Tag / Year



Midstream MLPs Continue to Lose Favor With Investors

Midstream master limited partnerships (MLP) continue to struggle this year after a stark sell-off that occurred throughout 2015, which was the worst year for the sector in recent memory as concerns about revenue, contracts, counterparty credit risk and high expenses persisted.

January 29, 2016

Stone Energy’s 2016 Plans Mostly Exclude Appalachian Basin

Stone Energy Corp. intends next year to continue shifting capital away from its Appalachian Basin assets under a plan that would cut its budget by more than half from 2015 levels and find it spending more heavily in the deepwater Gulf of Mexico as it did this year.

December 22, 2015
Texas Has Even Smaller Slice of Shrinking Drilling Pie

Texas Has Even Smaller Slice of Shrinking Drilling Pie

It used to be that about half of the operating drilling rigs in the United States were doing their thing in the Lone Star state. Texas only accounts for about 44% of the total now, according to Baker Hughes Inc. And permitting for new drilling in Texas is way down from a year ago.

November 13, 2015

Oneok Continues Building Out Bakken Infrastructure

Tulsa-based Oneok Partners LP is planning to start up a new natural gas processing plant late this month in the heart of the Bakken Shale play in McKenzie County, ND, and that is just the beginning of a series of infrastructure additions slated for the area by the end of next year.

November 10, 2015

More Red Ink For Oxy California Spinoff; Assets Sale by Year-End

California Resources Corp. (CRC), the year-old spinoff from Occidental Petroleum Corp. (Oxy), reported more losses for 3Q2015. Its CEO promised to complete the first of a series of asset sales to reduce debt by the end of this year, with more to follow.

November 10, 2015

Apache Permian Rig Count Drops to 10 From 42 in December; Losses Total $5.66B

Apache Corp.’s North American production fell 14% year/year during the third quarter, while writedowns contributed to a $5.66 billion loss. The Permian Basin, its biggest U.S. onshore focus, only has 10 rigs running today, versus 42 a year ago.

November 6, 2015

MDU Resources Sells E&P Assets, Takes $224M Quarterly Impairment

Bismarck, ND-based MDU Resources confirmed Monday that it is selling its exploration and production (E&P) business in five separate deals, one of which closed last month. Proceeds and tax benefits add up to about $450 million.

November 3, 2015

Sempra: Full Speed Ahead on LNG, Mexico Project, But Defers on MLP Formation

San Diego-based Sempra Energy senior officials said Tuesday they are moving ahead on plans for expanding liquefied natural gas (LNG) exports from the Gulf Coast and building more infrastructure in Mexico. But previous plans for creating a master limited partnership (MLP) around some of the company’s profitable assets (see Daily GPI,June 17) have been put on hold due to unfavorable market conditions.

November 3, 2015

BP’s Lower 48 Operations Need $3 Henry Hub For ‘Really Viable Business’

BP plc is becoming more competitive in the Lower 48 onshore following years of neglect, but natural gas prices under $3.00/Mcf Henry Hub put operations under more pressure, the company’s upstream chief said Tuesday.

October 27, 2015

Weatherford Sees Positives in Restructuring; North American Revenue 2% Higher Sequentially

Weatherford International Ltd. is closing more North American operating facilities and laying off 3,000 more people, putting total workforce reductions at 14,000 this year, as it hunkers down for expected weak market conditions until late next year.

October 22, 2015
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