Archive for March, 2016
EIA report shows US oil/gas operating costs dropped 30% since 2012
Adoption of best practices, better well designs have reduced drilling, completion times, decreased well costs, increased well performance A new study from the US Energy Information Administration shows that operating costs for American oil and gas producers ramped up from 2006 to 2012, then dropped as much as 30 per cent in the years since. In […]
Exxon probe launched by US Virgin Islands, Massachusetts
Exxon already under investigation by New York and California NEW YORK _ Attorneys general in the U.S. Virgin Islands and Massachusetts are investigating whether Exxon Mobil deceived the public or shareholders about the effects of climate change, joining similar inquiries into the oil giant launched by New York and California. The investigations announced Tuesday came […]
Oil prices decline, US stocks edge mostly lower
Oil prices continue slump NEW YORK _ U.S. stocks are mostly lower in morning trading Tuesday as energy companies tumble along with oil prices. Mining and metals companies are also declining. Overseas markets were mixed. KEEPING SCORE: The Dow Jones industrial average gave up 35 points, or 0.2 per cent, to 17,499 as of 11:30 […]
Energy Northwest shuts down Washington state nuclear power plant
Improper positioning of water system valve may have shut down Energy Northwest power plant RICHLAND, Wash. _ Energy Northwest has unexpectedly shut down its nuclear power plant near Richland after operators received an indication that a system used to cool equipment wasn’t working. The Tri-City Herald reports the Columbia Generating Station was shut down Monday after […]
Cleco Corp. sale okayed by Louisiana utility regulators
No rate increase promised in Cleco Corp. sale BATON ROUGE, La. _ On Monday, Louisiana utility regulators approved the sale of energy company Cleco Corp. In February, the Louisiana Public Service Commission rejected the$4.9 billion deal, however, the sale was completed this week after the purchasers agreed to conditions. Media reports on Monday’s meeting said PSC […]
Oil, gas companies lead 2015 credit rating downgrades – Fitch Ratings
Pressure from lower-for-longer oil, gas prices has weakened credit profiles beyond Fitch’s original expectations NEW YORK – According to Fitch Ratings, energy (oil and gas) and natural resource companies made up 33 per cent of credit rating downgrades, excluding sovereign related, during 2015. Persistently weak oil prices have continued to lead to CAPEX reductions or delays and have been […]
Fracking, not water disposal, behind earthquakes: study
Study estimates 0.3 per cent of fracking wells create problems EDMONTON _ New research suggests that hydraulic fracking of oil and gas wells is behind human-caused earthquakes in western Canada. The study, published Tuesday by a group of top Canadian researchers, concluded that it isn’t injecting wastewater underground that’s causing problems in Alberta and British […]
Chevron Phillips expanding Texas polyalphaolefins plant
Chevron Phillips says construction will begin in April with start up expected by mid-2017, supporting up to 135 jobs THE WOODLANDS, Texas – Chevron Phillips Chemical Company LP announced today that it has reached final investment decision to expand the low viscosity polyalphaolefins (PAO) capacity at its Cedar Bayou plant in Baytown, Texas by 10,000 metric […]
Houston-based Vertex Energy reduces debt, slows net loss in 2015 financial report
“We believe that the industry in 2016 will continue to feel the pressures that made 2015 difficult.” – Vertex CEO Cowart Vertex Energy, Inc., an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, announced today its financial results for the three and twelve months ended Dec. 31, 2015. “We continue […]
Range Resources closes sale of Marcellus shale asset
Range Resources sold working interest of 23% covering 10,900 net acres with net production of 22 Mmcf per day FORT WORTH, TX – Troubled oil and gas producer Range Resources Corporation today announced that it has completed the sale of its Bradford County, Pennsylvania non-operated assets. After purchase price adjustments based upon a Jan. 1st effective date, […]
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