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603Oil & Gas NewsHow One Desperate Energy Executive Launched the Fracking Revolution
Texas Monthly—writer-at-large Loren Steffy’s new book, George P. Mitchell: Fracking, Sustainability, and an Unorthodox Quest to Save the Planet (Texas A&M University Press), is...
195LeaseNew Mexico BLM land to be leased to oil and gas industry, while Democrats call for drilling ban
Adrian Hedden, Carlsbad Current-Argus—Residents have two weeks to file comments on the federal BLM’s February 2020 sale of leases of New Mexico...
209InvestingHedge funds turn bearish on oil as economy slows: Kemp
John Kemp – Reuters– By early last week, hedge funds had become the most bearish toward oil prices since the start of...
237Oil & Gas NewsT. Boone’s iconic table arrives at cabinet room in Oklahoma governor’s office
Oklahoma State University has announced that a conference table used daily by the late legendary philanthropist T. Boone Pickens will be lent...
261AcquisitionsParsley Energy To Acquire Jagged Peak In $2.3 Billion All-Stock Transaction
Reuters – U.S. shale producer Parsley Energy Inc on Monday agreed to buy smaller peer Jagged Peak Energy Inc in an all-stock...
276ProductionWarmington: Oklahoma natural gas fueling the world
The Journal Record – Thanks in large part to the unprecedented success of Oklahoma’s natural gas producers, the United States is set...
334ExplorationBig Oil Is Selling Dirty Assets, But They Aren’t Going Away
By Kelly Gilblom – Bloomberg – When BP Plc announced its historic exit from Alaska, Chief Executive Officer Bob Dudley pointed to...
203Oil & Gas NewsU.S. Natural Gas Reserves Continue To Soar
Forbes – Jude Clemente – Ever since the U.S. shale revolution took flight in 2008, it’s been a consistent theme: not just...
305ExplorationChevron’s Shale Allies Are Its Secret Weapon In Exxon Race
By Jennifer Hiller, Reuters – MIDLAND, Texas––Chevron Corp. is turning to joint ventures and drilling alliances in its bid to dominate the...
172InvestingBig Tech still pursuing oil industry deals despite pledges to slash emissions
By Associated Press – New York Post—Employee activism and outside pressure have pushed big tech companies like Amazon, Microsoft and Google into...
Snippets
- Occidental to Sell Permian Campus After Anadarko Takeover(Bloomberg) -- Occidental Petroleum Corp. plans to sell a four-story...Read More
(Bloomberg) -- Occidental Petroleum Corp. plans to sell a four-story office building in the heart of the Permian Basin and move employees into a nearby one owned by Anadarko Petroleum Corp., the oil producer it bought for $37 billion three months ago.
The 213,000 square-foot complex will be vacated by April 2020 and is a “compelling” investment opportunity, according to a marketing document from CBRE Group Inc., the real-estate broker handling the sale alongside Midland-based Moriah Real Estate Co.
The property was built in 2014 and is located in Westridge Park on the west side of Midland, near the airport. It’s also close to Anadarko’s campus and directly opposite Chevron, which Occidental outbid to acquire Anadarko. EOG Resources Inc. also has an office nearby.
Occidental is under pressure to sell assets and pay down debt after the acquisition, which has been criticized by investors including billionaire activist Carl Icahn. The stock plunged this week after Chief Executive Officer Vicki Hollub slashed 2020 capital spending by 40%, raising concern that the company won’t pump enough oil to cover dividend payouts and debt service. - Chesapeake Energy top execs bought shares amid historic dropFrom SeekingAlpha - Chesapeake Energy (CHK) tries to rebound from ...From SeekingAlpha - Chesapeake Energy (CHK) tries to rebound from 20-year lows, as the company's CEO and Chairman bought a combined 125K shares on the stock's dip below $1/share.Read More
CEO Doug Lawler paid $45,740 to buy 50K CHK shares at an average price of ~$0.91 each, which leaves the CEO with ~5.13M shares in the company, or a 0.3% stake.
Meanwhile, non-executive chairman Brad Martin paid $213K to buy 250K shares at an average price of ~$0.85, leaving him with ~1.22M CHK shares plus another 75K shares owned indirectly through a trust.
The purchases were made on Wednesday after CHK issued a "going concern" warning and reported its consecutive quarterly earnings miss. - More than 4200 gallons of crude oil spills into Lake TexomaThe Oklahoma Corporation Commission said on Friday that more than 4,200 gallons of crude oil...The Oklahoma Corporation Commission said on Friday that more than 4,200 gallons of crude oil and more than 1,600 gallons of produced water spilled into a creek that flows right into Lake Texoma. The oil had been leaking since sometime Wednesday night.Read More
"We got a call this morning from Godfrey Oil Properties, they called to let us know that they lost about 40 barrels of produced water and 100 barrels of crude oil," said Sarah Terry-Cobo with the Oklahoma Corporation Commission.
Terry-Cobo said the crude oil and a byproduct of oil and gas with a high salt content, leaked off of a worksite and into Elm Creek, near Bridgeview Resot in Madill, Okla., about half a mile away from Lake Texoma on Thursday.
Terry-Cobo said Godfrey Oil hired Dillon Environmental an Ardmore-based contracting firm to place containment booms on the lake, to trap the oil. - Crude Rally Fades on Chinese Oil Import RecordA nascent rally in oil prices fizzled on Friday after Chinese customs data showed the country imported...A nascent rally in oil prices fizzled on Friday after Chinese customs data showed the country imported more crude in October than ever before, despite the continuing trade friction with the U.S.Read More
The disclosure eliminated some of the optimism traders have held that a detente in the trade war between the world’s two largest economies would lift demand for oil. Those hopes had sent oil prices 5.5% higher to start the month.
On Friday, however, prices for U.S. crude opened trading by losing as much as 2.5%. They recovered in the afternoon as a widely cited barometer of U.S. drilling activity indicated a further slowdown, before closing essentially flat.
West Texas Intermediate futures for December delivery settled up 0.16% at $57.24 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, gained 0.35% to end at $62.51 a barrel on London’s ICE Futures exchange.
- OPEC sees its oil market share shrinking, lowers demand viewVIENNA (Reuters) - OPEC will supply a diminishing amount of...Read More
VIENNA (Reuters) - OPEC will supply a diminishing amount of oil in the next five years as output of U.S. shale and other rival sources expands, the exporter group said, despite a growing appetite for energy fed by global economic expansion.
OPEC's production of crude oil and other liquids is expected to decline to 32.8 million barrels per day (bpd) by 2024, the group said in its 2019 World Oil Outlook published on Tuesday. That compares with 35 million bpd in 2019.
Vienna-based OPEC expects supply of U.S. tight oil to reach 16.9 million bpd in 2024 from 12.0 million bpd in 2019, although the expansion will slow and peak at 17.4 million bpd in 2029.
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843Oil & Gas NewsTrevor Rees-Jones Pioneered Plays That Changed America’s Energy Industry
BY JENNIFER WARREN | D Magazine—America has been on the forefront of an oil and...
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580ExplorationPrivately held Mewbourne Oil competes with Permian’s big boys
Houston Chronicle—HOBBS, N.M. — Yates Petroleum, a privately held company, was scooped up by...
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315InvestingSmall U.S. oil and gas companies get cold shoulder from large banks
NEW YORK (Reuters) – The largest banking lenders to the U.S. oil and gas...
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289ProductionContinental Proves Its Primacy in Oklahoma’s SCOOP and STACK
By Suzanne Edwards, Natural Gas Intel ~ Oklahoma City, OK-based Continental Resources Inc. turned...
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193AboutOil and Gas Technology – 10 Trends to Watch in 2020
In the oil and gas industry, technological advances have made it easier for companies...
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187InvestingLand Rig Market Softens As Operators Tighten Belts
Hart Energy—Throw a rock in the financial district in Manhattan these days and you...
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179InvestingWall Street thinks drillers will “waste” cash on fruitless investments
Houston Chronicle – Stephen Chazen believes Wall Street’s recent push for U.S. shale drillers...
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163ExplorationMore Data Than Oil: Bandwidth poised to become next bottleneck in the Permian Basin
Sergio Chapa – Houston Chronicle – At first, there were not enough pipelines to...
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153ExplorationThe Drilling Frenzy Is Over For U.S. Shale
Yahoo Finance—A few high-profile shale executives say the glory days of shale drilling are...
