Heavy snowfall in the Permian Basin, Oklahoma reduced utilization rates in Dec. Fort Worth, Texas-based Basic Energy Services, Inc. is feeling the pinch of low oil and gas prices, as rig and fluid service truck utilization rates fell further at the end of 2015., the company announced Tuesday. Basic Energy’s well servicing rig count remained unchanged
Basic Energy reports major decline in rig, truck services Read More »
Texas tax revenue from natural gas (48%) and oil (51%) were down significantly in 2015 Several states that collect significant revenue from severance taxes on fossil fuel extraction are re-evaluating current and upcoming operating budgets and taxation structures to address revenue shortfalls, according to the US Energy Information Administration. Severance taxes are often imposed on the extraction
State severance tax revenues decline as fossil fuel prices drop Read More »
Low gasoline prices, interest rates led to strong 2015 American light vehicle sales of 17.5 million According to analysts at IHS, 2015 was characterized as a good year in the mature car markets, though it was largely offset by a very poor year for many of the world’s emerging markets. The net result is estimated to
Global auto sales could reach 90 million in 2016 – IHS Read More »
Construction of Australia Pacific LNG began in 2011 (2 production units, each delivers 4.5M tonnes/year of LNG) HOUSTON, Texas – ConocoPhillips today announced that the first cargo of liquefied natural gas (LNG) has departed from the Australia Pacific LNG (APLNG) facility on Curtis Island in Queensland, Australia. “This is a significant milestone for our company and
ConocoPhillips exports first cargo from Australia Pacific LNG Read More »
Coal accounted for most generator retirements, more than 11,000 MW of capacity through Oct. 2015 National wholesale electricity prices at major trading hubs on a monthly average basis for on-peak hours were down 27 to 37 per cent in 2015 compared with 2014, driven largely by lower natural gas prices, according to the US Energy Information
Wholesale electricity prices drop across the US in 2015 Read More »
Large-scale project funding in 2015 exceeded $11.6B in 124 deals this year, compared to 2014 in which $14.2B was raised in 144 deals Total global corporate funding in the solar energy sector, including venture capital/private equity, debt financing, and public market financing, raised by public companies totalled $25.3 billion, according to a new study from Mercom Capital
Corporate funding in solar sector comes in at $25.3B, record broken Read More »
American coal’s share of electricity generation has fallen as market share of natural gas, renewables grew Since reaching a high point in 2008, coal production in the United States has continued to decline, according to the US Energy Information Administration. U.S. coal production in 2015 is expected to be about 900 million short tons (MMst), 10
Coal production, prices decline in 2015 as natural gas, renewables gain Read More »
Swift Energy launched $640 million loan in June to pay down borrowings/cash needs but pulled due to poor market The Dec. 31 Chapter 11 bankruptcy filing by Swift Energy Company adds to the growing wave of energy defaults and is representative of continued oil patch challenges, according to Fitch Ratings. Swift Energy’s bankruptcy filing, affecting approximately
Swift Energy bankruptcy filing symbolic of oil patch woes – Fitch Read More »
Upstream North American shale plays were hard hit: total value of shale transactions just $29 billion, down from $71 billion in 2015 HOUSTON, Texas – Upstream merger and acquisition (M&A) activity is set to rebound from its record low in 2015, according to a new study from oil and gas information and insight provider 1Derrick.
US upstream oil/gas M&A to surge in 2016 following 73% plunge in 2015 Read More »
Over 40 years ago, scientists suggested the idea of disposing of nuclear weapons production waste in holes drilled miles into granite The U.S. Department of Energy has selected a Battelle Memorial Institute-led team to drill a test borehole of over 16,000 feet into a crystalline basement rock formation near Rugby, North Dakota. One of the
Energy Dept. drilling deep test borehole for nuclear waste dump Read More »
