Riding the continuing wave of high oil prices, Occidental Petroleum Corp. (Oxy) expects its shale well count to keep growing, drilling 150-175 wells this year in California, said CEO Stephen Chazen during an earnings conference call with financial analysts Tuesday.
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Northeast Dives; Rest of Market Mixed, Near Flat
“Summertime, and the livin’ is…way too hot,” would likely be how George and Ira Gershwin would revise their classic for contemporary times. But despite a heat wave continuing to envelop several market areas, prices retreated to either side of flat in most cases Tuesday and even saw some dives at the previously high-flying Northeast citygates.
Reheating Northeast Leads Broad Advance
With a major pre-summer heat wave solidly entrenched from the South through the Midwest and threatening to spread into the Northeast — not to mention traders eyeing the prospects of a Caribbean low-pressure area that could become a tropical depression as it moves toward the Gulf of Mexico (GOM) — prices rose at nearly all points Monday.
Price Increases Get Larger at Most Points
Despite a mini-heat wave in the Midwest proving to be short-lived, the cash market found enough support from the previous day’s futures spike and remaining high temperatures in much of the East to realize further gains at nearly all points Friday.
Prices Up Strongly as Eastern Cooling Load Spreads
With Philadelphia temperatures expected to peak around 90 Wednesday, the combination of a mini-heat wave in the East, a 15.8-cent advance by July futures on the previous Friday and the restoration of industrial demand that had been missing during a long holiday weekend caused double-digit price gains across the board Tuesday in the launch of the June aftermarket.
Innovation Is Called a Push Me Pull You Effort
The next wave of upstream innovation is likely to combine the “push” of science and “pull” by the industry, and will be achieved by companies that hire the best people, according to a panel of industry representatives at CERAWeek 2011 in Houston last week.
CERAWeek: Innovation Is a Push Me Pull You Effort
The next wave of upstream innovation is likely to combine the “push” of science and “pull” by the industry, and will be achieved by companies that hire the best people, according to a panel of industry representatives at CERAWeek 2011 in Houston Tuesday.
Forecaster: ‘Dangerous’ Canadian Cold Blast Approaching U.S.
A wave of frigid winter air forecast to sweep out of northwestern Canada and Alaska next week could bring single-digit and below-zero high temperatures to much of the United States through the third week of January, AccuWeather.com said Thursday.
Nearly All Points Fall Despite Eastern Heat, Depression
A continuing heat wave in the East and a tropical depression in the western Gulf of Mexico (GOM) were essentially insignificant to the cash market Thursday. It preferred to follow the previous day’s futures drop of 11.7 cents in falling at nearly all points.
Market Flat to Lower as Eastern Heat Unimpressive
A continuing heat wave in much of the eastern U.S. failed to impress the market Wednesday. It fell at nearly all points as a low-pressure area in the western Gulf of Mexico (GOM) appeared unlikely to disrupt offshore production.