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EnerCom Dallas – ESG for the oil and gas industry

Oil and Gas 360 The EnerCom Dallas Energy Conference featured an outstanding panel on ESG (Environmental, Social and Governance) featuring Matthew Todd, Director of The Environmental Partnership; Chris Hughen, Associate Professor of Finance at the University of Denver; and Ken Wonstolen, Senior Vice President and General Counsel with HighPoint Resources (HPR). The panelists provided valuable insight regarding proactive ESG solutions and experiences. A replay of the ESG panel can be viewed here – https://www.enercomdallas.com/company-pages/esg-panel/ Chris Hughen, who regularly teaches graduate courses in security analysis and international finance, stressed the importance of evaluating corporate Governance metrics – the often-overlooked aspect of ESG – as being a critical area for corporate sustainability and value. He stressed that better corporate governance leads to good Environmental and Social performance. Matthew Todd outlined the proactive efforts of many of the country’s major oil and natural gas producers to participate in The Environmental Partnership, an industry-led[Read More…]

February 18, 2020 - 3:30 pm — Closing Bell Story, Crude Oil News, Energy News, ESG, Industry Insights, Sustainability

ESG for the Oil and Gas industry – what you need to know for 2020

Oil and Gas 360 Happy 2020! Over the past six months, EnerCom has been crisscrossing the continent and meeting with oil and gas executives and the investment community to talk about Environmental, Social, and Governance (ESG). There are many definitions of ESG. One such example is; “Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.”* What EnerCom has consistently found: Conversations about ESG are increasing within the oil and gas industry A growing number of investors are employing varying degrees of ESG valuation metrics Water programs and VOC, methane and CO2 emissions are key[Read More…]

January 3, 2020 - 9:00 am — Closing Bell Story, Corporate Social Responsibility, ESG, Industry Insights & Opinions, Popular 4

EOG Resources profits fall by nearly 50 percent

Source: Houston Chronicle EOG Resources reported $615 million in quarterly profits on Wednesday that fell by nearly 50 percent from $1.2 billion a year ago in large part from lower oil and gas prices. EOG’s revenues dipped by 10 percent down to $4.3 billion. But the Houston oil and gas producer touted rising production volumes that jumped 12 percent from a year ago, reduced well costs and new successes in emerging Permian Basin plays. EOG Chief Executive Bill Thomas specifically cited the potential in the Wolfcamp M and Third Bone Spring shale plays in West Texas and New Mexico that add 1.6 billion barrels of oil equivalent in potentially recoverable resources. “We reduced operating expenses, grew volumes at double-digit rates while lowering well costs, and generated substantial free cash flow,” Thomas said. “EOG has never been in a better position to sustain this success long into the future.” While EOG’s[Read More…]

November 7, 2019 - 12:00 pm — Closing Bell Story, Earnings, Energy News, Oil and Gas 360 Articles

Oil and gas discoveries in Russia, Guyana and Cyprus lead top 2019 finds

Source: Houston Chronicle Oil and gas discoveries offshore of Russia, Guyana and Cyprus have led the top new finds this year, keeping 2019 on track to match last year’s global discoveries. However, much more oil and gas volumes are still being consumed than discovered, putting the world on pace for the lowest replacement rate for conventional oil and gas in decades, according to the Norwegian research firm Rystad Energy. But the lower replacement ratio doesn’t account for unconventional growth like U.S. shale production, as well as the rapid rise of renewable energy sources around the world. So the data doesn’t mean the world is anywhere close to running out of energy. Oil and gas companies have discovered 7.7 billion barrels of oil equivalent this year, keeping the 2018 pace of 10 billion barrels for the full year, said Rystad senior analyst Pallor Shenga. Russia’s Gazprom led the way with an[Read More…]

October 10, 2019 - 9:50 am — Closing Bell Story, Energy News

Elliott renews call for Marathon Petroleum to split; shares jump

Source: Houston Chronicle Elliott Management Corp. renewed its push for Marathon Petroleum Corp. to split into three separate businesses, a move the hedge fund said would unlock more than $22 billion in value. Marathon should divide into separate retail, midstream and refining companies, the hedge fund founded by billionaire Paul Singer said Wednesday in a statement. Elliott said it owns about 2.5% of Marathon. Shares of the second-biggest U.S. refiner by market value jumped as much as 7%, the most since Dec. 26. Marathon has struggled to win investors’ confidence after buying rival Andeavor last year for $22 billion. Though the company earlier this year agreed to merge its Andeavor and MPLX LP pipeline units, Elliott says the corporate structure remains overly complex. The refiner has been one of the poorest-performing U.S. fuel makers, lagging peers like Phillips 66 and Valero Energy Corp. Carving Marathon into three businesses would create[Read More…]

September 25, 2019 - 11:05 am — Closing Bell Story, Crude Oil News, Exploration and Production (E&P), Finance

ExxonMobil Partners with Carbon Capture Company

By Tyler Losier, Energy Reporter, Oil & Gas 360 ExxonMobil partners with Mosaic Materials in order to pursue carbon capture technology ExxonMobil (stock ticker: XOM), an international oil and gas supermajor, has partnered with Mosaic Materials, a chemicals and engineering company, in order to explore and advance technology that can be used to remove carbon dioxide from emissions sources. The carbon capture technology being researched by Mosaic uses porous, crystalline solids – known as metal organic frameworks (MOFs) – to separate CO2 from air or flue gas. The MOFs function like sponges, selectively capturing only specific gases from a complex mixture of substances, removing CO2 from emissions before it is ever able to reach … Login or click here to subscribe Username or E-mail Password Remember Me Forgot Password

August 26, 2019 - 5:09 pm — Closing Bell Story, Crude Oil News, Exploration and Production (E&P), Natural Gas News, Oil and Gas 360 Articles, Tech Corner

Paal Kibsgaard (source: Schlumberger Limited)

Former Schlumberger CEO Recommended for Chairman Role at Borr Drilling

By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling board of directors recommends appointment of Paal Kibsgaard as chairman The board of directors for Borr Drilling Limited (stock ticker: BORR), an international drilling contractor based out of Bermuda, has recommended former Schlumberger (stock ticker: SLB) CEO Paal Kibsgaard be appointed as the company’s new chairman, following a unanimous decision from the nominating committee. The election will take place at Borr’s annual general meeting, to be held on September 27, 2019. Kibsgaard will replace Fredrik Halvorsen as a member of the board, who will be resigning as a director effective September 1, 2019. Tor Olav Troim will continue to serve as the company’s vic… Login or click here to subscribe

August 22, 2019 - 4:54 pm — Closing Bell Story, Corporate Governance, Crude Oil News, Natural Gas News, Offshore, Oil and Gas 360 Articles, Oilfield Services, People

Drillinginfo Announces Name Change

By Tyler Losier, Energy Reporter, Oil & Gas 360 Drillinginfo changes corporate name to Enverus Drillinginfo, an energy SaaS and data analytics company, is officially changing its corporate name to Enverus, marking both the company’s 20th anniversary and its achievement of surpassing $300 million in annual recurring revenue. According to an Enverus press release, the new name is comprised of three elements that the company believes best represents its corporate philosophy: the energy industry (EN); clarity and truth (VER); and partnership, collaboration, people and humanity (US). Screenshots showing some of the analytical tools that Enverus provides (source: Enverus) “This business was started by ‘oilpatch kids’ in 1999 … Login or click here to subscribe

August 22, 2019 - 4:33 pm — Closing Bell Story, Crude Oil News, Natural Gas News, Oil and Gas 360 Articles, Tech Corner

Energy Bankruptcies Back on the Rise in 2019

From The Houston Chronicle After a recovery from the last oil bust, energy bankruptcies are back on the rise in 2019. The number of oil and gas bankruptcy filings through mid-August has nearly equaled the total tally from 2018, and the aggregate debt from 2019 bankruptcy filings of almost $20 billion has already surpassed the roughly $17 billion from a year ago, according to the energy bankruptcy monitor maintained by the Houston law firm Haynes and Boone. The biggest filings this year includes the oilfield services giant Weatherford International and a slew of oil and gas producers such as Houston’s Sanchez Energy, Halcón Resources, Vanguard Natural Resources and Midland-based Legacy Reserves. The energy sector is currently dealing with subdued oil and gas prices, slowing drilling activity, a wave of layoffs from companies like Halliburton, National Oilwell Varco and Pioneer Natural Resources, and a displeased Wall Street cutting off the access[Read More…]

August 15, 2019 - 6:02 am — Analytics, Closing Bell Story, Crude Oil News, Economy, Energy News, Finance, Natural Gas News

Oxy Lowers Production Guidance on Legacy Anadarko Assets

From The Houston Chronicle With Occidental Petroleum finalizing its $38 billion acquisition of Anadarko Petroleum last week, Oxy is now lowering its oil and gas production guidance for the legacy Anadarko assets. For the rest of this year, Oxy said Anadarko’s assets will see lower production volumes by at least a couple of percentage points than anticipated because of pipeline shortages and maintenance and weather-related downtime in the Gulf of Mexico and other regions. Oxy pointed to Anadarko having delays in West Texas’ booming Permian Basin bringing new wells online, as well as issues in Colorado’s DJ Basin regarding temporary shortages of oil and gas processing facilities. All of the issues are considered temporary and are unrelated to Occidental’s operations, the company said. The 2019 capital budget for the Anadarko assets will remain at $4.1 billion, not counting Anadarko’s Africa assets, which are in the process of being[Read More…]

August 14, 2019 - 6:03 am — Closing Bell Story, Crude Oil News, Energy News, Exploration and Production (E&P), Natural Gas News

Angkor Subsidiary Receives Approval for Cambodian Oil and Gas Concession

By Tyler Losier, Energy Reporter, Oil & Gas 360 EnerCam Resources receives approval from the Royal Government of Cambodia to develop Petroleum Block VIII EnerCam Resources Co. Ltd., a subsidiary of Canadian mineral company Angkor Gold Corp. (stock ticker: ANK:CA, ANKOF), has received approval from the Royal Government of Cambodia on its application for a 7,300 square kilometer oil and gas concession. Given the approval, which will allow Angkor to explore for hydrocarbons in Cambodia’s Petroleum Block VIII, the company now plans to proceed with production sharing agreement (PSA) negotiations in regards to the license. “Angkor is the first Canadian exploration company to be granted this level of approval to pursue oil and ga… Login or click here to subscribe

August 13, 2019 - 10:17 am — Canada, Closing Bell Story, Crude Oil News, Exploration and Production (E&P), International, Natural Gas News, Oil and Gas 360 Articles

Waste to Water: Oil and Gas Industry Looks to Mitigate Water Waste During Boom

Special Report From the Carlsbad Current-Argus In New Mexico, hydraulic fracturing taxes a resource perpetually scarce in the desert region: water. Hydraulic fracturing, or fracking as it is commonly called, blasts vast amounts of water, sand and chemicals through underground pipes to crack open the underground rock formations that hold crude oil and natural gas. A barrel of oil, or about 42 gallons, yields about half a barrel of wastewater. As production grows, the challenge of what do with the wastewater created by fracking means exploring solutions as big as the boom itself. Baker Hughes, an oil and gas service company and authority on industry data, reported a record-breaking rig count of about 103 in New Mexico in 2018 — mostly in the Permian Basin, where the U.S. Geological Survey (USGS) said the “largest continual” oil and gas resource was discovered. Fracking has been the subject of much debate. But[Read More…]

May 30, 2019 - 4:39 pm — Closing Bell Story, Energy News, Fracing

Oil & Gas Companies Fund Data Gumbo

Data Gumbo Secures $6M in Series A Funding from Venture Arms of Leading International Oil & Gas Companies

May 7, 2019 - 11:00 am — Press Releases, Tech Corner

Iran Signs New Trade, Energy Deals with Iraq

Agreements reinforce the close connections between the two majority Shia countries From Irish Times Iranian president Hassan Rouhani will conclude his first official visit to Iraq on Wednesday after signing agreements on energy, trade and the construction of a railway linking the neighbours. These deals reinforce the close connections between the two majority Shia countries and defy the Trump administration, which has stepped up pressure on Baghdad to reduce ties to Tehran and abide by the punitive US sanctions regime. “We want to forge very close relations with Iraq. We do not seek to be allied against others, but rather seek to invite other regional states to be in our alliance,” Mr Rouhani said after meeting his Iraqi counterpart Barham Salih. Mr Rouhani discussed joint economic projects and co-operation against terrorism with prime minister Adel Abdul Mahdi, whose coalition includes Shia parties tied to Iran. Dependent on Iran for electricity, fuel, food and pilgrimage revenues, Iraq[Read More…]

March 14, 2019 - 6:26 am — Closing Bell Story, OPEC, Politics & Opinions, Trade

Trump Budget Spares Oil Sector from Deep Cuts

From Argus Media President Donald Trump’s proposed budget would cut billions of dollars from the energy sector’s top regulators but spare federal programs that are important to oil and gas companies. The fiscal 2020 budget, released today, would make deep cuts to non-defense government spending. It has already been declared dead on arrival in Congress. The US Interior Department and the US Environmental Protection Agency (EPA) would lose a combined $5.8bn, or 14pc and 31pc respectively, under the budget. But the administration wants to increase spending on programs it sees as essential to its “energy dominance” agenda. The budget would boost spending on a plan to expand offshore oil and gas leasing from 2019-24, to begin oil and gas leasing in Alaska’s Arctic National Wildlife Refuge, to open new areas to drilling in the National Petroleum Reserve in Alaska, and to expedite government processing of federal drilling permits. “These efforts would provide industry with[Read More…]

March 13, 2019 - 4:33 pm — Closing Bell Story, Energy News

Venezuela’s Opposition Leader Seeks Foreign Drillers Sans National Oil Company JVs

Things in Venezuela are ‘badly broken’: Schlumberger Venezuelan officials close to tears in emotional appearance From Bloomberg Venezuela’s opposition leader is rolling out the welcome mat to foreign investors who want a piece of the world’s largest oil reserves. In a major break from the policies of President Nicolas Maduro and his late predecessor Hugo Chavez, Venezuelan opposition chief Juan Guaido wants to allow foreign crude explorers to drill without partnering with the national oil company, a top adviser said at IHS Markit’s CERAWeek conference on Tuesday. Under Chavez, seizures of foreign assets chased companies such as Exxon Mobil Corp. and ConocoPhillips out of the country and saddled the government with billions of dollars in reparation obligations. As the nation spiraled into economic, social and political chaos, Venezuela’s oil fields and infrastructure were neglected and starved of cash, leading to ruinous decline. In an emotionally-charged panel discussion, Venezuelan Ambassador Carlos[Read More…]

March 13, 2019 - 2:00 pm — Closing Bell Story, Energy News, OPEC

Caterpillar Announces Officer Changes

February 19, 2019 - 5:00 am — Closing Bell Story, People, Press Releases

NSAI Announces Oil and Gas Property Evaluation Seminar Schedule for 2019

Global itinerary takes popular seminar to four continents International petroleum consultancy Netherland, Sewell & Associates, Inc. (NSAI) will present its Oil and Gas Property Evaluation Seminar in 2019 in Dallas, London, Mexico City, and Singapore. The popular two-day seminar will be offered according to the following schedule in 2019: Dallas May 6 and 7, 2019 Dallas May 8 and 9, 2019 London June 11 and 12, 2019 Mexico City Exact Date TBD (presented in Spanish) Singapore July 11, 2019 The company asks oil and gas financial professionals to encourage any colleagues to also attend. To register visit the NSAI website at www.netherlandsewell.com.

January 16, 2019 - 12:18 pm — Closing Bell Story, Finance

Oil & Gas Bankruptcies Slow in 2018, but E&Ps Continue to Fold

E&P companies account for 67% of 2018 bankruptcies Energy attorneys Haynes and Boone have released the firm’s updated list of oil and gas bankruptcies, detailing how the continuing downcycle has affected companies. While oil prices were robust for much of the year, this did not save companies from falling into bankruptcy in 2018. A total of 43 oil and gas companies filed for bankruptcy in 2018, mostly E&P companies. Twenty-nine E&P companies went bankrupt in 2018, compared to 12 service firms and two midstream companies. While bankruptcies have tapered off since 2017, when a total of 82 companies became insolvent, the proportions of E&P and oilfield service companies has reversed. In 2018 67% of bankruptcies were E&am… Login or click here to subscribe

January 10, 2019 - 5:09 pm — Closing Bell Story, Crude Oil News, Finance, Natural Gas News, Oil and Gas 360 Articles

Oil and Gas Workers Are the Most Efficient in 15 Years

Oil and gas companies have received well deserved acclaim for improving efficiencies in the wake of the downturn, particularly in terms of per-rig output and breakeven costs. One metric that is often overlooked, however, is productivity per person. The BLS reports 516,000 people worked in oil and gas extraction in October 2018. This figure includes both people directly involved in the business, such as petroleum engineers and geologists, and those involved in what the BLS classifies as “support activities,” including drillers and pumpers. This represents a major jump from the 412,000 people employed at the beginning of 2017, though nearly all the rise has come from support workers, with direct oil and gas employees only slightly impro… Login or click here to subscribe

January 4, 2019 - 5:13 pm — Closing Bell Story, Crude Oil News, Natural Gas News, Oil and Gas 360 Articles

Oil and Gas Executives Weigh In on How the Oil Price Drop is Affecting their Companies and the Industry

“I can’t help but feel we are in for another extended period of low prices. The only way for me to survive is to quit spending money.” “The administration is our largest uncertainty in our business at this point, as they want low oil prices and will do everything in their power to deliver low oil prices.” “Relying upon the Saudis and Russians to run a profitable oil company is not a winning strategy.” Activity stagnating in Texas The recent drop in oil prices has been felt throughout the oil and gas industry, according to the Federal Reserve Bank of Dallas’ most recent Energy Survey. The Fed’s business activity index decreased sharply in Q4, as companies tapped the brakes in response to the recent downturn. The Fed reports the index … Login or click here to subscribe

January 3, 2019 - 3:44 pm — Closing Bell Story, Crude Oil News, Natural Gas News, Oil and Gas 360 Articles

Exclusive Interview: Matt Roland, Moss Adams Partner

At the 2018 Oil and Gas Conference, Matt Roland, partner at Moss Adams, was interviewed by EnerCom’s Angie Austin. Roland has practiced public accounting since 2005. He provides audit and accounting services to public and private companies in exploration and production, transportation, gas processing, and refinery and oilfield services. Matt’s expertise includes SEC reporting, public and private offerings, SOX 404 implementation and continued compliance, and complex accounting issues. Moss Adams LLP is one of the 15 largest public accounting firms in the United States and provides accounting, tax and consulting services to public and private middle-market enterprises in many different industries including Oil and Gas.

September 14, 2018 - 3:29 pm — C-Level Interviews, Closing Bell Story, Oilfield Services, People, TOGC23, Videos

Energy Bonanza in Southwestern States Also Fueling National Economic Activity: Pew

From the Pew Trusts An oil and gas bonanza in Southwestern states may be helping to drive the continuing national economic boom. The nation’s 4.2 percent growth in GDP, estimated last month by the Bureau of Economic Analysis, is the highest quarterly growth since 2014. State estimates aren’t due until mid-November, but many experts see oil and natural gas drilling, driven by higher prices, as a leading reason. “The states that contribute most might be the ones with strong increases in energy production,” including Texas, New Mexico and Colorado, said Mark Perry, an economist at the University of Michigan and an economic analyst for the conservative-leaning American Enterprise Institute. GDP measures gross domestic product, or the value of all goods and services produced in a given period of time. Oil and gas industries benefited from rising prices over the past two years, prompting more production and jobs. Production increased by nearly half[Read More…]

September 11, 2018 - 12:52 pm — Closing Bell Story, Energy News, Exploration and Production (E&P)

Podcast with GuildOne President James Graham: What is Blockchain, and How Will It Affect the Energy Industry?

What is blockchain? Blockchain is the underlying technology to the now-prevalent cryptocurrencies, which began as a way to build a decentralized digital cash system. Bitcoin, the first cryptocurrency, was established in 2008 by a person (or, perhaps, group of people) known as Satoshi Nakamoto; Bitcoin utilizes blockchain technology and introduced the concept to the world. According to Don & Alex Tapscott, authors of Blockchain Revolution (2016), “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Hard to Hack Picture a spreadsheet that is duplicated thousands of times across a network of computers, then imagine this network is designed as a single point of access for parties involved to regularly update the spreadsheet. Information held on a blockchain exists as a shared — and continually reconciled — database. This has obvious benefits: the blockchain database[Read More…]

August 15, 2018 - 9:12 am — Closing Bell Story, Featured Interviews, Top Story

WildHorse Resource Development Reports Strong Q2 Margins As Eagle Ford Pure Play

WildHorse is Presenting Tuesday, August 21st at the EnerCom Conference WildHorse Resource Development Corporation (NYSE: WRD) reported on operating and financial results for the three months ended June 30, 2018. Some of the operational highlights from its second quarter 2018 included an Increased average daily production by 107% to 46.7 MBOEPD compared to 22.6 MBOEPD for the second quarter 2017, it also brought online 28 gross (26.2 net) Eagle Ford wells, and crude oil realizations were 100% of WTI as a result of low differentials and favorable Louisiana Light Sweet (“LLS”) pricing. WildHorse also announced that the Irene/Inez/Lero Eagle Ford wells, located in Brazos County reached their average final peak IP-30(1) of 788 Boe/d (89% oil) on an average 6,404’ lateral. Financial highlights from second quarter 2018 and other recent highlights include: Reported a Net Loss of $14.1 million for the second quarter 2018 Reported a Net Loss available to common[Read More…]

August 9, 2018 - 2:21 pm — Closing Bell Story, Earnings, Exploration and Production (E&P), Oil and Gas 360 Articles

Oil Continues to Fall as Supply Concerns Ease

From Reuters Oil prices were set for a second straight week of decline on Friday after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions. Brent crude LCOc1 was down 10 cents at $74.35 per barrel by 1308 GMT, having fallen earlier by 1.3 percent. It was heading for a weekly fall of around 3 percent. U.S. benchmark West Texas Intermediate crude CLc1 was up 10 cents at $70.43, and was on course for a weekly decline of around 4 percent. Oil approached $80 in late June and early July due to Libyan and Venezuelan supply disruptions and fears the United States would press all buyers of Iranian oil to cut imports to zero from November. But prices weakened in recent days as OPEC member Libya reopened its ports in the east and U.S. Secretary of State Mike Pompeo said Washington would[Read More…]

July 13, 2018 - 12:58 pm — Closing Bell Story, Crude Oil News, Energy News, International, OPEC

Core Laboratories to Present at The Oil and Gas Conference

Core Laboratories (NYSE: CLB) Company Overview Over 80 years of oilfield service industry experience 70 offices in more than 50 countries Provider of proprietary and patented Reservoir Description and Production Enhancement services Summary Q1-2018 Revenue: $ 170 million Total Common Stock Outstanding: 44 million Enterprise Value: $ 5.2 billion Total Debt: $235 million Operating Margin: 19.01% Management Team David M. Demshur – Chairman of the Board, CEO Lawrence V. Bruno – President Richard L. Bergmark – Executive Vice President Monty L. Davis – Senior Vice President, COO Mark F. Elvig – Senior Vice President, Secretary & General Counsel Christopher S. Hill – Senior Vice President, CFO Kevin G. Daniels – Vice President, CAO Gwen Y. Schreffle – Senior Vice President, Corporate Development & Investor Relations The Oil and Gas Conference® Core Laboratories is presenting at EnerCom’s The Oil & Gas Conference® at the Denver Downtown Westin Hotel, Denver, Colo. Aug. 19-23, 2018. EnerCom[Read More…]

July 3, 2018 - 3:05 pm — Closing Bell Story, TOGC23

President Trump Wants Saudis to Balance the Drop in Iran’s Oil Supply

From Reuters President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on U.S. ally Saudi Arabia to raise supplies to compensate for lower exports from Iran. Trump said in a tweet on Saturday that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to produce more oil. The White House later walked back the president’s comments, saying the king had said his country could raise oil production if needed. On Sunday, in an interview with Fox News’ “Sunday Morning Futures with Maria Bartiromo,” Trump reiterated his call on Saudi Arabia to raise production to a new record, arguing that it should help the United States lower fuel prices since Washington is helping Riyadh in its struggle against Tehran. “Don’t forget the one negative to the Iran deal is that you lose a lot of oil, and they got to make[Read More…]

July 2, 2018 - 12:03 pm — Closing Bell Story, Crude Oil News, Crude Oil Storage, Energy News, International, OPEC, People

Inside the Failed Plot to Overthrow Venezuelan President Nicolás Maduro

From Bloomberg The plot, code-named Operation Constitution, involved scores of captains, colonels, and generals from all four branches of Venezuela’s armed forces. The goal was straightforward and seismic—to capture President Nicolás Maduro and put him on trial. The plotters, wearing blue armbands marked OC, were supposed to storm the presidential palace and main military base and stop the May 20 presidential election. Some of the planning took place in Bogotá, but Colombian and U.S. officials, who allegedly knew about the plot and winked from the sidelines, declined to provide active support. Then something went wrong. In mid-May, several dozen servicemen, including one woman, as well as a couple of civilians, were secretly arrested—some have been accused of treason—and imprisoned by a military court. Many say they’ve been tortured. The plotters believe they were betrayed, possibly by a double agent. This reconstruction of the conspiracy is based on interviews with one[Read More…]

June 27, 2018 - 12:17 pm — Closing Bell Story, Energy News, International

Wind is Getting Big, but How Big?

In Texas wind is big: it’s in the top two states for wind power plants Electricity generation from wind in the United States has increased from about 6 billion kilowatthours (kWh) in 2000 to about 254 billion kWh in 2017, according to the EIA. That means wind power in the U.S. increased by a factor of 42 in 17 years. And it’s still growing. In 2017, wind turbines in the United States were the source of nearly 6.3% of total U.S. utility-scale electricity generation, according EIA data. There are currently 33,000 MW of new wind resources under consideration or development for Texas and leading that charge is Iberdrola. Ibreloa is a Spanish utility company that is planning to put $1 billion into new wind projects in Texas. Iberdrola’s new Texas project will add 725 MW of wind power rivaling that of the Roscoe wind farm. What does wind generation cost to[Read More…]

June 26, 2018 - 1:52 pm — Closing Bell Story, Energy News, Natural Gas News, Oil and Gas 360 Articles, Renewable Energy