Energy News

Goldman Sees Russia Oil Output Rising Amid Doha Freeze Talks

From Bloomberg:

Russian oil and condensate production will rise through 2017, even as the nation prepares for talks on an output freeze with other producers, according to Goldman Sachs.

Russian output will climb to 11.2 million barrels a day this …

April 8, 2016 - 10:10 am Closing Bell Story‎, Energy News
Yuma Energy, Inc. Announces 2015 Financial Results and Provides an Operational Overview

Yuma Energy, Inc. Announces 2015 Financial Results and Provides an Operational Overview

HOUSTON, TX–(Marketwired – Apr 6, 2016) – Yuma Energy, Inc. (NYSE MKT: YUMA) (NYSE MKT: YUMA-PA) (the “Company” or “Yuma”) today announced that it is re-issuing its previous release that was made on March 30, 2016 to incorporate certain disclosures …

Tesla Blindsided by High Demand for Its Model 3

Tesla Blindsided by High Demand for Its Model 3

$325 million from Model 3 deposits alone

In February of 2016, Tesla Motors announced that the company would soon be unveiling a new model of electric car, the Model 3. The grand unveiling came on March 31st with dedicated Tesla …

Western Canada’s Rail, Ports Need Big Investment to Keep Up with Expected Oil Shipments

Western Canada’s Rail, Ports Need Big Investment to Keep Up with Expected Oil Shipments

From the Globe and Mail

Big investments in both rail and marine infrastructure will be required to accommodate an acceleration in commodities shipments, particularly oil, over the next decade, says the Conference Board of Canada.

In a report released Thursday, …

April 7, 2016 - 11:34 am Canada, Closing Bell Story‎, Energy News

LINN Energy Enters Into Settlement Agreement With Second Lien Noteholders

HOUSTON, April 05, 2016 (GLOBE NEWSWIRE) — LINN Energy, LLC (NASDAQ:LINE) (“LINN” or the “Company”) announced today that LINN has entered into a settlement agreement (the “Settlement Agreement”) with certain holders of the Company’s $1.0 billion of outstanding 12 percent …

April 7, 2016 - 11:30 am Closing Bell Story‎, Energy News
Turbocharging Oil Sales

Turbocharging Oil Sales

In September 2015, premium gasoline sales hit a level that had not been reached in the previous decade, and accounted for 11.3% of total motor gasoline sales. When gas prices were higher, a lot of people ditched their bigger cars …

Samson Oil & Gas Announces Hedging and Operations Program for its Foreman Butte Acquisition in the Williston Basin

Samson Oil & Gas Announces Hedging and Operations Program for its Foreman Butte Acquisition in the Williston Basin

Samson Aims to Return 29 Inactive Wells to Producing Status

On April 3, Samson Oil & Gas Limited (ticker: SSN; SamsonOilandGas.com) announced it had closed its planned acquisition of oil and gas assets in Montana and North Dakota—the Foreman …

Signs point to deal on oil output -Kuwait OPEC official, sources

From Reuters:

All signs suggest a meeting of oil-producing countries on April 17 will deliver an agreement to freeze output, Kuwait’s OPEC governor and two sources said, suggesting Iran’s aim to raise supply will not scupper a deal aimed at …

April 6, 2016 - 10:53 am Closing Bell Story‎, Energy News

Russian Outlook Dim Even If Sanctions End Early, World Bank Says

From Bloomberg:

Russia’s economic recovery will take longer than previously forecast, and an early end of sanctions would provide only a “limited and short-lived” boost to growth, according to the World Bank.

“Due to a continually adverse external environment, Russia’s …

April 6, 2016 - 10:51 am Closing Bell Story‎, Energy News

China’s Shale Gas Reserves Jump Fivefold as Output Lags Target

From Bloomberg:

China boosted its recoverable shale gas reserves more than fivefold last year as the country missed its production target for the fuel.

Recoverable shale gas reserves, or those that can be commercially produced, rose 109 billion cubic meters …

April 6, 2016 - 10:50 am Closing Bell Story‎, Energy News

Would Trump Presidency give Canada’s Oilsands, Keystone XL a Boost?

From the Winnipeg Free Press

Speaking to the New York Times last week, Republican front-runner Donald Trump said “the answer is probably yes,” when asked whether he would halt U.S. oil imports from Gulf countries if they did not participate

April 6, 2016 - 10:44 am Closing Bell Story‎, Energy News
BP Deepwater Horizon Lawsuit Settlement Receives Final Approval

BP Deepwater Horizon Lawsuit Settlement Receives Final Approval

A federal judge has granted final approval of BP’s settlement over claims related to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico for $20.8 billion. The Deepwater Horizon rig explosion killed eleven workers and millions of gallons …

ValueAct Sued by DOJ Over Halliburton-Baker Hughes Acquisition

ValueAct Sued by DOJ Over Halliburton-Baker Hughes Acquisition

What defines a passive investor as opposed to an activist investor?

The Department of Justice (DOJ) announced on Monday April 4, 2016, that legal action has been taken against ValueAct Capital for their activist investor position related to the merger …

Core Lab Wins $1 Million Verdict in IP Fight Over Drilling Technology

From Texas Lawyer

In an intellectual property dispute in federal court in Oklahoma, a jury recently awarded Houston-based Core Laboratories a $1 million verdict after determining that its oil well services competitor, Spectrum Tracer Services, and two former Core employees, …

April 5, 2016 - 12:50 pm Closing Bell Story‎, Energy News

Natural Gas Not a Transportation ‘Bridge Fuel’: Study

From Transport & Environment

Natural gas is not a ‘bridge fuel’ to a cleaner future for cars and trucks – as the fossil fuel industry claims – because it would be largely ineffective in cutting greenhouse gas (GHG) emissions and …

April 5, 2016 - 12:43 pm Closing Bell Story‎, Energy News

Jordan Seeks Natural Gas to Cut Industrial Costs

From Albawaba Business-Jordan

The government will sign several contracts with large industries in Jordan during the next few months to supply them with natural gas to boost their competitiveness by reducing energy costs in light of a Cabinet’s decision in …

April 5, 2016 - 12:38 pm Closing Bell Story‎, Energy News

Natural Gas Threatened in New Brunswick: Enbridge Exec

From CBC News

Natural gas may not survive in the province if it is subjected to ongoing fierce price competition like it is currently enduring from propane, the head of Enbridge Gas New Brunswick suggested on Tuesday.

Enbridge New Brunswick

April 5, 2016 - 12:35 pm Closing Bell Story‎, Energy News

Total: Costs Unacceptably High in Oil and Gas

From Reuters EuroNews

PAU, France (Reuters) – Oil and gas companies must make further serious cost cuts and should work together to generate further savings to weather the current difficult downturn, Total’s <TOTF.PA> executive Arnaud Breuillac said …

April 5, 2016 - 12:09 pm Closing Bell Story‎, Energy News

Signs point to deal on oil output: Kuwait OPEC official, sources

From Reuters:

All signs suggest a meeting of oil-producing countries on April 17 will deliver an agreement to freeze output, Kuwait’s OPEC governor and two sources said, suggesting Iran’s aim to raise supply will not scupper a deal aimed at …

April 5, 2016 - 10:43 am Closing Bell Story‎, Energy News

A report card on reserves at Canadian oil and gas producers

From The Globe and Mail:

This report includes our annual summary of key reserve metrics and performance measures over 2015, highlighting the relative performance of the companies in our coverage universe and select non-covered peers.

We continue to favour the …

April 5, 2016 - 10:43 am Closing Bell Story‎, Energy News

China firm wins Myanmar approval for $3 bln refinery

From Reuters:

Chinese state-controlled commodity trader Guangdong Zhenrong Energy Co has won approval from the Myanmar government to build a long-planned $3 billion refinery in the Southeast Asian nation in partnership with local parties including the energy ministry, company executives …

April 5, 2016 - 10:41 am Closing Bell Story‎, Energy News

U.S. Utilities’ Natural-Gas Hedges Turn Sour

From the Wall Street Journal

Natural-gas prices have plunged 74% in the past 10 years, but some U.S. utilities haven’t reaped the full benefit because of bad bets they made to hedge the cost of the fuel.

Utilities that distribute …

April 4, 2016 - 12:31 pm Closing Bell Story‎, Energy News

U.S. Natural Gas Futures Reach Eight-Week High Amid Cold Blast

From Bloomberg

Natural gas futures rose to the highest in almost eight weeks in New York on speculation that unseasonably cold weather will trim a fuel stockpile glut.

Most of the eastern U.S. will see below-normal temperatures April 9 through …

April 4, 2016 - 12:25 pm Closing Bell Story‎, Energy News

Economic Models Predict GOP White House, Even with Trump

From The Hill

Republicans are expected to win the White House under two economic models that have accurately forecast presidential elections for decades. A third model run by Moody’s Analytics predicts Democrats will win the White House, in part because …

April 4, 2016 - 12:08 pm Closing Bell Story‎, Energy News

French Utility Investing EUR 100 Million in CNG, LNG Stations Across Europe

From NGT News:

French electricity provider ENGIE has announced that between now and 2020, it will invest EUR 100 million in the setup of compressed natural gas (CNG) and liquefied natural gas (LNG) stations for European fleets of trucks using …

April 4, 2016 - 10:30 am Closing Bell Story‎, Energy News

Chevron Gorgon LNG plant halts exports due to mechanical problems

From Reuters:

Chevron’s massive Gorgon liquefied natural gas (LNG) facility in Australia has hit technical difficulties, a spokesman said on Monday, resulting in a temporary suspension of exports less than a month after it started first production.

Chevron’s $54-billion project …

April 4, 2016 - 10:28 am Closing Bell Story‎, Energy News
Energy Upside: the Surge of Ethane

Energy Upside: the Surge of Ethane

Natural gas production has increased aggressively over the last 10 years after the shale revolution unlocked the door to vast new resource potential.

In the U.S., marketed natural gas production has increased from 53.2 Bcf/d in 2006 to 78.9 Bcf/d …

Eagle Ford Fracing, as Seen from Space

Eagle Ford Fracing, as Seen from Space

From CNBC

The so-called “shale revolution” has changed the landscape of Texas, and that’s plain to see from the sky above.

An image of the Eagle Ford shale mining site captured at night by NASA’s Visible Infrared Imaging Radiometer Suite (VIIRS) on the Suomi NPP satellite. Taken on July 15, 2012.
Source: NASA Earth Observatory
An image of the Eagle Ford shale mining site captured at night by NASA’s Visible
April 1, 2016 - 5:19 pm Closing Bell Story‎, Energy News

Oil, Taxes — and Big Problems for Russia’s Economy

From CNBC

Things are getting bad in Russia — so bad that the country is weighing sacrificing its future in order to survive its present.

A conflict is simmering in Russia as the country’s Finance Ministry pushes for increased taxation

April 1, 2016 - 5:16 pm Closing Bell Story‎, Energy News

The 30-year-old Prince Who is Changing the World

From CNBC

A 30-year-old you may have never heard of is trying to build a company worth four Apples — and a Nike to spare.

Deputy Crown Prince Mohammed bin Salman, a fast riser in the Saudi hierarchy and member

April 1, 2016 - 5:14 pm Closing Bell Story‎, Energy News