Helix to Acquire Privately Held Alliance for $120 Million
Helix Energy Solutions Group Inc. agreed on May 17 to acquire Alliance in...
Helix Energy Solutions Group Inc. agreed on May 17 to acquire Alliance in the Gulf of Mexico for $120 million cash at closing, plus the potential for post-closing earnout consideration.
Alliance, a Louisiana-based privately held company, provides services in support of the upstream and midstream industries in the Gulf of Mexico shelf, including offshore oil field decommissioning and reclamation, project management, engineered solutions, intervention, maintenance, repair, heavy lift and commercial diving services.
Bakken Shale oil, gas production trends diverged in 2021
North Dakota's Bakken Shale experienced a 9% increase in annual natural gas production in 2021, even...
North Dakota's Bakken Shale experienced a 9% increase in annual natural gas production in 2021, even as crude oil production fell by 6%, according to the Energy Information Administration. Gas output averaged 2.97 billion cubic feet per day last year, an annual record, while the gas flaring rate continued to decline, averaging 7.5% in December.
EIA projects higher US shale, gas production in June
The Energy Information Administration forecasts that US shale oil production will jump by 142,000 barrels...
The Energy Information Administration forecasts that US shale oil production will jump by 142,000 barrels per day to 8.76 million bpd in June, the highest level since March 2020, driven in large part by gains in the Permian Basin, where output is seen hitting a record 5.22 million bpd. Meanwhile, shale natural gas production is expected to rise by 0.8 billion cubic feet per day to an all-time high of 91.8 Bcf/d in June.
What's more, G7 and EU countries are weighing seizures of Russian central bank assets for Ukraine aid.
In addition to facing a historic default, two top oil execs say Russia will likely be shut out permanently from global energy markets. The shock of another war on European soil will be a wake up call for the continent, one executive said.
The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million...
The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build.
The draw comes even as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending May 13. U.S. crude inventories have shed some 76 million barrels since the start of 2021 and about 18 million barrels since the start of 2020, according to API data.
Distillate stocks saw a build in inventories of 1.075 million barrels for the week compared to last week's 662,000-barrel increase.
Cushing saw a 3.071-million-barrel draw this week. Cushing inventories slipped to 28.242 million barrels in the week prior, as of May 6, according to EIA data—down from 59.2 million barrels at the start of 2021, and down from 37.3 million barrels at the end of 2021.
