July 8, 2020 Houston’s Viking Energy Group has made the decision to re-activate some of its wells. The wells were “turned off or dialed back” because of the collapse in oil prices, which …
July 7, 2020
Operations are underway at Linde‘s hydrogen and carbon monoxide facility in Clear Lake and at a new air separation unit in LaPorte, both near the Port of Houston….
July 6, 2020
Low-emission aviation fuel is now arriving at San Francisco International Airport (SFO) from the Houston area — via a pipeline, what else?…
July 6, 2020
A US district court has ordered the complete shutdown of Energy Transfer‘s Dakota Access pipeline, saying one permit for the line doesn’t meet National Environmental Policy Act standards — the court ordered the permit to be reviewed and undergo an analysis by regulators….
July 5, 2020
At least four Louisiana O&G services companies have filed for bankruptcy protection over the past several weeks, according to the Louisiana Oil and Gas Association, which recently said about half its 460 members are considering such action as a result of the current economic downturn…..
July 4, 2020
Texas E&P Millennium PetroCapital Corporation has a new multiple-development plan underway with two wells in the Austin Chalk…..
July 4, 2020
Chesapeake Energy filed for bankruptcy protection last week — now what other companies should we be concerned about?….
July 4, 2020
A University of North Texas researcher is presenting preliminary findings that, because of corrosion of stainless steel containers, waste from nuclear power plants is nowhere near as stable as is commonly considered….
July 3, 2020
Comerica Bank‘s Texas Economic Activity Index decreased in April but sees improvement ahead on increased demand for gasoline, crude and electricity….
July 3, 2020
Legacy Exploration‘s CEO, saying he can’t think of a better time than now, says the Dallas company is starting to drill on two horizontal wells in the Fort Worth Basin…..
By Alex Mills
July 2, 2020
Most oil company leaders, who traditionally are very optimistic, have a pessimistic opinion about the future, according to a recent survey by the Dallas office of the Federal Reserve System. The survey “reveals a very somber and wary mindset by U.S. producers toward the upstream oil and gas (O&G) market.”
The cause of the negative opinions begins with exceptionally low prices for crude oil and natural gas that closed at a negative $37 per barrel for oil on April 20 and natural gas prices went into negative territory on several occasions on the futures market at some locations.
Oil prices have rebounded to a positive $39 on Wednesday. Natural gas price at Henry Hub was $1.671 down from $2.240 a year ago.
However, an oversupply of petroleum products still exist, which is an indication that prices will remain soft.
The Energy Information Administration (EIA) reported a decline of crude oil inventories of 7 million barrels this week to 533 million barrels, which was only the third week inventories have declined in the last 20 weeks. Inventories set a record the previous week at 540 million barrels….
July 2, 2020
Rosehill Resources and Rosehill Operating Company have entered in a Restructuring Support Agreement with some lenders and are preparing to file Chapter 11 bankruptcy in Texas on or before July 15th, expecting to emerge within 75 days….
July 1, 2020
Sales tax revenue collected in June by the state of Texas was down 6.5% when compared to a year ago, thanks in part to continued drops in oil and gas production taxes….
June 30, 2020
New Mexico’s utilities regulator says it’s recommending a plan to partner with New Energy Economy in a renewables plan for power generation resources once Public Service Company of New Mexico (PNM) closes its coal-fired San Juan Generating Station.…
June 29, 2020
Whitewater Midstream‘s upcoming Whistler Pipeline has a new injection of $325 million as it aims for operations to being next year in Texas….
June 29, 2020
San Antonio’s Mirage Energy Corp. is now engaged with a big New York City PR firm to publicize the pipeline and storage companies future efforts….
June 26, 2020
AUSTIN –– Crude oil and natural gas production as reported to the Railroad Commission of Texas (RRC) for April 2020 came from 172,505 oil wells and 87,853 gas wells.
The RRC reports that from May 2019 to April 2020, total Texas reported production was 1.5 billion barrels of crude oil and 10.4 trillion cubic feet of total gas. Crude oil production reported by the RRC is limited to oil produced from oil leases and does not include condensate, which is reported separately by the RRC…..
June 28, 2020
The shale drilling pioneer Chesapeake Energy lost $8.3 billion in 1Q and reported only $82 million in cash at the end of March. In a debtor agreement, Chesapeake has acquired $925 million in a revolving credit debtor-in-possession agreement to keep it going during the bankruptcy process, eliminating about $7 billion of debt along with a $600 million commitment for new equity when it emerges from the court process.
However, with about 73% of unsecured bondholders refusing to go along with the deal, a fight over recoveries is expected and could get contentious as hedge funds that accumulated positions in the bonds fight with the secured debtors
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June 25, 2020
Houston crude production and development independent VAALCO Energy Inc. has three new independent directors on the board….
June 24, 2020
ExxonMobil has restarted a Baytown hydrocracker that was shut on Monday because of a malfunction, according to Reuters….