National Oilwell Varco Inc. (NOV) COO Clay Williams said Friday the company is facing “headwinds” in North America on weaker-than-expected demand for pressure pumping and equipment.
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Cubic Picking Up Gastar East Texas Assets for $46M
Gastar Exploration Ltd. has agreed to sell its East Texas assets to Cubic Energy Inc. for $46 million and will redeploy capital to higher-return projects in the Marcellus Shale and Hunton Limestone. Meanwhile, Cubic views its acquisition as an entry point to the oil-rich Eagle Ford and Woodbine formations.
NatGas the New Gold? Goldman Thinks So
With the price of gold now down nearly 30% from its record September 2011 high of $1,920.30/oz to around $1,377, analysts looking for a commodity to be bullish about have turned their focus to natural gas as a new commodity “safe haven,” thanks to the shale revolution.
SandRidge Shareholders to Consider Hedge Fund’s Board Candidates
Following a judge’s decision in favor of TPG-Axon Capital, SandRidge Energy Inc. on Tuesday cleared the way for shareholders to consider a slate of candidates proposed by the hedge fund to replace SandRidge’s entire board of directors.
Global Competition Seen Upended by U.S. Unconventionals
The impact of unconventional domestic shale gas and tight oil reserves is impacting domestic manufacturing and has upended global competitiveness, according to IHS Inc.
Colorado County Considers Faster Drilling Permit Option
The Boulder County, CO, planning commission on Tuesday proposed to offer exploration and production (E&P) operators an option of expedited oil and natural gas drilling permits in return for meeting stricter environmental standards. An industry association spokesman told NGI’s Shale Daily they favored existing state mechanisms over the county proposal.
New York Groups Try to Prevent Water Sale for Pennsylvania Operation
Several environmental groups and citizens are suing the Village of Painted Post in Steuben County, NY, over a contract to sell some of its water supplies to a unit of Royal Dutch Shell plc for its Marcellus Shale natural gas operations in Tioga County, PA.
DCP Midstream Pays $63M for Crossroads Processing Plant
DCP Midstream Partners has moved to increase its market position in East Texas, agreeing to pay Penn Virginia Resource Partners LP (PVR) approximately $63 million for the Crossroads processing plant and associated gathering system in Harrison County, TX, the two companies said.
Summer Gas for Power Up as California Nuke Stays Shut
Quelling previous optimism for at least a partial return of its idled nuclear generating plant this summer, Southern California Edison Co. (SCE) officials Thursday said the San Onofre Nuclear Generating Station (Songs), which has been shut down since January for repairs of flawed tubing, will not resume operations this summer. As a result, more natural gas-fired generation from old coastal plants and other measures will take up the slack.
Cash Weak Again, But Futures Inch Higher
The overall physical market tumbled on average by 9 cents Thursday as traders cited a lack of demand, a return of nuclear generation and unsupportive weather patterns.