ConocoPhillips, which is repositioning itself as a pure-play exploration and production (E&P) company, said its spun-off downstream company is to be named Phillips 66 and will house the refining, marketing, midstream and chemicals businesses. The repositioning is expected to be completed in 2Q2012; ConocoPhillips plans to file preliminary paperwork within the next week (see Daily GPI, Oct. 27). Both companies would be headquartered in Houston but would maintain a “significant” presence in Oklahoma, where the predecessor company was founded. Bartlesville, OK, is to be the global center for Phillips 66 technology, as well as the site of transaction services organizations for both companies. The ConocoPhillips E&P technology organization would remain in Houston.
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North Dakota Shale Boom: ‘Been There, Done That’
While North Dakota has ridden the shale boom to the nation’s lowest unemployment and a rush of activity for local economies, residents with long memories are cautious, having experienced boom-bust cycles in the oil patch in the past.
Calpine Bets on Gas, Silicon Valley, Own Shares
Calpine Corp. confirmed Tuesday that it made a $673 million bet — $373 million credit facility and $300 million in stock repurchases — on itself and a long-stalled upgrade of a natural gas-fired generation plant in the heart of the Silicon Valley. Underlying a new credit facility is the belief that the recessionary economy — particularly in California — is going to turn around.
Report: West Gas Resource Looks Vast
While others have touted U.S. shale gas potential as equivalent to two Saudi Arabias, the western United States by itself could equal one, according to a report released earlier this month by an oil and natural gas advocacy group, Denver-based Western Energy Alliance. It contends that resources in the West could exceed today’s major U.S. energy imports by 2020.
Report: The West Could Hold Vast Gas Resource
While others have touted U.S. shale gas potential as equivalent to two Saudi Arabias, the western United States by itself could equal one, according to a report released Monday by an oil and natural gas advocacy group, Denver-based Western Energy Alliance. It contends that resources in the West could exceed today’s major U.S. energy imports by 2020.
Alaska Pondering Gasline to Serve Its Own
With the Lower 48 taking care of itself with gas from shale plays, it’s looking more like Alaska might be on its own to develop an in-state gasline to meet its own needs rather than a mega project that would cost tens of billions of dollars and move about 4.5 Bcf/d to Canada and the rest of the United States.
Ohio Senate Passes Bill Allowing Drilling on State Land
The Republican-controlled Ohio Senate passed Substitute HB 133 by a 22-10 vote on Wednesday. The measure creates a five-member Oil and Gas Leasing Commission (OGLC) and opens land owned by the state — including state parks but not nature preserves — to oil and gas leasing.
Anadarko Onshore Fuels Record Sales
Anadarko Petroleum Corp., whose extensive Gulf of Mexico (GOM) operations were slammed by the deepwater drilling moratorium, dusted itself off in the first quarter and produced record sales volumes from its U.S. onshore and overseas operations.
Anadarko Onshore Fuels Record Sales Volumes
Anadarko Petroleum Corp., whose extensive Gulf of Mexico (GOM) operations were slammed by the deepwater drilling moratorium, dusted itself off in the first quarter and on Tuesday reported record sales volumes from its U.S. onshore and overseas operations.
Southwestern Finds Shales More Pliable Than Utilities
Southwestern Energy Co. has proven itself in the Fayetteville Shale and is now successfully poking holes in the Marcellus. However, it hasn’t been as adept at getting utility gas buyers to put pen to long-term supply contracts.
