Oxy Focus: Cost-Cutting, Margin Growth, Oil in 2013

With U.S. natural gas prices still the “great uncertainty,” Los Angeles-based Occidental Petroleum Corp. (Oxy) is undertaking a cost-cutting program designed to increase margin while it continues to emphasize oil production growth over natural gas in its domestic U.S. plays, CEO Steve Chazen said Thursday during a 4Q2012 conference call. He reported lower quarter-over-quarter results related to a one-time Midcontinent natural gas assets impairment charge.

February 4, 2013

Abraxas Eagle Ford Well Flowing Above Expectations

Abraxas Petroleum Corp. said a recent Eagle Ford Shale well has been performing better than expected, but its operations in the Williston Basin in North Dakota have been hampered by equipment troubles.

January 15, 2013

Big Oil to Eclipse Independents in North American Spending

North American onshore spending in 2013 is forecast to be dominated by Big Oil, international oil companies (IOC) and national oil companies (NOC), according to the latest annual review by Barclays Capital.

December 10, 2012

BP Bests Profit Expectations

BP plc last week reported better-than-expected profits in 3Q2012, a big turnaround from the previous quarter’s losses.

November 5, 2012

BP Beats Profit Expectations

BP plc on Tuesday reported better-than-expected profits in 3Q2012, a big turnaround from the previous quarter’s losses.

October 31, 2012

Industry Brief

Linde North America has upgraded its carbon dioxide (CO2) plants in Corpus Christi, TX, and Woodward, OK, to better serve the Midcontinent and Eagle Ford Shale regions with expanded CO2 availability. “Linde has brought these plants on stream to supply the surging demand for CO2 in the oil and gas industry,” said Lauren Porambo, CO2 product manager. “The use of CO2 in fracturing completions displaces the use of water, reduces formational damage and enhances well production.” CO2 is injected in a liquid state and converts to a gaseous state down-hole, mitigating formational damage and fluid on formation, while enhancing well clean-up and flow-back, Linde said. Conventional liquid pumps are used, so service companies require no specialized equipment.

October 17, 2012

Wyoming Well Testing Still Problematic, Governor Says

Even with more cooperation between state and federal officials in the testing of ground water in Pavillion, Wyoming Gov. Matt Mead said Tuesday that unilateral actions by the U.S. Environmental Protection Agency (EPA) are raising concerns.

October 3, 2012

Moeller: Rulemaking May Be Needed on Gas-Power Coordination

FERC Commissioner Philip Moeller Tuesday said a formal rulemaking may be required to resolve the inconsistencies in scheduling so that natural gas pipelines can better serve power generation markets. This is opposite of the opinion held by Chairman Jon Wellinghoff, who earlier this month suggested that a rulemaking was not the way to go (see Daily GPI, Sept.6).

September 19, 2012

FMC Builds Fracturing Services with Pure Energy Acquisition

To build its “shale-related businesses,” Houston-based oilfield services operator FMC Technologies Inc., better known for its subsea business, is acquiring Calgary’s Pure Energy Services Ltd. for US$285 million.

August 23, 2012

PA Governor: More Work Needed to Make Shell Cracker a Reality

Pennsylvania Gov. Tom Corbett said there was a better than 50% chance that a subsidiary of Royal Dutch Shell plc will build an ethane cracker in Beaver County, and he said more work is necessary to make the facility a reality.

August 6, 2012