Oil futures showed a slight increase on Thursday despite weeklong trading volatility and economic data suggesting a possible decline in energy demand, according to Bloomberg MarketWatch. October West Texas Intermediate crude rose 33 cents, or 0.8%, to end trading at $43.91 a barrel on the New York Mercantile Exchange. November Brent crude, the global benchmark, added …
Category: Oil & Gas
Chesapeake Loses $438 Million Appeal in Bond Dispute
Oklahoma City-based Chesapeake Energy Corporation lost its appeal in a $438 million bond dispute by a unanimous 3-0 vote of the U.S. Second Circuit Court of Appeals on Thursday. The Manhattan federal appeals court agreed with bond trustee, BONY Mellon, that bondholders were contractually entitled to a special “make-whole” price due to the early redemption. …
Oil and Gas Investments Drop—-but Grow in Renewable Energy
If the International Energy Agency is correct, this current oil bust will be responsible for creating the longest period of declining investment in the energy industry in half a century. Oil and gas investment dropped by 25 percent last year to just $583 billion, according to the report from Fatih Birol, the executive director …
5,000 Drilled but Uncompleted Wells Nationally
Latest oil production figures from the U.S. Energy Information Administration. New-well oil production per rig barrels/day New-well gas production per rig thousand cubic feet/day Region September 2016 October 2016 change September 2016 October 2016 change Bakken 875 896 21 1,189 1,228 39 Eagle Ford 1,153 1,170 17 3,335 3,382 47 Haynesville 31 31 – …
Oil Futures Traders Experience Volatile Wednesday as WTI and Brent Settle Lower
Oil futures settled near a two-week low on Wednesday, as traders experienced a volatile day focusing on an increase in domestic output despite an unexpected decline in crude oil stockpiles, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, October West Texas Intermediate crude fell by $1.32, or 2.9%, to settle at $43.58 a barrel. …
Cherokee Tribal Council Votes to Support Indian Protest of North Dakota Oil Pipeline
The Standing Rock Sioux tribe fighting the construction of the Dakota Access oil pipeline across North Dakota and three other states is getting support from Oklahoma’s Cherokee Nation. The Cherokee Nation’s Tribal Council voted this week in favor of a resolution of support for the Standing Rock Sioux Tribe’s protest of the pipeline. Chief Bill John Baker …
WTI and Brent Tumble on Tuesday as IEA Report Forecasts Supply Will Outpace Demand Into 2017
Oil futures finished at their lowest level in a week, after the International Energy Agency warned that supply will continue to outpace demand during 2017, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, October West Texas Intermediate crude fell $1.39, or 3%, to settle at $44.90 a barrel, marking its lowest settlement since …
Anadarko Increases Deepwater Gulf Assets
Houston-based Anadarko Petroleum Corp. says it’s paying $2 billion to acquire the deepwater Gulf of Mexico assets belonging to Freeport McMoRan Oil and Gas which is a subsidiary of Freeport-McMoRan Inc. based in Phoenix. The deal is to be concluded before year’s end and will double Anadarko’s ownership in the Lucius deepwater development to 49 …
Total Replaces Chesapeake Energy in Barnett Shale
With the pullout of Oklahoma City’s Chesapeake Energy from the Barnett Shale, Total, the French-owned oil company is moving in to replace it. As a result, France’s largest oil company will be the only company with hydraulic fracturing in the Barnett. Ironically, Total is not allowed to conduct hydraulic fracturing in Europe. In order to …
5,000 Drilled but Uncompleted Wells in the U.S.
A new report by the federal government indicates there are nearly 5,000 drilled but uncompleted wells nationally. The U.S. Energy Information Administration released its monthly Drilling Productivity Report showing DUC counts at the end of august totaled 4,117 in the four oil-dominant regions. Another 914 are in the three-gas-dominant regions. The estimated DUC count in …