Giant

Environmentalists Sue BLM Over Oil Shale Move

A coalition of seven conservation groups has filed a lawsuit in federal court against the U.S. Bureau of Land Management’s (BLM) allocation of more than 800,000 acres of federal lands in three western states to potential oil shale and tar sands development.

August 1, 2013

Nabors Sees ‘Pronounced’ Shortfall in Pressure Pumping, Top Drives

Oilfield services giant Nabors Industries Ltd. last week warned that operating results for the second quarter will fall below consensus estimates because of a “pronounced” shortfall in the pressure pumping and top drive completion service lines.

July 15, 2013

Nabors Sees ‘Pronounced’ Shortfall in Pressure Pumping, Top Drives

Oilfield services giant Nabors Industries Ltd. on Tuesday warned that operating results for the second quarter will fall below consensus estimates because of a “pronounced” shortfall in the pressure pumping and top drive completion service lines.

July 11, 2013

People

Former Anadarko Petroleum Corp. chief Jim Hackett was appointed to co-lead the Houston office of private energy investment giant Riverstone Holdings LLC. Hackett stepped down as Anadarko CEO in 2012 and retired as executive chairman in May; he still plans to pursue a master’s degree in theological studies at Harvard Divinity School, completing a two-year program over the next four years (see Daily GPI, March 12). Working at Riverstone is “a way to still stay in touch with a business I love as a principal, but to do it very much in light of my primary duty, which is to go back to school.” Riverstone, founded in 2000, has nearly $24 billion in seven investment funds, with equity invested in operators that include deepwater explorer Cobalt International Energy Inc., midstreamer Magellan Midstream Partners LP and UK shale explorer Cuadrilla Resources Ltd.

June 17, 2013

Antero IPO Rumored as Marcellus-Focused Output Triples

Antero Resources LLC, the Appalachian Basin-focused powerhouse powered by private equity giant Warburg Pincus, said last week net production in 1Q2013 jumped 114% year/year and increased 21% sequentially, primarily driven by 24 new wells brought online in the Marcellus Shale.

May 20, 2013

Antero’s Marcellus-Focused Output Triples

Antero Resources LLC, the Appalachian Basin-focused powerhouse powered by private equity giant Warburg Pincus, said Monday net production in 1Q2013 jumped 114% year/year and increased 21% sequentially, primarily driven by 24 new wells brought online in the Marcellus Shale.

May 14, 2013

Williams Pummeled by Ethane Rejection

Energy infrastructure giant Williams, whose pipeline partnership holds a bundle of huge natural gas and liquids operations, expects to see “full ethane rejection” through 2015, which will lead to “near-term headwinds” for the unit, CEO Alan Armstrong said last week.

May 13, 2013

Williams ‘Marcellus/Utica or Bust’ Strategy Pressuring Pipeline Unit

Energy infrastructure giant Williams, whose pipeline partnership holds a bundle of huge natural gas and liquids operations in the Northeast, expects to see “full ethane rejection” through 2015, which will lead to “near-term headwinds” for the unit, CEO Alan Armstrong said Wednesday.

May 9, 2013

Williams Pummeled by Northeast Ethane Rejection

Energy infrastructure giant Williams’ first quarter profits were pummeled on sharply lower natural gas liquids (NGL) margins and related ethane rejection at its pipeline partnership.

May 9, 2013

People

John H. Williams, 94, a founding leader of natural gas midstream and pipeline giant Williams, died Wednesday at his home in Linville, NC. He had worked for Williams Brothers founders Dave and Miller beginning in 1938, and 11 years later he, his brother Charlie and cousin David bought the company. John Williams served as president and CEO until 1971 and as chairman and CEO from 1971 to 1979. One of his signature achievements was the 1966 purchase of Great Lakes Pipe Line, which at the time was substantially larger than his company. In his tenure as CEO, Williams’ market value increased from $25,000 in 1949 to $406.5 million in 1978. From 1964 to 1974, the average combined return to investors ranked No. 1 among Fortune 500 companies. John Williams is survived by his wife, Joanne, and three sons. “This is a huge loss to many of us personally and certainly for our great company,” said Williams CEO Alan Armstrong. “He has been an inspiration to all who have been lucky enough to know him.”

May 3, 2013
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