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.
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Rail Delivery of U.S. Crude Through June Up 48% From Year Ago
U.S. domestic crude oil production is at its highest level in 20 years, outstripping pipeline capacity and, increasingly, making its way to refineries and storage centers via railroads, according to the Energy Information Administration (EIA).
OPEC Feeling the Weight of U.S. Shales
Prolific oil production from U.S. shales is weighing on the need for imports, OPEC acknowledged in its latest Monthly Oil Market Report (MOMR), and analysts at Barclays predicted that the Organization of the Petroleum Exporting Countries will see its influence over market balances decline over the next few years.
Exco Still Shopping After $1B Deal
Exco Resources Inc. is back in the acquisition game after having struck a $1 billion deal with Chesapeake Energy Corp., CEO Douglas Miller said last week. There are plenty of deals, and financing is available, he told analysts following the company.
Connecticut Natural Gas Pipeline, Distribution to be Expanded
Connecticut Gov. Dannel Malloy has signed legislation that would expand the state’s natural gas distribution system at the same time as a planned expansion of Algonquin Gas Transmission will increase supply access to New England.
Market Dynamics Are Biggest Challenge to Canadian LNG Exports
A check, which says markets, not boosters, decide the fate of projects, is built into the biggest plan for exporting liquefied natural gas (LNG) from new terminals on the northern Pacific Coast of British Columbia (BC).
Despite Outcry, Pennsylvania Governor Signs Drilling Bill
Pennsylvania Gov. Tom Corbett signed 29 bills into law last Tuesday, including SB 259, which the state’s chapter of the National Association of Royalty Owners (NARO) has derided as “a kissing cousin to forced pooling.”
Researchers Differ Over How Shale Impacts Ohio Housing
Researchers commissioned by state government agencies have offered differing opinions over whether a housing shortage is on the horizon in eastern Ohio, where development is ramping up in the state’s portions of the Marcellus and Utica shales.
Study Says Quakes Abroad Could Hit U.S. Injection Wells
Researchers at Columbia University said earthquakes that occur on the other side of the world could create smaller temblors near wastewater injection sites in the United States.
Natural Gas Surplus Prompts Goldman to Cut Price Forecast
Dry natural gas production in the United States, boosted by stronger pipeline flows from the Marcellus Shale, led Goldman Sachs analysts last week to revise their forecasts down for prices and lift expectations for end-of-summer storage levels.