Halliburton Company (ticker: HAL) announced a loss from continuing operations of $805 million, or ($0.92) per diluted share, for the fourth quarter of 2017. Adjusted income from continuing operations for the fourth quarter of 2017, excluding charges related to United States tax reform and Venezuela receivables, was $462 million, or $0.53 per diluted share. This compares to income from continuing
Quantum Energy Partners and Stonecourt Capital LP have announced the formation of PetroLogistics II LLC, with founders David Lumpkins and Nathan Ticatch. PetroLogistics II, headquartered in Houston, Texas, plans to continue the strategy of its predecessor, PetroLogistics Company LLC. The newly formed company will acquire, develop and operate petrochemical manufacturing, processing and logistics assets in North America. Quantum, Stonecourt and
Contract drilling rig and services provider Precision Drilling Corporation (ticker: PDS) reported its active rigs have increased by 16% compared to end of Q3 2017, the company said in an update. Precision currently has 64 rigs active in the U.S., compared with 55 at the time of its third quarter conference call. In Canada, the company reached near peak activity
U.S. rig count is up by one from last week, to 931, according to Baker Hughes’ latest rig count data. One land rig was added. Overall, the change from last year has been a positive gain of 278 rigs from the 653 rigs reported December 23, 2016. The Gulf of Mexico has maintained 19 rigs this week with no changes.
From Dow Jones/Fox Business Saudi Arabia is hunting for an energy deal in American shale country. Saudi Arabian Oil Co., known as Aramco, has had initial conversations about either taking a stake in Tellurian Inc., a Houston-based liquefied-natural-gas developer, or agreeing to buy some of its fuel in the future, people familiar with the matter said. Separately, it has also
The shackles are being taken off the U.S. energy sector, which spells trouble for Canadian jurisdictions trying to attract oil and gas investment dollars – Fraser Institute What is the Global Petroleum Survey? The annual survey, published by the Fraser Institute, studies barriers to investment in oil and gas exploration and production facilities in various jurisdictions around the globe. The
U.S. producers enjoy higher prices due to international customers for LNG export cargoes; Canadian gas becoming increasingly stranded – report A lack of market choice for Canadian natural gas led to increased volatility and depressed prices over the summer, creating a higher-than-usual differential with the price of U.S. natural gas, according to the latest oil and gas price forecast by
Hydro One to acquire Avista in Canada-U.S. energy transmission combo Ontario’s largest electricity transmission and distribution provider, Hydro One Limited (TSX:H) and Northwest U.S. energy provider Avista Corporation (NYSE:AVA) announced a definitive merger agreement under which Hydro One will acquire Avista for C$67 (US$53) per share in a C$6.7 billion (US$5.3 billion) all-cash transaction. Avista shareholders receive US$53 in
Permian drops one The total number of rigs operating in the U.S. grew by 12 this week, according to the Baker Hughes weekly rig count. There are currently 952 rigs currently operating in the U.S., 931 of which are land-based and the remaining 21 offshore. The onshore rig count was responsible for the addition of all 12 new rigs. Four
Senate weighs in On June 8th, 2017, a bipartisan team of United States Senators Cornyn, Cruz, Hoeven, Moran, Heitkamp, Daines, Inhofe, and Murkowski sent a letter to the United States Trade Representative, Robert Lighthizer, urging him to consider how a revision of the North American Free Trade Agreement (NAFTA) might impact United States energy interests. The letter stressed the interdependence
With OPEC out, is this what the new normal looks like for the oil and gas industry? Wednesday’s 1.1 million-barrel build in U.S. crude oil inventories drove West Texas Intermediate crude prices down by roughly a buck. A couple days before, rumors of OPEC having a special meeting to look at possible price support sent markets up a buck and
Total U.S. hydrocarbon production continued to grow even as prices remained low The United States remained the largest hydrocarbon producer in the world for the third consecutive year in 2015. Despite low crude oil prices, and a 60% drop in the number of operating oil and natural gas rigs, U.S. petroleum and natural gas hydrocarbon production increased roughly 2.0 MMBOEPD
