Oil Price Drops Again
After some hopeful news that OPEC producers Saudi Arabia and Venezuela had held talks on possible production cutback on the weekend; the market again fell below $30. WTI fell to $29.57 on Monday...
View ArticleConocoPhillips to Export LNG from Alaska
The U.S. Department of Energy has approved ConocoPhillips application to export LNG from its Kenali terminal in Alaska. Up to 40 billion cu ft. of natural gas will be exported over the next two years...
View ArticleScalia’s Replacement Will Impact Industry
The sudden death of Supreme Court conservative, Antonin Scalia, and his potential replacement may have a significant impact on the energy industry. There is some speculation that President Obama may...
View ArticleOPEC Members Want to Shift Policy
In recent interview with Reuters, representatives from OPEC nations say that the majority of OPEC members want to end the oil glut. The Nigerian oil minister, Emmanuel Ibe Kachiwku, told Reuters that...
View ArticleToo Much Oil in the Market
The oil price drop of 70% in the past 18 months is not due to decreased demand, but the oversupply of oil to the market. Oil producers understand this, but no one is willing to deduce supply unless...
View ArticleSaudi Oil Minister Meets U.S. Producers
Ali Al-Naimi, the Saudi Oil Minister met U.S. shale oil producers last week for the first time since Saudi announced their policy to increase oil production. While U.S. shale oil production has...
View ArticleDevon Energy Stock Down
Despite a recovery in many oil stocks last week, Devon shares hit a 52-week low, down almost 15% for the week. To raise capital Devon offered 69 million common shares at $18.75.The move brought in $1.3...
View ArticleOil Predictions for 2021
The International Energy Agency (IEA) predicted on Monday that the U.S. will lead the world in oil production by 2021. In the mid-term market report, IEA said that although “U.S. light, tight oil...
View ArticleHow to Stabilize Oil Production
Russia and Saudi Arabia joined Qatar and Venezuela over the weekend in discussions on how to cap crude output and stabilize oil process. Brent prices began to stabilize around $33 per barrel. The...
View ArticleRogue Wave Prediction
Researchers at MIT have developed an algorithm tool that rapidly sifts through data from surrounding waves to identify clusters of waves that have the potential to develop into rogue waves. The...
View ArticleChesapeake Stops Drilling in Pennsylvania and Ohio
Chesapeake one of the largest gas producers in the region with over 800 wells in Bradford and Susquehanna Counties, PA announced a halt in drilling new wells in the Marcellus and Utica Shale plays....
View ArticleWill Production Freeze Work?
Although Saudi Arabia and Russia and some OPEC countries agreed to hold production at January levels on Feb 16th, the chance of this having a positive global effect may be minimal. January levels were...
View ArticleOil Prices Rise
The oil price rose last week on news that Saudi Arabia announced it would work with other producers to “limit oil market volatility.” On Feb 29 Brent crude traded at $35.54 per barrel and WTI traded at...
View ArticleGoal: $40 Oil
U.S. shale producers say that $40 is the new $70, referring to the fact that less than a year ago $70 was considered essential for future operation. Comments from producers at last week’s meeting in...
View ArticleMcClendon Dies in Single Car Crash
Aubrey McClendon died in a single car crush in Oklahoma City one day after he was indicted for rig-rigging by the Federal Government. The Justice Department is expected to dismiss the case against...
View ArticleRoyalty Owners File Suit Against Chesapeake and SandRidge
Chesapeake Energy and SandRidge Energy were charged with working to rig the bidding and limit competition for oil and gas acreage in Oklahoma. The Class Action suit charged Chesapeake and Sand Ride...
View ArticleNorth Dakota Rig Count
The U.S. second largest oil producing state, North Dakota, saw a further decline in rig counts last week. Currently there are 35 active drilling rigs in North Dakota’s Bakken play. This is 70% below...
View ArticleOil Hits Three Month High
Crude oil gained on the Brent and West Texas Intermediate markets on Monday morning. Brent reached $39.50 per barrel on March 7th and WTI reached $36.53. Monday’s highs were more than 40% above the...
View ArticleUps and Downs in Texas Oil and Gas Industry
In 2015 Texas lost 60,000 jobs in the oil and gas industry, as companies attempted to reduce operating costs and investment fell. One segment of the industry is using the low oil prices to its...
View ArticleTax Relief for Small Producers in Texas
In 2005 the Texas legislature passed a law that may go into effect for the first time brining some tax relief to Small Operators in Texas. The 2005 law created a tax credit for small producers...
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