Source: Houston Chronicle Stockholders voted to approve the $1.8 billion merger two Houston oil field service companies — creating a new company with projected annual revenues of $4 billion. In a pair of simultaneous votes held on Tuesday, stockholders with both C&J Energy Services and the Keane Group approved the merger deal, creating a new company named NexTier Oilfield Solutions
Source: Reuters HOUSTON (Reuters) – Oil rose nearly 2% on Wednesday after government data showed a surprise draw in U.S. crude stocks and as the prospect of deeper output cuts by OPEC and its allies offered support. U.S. crude stocks fell 1.7 million barrels last week as refineries hiked crude runs by 429,000 barrels per day (bpd) and oil imports
Source: Reuters CALGARY, Alberta (Reuters) – Canada’s energy industry saw its worst-case election result materialize on Monday as the Liberals failed to secure a majority government, leaving them in need of support from left-leaning parties that are opposed to new oil pipelines. Liberal Prime Minister Justin Trudeau won enough seats to form a minority government but fell short of an
Source: Houston Chronicle The Trump administration has given five energy companies with headquarters or major operations in Houston permission to stay in Venezuela another three months despite harsh economic sanctions designed to unseat strongman Nicolas Maduro. In a Monday afternoon decision, the U.S. Treasury Department on Monday granted waivers to Chevron, Schlumberger, Halliburton, Baker Hughes and Weatherford — allowing them
Source: EIA As U.S. crude oil export volumes have increased to an average of 2.8 million barrels per day (b/d) in the first seven months of 2019, the number of destinations (which includes countries, territories, autonomous regions, and other administrative regions) that receive U.S. exports has also increased. Earlier this year, the number of U.S. crude oil export destinations surpassed the
Houston Chronicle Houston oil company Birch Resources is planning a big push in the Permian Basin’s prolific Spraberry field. The company is seeking permission from the Railroad Commission of Texas to develop 19 horizontal wells targeting the Spraberry at total depths ranging from 7,600 to 9,1000 feet. The project is located on the company’s Big Jay leases about 7 miles southeast of
Source: Houston Chronicle Wells Fargo, the San Francisco-based bank, negotiated a 10-year renewable energy deal with Reliant Energy, the retail electric provider owned by Houston and New Jersey based NRG Energy. The agreement will provide about 62,000 megawatt hours of solar energy each year to approximately 400 Wells Fargo properties from a new utility-scale solar facility in Texas. NRG isn’t
Source: Houston Chronicle Global capacity of renewable power is expected to grow by 50 percent in the next five years, reflecting a surge in new solar energy systems on commercial buildings, industrial sites and homes. The Paris-based International Energy Agency whose 30 member countries work to supply reliable energy sources predicted an increase of 1,200 gigawatts of renewable power capacity
Houston Chronicle: President Donald Trump said Friday he would nominate Deputy Energy Secretary Dan Brouillette to helm the Department of Energy, following Rick Perry’s announcement he would resign by the end of the year. “Rick was a great Governor of Texas and a great Secretary of Energy….He is also my friend!” Trump tweeted “At the same time, I am pleased
Source: Reuters HOUSTON (Reuters) – Carlyle Group has exited its equity position in Lone Star Ports LLC, which proposed a $1 billion crude oil export terminal near Corpus Christi, Texas, a port official said on Friday. Sean Strawbridge, chief executive of the Port of Corpus Christi, said Carlyle notified the port on Oct. 8 it would no longer proceed with
Source: Reuters LONDON (Reuters) – BP is increasing its Asian presence with an initial agreement, or memorandum of understanding, with China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a 1 million tonne a year acetic acid plant, BP said on Friday. The planned production site for acetic acid, which is used in chemical products such as paints and adhesives,
Source: Houston Chronicle The Permian Basin business of the late shale pioneer Aubrey McClendon merged its assets with its parent company to avoid bankruptcy for now. Houston-based Permian Sable Resources said Friday it successfully merged its assets with its subsidiary American Energy – Permian Basin and paid almost $400 million in cash in a deal with creditors to cut back the
