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Tag Archives: Permian

U.S. shale drillers struggle amid slumping prices: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – North America’s shale drillers are struggling with the renewed slump in oil prices, despite cutting costs, boosting output, and in some cases employing hedging to improve realized prices. Stock prices for most of the main shale drillers have fallen faster than the price of U.S. ...

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Ultra-light condensate could be niche for West Texas rail

HOUSTON – A surge in West Texas oil pipeline startups and expansions has squeezed viability of some crude-by-rail terminals in the region, but increased output of ultra-light condensate could give them a niche pipelines cannot fill, a top rail operator in the region said on Wednesday. “The big topic used to be that there wasn’t enough takeaway capacity out of the ...

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EIA productivity report: Is it all downhill from here?

Although the U.S. shale revolution has maintained impressive momentum over the course of the last year, depressed oil prices have taken their toll. The Energy Information Administration released its monthly drilling productivity report this week, and it has confirmed what many industry experts saw coming. With the exception of the Permian Basin, the U.S. has seen a drop in oil ...

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Ferrellgas to buy Dallas energy company for $837.5 million

KANSAS CITY, Mo. – Propane retailer Ferrellgas Partners L.P. on Monday announced a definitive agreement to purchase Dallas-based Bridger Logistics LLC for about $837.5 million, as it seeks to expand in the crude oil business. Ferrellgas, based in the Kansas City suburb of Overland Park, Kan., and known for its Blue Rhino portable propane tanks, said Bridger’s owners will receive ...

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Finding a job after the oilfield

Diego Estrada finally lost his job as a wireline operator in March. For months, the 35year-old said he watched his hours dwindle, chipping away at earnings beyond what he ever made as a construction worker in El Paso. In 2014, he said he made $88,000. But as oil companies shed rigs and completed fewer and fewer wells as the New ...

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Signs point to recovery

Oil prices tick upward. The drop in rigs drilling in the Permian Basin continues to flatten. And some observers expect the worst of the layoffs are over. Meanwhile, some of the biggest drillers in the region, Pioneer Natural Resources and EOG Resources, announced plans in the past two weeks to start drilling soon, dependent on price stability and other factors. ...

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ConocoPhillips says to maintain capex for next 3 years

ConocoPhillips Chairman and CEO Lance rings the closing bell at the New York Stock Exchange

KUALA LUMPUR – ConocoPhillips expects to maintain capital expenditure for the next three years, after reducing it earlier this year due to the oil price drop, Chief Executive Ryan Lance told Reuters on Monday. The largest independent U.S. energy company, which cut its 2015 capital budget by $2 billion to $11.5 billion in January, “should hold (investment) flat for three ...

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Encana posts surprise operating profit as costs fall

Encana Corp , Canada’s largest natural gas producer, posted a surprise quarterly operating profit as investments in technology to lower well costs and increase production begin paying off. Encana has been diversifying into oil production and has invested heavily in technology and drilling techniques, such as applying simultaneous drilling and completions operations on wells, to drive greater productivity and cost ...

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Brent inches towards $67, despite weak China factory activity

SINGAPORE – Brent crude edged towards $67 a barrel on Monday, reversing earlier losses after weak Chinese data reinforced views that stimulus measures would be rolled out for the world’s second largest economy. China, the world’s second-largest oil consumer, posted its biggest drop in factory activity in a year to 48.9 in April, a private business survey showed on Monday. ...

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Exxon Mobil reports higher petroleum reserves in 2014

The numbers are in, and Exxon Mobil says they’ve surpassed 2013 oil and gas reserve amounts in 2014, according to FuelFix. Exxon Mobile, based in Irving, Texas, reported 25.3 billion barrels of oil equivalent in reserves at the end of 2014, up slightly from 25.3 billion the company reported for 2013. The slightly higher numbers in 2014 are being attributed ...

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