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• Shale Boom Lifted GDP Growth by 10% from 2010-15, Fed Study Says
  America’s shale oil boom boosted U.S. economic growth by about 10% from 2010 to 2015, according to...
  America’s shale oil boom boosted U.S. economic growth by about 10% from 2010 to 2015, according to Federal Reserve Bank of Dallas researchers.
  
  While the oil sector makes up less than 1.5% of the economy, the Dallas Fed study found that growing implementation of the hydraulic fracturing technique used to recover oil from U.S. shale formations generated significant positive spillovers to other sectors. The boom caused prices of oil and related products to fall, leading to an estimated 14% decline in fuel prices globally. That allowed U.S. households to boost their overall spending on goods and services by an estimated 0.7% as disposable incomes rose.
  
  
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• U.S. offshore oil auction draws $159.4 million in bids for Gulf acreage
  (Reuters) - A major auction of oil and gas leases in the U.S. Gulf of Mexico on Wednesday received $159.4...
  (Reuters) - A major auction of oil and gas leases in the U.S. Gulf of Mexico on Wednesday received $159.4 million in high bids, government officials said.
  
  Combined with a March auction that drew $244.3 million in high bids, the total was the highest annual bid level since 2015, officials from the Bureau of Ocean Energy Management said in a conference call with reporters following the sale.
  
  The auction offered 77.9 million acres (31.5 million hectares), of which 835,006 acres received bids, according to preliminary data from the BOEM. Of the 151 tracts that received bids, 117 were in water more than 800 meters (2,625 ft) deep.
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• U.S. oil prices settle lower as crude supplies log first weekly slump in 3 weeks
  From MarketWatch: West Texas Intermediate crude for October delivery CLV19, +0.63% fell...
  From MarketWatch: West Texas Intermediate crude for October delivery CLV19, +0.63% fell by 45 cents, or 0.8%, to settle at $55.68 a barrel on the New York Mercantile Exchange, following gains in each of the last three trading sessions. It was at $56.77 shortly before the supply data. The October contract for global benchmark Brent crude BRNV19, +0.41%, however, rose 27 cents, or 0.5%, to $60.30 a barrel on ICE Futures Europe. On Tuesday, Brent finished above $60 for the first time in a week.
  
  The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 2.7 million barrels for the week ended Aug. 16. That followed increases in each of the previous two weeks. Analysts polled by S&P Global Platts, on average, expected a decline of 3.1 million barrels, while the American Petroleum Institute on Tuesday reported a 3.5 million-barrel decrease.
  
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• Encana roars back to life with Permian Basin projects
  Canadian oil company Encana is roaring back to life as the company prepares for a large round of horizontal...
  Canadian oil company Encana is roaring back to life as the company prepares for a large round of horizontal drilling in the Permian Basin.
  
  The exploration and production company filed for 14 drilling permits on its Neal 39 leases in Upton County. Located about 22 miles northwest of Rankin, the wells target the Spraberry formation down to a total depth of 10,300 feet.
  
  Encana has filed for 101 drilling permits so far this year. Out of those projects, 89 were in the Permian Basin. The other 12 were in the Eagle Ford Shale of South Texas.
  
  All of Encana’s projects in the Permian Basin this year have targeted the prolific Spraberry formation.
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• Park Energy Services Appoints Tim Knox as President and COO
  Park Energy Services, LLC (“Park”), a portfolio company of Rock Hill Capital, announced that it has...
  Park Energy Services, LLC (“Park”), a portfolio company of Rock Hill Capital, announced that it has appointed Tim Knox as President and Chief Operating Officer effective August 19th, 2019.
  
  “We are very excited to announce the addition of Tim Knox to the team. As Park Energy continues to exceed our growth objectives, we knew Park needed someone with Tim’s caliber and experience to continue our drive to build the leading wellhead horsepower compression company in the industry,” said John Seldenrust, Chairman and CEO of Park Energy Services.
  
  Tim Knox brings over 28 years of experience in the natural gas compression space, including 15 years serving in executive leadership functions, most recently as Vice President of Contract Compression at Enerflex Energy Systems, Inc., and prior to that, Mr. Knox served as President and Director of CSI Compressco LP, and President & COO of Compressor Systems, Inc.
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