EOG will increase activity in the Utica shale in Ohio, says company
Jeff Leitzell, chief operating officer of Houston-based EOG Resources, told the Barclays CEO Energy-Power Conference attendees in New York that the company expects to increase operations in the Utica Shale play in Ohio. Leitzell stated that EOG Resources had doubled its Utica activity year-on-year. The company now operates on 445,000 acres at an average cost of $600 per acre.
US Drillers Add Oil and Gas Rigs for Fifth Week in Six
U.S. energy firms this week added oil and natural gas rigs for the fifth time in six weeks although growth in the rig count over the past few months has slowed as drillers continue to focus on capital discipline despite firmer oil prices.The oil and gas rig count, an early indicator of future output, rose three to 491 in the week to Aug. 6…
Investors Brace for Poor US Shale Earnings
Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations.Major shale producers ConocoPhillips and Concho Resources this week kick off quarterly earnings reports for a group whipsawed this year by volatile pricing and investor demands for improved returns.
Tailwind Completes EOG UK Acquisition
London-based Tailwind Energy has announced the completion of the acquisition of Houston-headquartered oil and gas firm EOG Resources's UK portfolio. The oil and gas venture announced two months ago it has agreed with EOG Resources Inc to acquire EOG’s UK business, subject to regulatory approvals. As part of the inherited EOG UK portfolio…
EOG Resources Tops Profit Eestimates
EOG Resources on Thursday topped Wall Street's third-quarter profit and revenue estimates on record oil production, and raised its spending outlook for the full year.Spurred by higher crude prices and advances in hydraulic fracturing, U.S. producers have hit records nearly every month this year. In August, the country's oil production hit a record 11.35 million barrels per day (bpd).Houston-based EOG produced 415…
Shale Innovator Mark Papa Joins Schlumberger Board
Oilfield services company Schlumberger NV has appointed shale pioneer Mark Papa and energy researcher Tatiana Mitrova to its board of directors, according to a filing on Monday with the U.S. Securities and Exchange Commission.Papa, who built independent energy producer EOG Resources into one of the most profitable U.S. shale companies, currently…
U.S. Drillers Add Rigs for 6th Consecutive Week -Baker Hughes
U.S. energy companies added oil rigs for a sixth week in a row as crude prices hovered near three-year highs, prompting more drillers to boost their spending plans for 2018. Drillers added 1 oil rig in the week to March 2, bringing the total count to 800, the highest level since April 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.
Apache's Latest Plan Shows U.S. Shale Boom Has Legs
Apache Corp Chief Executive John Christmann is betting the future of his company on a remote corner of the Permian Basin, the largest U.S. oilfield, planning to spend billions of dollars in the next 20 years to drill more than 5,000 wells. The development of the company's Alpine High field holds ramifications for U.S. oil reserves and future output from the already prolific Permian oilfield in Texas.
Pressured for Profit, Oil Majors Bet Big on Shale Technology
Shale oil engineer Oscar Portillo spends his days drilling as many as five wells at once - without ever setting foot on a rig. Part of a team working to cut the cost of drilling a new shale well by a third, Portillo works from a Royal Dutch Shell Plc office in suburban Houston, his eyes darting among 13 monitors flashing data on speed, temperature…
US Shale Producers Promise Higher Output and Returns
U.S. shale producers are telling investors impatient for better returns that they can keep boosting oil output aggressively and do so while still making money for shareholders. Investors have pushed top U.S. shale companies to focus on returns, rather than higher output, a move that threatened to slow the breakneck growth in supply sparked by the shale revolution in the world's top oil consumer.
US Gasoline Prices Climb as Refineries Gradually Restart
U.S. retail gasoline prices climbed Tuesday, even as oil refineries rumbled back into service after Hurricane Harvey disrupted operations along the Texas coast. The average gasoline price was $2.648, 30.2 cents higher than a month ago, according to motorist advocacy group AAA. Gasoline prices normally retreat after the U.S. Labor Day holiday weekend. Benchmark U.S.
US Drillers Add No Oil Rigs as Harvey Slows Production
U.S. energy firms did not add any oil rigs this week as Hurricane Harvey barrelled into the nation's energy heartland, forcing drillers to halt production and refiners to shut plants. The total oil rig count for the week ended Friday stayed at 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 407 active oil rigs during the same week a year ago.
Residents Flee South Texas Ahead of Harvey
Residents fleeing most powerful storm on U.S. mainland since 2005. Businesses closed and lines of cars streamed out of coastal Texas as officials called for residents to evacuate ahead of Hurricane Harvey, expected to arrive about midnight as the most powerful storm to hit the U.S. mainland in more than a decade. The hurricane is forecast to slam first near Corpus Christi…
U.S. Drillers Cut Rigs ahead of Hurricane - Baker Hughes
U.S. energy firms cut oil rigs for a second week in a row ahead of Hurricane Harvey and as a more than year-long recovery in drilling slows down in reaction to soft crude prices. Drillers cut four oil rigs in the week to Aug. 25, bringing the total count down to 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 406 active oil rigs during the same week a year ago.
Hurricane Harvey Strengthens, Threatens US
Hurricane Harvey intensified early on Friday into potentially the most powerful hurricane to hit the U.S. mainland in more than a decade, as authorities warned locals to shelter from what could be life-threatening winds and floods. Harvey is set to make landfall late Friday or early Saturday on the central Texas coast where Corpus Christi and Houston are home to some of the biggest U.S. refineries.
U.S. Shale Producers Drilling Themselves into a Hole
U.S. shale firms are drilling themselves into a deep hole despite warnings from industry leaders about the risk of flooding the market with too much crude, says Reuters analyst John Kemp. Drilling and production are rising. Prices are declining. Companies are barely breaking even or losing money. Costs are starting to rise. And share prices are sliding.
U.S. Shale Exposed to Falling Prices as Hedges Expire
Cash-strapped U.S. shale firms scaled back their hedging programs in the first quarter, leaving them more vulnerable to tumbling spot market prices just after OPEC reached a landmark deal to curb global supply. The pullback in hedging was driven by rising service costs and expectations that prices would continue to rally after the Organization of the Petroleum Exporting Countries extended those cuts in May, analysts said.
Some BHP Shareholders Want Firm to Shed Shale
BHP Billiton is facing pressure from two activist shareholders over its $20 billion splurge on U.S. shale oil and gas fields, but may resist calls to dump the business just as oil prices are sliding. Investors grumble that while BHP Billiton is a good operator in deepwater oil and gas, its shale business, first acquired in 2011, has been a capital drain and shareholders would be better off with a sale.
As Trump Targets Energy Rules, Oil Companies Downplay their Impact
President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S. oil and gas companies have been telling their shareholders that regulations have little impact on their business, according to a Reuters review of U.S. securities filings from the top producers.
Trump to Order Review of Federal Land Use
U.S. President Donald Trump will sign an executive order on Wednesday to identify national monuments that can be rescinded or resized - part of a push to open up more federal lands to drilling, mining and other development. The move comes as Trump seeks to reverse a slew of environmental protections ushered in by former President Barack Obama…
