Energy Financial

University of Calgary report: How does 2015 oil downturn compare to the 1985 crash?

Oil downturn shouldn’t last as long this time around: University of Calgary CALGARY _ Thirty years ago, shoulder pads were all the rage, Molly Ringwald was a rising teen movie star and an oil downturn was wreaking economic havoc. At least one of those will feel familiar to those working in the oil and gas industry […]

University of Calgary report: How does 2015 oil downturn compare to the 1985 crash? Read More »

WPX Energy completes sale of Van Hook gathering system to reduce debt load

“We are fully engaged in debt reduction efforts” – Rick Muncrief, WPX Energy CEO TULSA, Okla .- WPX Energy announced today that it has completed the sale of a North Dakota gathering system for approximately $185 million to a private equity fund managed by the Ares EIF Group, a subsidiary of Ares Management, L.P. The sale

WPX Energy completes sale of Van Hook gathering system to reduce debt load Read More »

Falling profits for Middle East chemical producers affect planned investments

Recent cancellation of Al Sajeel, Al Karaana projects are examples of how oil price slowdown already impacting investments in region The unexpected drop in global crude oil prices appears to have caught some chemical producers in the Middle East off guard, resulting in their companies reporting significantly lower profits or losses in the third quarter and

Falling profits for Middle East chemical producers affect planned investments Read More »

Fracker Trican lowers US costs, adjusts operations to slower market

Management has meaningfully reduced the U.S. operations’ cost structure and continues to adjust it to current industry activity and operating conditions Texas hasn’t been kind to Trican Well Service in the past year. The Calgary-based company idled the last of its two fracking crews in Oct., with only six of its 16 U.S. units still operating. Last

Fracker Trican lowers US costs, adjusts operations to slower market Read More »

Sanchez Production Partners reports third quarter 2015 Results; 2016 forecast

For the first nine months of 2015, the Partnership’s capital spending totaled approximately $1.3 million. HOUSTON, TX – Sanchez Production Partners LP has reported Q3 2015 results, announced plans to implement a unit repurchase program, and provided a base case forecast for 2016. Highlights from the report include: An initial distribution declared on the Partnership’s common units of

Sanchez Production Partners reports third quarter 2015 Results; 2016 forecast Read More »

Clayton Williams Energy announces borrowing base redetermination, covenants extension

Revolving credit facility at Sept. 30 totaled $298.1 million after allowing for outstanding advances, letters of credit MIDLAND, Texas – Clayton Williams Energy, Inc. today announced that it has completed the scheduled semiannual borrowing base redetermination of its revolving credit facility and has extended the temporary covenant amendments originally set for expiration in 2016. Effective

Clayton Williams Energy announces borrowing base redetermination, covenants extension Read More »

Basic Energy Services reports decline in drilling, servicing rigs compared to 2014

October saw an increase in fluid service hours, as utilization remained strong in Permian Basin Basic Energy Services, Inc. today reported selected operating data for the month of Oct. 2015.  Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 44,400 producing a rig utilization rate of 44%,

Basic Energy Services reports decline in drilling, servicing rigs compared to 2014 Read More »