventories have now increased on a weekly basis for the last seven reporting periods, adding
The U.S. imports almost three times as much crude from Canada than it does from the Persian Gulf Even without the 800 MBOPD capacity of TransCanada’s Keystone XL pipeline, crude oil imports from Canada make up 45% of crude shipped into the United States. As of August, imports from Canada were almost three times as much as imports from all
Production from OPEC’s two largest producers falls slightly ahead of next meeting OPEC’s monthly Oil Market Report (OMR) released today showed the group’s production was down slightly to 31.38 million barrels of oil per day (MMBOPD), 256,000 barrels per day lower than in its previous OMR. The group is still producing in excess of its self-imposed 30 MMBOPD production mark
From The Record New York Gov. Andrew Cuomo has decided to veto a controversial project to build a liquefied natural gas port off the New Jersey coast. Cuomo sent a letter to the U.S. Maritime Administration outlining his lingering concerns with the proposed facility, called Port Ambrose. The project, which had faced vocal opposition from environmental groups in both New
MIDLAND, Texas–(BUSINESS WIRE)– Clayton Williams Energy, Inc. (CWEI) today announced that it has completed the scheduled semiannual borrowing base redetermination of its revolving credit facility and has extended the temporary covenant amendments originally set for expiration in 2016. Effective November 9, 2015, the borrowing base and aggregate lender commitment under the Company’s revolving credit facility is $450 million, down 10%
FORT WORTH, Texas, Nov. 11, 2015 /PRNewswire/ — Basic Energy Services, Inc. (NYSE: BAS) (“Basic”) today reported selected operating data for the month of October 2015. Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 44,400 producing a rig utilization rate of 44%, compared to 46% and 73% in September 2015 and October
CALGARY, ALBERTA–(Marketwired – Nov 11, 2015) – TransGlobe Energy Corporation (“TransGlobe” or the “Company”) (TGL.TO)(TGA) announces that its Board of Directors has approved a capital budget of $41 million for 2016 and declared a quarterly dividend of US$0.025 per common share, which will be paid in cash on December 31, 2015 to shareholders of record on December 15, 2015. The
From The Business Journals Attention, attorneys: your biggest corporate clients may be your biggest competition next year. Some 40 percent of corporate legal departments expect to cut spending on law firms over the next 12 months and three-fourths of those will shift the work to their in-house staff. The remainder will use vendors or contract lawyers, according to consulting firm
From Bloomberg News Suncor Energy Inc. said shareholders of Canadian Oil Sands Ltd. should disregard their board of directors and accept its hostile $4.7-billion takeover offer. Canadian Oil Sands has a record of “underperformance, financial challenges,” and vulnerability to low oil prices, Suncor said in a letter to shareholders Thursday. Suncor’s offer represents a 57 per cent premium on Canadian
From Bloomberg One that favors … energy companies? We might be just one month away from the first interest rate increase by the Federal Reserve in nearly a decade, the prospect of which should be sending investors scuttling to figure out how best to prepare their portfolios. According to Barclays, the turn of the U.S. interest rate cycle will likely produce a new regime for
Just doing things right may not be enough: legal experts discuss changes to SEC reporting expectations for energy companies and recent trends in EPA investigations and enforcement actions Haynes and Boone LLP’s Denver office hosted a seminar this week that featured a slate of high-powered presenters, some of whom had spent years as attorneys at the SEC and EPA before joining Haynes and
Signs point to Anadarko offer coming in well below what Apache would consider Anadarko Petroleum Corp. (ticker: APC) announced today that it will retract its unsolicited offer for an all-stock purchase of Apache Corp. (ticker: APA). Anadarko Chairman, President and CEO Al Walker said today that the offer was rejected, “and no discussion of substance occurred,” prompting APC to back
