Energy News

Centrica Begins Oil and Gas Pullback as Profit Falls

From The Wall Street Journal:

Slumping oil prices are pushing another big European utility to pull back from pumping petroleum, the chief executive of Britain’s biggest energy supplier, Centrica PLC, said Thursday.

Centrica has started the process of selling oil …

February 18, 2016 - 10:35 am Closing Bell Story‎, Energy News

Devon Layoffs Begin This Morning, Tower Closed to Public

From FOX25

Employees at Devon Energy will begin to get notifications of layoffs this morning, the company said.

Devon announced earlier this year layoffs would be necessary, given the oil and gas market’s decline.

Tuesday, the company …

February 17, 2016 - 4:21 pm Closing Bell Story‎, Energy News
Oil & Gas 360 Energy News

Midcoast Energy Partners, L.P. Reports 2015 Earnings and Announces 2016 Financial Guidance

HOUSTON, TX–(Marketwired – Feb 16, 2016) – Midcoast Energy Partners, L.P. (NYSE: MEP)

2015 HIGHLIGHTS

  • Exceeded the top-end of previously communicated full year 2015 adjusted EBITDA and distributable cash flow guidance. 
    • Full-year 2015 adjusted EBITDA and distributable cash flow
February 17, 2016 - 3:25 pm Closing Bell Story‎, Energy News, MLPs

Cenovus Energy May Sell Up to $5 Billion in Securities

From Reuters

(Reuters) – Canadian oil producer Cenovus Energy Inc CVE.TO said it may sell up to $5 billion of stock, debt or other securities, a day after it announced a dividend cut, as the company shores up its balance

February 17, 2016 - 3:08 pm Closing Bell Story‎, Energy News

Samson Oil & Gas Updates Status of Foreman Butte Acquisition

As previously announced, Samson Oil and Gas USA Inc (a wholly owned subsidiary of Samson Oil and Gas Limited) entered into a contract to acquire oil and gas leases, producing oil and gas wells, currently shut-in wells and associated facilities

February 17, 2016 - 3:00 pm Closing Bell Story‎, Energy News
Manitok Energy Announces Closing of the Final Tranche of Its Private Placement for Combined Gross Proceeds of $10.6 Million

Manitok Energy Announces Closing of the Final Tranche of Its Private Placement for Combined Gross Proceeds of $10.6 Million

Manitok Energy Inc. (“Manitok” or the “Corporation“) (TSX VENTURE:MEI) is pleased to announce that on February 16, 2016, Manitok has closed the final tranche of its previously announced concurrent brokered and non-brokered private placement offering of

February 17, 2016 - 2:51 pm 360 Profile Company, Canada, Closing Bell Story‎, Energy News

Anadarko Anoints Brand Ambassadors to Fight Off Drilling Bans

Windsor High School junior Kamille Hocking worried a dozen oil wells on her family’s 132-acre Colorado homestead might sicken them. Then, Rebecca Johnson, an Anadarko Petroleum Corp. engineer, used a blender in her chemistry class to show the interaction of …

February 17, 2016 - 11:56 am Closing Bell Story‎, Energy News

Petrobras: New Well in Libra Confirms Oil Discovery Extension

Rio de Janeiro, February 17, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that has concluded the drilling of the well 3-BRSA-1305A-RJS (3-RJS-739A), located in the Libra block northwest area, in the pre-salt of the Santos Basin, confirming the discovery …

February 17, 2016 - 9:32 am Closing Bell Story‎, Energy News

Intervale Capital’s Charles Cherington and Bayou City Energy’s Will McMullen

In the February 2016 cover story on Intervale Capital in Oil & Gas Financial Journal Charles Cherington, the private equity firm’s managing partner, discusses his perspective on the downturn as it relates to oilfield services investments. Will McMullen, founder …

February 16, 2016 - 4:47 pm Closing Bell Story‎, Energy News

Natural Gas Sinks on Warm February Forecast

From the Wall Street Journal

Natural gas prices dropped to a two-month low Tuesday after weather forecasters removed almost all signs of frigid weather from the late-February forecast, a bad sign for heating-fuel demand.

Futures for March delivery settled down …

February 16, 2016 - 9:36 am Closing Bell Story‎, Energy News

US Energy Secretary Moniz talks about renewable energy, Alaska LNG

From Alaska Dispatch News:

U.S. Energy Secretary Ernest Moniz, on his second trip to Alaska in his current post and his fifth overall, talked about natural gas, renewable energy resources and his agency’s work in Alaska in a brief interview …

February 16, 2016 - 9:34 am Closing Bell Story‎, Energy News

Peru LNG exports halted in past month after pipeline leak

From Reuters:

Peruvian exports of liquefied natural gas (LNG), usually nearly 1 million cubic meters per month, have stopped entirely since mid-January when a key pipeline was ruptured, official data showed Monday.

The Andean country will likely resume its usual …

February 16, 2016 - 9:33 am Closing Bell Story‎, Energy News

GE’s Oil and Gas Chief Explores Opportunities in Iran

From The Wall Street Journal:

The chief executive of General Electric Co.’s oil-and-gas business has visited Tehran to explore business opportunities there, the company said, the first known visit by an energy executive of an American company since before …

February 16, 2016 - 9:32 am Closing Bell Story‎, Energy News

Connecticut’s Last Coal Plant to Convert to Gas

From MassLive

Connecticut’s last remaining coal-fired power plant will soon be converted to burn natural gas instead.

Bridgeport Harbor Generating Station will start generating power from natural gas in June of 2019, said the Public Service Enterprise Group, which …

February 16, 2016 - 9:32 am Closing Bell Story‎, Energy News

Low Oil Prices Claim New Victim, an Offshore Drilling Company From Texas

From New York Times:

Yet another oil company has filed for bankruptcy, as the energy industry and its lenders brace for a prolonged slump.

Paragon Offshore, which operates offshore drilling rigs from the Gulf of Mexico to the North Sea, …

February 16, 2016 - 9:31 am Closing Bell Story‎, Energy News

Europe Bets on Natural Gas to Secure Energy Future

From The Guardian

The future of Europe’s energy supply is to rely heavily on natural gas for the coming two decades and beyond, according to a new strategy set out on Tuesday by the European commission.

The plans were …

February 16, 2016 - 9:24 am Closing Bell Story‎, Energy News

More Shipments of Iranian Oil Are Readied for Europe

From The Wall Street Journal:

The first shipment of Iranian crude oil to the European Union in over three years sailed Monday, with two more poised to follow in the coming days, Iranian officials said.

A tanker chartered by French …

February 15, 2016 - 6:17 pm Closing Bell Story‎, Energy News

Freeport Pares U.S. Copper-Mine Stake in $1 Billion Deal

From The Wall Street Journal:

Freeport-McMoRan Inc. on Monday said it reached a deal to sell part of its stake in an Arizona copper mine to one of the mine’s other owners, in an effort to pay down debt.

Phoenix-based …

February 15, 2016 - 6:16 pm Closing Bell Story‎, Energy News

BP Expands Scope of $16 Billion Natural Gas Project in Oman

From Bloomberg:

BP Plc and state-owned Oman Oil Co. agreed to expand an exploration and production sharing agreement of the Khazzan natural gas field to include a second development phase, at an estimated cost of $16 billion for the entire …

February 15, 2016 - 4:48 pm Closing Bell Story‎, Energy News

Netanyahu Appears Before High Court to Personally Defend His Natural Gas Deal

From Haaretz

Prime Minister Benjamin Netanyahu appeared before a panel of justices from the High Court of Justice on Sunday to defend his government’s plan for the development of Israel’s major offshore natural gas reserves. The court is considering challenges …

February 15, 2016 - 4:47 pm Closing Bell Story‎, Energy News

Oil Price Fears Weigh on European Banks

From The Wall Street Journal

Among recent concerns hitting European bank stocks is one that has been responsible for wider market mayhem for months: oil.

Global bank shares tumbled through much of last week as investors worried about world-wide economic …

February 15, 2016 - 4:44 pm Closing Bell Story‎, Energy News

What’s at Stake in an Economy with Low Oil Prices

From Harvard Business Review.

In the past, low oil prices have been seen as a boon, particularly at the gas pump. They’ve been credited with boosting economies and stirring growth. But recently oil prices have dropped so low that warning …

February 15, 2016 - 4:04 pm Closing Bell Story‎, Energy News

Moody’s Warns Russian Deficit Goal in Doubt as Oil Jolts Budget

From Bloomberg.

Russia’s deficit goal is in jeopardy this year after crude resumed its selloff, leaving the government few options to stabilize public finances, according to Moody’s Investors Service.

“The new fall in oil prices poses significant difficulties for achieving …

February 12, 2016 - 3:47 pm Closing Bell Story‎, Energy News

Canadian Oil Producers Losing Shield From Rout as Hedges Expire

From Bloomberg.

A defense Canadian oil producers had against the plunging price of crude is crumbling as hedges expire amid projections that crude will continue to decline.

Hedges that shielded companies such as Crescent Point Energy Corp. and Whitecap Resources …

February 12, 2016 - 3:46 pm Closing Bell Story‎, Energy News

Repsol to Shut Unprofitable Norwegian Oil Field

From Bloomberg.

Repsol SA plans to shut down its unprofitable Varg oil deposit in the North Sea, the first time a Norwegian field will be closed because of the crude-price collapse.

“Varg has been cash-negative since August 2015,” the company …

February 12, 2016 - 3:39 pm Closing Bell Story‎, Energy News

New EIA data revise Oklahoma’s oil production up by 100,000 barrels per day

From the EIA:

EIA’s Petroleum Supply Monthly, published on January 30, includes crude oil production estimates for Oklahoma based on EIA monthly survey data. The new estimates are roughly 100,000 barrels per day more than those generated by the …

February 12, 2016 - 1:17 pm Closing Bell Story‎, Energy News

Sub-$1 Gasoline is All Good, Right?

From the USA Today

DETROIT — In matter of weeks, maybe days, Midwest motorists will see gasoline prices drop below $1 a gallon for the first time since 1999, but the stock market is in a depressive funk.

What gives? …

February 12, 2016 - 1:13 pm Closing Bell Story‎, Energy News

Eni, Exxon, Statoil win Irish Offshore Oil and Gas Licences

From Reuters

LONDON (Reuters) – The Irish government said on Thursday it had awarded oil and gas licences to companies including oil majors Eni <ENI.MI>, Exxon <XOM.N> and Statoil <STL.OL>, allowing them to explore …

February 11, 2016 - 4:31 pm Closing Bell Story‎, Energy News

Initial production rates in tight oil formations continue to rise

From the EIA:

Tight oil production in the United States increased from 2007 through April 2015, based on estimates in EIA’sDrilling Productivity Report (DPR), and accounted for more than half of total U.S. oil production in 2015. Tight oil …

February 11, 2016 - 4:21 pm Closing Bell Story‎, Energy News

Wilks Brothers, LLC Acquires Common Shares of Trican Well Service Ltd.

Wilks Brothers, LLC (the “Offeror“) announced that it has acquired ownership of an aggregate of 3,034,000 additional common shares (the “Common Shares“) in the capital of Trican Well Service Ltd. (the “issuer“) on the …

February 11, 2016 - 4:16 pm Closing Bell Story‎, Energy News