All Drill, No Frack: US Shale Leaves Thousands of Wells Unfinished
U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a sign that output may not rise as swiftly as drilling activity would indicate. Rising U.S. shale output has rattled OPEC's most influential exporter Saudi Arabia and pushed oil prices to a near four-month low on Wednesday. U.S. production gains are frustrating Saudi-led attempts by the world's top oil exporters to cut supply, drain record-high inventories and lift prices.
Morgan Stanley Focuses on Smaller, Smarter Trades
Nancy King, global head of commodities trading at Morgan Stanley, has spent the last few years remodeling what used to be one of the most profitable units on Wall Street, by downsizing and focusing on smaller, smart trades for customers instead of the big, risky bets it used to make on its own account. The shift in strategy, which has cut the size of Morgan Stanley's commodities business by roughly two thirds, was largely forced on the bank by post-financial crisis regulations that banned banks from using their own money on potentially risky speculation, and increased capital requirements.
Angela Braly Elected to ExxonMobil Board
Exxon Mobil Corporation shareholders have elected Angela Braly to its board of directors. Including Braly, the ExxonMobil board now stands at 14 directors, 12 of whom are non-employee directors. Braly is the former chairman, president and chief executive officer of health insurance company WellPoint, now known as Anthem. Braly served as chairman of WellPoint from 2010 to 2012 and president and CEO of the company from 2007 to 2012. Prior to that, she held various senior executive positions at WellPoint including general counsel and chief public affairs officer.
Pentair Names Cassidy President, Valves & Controls
Pentair plc (NYSE: PNR) announced today that it has named Dennis Cassidy as president of its Valves & Controls segment (V&C) and an officer of the company, effective April 11. Cassidy joins Pentair with more than 20 years of industry experience with a primary focus on leading strategy-based transformation programs for global oil, gas, and chemical companies. Prior to joining Pentair, Dennis was a managing director at AlixPartners Enterprise Improvement Group and co-leader of the Energy practice. Before joining AlixPartners in 2012, Cassidy was a vice president of Booz and Company, where he led the chemicals, and the oil and gas practices.
Clinton's Pledge to Curtail Fracking Falls on Deaf Ears
Hillary Clinton's vow to regulate oil and gas fracking almost out of existence was met with skepticism Monday, failing to convince either industry or environment groups that she would - or could - end the controversial drilling practice if she becomes president. The front-runner for the Democratic party nomination used a debate in Flint, Michigan on Sunday night to oppose fracking anywhere local communities were against it, wherever it polluted air or water, and whenever companies refused to disclose what chemicals they use in the process.
Texas Quakes Likely Linked to O&G Operations -Study
A series of earthquakes that rattled a small community northwest of Fort Worth, Texas, more than a year ago were linked to oil and gas operations, according to a scientific study released Tuesday. The study published in the science journal Nature Communications concluded that the 27 earthquakes that occurred in Azle, Texas, were the result of high-pressure injection of drilling wastewater injected into the ground and other industry activity. "On the basis of modeling results and the absence of historical earthquakes near Azle…
US Oil States Impacted by Crude Slide
After leading the U.S. economic recovery out of recession, some of the nation's top oil states are showing early signs of a slowdown as a result of the plunge in crude prices. In Houston, Texas, the first oil industry layoffs have been announced, with realtors there predicting a sharp decline, up to 12 percent, in home sales next year. Alaska's 2015 fiscal year budget revenue forecast will have to be lowered by almost $2 billion, according to Fitch Ratings, because of the sharp drop in the state's forecast crude prices. That will widen Alaska's budget gap to almost $3.4 billiuon, Fitch said in a Dec. 11 report.
