From Bloomberg Hildebrand gained fortune buying old, conventional oil assets, bet may be timely as investors begin to sour on shale Texas oilman Jeffery Hildebrand became a billionaire by shunning the shale revolution taking place in his home state. Now, he’s making his biggest bet yet — Alaska — just as shale producers run out of steam. Hildebrand’s Hilcorp Energy
By Tyler Losier, Energy Reporter, Oil & Gas 360 BP sells its entire Alaskan business to Hilcorp for a total consideration of $5.6 billion BP (stock ticker: BP), through its subsidiary BP Alaska, has agreed to sell its entire business in the state to Hilcorp Alaska, a subsidiary of Hilcorp Energy Company, for a total consideration of $5.6 billion. Under
From AP News From a helicopter, Greenland’s brilliant white ice and dark mountains make the desolation seem to go on forever. And the few people who live here — its whole population wouldn’t fill a football stadium — are poor, with a high rate of substance abuse and suicide. One scientist called it the “end of the planet.” When U.S.
From Reuters ConocoPhillips (COP.N) missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy. The OPEC and Russia have put a lid on production, but that has not translated into higher prices due to surging shale oil output from
By Tyler Losier, Energy Reporter, Oil & Gas 360 Alaska Gasline Development Corporation receives FERC input for large proposed gas export project Last Friday, the Federal Energy Regulatory Commission (FERC) published its draft environmental impact statement (EIS) for Alaska Gasline Development Corporation’s Alaska LNG project, concluding that construction and operation would result in temporary, long-term and permanent impacts on the
By Tyler Losier, Energy Reporter, Oil & Gas 360 ConocoPhillips Alaska (stock ticker: COP) has forged an agreement with Caelus Natural Resources Alaska, a small, private E&P, to acquire 100% of Caelus’s holding in the Nuna discovery. The land in question is located just east of the Colville river, approximately five miles southwest of the Oooguruk field. The purchase will
From the Alaska Journal of Commerce After buying a mothballed liquefied natural gas export plant in Nikiski, Marathon Petroleum is planning to flip it around to become an import terminal. Marathon Petroleum, the newly-merged oil and gas giant formerly known as Tesoro and then Andeavor, owns the former ConocoPhillips LNG terminal on Cook Inlet and the refinery directly across the
CEOs rank Texas at the top, California at the bottom Chief Executive magazine has published its newest list of the best and worst states for business. Texas ranked Number One—again. California is Number 50—again. In the executive summary of its findings, the magazine quoted a consultant as saying: ” ‘the Chief Executive ranking … reflects what decision-makers are saying. And it’s what
from Hellenic Shipping News/Platts As Alaska’s oil production declines, enormous attention is being paid to even the slightest hint of a find that could turn the state’s fortunes around. Much hope has been pinned on the development of the Nanushuk, a broadly-dispersed set of rocks along the Colville River that extends west into the National Petroleum Reserve-Alaska. Some companies have had
Overall Rig Count Up Four By Richard Rostad, analyst, Oil & Gas 360 Drilling activity expanded in the U.S. this week, partially making up for the decline seen last week, according to Baker Hughes. A net four rigs began drilling in the country, a change from the 14 that shut down last week. There are now 1,049 rigs active in
From Hellenic Shipping News Rapid technology advances are allowing explorers and producers in Alaska to add hundreds of millions of barrels of new resources to portfolios at a cost competitive with finding oil in the Lower 48 states. Chief among the technologies being used are advanced 3-D seismic and new data processing techniques, to define and map oil deposits in
From EE News Against the backdrop of a bitter government shutdown, the new bipartisan leaders of the Senate Energy and Natural Resources Committee are forging ahead with setting the panel’s agenda for the 116th Congress, huddling this week to talk business before landing at a house party hosted by former ENR Chairwoman Mary Landrieu (D-La.). Following their first meeting this
