Oil and gas patch output is typically measured in barrels or cubic feet, but gross domestic product (GDP) is another yardstick by which to chart growth, and that’s particularly true in North Dakota, home to the Bakken Shale, the U.S. Energy Information Administration (EIA) said Friday.
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Quicksilver Resources Inc. is continuing to “hammer on the cost side” of its business, deferring elective spending in the energy patch and cutting back on staff. A recently announced joint venture (JV) in the Barnett Shale with Tokyo Gas Co. Ltd. was welcome news (see NGI, April 8), but there is more work ahead. “We are focused on the most important projects and we’re bringing in partners to both reduce debt and assist in the development of our assets,” said CEO Glenn Darden. “The company is very serious about reducing costs and living within cash flows.” Over the last year, the employee count has come down by about 20%. The Fort Worth, TX-based operator reported an adjusted net loss of $6 million (minus 4 cents/share) compared with a loss in 1Q2012 of $15 million (minus 9 cents). Since it was able to complete a long-sought Barnett Shale deal and in light of “challenging” natural gas liquids pricing, the company has shelved plans to create a Barnett master limited partnership (see NGI, Nov. 12, 2012).
Enbridge Bakken Pipeline Co. Inc. has completed and placed in service its 77-mile Bakken Pipeline Project Canada, which connects to the Enbridge Pipelines Inc. (EPI) Mainline and carries crude oil from the Bakken Shale to North American refinery markets, Enbridge Energy Partners LP (EEP) and Enbridge Income Fund said Monday.
An analysis of natural gas market and gas patch dynamics by analysts at Standard & Poor’s Ratings Services (S&P) yields little reason to be excited about dry natural gas production. And ongoing low natural gas prices won’t be much of a catalyst for opportunistic mergers and acquisitions (M&A), one S&P credit analyst said Wednesday.
An epic Canadian environmental contest has ended in victory for a prized patch of wild Alberta plains and a loss for a natural gas producer. A 1,275-well, shallow-gas drilling program, proposed by Cenovus Energy, will not be allowed, federal Environment Minister Peter Kent announced Friday.
An epic Canadian environmental contest has ended in victory for a prized patch of wild Alberta plains and a loss for a natural gas producer. A 1,275 well, shallow gas drilling program, proposed by Cenovus Energy, will not be allowed, Canada Environment Minister Peter Kent announced Friday.
Federal and state agencies have taken several steps recently to bolster the safety record of firms in the oil and gas patch, first by urging Oklahoma exploration and production companies to participate in a temporary work stoppage to address safety and health issues, and second by issuing a nationwide hazard alert related to hydraulic fracturing (fracking).
Federal and state agencies are becoming proactive to bolster the safety record of operators in the oil and natural gas patch, with Oklahoma exploration and production companies recently urged to participate in a temporary work stoppage to address safety and health issues, and regulators now have issued a nationwide hazard alert on hydraulic fracturing (fracking).
Energy patch communications services provider Texas Energy Network LLC (TEN) has purchased from Verizon Wireless lower 700 MHz A and B block wireless spectrum in the Eagle Ford Shale region of South Texas. The wireless spectrum encompasses 28 counties and will allow TEN to offer service over the entire Eagle Ford Shale play, the company said. “…[I]t will allow us to provide a much needed service to our customers who have been requesting improved communications services in the oilfield for some time,” said TEN CEO Gregory M. Casey. “We intend to build-out our wireless coverage of the Eagle Ford shale region with a 4G LTE network as soon as possible to bring high-speed bandwidth to the region.” The company is currently building a network in the Permian Basin as well. Separately, communications provider ERF Wireless said in April it hired a contractor to build out two high-speed wireless broadband networks in two separate areas of the Permian Basin region adjacent to existing ERF Wireless networks. In addition, ERF Wireless is using its own crews to construct three new networks that are near the extensive terrestrial wireless network system already owned and operated by ERF Wireless in Texas, New Mexico and Oklahoma. ERF is active in the Eagle Ford as well (see Shale Daily, Jan. 13, 2011).
A study of the electricity needs in the oil/natural gas patch was funded Monday by the North Dakota Industrial Commission for upcoming work to be overseen by the state’s power transmission authority. Separately, the commission also authorized paying for another study of future natural gas growth in the state.