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Top Eagle Ford Shale news stories – May 21-27

Another week gone by and another deluge of news, and another weekly recap! Check out the list below to see what news articles our readers found most engaging this past week. Enjoy!

5. Texas firm cancels application to build $3.3B natural gas pipeline

High pressure gas pipes awaiting instalation. (Image: Bryan Hindle via Flickr)

High pressure gas pipes awaiting instalation. (Image: Bryan Hindle via Flickr)

ALBANY, N.Y. (AP) — Houston-based Kinder Morgan has withdrawn its application for a federal permit to build a $3.3 billion natural gas pipeline and a network of compressor stations.

The 420-mile Northeast Energy Direct pipeline was intended to send natural gas from Pennsylvania’s shale gas fields across upstate New York to New England.

To read the full article, click here.

4. Man indicted in $7.9M oil, gas fraud case in Kansas

idea of punishment for financial fraud, an employee of Whiting petroleum was recently charged with racketing and fraud charges

WICHITA, Kan. (AP) — A Hillsboro man has been indicted in connection to what prosecutors say was a $7.9 million oil and gas scheme.

Acting U.S. Attorney Tom Beall said in a news release that 70-year-old David Lawson was indicted on one count of wire fraud Tuesday.

To read more, click here.

3. Williams sues to maintain sale to Energy Transfer Equity

Image courtesy of Williams Cos.

Image courtesy of Williams Cos.

 

DALLAS (AP) — Williams Cos. has gone to court to pressure rival pipeline company Energy Transfer Equity to go through with the planned $32.6 billion purchase of Williams.

In a lawsuit filed in state court in Delaware, Williams suggested that Energy Transfer is trying to get out of the deal.

Energy Transfer’s spokeswoman did not immediately return phone and email messages on Saturday.

To read the full story, click here.

2. Hercules Offshore strikes deal with lenders

Offshore oil and gas drilling rig operating in the Gulf of Mexico. (Image: Adventures of KM&G-Morris via Flickr - CC2)

Offshore oil and gas drilling rig operating in the Gulf of Mexico. (Image: Adventures of KM&G-Morris via Flickr – CC2)

NEW YORK (AP) — Oilfield services company Hercules Offshore has worked out an agreement with lenders before it seeks Chapter 11 bankruptcy protection, the second time will have done so in less than year.

This time, however, the company is selling assets to pay off investors.

Hercules transferred the right to acquire the rig, formerly named Hercules Highlander, to a subsidiary of Maersk Drilling. Maersk Highlander UK Ltd. succeeds to the right to take delivery of the rig and will settle the final payment of approximately $196 million with Jurong.

To read the full article, click here.

1. Energy expert says oil prices won’t top $100 a barrel

oil prices

Following a stunning decline, oil prices have clawed back near the $50 level this year. Production boomed in the U.S. but is now slumping. Globally, OPEC is in disarray and major producers can’t agree on steps to boost prices.

Daniel Yergin is the vice chairman of research firm IHS Inc. He has written two books on energy, including the Pulitzer-winning opus “The Prize: The Epic Quest for Oil, Money and Power,” which is essential reading for anyone interested in the subject.

To read the full interview, click here.

Bonus – Trump addresses energy policy at North Dakota oil expo

Trump, energy, plan, oil, North Dakota

Donald Trump addresses the media on Thursday at the Williston Basin Petroleum Conference in Bismarck, North Dakota.

Donald Trump’s speech on energy policy electrified the crowd Thursday at the Williston Basin Petroleum Conference in Bismarck, North Dakota.

Trump’s message was simple: America first.

“America’s incredible energy potential remains untapped,” Trump said. “Under my presidency, we’ll accomplish a complete American energy independence.”

In front of about 7,000 people, Trump outlined an energy plan that promotes oil, natural gas and coal for the nation’s future.

To read more about Trump and energy policy, click here.

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