Houston Chronicle Fort Worth oilfield service company Basic Energy Services is exiting the hydraulic fracturing business amid the ongoing shale slump. In a Thursday morning statement, the company reported that it is selling almost all of its assets in the pressure pumping business, which includes hydraulic fracturing and other related services. Basic intends to use to the proceeds from the
Oil and Gas 360 OKLAHOMA CITY, Dec. 13, 2019 – SandRidge Energy, Inc. (“SandRidge” or the “Company”) (NYSE: SD) today announced it has initiated a series of actions designed to improve shareholder value: -Evaluation of minimal 2020 capex plan to maximize free cash flow
Houston Chronicle Oil rebounded from the previous session’s loss, though the outlook remained clouded by rising U.S. stockpiles and concern that OPEC and its allies aren’t taking enough action to balance the market. Futures added 0.6% to trade near $59 a barrel. American gasoline inventories surged the most since January as demand slumped to a three-year low, and crude stockpiles
Reuters WASHINGTON – New U.S. Energy Secretary Dan Brouillette slammed New York state regulators on Thursday for blocking pipelines that would bring natural gas from Appalachia to New England, but did not specify whether the Trump administration could do anything to push the projects forward. “Certain bad actors are trying to slow job creators and decrease the benefits for consumers,”
Houston Chronicle Drilling activity in the booming Permian Basin must accelerate just in order to maintain current production volumes, according to a new report from the research firm IHS Markit. The Permian’s oil output has risen rapidly in recent years from the shale boom, but shale wells deplete much faster than conventional vertical wells, so more constant drilling is required
Reuters Oil and gas producers could wipe billions of dollars more off the value of U.S. natural gas assets in the months ahead, analysts said on Wednesday, after Chevron Corp became the fourth oil major to slash its estimates for sector values. A long, steady increase in U.S. gas production – much of it a byproduct of the shale oil
Reuters WINNIPEG, Manitoba – Western Canadian oil stocks climbed to a record high 39 million barrels as of Nov. 29 due to a temporary outage of the Keystone oil pipeline and a strike by Canadian National Railway Co workers, data provider Genscape said on Thursday. Despite the rail strike, Canadian rail loadings in November averaged a record-high 351,000 barrels per
Reuters LONDON – BP (BP.L) is increasing its stake in solar energy developer Lightsource BP to 50% from 43% and is aiming for rapid growth over the next few years, the two companies said on Thursday. European oil companies like BP have been stepping up investment in renewable power to diversify their businesses in the face of global moves toward
Reuters DUBAI/ABU DHABI – Saudi Arabia’s wealthy Gulf neighbors plan to invest in the initial public offering (IPO) of Saudi Aramco, sources familiar with the matter said, helping out Riyadh as it strives to raise $25.6 billion from a domestic listing of the state oil giant. Aramco has struggled to secure an anchor investor for the listing and found little
Reuters HOUSTON – Three workers were injured in an early morning explosion on Wednesday that sparked a blaze at a Texas petrochemical plant, the latest in a series of chemical plant accidents in the region. An initial explosion at a TPC Group plant in Port Neches, Texas, was followed by secondary blasts, shattering windows and blowing locked doors off their
Houston Chronicle The U.S. Gulf of Mexico is expected to set another oil production record in 2020 with most of the growth coming from deep water projects, according to a new study. Average production next year is expected to exceed 1.9 million barrels a day, according to the Norwegian-based energy research and consulting firm Rystad Energy. Oil production in the
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
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