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Author Archives: Ross Torgerson

Hamm: “Oil prices could rebound faster than expected”

Continental Resources CEO sees oil rising to $60 by year end

Despite the many recent non business-related headlines about him over the past month, folks within the oil and gas industry should still respect what Harold Hamm has to say. The Continental Resources CEO said Wednesday that he believes “the market doesn’t understand just how quickly oil companies are scaling back their activities, and as a result, oil prices could rebound ...

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Fracking causing environmental concerns of seismic proportions

Environmental activists have been dealt a pretty decent hand when it comes to betting against fracking–and as of late–that hand has . Recently, reports of fracking-related earthquakes are popping up in the news nearly as frequent as job cuts in the oil industry. States like Kansas, Oklahoma, Colorado and Ohio have all reported multiple earthquakes recently. A study released earlier ...

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Petrobras may book $20 billion asset write-down: Veja magazine blog

SAO PAULO – Brazilian state-controlled oil company Petróleo Brasileiro SA could take a charge of about 52 billion reais ($20 billion) in its delayed third-quarter results to reduce the value of some assets, a Veja magazine blog said on Monday. The impairment equals 42 percent of the market value of Petrobras <PETR4.SA>, as the company is known, Veja’s Mercados blog ...

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Houston man accused of lying about blowout preventer tests

NEW ORLEANS — The U.S. Attorney’s Office in New Orleans says a 49-year-old Houston man is accused of lying about a blowout preventer test on an offshore oil and gas platform in 2012. A bill of information charges Race Addington with two counts of making false statements to federal agencies about tests run Nov. 27, 2012, when he was well ...

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Kansas geologists ask for more funding amid earthquake spike

TOPEKA, Kan. — Kansas geologists say they need more funding to investigate an unprecedented spike in earthquakes in the state. Kansas Geological Survey Director Rex Buchanan told the House Energy and Environment Committee on Monday that about half a million dollars is needed to beef up seismic monitoring. The agency has recorded 206 earthquakes since Jan. 1, 2013, after detecting ...

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EPA: 4M gallons pumped from North Dakota saltwater spill

More than 4 million gallons of a mixture of fresh water, brine and oil have been pumped from the area affected by the largest saltwater spill of North Dakota’s current energy boom, according to a report issued Monday by the Environmental Protection Agency. The report provides an overall assessment on the nearly 3 million-gallon spill of saltwater generated by oil ...

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U.S. oil well shut-ins start as crude rout batters small producers

HOUSTON – Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn. As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by ...

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Port ship traffic climbs as oil prices drop

CORPUS CHRISTI – Falling gas prices did little to discourage Eagle Ford Shale crude production, if vessel traffic at the Port of Corpus Christi is any indicator. A total of 7,822 vessels passed through the port from January to November, compared with 6,870 ships during all of 2013, according to port records. Harmeet Singh, a lecturer at Texas A&M University-Kingsville’s ...

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U.S. Steel warns it may lay off almost 2,000 workers in Alabama, Texas

U.S. Steel Corp. said it will curtail production at pipe-making plants in Alabama and Texas and may lay off almost 2,000 workers because of “softening market conditions” in the oil and gas industries. The announcement Monday highlights the fallout from the global collapse in oil prices and rising competition for pipes, U.S. Steel’s most profitable product. The Downtown-based steelmaker said ...

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Gas line fire reported in Smith County

RALEIGH, Miss. — Firefighters in Smith County are at the scene of a natural gas line fire Monday in a rural area west of Raleigh. Greg Flynn, a spokesman for the Mississippi Emergency Management Agency, says all 5 workers were present when the explosion happened but no injuries have been reported. Sheriff Charlie Crumpton says the fire is under control ...

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