West Texas explorer Parsley Energy Inc. joined a growing chorus of Permian Basin operators in announcing it will reduce development activity in 2019 because of a “less favorable commodity price environment.”
Articles from Reduce
PG&E Pursuing California Power Project Sans Natural Gas
In keeping with a long-term goal to reduce nuclear and natural gas-fired power generation, San Francisco-based Pacific Gas and Electric Co. (PG&E) has begun to wind down its reliance through distributed renewable and energy efficiency projects in Oakland.
Zinke Recommends Shrinking Utah’s Bears Ears National Monument
Department of Interior (DOI) Secretary Ryan Zinke said he believes the Bears Ears National Monument in southeast Utah should be reduced in size.
Briefs — SM Energy
Denver-based SM Energy Co. has hired Petrie Partners to sell noncore assets in the Williston Basin’s Bakken Shale to focus additional capital on the Permian Basin and Eagle Ford Shale. According to the company, about 54,500 net acres are being marketed, consisting of the Raven/Bear Den acreage and leases outside the Divide County, ND, development.
Private OFS Operators Holding On With Price Breaks, Layoffs, Compensation Cuts
The best customers are getting the best prices for services in the U.S. onshore, but those price breaks are cutting sharply into revenues for privately held companies, a new survey has found.
Halliburton Reduces Exec Salaries, Cancels Annual Workforce Pay Hikes
Halliburton Co. confirmed Thursday that base salaries and bonuses for senior management have been reduced, while annual pay increases for the entire workforce have been suspended to contend with the current market decline.
Duke Gets OK in NC to Build 560 MW of Gas-Fired Capacity to Replace Coal Units
North Carolina regulators have granted Duke Energy Corp. a certificate of public convenience and necessity to construct two 280 MW natural gas-fired combined cycle units in Buncombe County near Asheville, NC.
ConocoPhillips’ Rare Dividend Cut Confirms Commodity Prices Bad, Could Linger
In a sign of just how grim the commodity price environment has become — and how long it’s expected to last — ConocoPhillips cut its quarterly dividend for the first time in at least 25 years on Thursday, while also dropping 10 rigs and slashing capital expenditures (capex) for 2016 as it looks to maintain its balance sheet without racking up additional debt.
Southwestern Energy Joins IOCs to Reduce Methane Emissions
Houston-based independent Southwestern Energy Co., which only develops natural gas in North America, is one of the initial partners in a multinational coalition of producers that Tuesday committed to slash methane emissions as part of a strategy to tackle climate change by the United Nations (UN).
New Virginia Law Supports Shale Gas-Focused Infrastructure
Virginia's governor has signed into law legislation (SB 519) intended to incentivize the development of natural gas infrastructure so that residents and businesses can better take advantage of low-cost shale and coalbed methane gas supplies.