Today’s News

Exclusive Video Interview with Laramie Energy Chairman & CEO Robert Boswell

Exclusive Video Interview with Laramie Energy Chairman & CEO Robert Boswell

Laramie Energy: doing sandless fracs using higher water volumes and no proppant — at a much reduced cost

At its recent 2017 The Oil & Gas Conference®, EnerCom’s Oil & Gas 360® conducted an exclusive video interview with Laramie Energy …

Source: XOM

Chevron Approves $37 Billion Expansion in Kazakhstan

Chevron gives Tengiz Expansion in Kazakhstan the green-light, taking advantage of lower drilling prices

Chevron Corporation (ticker: CVX) announced the first oil and gas investment to exceed $10 billion in 2016 with its decision to go ahead with an expansion …

Noble Sells 3% Interest in Tamar for $369 Million, Plans to Drill New Well

Noble Sells 3% Interest in Tamar for $369 Million, Plans to Drill New Well

Noble sells down its working interest in Tamar field as part of Israel’s approved natural gas regulatory framework

Noble Energy (ticker: NBL) announced the sale of a 3% working interest in the Tamar field offshore Israel today for $369 million, …

Cabot Oil & Gas Locks in 10-Year Exclusive Gas Supplier Contract with Power Plant in Pennsylvania

Cabot Oil & Gas Locks in 10-Year Exclusive Gas Supplier Contract with Power Plant in Pennsylvania

Cabot will be the exclusive provider for the 1,500 megawatt Lackawanna Energy Center

Cabot Oil & Gas (ticker: COG) announced today that the company has signed a 10-year sales agreement to be the exclusive provider of natural gas supplies to …

WTI Climbs Near $50, Rig Count Increases

WTI Climbs Near $50, Rig Count Increases

The U.S. rig count is up 10 to 431

The number of active rigs in the United States increased this week, according to information released by Baker Hughes Industries (ticker: BHI). The total number of rigs reached 431 this week, …

U.S. Production Sees Largest Monthly Decline since the Start of the Downturn

U.S. Production Sees Largest Monthly Decline since the Start of the Downturn

U.S. production falls 220 MBOPD in April

U.S. production has remained surprisingly resilient amid the fall in oil prices, but data from the EIA today showed that production is beginning to come off at an increasingly fast pace. Total U.S. …

Today’s Deadline Tells the Tale for the Williams Companies, Energy Transfer Merger

Today’s Deadline Tells the Tale for the Williams Companies, Energy Transfer Merger

Update: Energy Transfer wins court ruling in Williams Companies merger

A Delaware judge ruled on Friday that Energy Transfer Equity LP can escape a proposed merger with Williams Companies over tax fears. Williams had suggested the fears over an unexpected …

Source: HRW.org

U.K. Pulls the Rug Out from Under Markets, Votes Yes on Brexit

Markets take a dive as U.K. votes to leave the European Union

In a referendum that essentially split the country, the United Kingdom voted to leave the European Union Thursday, a move most market experts did not believe would take …

Canada’s Trailblazer into Mexico’s New Oil & Gas Sector:  International Frontier Resources

Canada’s Trailblazer into Mexico’s New Oil & Gas Sector: International Frontier Resources

Opportunity strikes for International Frontier Resources: Canadian E&P wins bid at auction in Mexico

After 77 years, the Mexican government held its auction for oil and gas rights in July of last year. The first auction since Mexico’s decision to …

Birchcliff Energy Expands Core Acreage by 54,000 Net Acres with $625 Million Acquisition

Birchcliff Energy Expands Core Acreage by 54,000 Net Acres with $625 Million Acquisition

Birchcliff Energy creates a contiguous core asset base with purchase from Encana

Birchcliff Energy (ticker: BIR) announced that it will purchase all of Encana Corporation’s (ticker: ECA) Gordondale area, creating one contiguous block of assets in Birchcliff’s primary focus area …

Tamarack Valley Adds 1,900 BOEPD of Production, Increases Guidance

Tamarack Valley Adds 1,900 BOEPD of Production, Increases Guidance

Tamarack Velley acquires Alberta assets for $85 million

Tamarack Valley Energy (ticker: TVE) announced the acquisition of two assets in Alberta for total aggregate cash consideration of $85 million.

The first acquisition is a strategic consolidation of assets located in …

Source: EIA

Total U.S. Energy Production Up 2% YoY, 80% from Fossil Fuels

Domestic U.S. energy production of 89 quadrillion Btu accounted for 80% of U.S. energy supply: EIA

U.S. energy production totaled 89 quadrillion Btu in 2015, according to the latest information from the EIA. Domestic production increased 2 quadrillion Btu, or …

Oil Prices Up Despite Increased Drilling Activity in the U.S.

Oil Prices Up Despite Increased Drilling Activity in the U.S.

Drilling activity up: the U.S. adds ten more rigs this week – more rigs drilling in the Barnett today than a year ago

The rig count in the U.S. continued to climb for a third-straight week this week, according to …

Source: Gazprom St Petersburg International Economic Forum

Oil Prices Hurting Russian Deals, Russia Trying to Lure Back Investment

Oil and gas deal pipeline relatively thin at this year’s St. Petersburg Economic Forum

There was a stronger showing of the heads of international oil and gas companies at this year’s St. Petersburg Economic Forum, but deals remained relatively light.…

The Future of Natural Gas Growth, Renewables Growth Depends on the Clean Power Plan

The Future of Natural Gas Growth, Renewables Growth Depends on the Clean Power Plan

If the CPP passes, natural gas growth will double and renewables will show much stronger growth: EIA

The extent to which renewables and natural gas continue to grow in terms of their overall percentage in the energy generation mix in …

Oil Drops for Sixth Straight Day on Brexit Concerns, Smaller Inventory Draw than Economists Expected

Oil Drops for Sixth Straight Day on Brexit Concerns, Smaller Inventory Draw than Economists Expected

WTI and Brent crude oil prices down 4.1% and 3.9%, respectively, today

Oil prices continued to fall for a sixth consecutive day, today, while concerns over the possible exit of U.K. from the European Union pulled markets down.

Concerns over …

OPEC Revenue Down 46% in 2015 and Still Sinking

OPEC Revenue Down 46% in 2015 and Still Sinking

Low oil prices cost OPEC $349 billion

A report from the EIA showed OPEC’s revenues fell by nearly half from 2014 to 2015 as the group pursued a strategy of defending market share over oil prices. The EIA estimates that …

Canadian Economy Expected to Grow Despite Oil and Gas Headwinds

Canadian Economy Expected to Grow Despite Oil and Gas Headwinds

The Canadian economy is expected to grow 1.5% in 2016

The Canadian economy is expected to grow over the next two years, but the growth of individual provinces will vary widely, according to a report from the Conference Board of

After Twenty Years, the U.S. Starts Its First New Nuclear Reactor

After Twenty Years, the U.S. Starts Its First New Nuclear Reactor

43 years after the start of initial construction, the Watts Bar 2 nuclear reactor is set to begin operations

The first United States’ nuclear power plant to come online in two decades was connected to the power grid June 3, …

China’s Oil Output Falls by the Most in 15 Years

China’s Oil Output Falls by the Most in 15 Years

Oil output down more than 7%; Coal down more than 15%

The glut of oil brought on by OPEC’s decision to defend market share continues to put pressure on producers around the globe, particularly in China.

China’s largest oil and …

OPEC Report Calls for Market Balance in Second Half of 2016

OPEC Report Calls for Market Balance in Second Half of 2016

Unplanned outages continue to shore up the market quicker than expected – OPEC

The OPEC Monthly Oil Market Report released Monday shows the group expects oil markets to balance out in the second half of this year. Unplanned supply outages …

Antero Resources Sees Slow Step Out, 20%-25% Growth on Marcellus Acreage

Antero Resources Sees Slow Step Out, 20%-25% Growth on Marcellus Acreage

During a call today Antero Resources said it plans to keep long-term growth at 20%-25% and slowly move infrastructure out on its recently acquired acreage

During a conference call today following the company’s acquisition of 55,000 acres in the Marcellus, …

The Piceance Now Thought to Be the Second-Largest Natural Gas Basin in the U.S.

The Piceance Now Thought to Be the Second-Largest Natural Gas Basin in the U.S.

USGS: Mancos Shale Right Up There with the Marcellus – 40-times more natural gas in the Piceance than previously thought

Western Colorado has 40-times more natural gas than previously thought, but increased drilling and completion activity in the state’s Piceance …

Oil Closes Above $51 on Third Straight Week of Inventory Draws

Oil Closes Above $51 on Third Straight Week of Inventory Draws

U.S. inventory draw of 3.2 MMBO

Crude oil prices settled higher for a third day Wednesday as the Department of Energy reported the third consecutive week of crude oil draws. U.S. inventories decreased by 3.2 MMBO, slightly more than the …

WTI Closes Higher than $50 per Barrel

WTI Closes Higher than $50 per Barrel

Today’s closing price represents a 2016 high for WTI oil prices

Oil prices hit 2016 highs today, with U.S. crude benchmark WTI settling above $50 per barrel for the first time since July 21, 2015, when WTI closed at $50.36, …

Alaska Legislators Vote to Cut State’s Oil and Gas Tax Credits

Alaska Legislators Vote to Cut State’s Oil and Gas Tax Credits

Both the House and Senate passed versions of a new bill to overhaul the state’s oil and gas tax credits

After intense bargaining and twelve versions of the bill, Alaska legislators in separate votes Monday approved changes to the state’s …

Source: BP

WTI Nears $50 as Nigerian Supply Drops

Niger Delta Avengers bomb Shell and Eni pipelines

A militant group calling itself the Niger Delta Avengers continues to attack oil and gas infrastructure in Nigeria in a bid to undermine the current presidential administration. On Friday, the group bombed …

Devon: On the Way to $3 Billion Goal with $1 Billion Upstream Divestiture

Devon: On the Way to $3 Billion Goal with $1 Billion Upstream Divestiture

Devon Energy divests $1 billion in non-core assets with potentially another $1 billion on the way with the sale of its Access Pipeline interest

Devon Energy (ticker: DVN) announced roughly $1 billion in asset sales today as the company works …

U.S. Rig Count Rises for the First Time in Ten Months

U.S. Rig Count Rises for the First Time in Ten Months

U.S. rig count adds four to 408

Breaking a ten-month long decline, the U.S. rig count rose by four in the week ended June 3, 2016, according to information from Baker Hughes (ticker: BHI). The total U.S. rig count reached …

Clinton Promises to Raise Oil & Gas Royalties on Federal Lands

Clinton Promises to Raise Oil & Gas Royalties on Federal Lands

Clinton believes the 12.5% federal royalty rate is lagging behind

Hilary Clinton promised yesterday that she will raise the royalty rate the government charges companies that extract oil, gas and coal from onshore federal lands from 12.5% if she is …