Liberty Oilfield Services Reports Quarterly Loss, Sees Tight Frac Market
(Reuters) - U.S. hydraulic fracturing firm Liberty Oilfield Services Inc(LBRT.N) on Wednesday reported a first-quarter loss but said it expected robust demand for drilling services to drive higher margins and revenue growth this quarter.
Liberty said the U.S. hydraulic fracturing market is nearing full utilization as demand has increased but supply is limited due to labor shortages, supply chain constraints, and continued equipment attrition.
The company also said underinvestment is contributing to tightness in the market, echoing comments made by rival Halliburton (HAL.N) earlier this week. read more
EIA: Horizontal wells dominate US oil, gas development
Horizontal and directional wells accounted for 81% of US well completions and the bulk of drilling footage...
Horizontal and directional wells accounted for 81% of US well completions and the bulk of drilling footage in 2021, according to the Energy Information Administration. The growth of horizontal drilling has led to a sharp increase in the average footage of wells drilled, from 7,300 feet in 2010 to 15,200 feet in 2021, the EIA reported.
The Department of Energy has awarded contracts to Valero Energy, Chevron, ExxonMobil, Marathon Petroleum,...
The Department of Energy has awarded contracts to Valero Energy, Chevron, ExxonMobil, Marathon Petroleum, Philipps 66 and seven other companies for a total of 30 million barrels of crude oil from the Strategic Petroleum Reserve, with deliveries scheduled to take place between May and July. "These releases come as a part of a comprehensive plan to address Putin's price hike at the pump and to establish true energy independence and lower costs for Americans into the future," the department said.
Reuters: Lyondell Basell to Shutter Houston Oil Refinery
Chemical maker Lyondell Basell Industries will permanently close its Houston crude...
Chemical maker Lyondell Basell Industries will permanently close its Houston crude oil refinery by the end of 2023, the company said on April 21.
The decision comes after two failed attempts to sell the plant and the closing of five U.S. refineries in the last two years. Refining until recently has been beset by high costs and low margins.
“After thoroughly analyzing our options, we have determined that exiting the refining business by the end of next year is the best strategic and financial path forward,” said Ken Lane, interim CEO.
Cardinal Midstream to Pursue ‘Hybrid Strategy’ with $300 Million Encap Flatrock Commitment
A team of industry veterans launched on April 21 a new independent midstream company with $300...
A team of industry veterans launched on April 21 a new independent midstream company with $300 million in funding from EnCap Flatrock Midstream aimed at aggressively pursuing a “hybrid strategy” focused on natural gas and carbon capture.
“We believe that clean-burning natural gas will continue to play an important role in the energy mix, driving global demand, upstream production and accompanying midstream infrastructure,” Doug Dormer, CEO of Dallas-based Cardinal Midstream Partners, commented in a company release.
Founded in 2022, Cardinal is focused on the pursuit of midstream acquisition and development opportunities across North America, specifically natural gas gathering and processing and congruent carbon capture and sequestration.
