Baker Hughes Inc., the industry’s third-largest oilfield services provider, said Friday the slump in U.S. natural gas activity weighed heavily on its latest quarterly profits. However, the No. 1 oilfield services provider, Schlumberger Ltd., managed to avoid the carnage in North America’s onshore by accelerating activity overseas.
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The proliferation of rail-based crude oil transport in the Bakken Shale and elsewhere has not gone unnoticed by pipeliner Enbridge Inc. “It’s an agile…way of getting to market,” Enbridge’s Stephen John Wuori, president of the liquids pipeline business, said. However, “…rail movements can and will get turned off in a day if differentials collapse.”
Houston-based Chimera Energy Corp. announced on Tuesday that it had received drilling logs from Petroleos Mexicanos (Pemex), the Mexican state-owned petroleum company, and had “formulated a 90-day schedule for the first deployment” of its nonhydraulic shale oil extraction in Mexico’s Chicontepic Basin, even as concerns arose about the accuracy of many of the company’s statements.
Chesapeake Energy Corp. CEO Aubrey McClendon, who Thursday spoke to analysts publicly for the first time in months beyond the Oklahoma City boardroom, said the company remains on track to sell up to $14 billion of assets by the end of the year, including a package of properties in the Permian Basin. He’s also confident that even as the company continues to turn toward more oily production, natural gas prices will strengthen in the coming months.
The fourth iteration of the Pennsylvania Department of Environmental Protection’s (DEP) biannual production report issued last week indicated that natural gas production from unconventional wells totaled 894.8 Bcf during the first six months of this year, a figure that includes Marcellus Shale wells along with some targeting the Utica Shale and other formations. Operators also reported producing 672,550 bbl of condensate and 49,194 bbl of oil from January through June.
In the story published Wednesday, “IHS: Technology to Push Domestic Reserves ‘Well Over’ 3,000 Tcf” (see Daily GPI, Aug. 15), IHS Inc.’s Pete Stark was misquoted. He said the United States today was “talking about launching U.S. exports,” not imports. NGI regrets the error.
Midstates Petroleum Co. agreed to pay Eagle Energy Production LLC $650 million in cash and stock for all of Eagle’s producing properties, and both developed and undeveloped acreage, primarily in the Mississippian Lime oil play in Oklahoma and Kansas, the Houston-based producer said Monday.
In a story published in April, BP Expanding in GOM Deepwater, the initial gas processing capacity from the Mad Dog field was incorrectly stated (see NGI, April 16). The platform initially was designed to process up to 60 MMcf/d of gas and up to 100,000 b/d of oil. NGI regrets the error.
In the story BHP Unleashes $708M for Second Mad Dog Platform in Deepwater Gulf, the initial gas processing capacity from the Mad Dog field was incorrectly stated (see Daily GPI, April 12). The platform initially was designed to process up to 60 MMcf/d of gas and up to 100,000 b/d of oil. NGI regrets the error.
The Pennsylvania Public Utility Commission (PUC) is skeptical of information pipeline operators have submitted to comply with a new state registry, the chairman of the agency told a Pittsburgh audience Friday.