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Tag Archives: Permian

Oil rig count up 7th straight week, gas count down

baker hughes rig count

The Baker Hughes rig count rose to 756 this week, with a gain of 7 rigs exploring for oil and gas. The U.S. gas rig count dropped by 5, according to data from Baker Hughes March 3. According to Business Insider, WTI crude oil futures are headed for a weekly loss of 1.5%, following data from the Energy Information Administration ...

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Top 5 Eagle Ford stories of the week

It’s been an long, eventful week. Sit down and enjoy the weekend with the Top 5 Eagle Ford stories of the week. 5. Oil slides again as focus returns to heavy glut LONDON – Oil prices fell on Thursday, with U.S. crude dipping below $40 per barrel, retreating from early gains amid a persistent global glut of crude and refined fuel. ...

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U.S. shale drillers struggle amid slumping prices: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON, Aug 7 – North America’s shale drillers are struggling with the renewed slump in oil prices, despite cutting costs, boosting output, and in some cases employing hedging to improve realized prices. Stock prices for most of the main shale drillers have fallen faster than the price ...

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Ferrellgas to buy Dallas energy company for $837.5 million

KANSAS CITY, Mo. — Propane retailer Ferrellgas Partners L.P. on Monday announced a definitive agreement to purchase Dallas-based Bridger Logistics LLC for about $837.5 million, as it seeks to expand in the crude oil business. Ferrellgas, based in the Kansas City suburb of Overland Park, Kan., and known for its Blue Rhino portable propane tanks, said Bridger’s owners will receive ...

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Signs point to recovery

Oil prices tick upward. The drop in rigs drilling in the Permian Basin continues to flatten. And some observers expect the worst of the layoffs are over. Meanwhile, some of the biggest drillers in the region, Pioneer Natural Resources and EOG Resources, announced plans in the past two weeks to start drilling soon, dependent on price stability and other factors. ...

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Encana posts surprise operating profit as costs fall

Encana Corp , Canada’s largest natural gas producer, posted a surprise quarterly operating profit as investments in technology to lower well costs and increase production begin paying off. Encana has been diversifying into oil production and has invested heavily in technology and drilling techniques, such as applying simultaneous drilling and completions operations on wells, to drive greater productivity and cost ...

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Exxon Mobil reports higher petroleum reserves in 2014

The numbers are in, and Exxon Mobil says they’ve surpassed 2013 oil and gas reserve amounts in 2014, according to FuelFix. Exxon Mobil, based in Irving, Texas, reported 25.3 billion barrels of oil equivalent in reserves at the end of 2014, up slightly from 25.3 billion the company reported for 2013. The slightly higher numbers in 2014 are being attributed ...

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Stacked rigs and their impact on oil prices

Although the dramatic drop in U.S. rig count alleviated the oil price decline, global investment firm Goldman Sachs said it probably won’t lead to a slowdown in production or help with oversupply. According to a report by CNBC, earlier this week the firm stated in a note that “the decline in the U.S. rig count likely remains well short of ...

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