Phillips 66 Partners LP (PSXP) has agreed to acquire equity interests in three pipeline systems from its general partner, Phillips 66 (PSX), in a transaction valued at more than $1 billion.
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Apache Dumps North American Onshore Rigs, Crews; Reports $4.8B Loss
Houston super independent Apache Corp. has knocked $2 billion out of its capital spending plans for North America this year and slashed its rig count to wait on higher commodity prices and lower service costs.
‘Cowboyistan’ Trio Back in Saddle Sooner Than Some Think, Continental COO Says
The Bakken, Eagle Ford and “new” Permian Basin make up what Continental Resources Inc. executives like to call “Cowboyistan.” It’s the seventh-largest petroleum liquids producing area in the world and has made the United States a player in the global oil game, lending more insight into where the global oil market is going, Continental COO Jack Stark said in Houston Wednesday.
Pioneer Cuts Capex 45%, Misses 4Q2014 Earnings Estimates
Pioneer Natural Resources Co. said it will focus on drilling in the Spraberry/Wolfcamp and Eagle Ford shales in South Texas in 2015, but will cut the number of horizontal rigs deployed there and its overall capital expenditure (capex) budget by nearly half, as revenue increased but earnings missed analysts’ estimates for the fourth quarter of 2014.
Onshore Well Count Dropping Sharply, but Production Capacity Still Strong
U.S. upstream activity has reacted sharply to lower crude oil prices by reducing drilling activity, with January’s new onshore well count down 20% from December. However, new production capacity (NPC) followed the trend but not the magnitude, off 9% for oil and down 6% for natural gas, an assessment by consultant Drillinginfo has found.
NatGas, Oil Production From Big Seven Plays Up More Than 1% Feb-March, EIA Says
Production of both natural gas and oil in the nation’s seven most prolific shale and tight oil plays will increase more than 1% between February and March, according to the Energy Information Administration (EIA).
U.S. NatGas Prices to Struggle Until Supplies Stall, Says Jefferies
Near-term domestic natural gas prices may struggle to gain momentum this year until there’s more evidence of stalling supply later this year, according to Jefferies LLC.
Deflated Oil Prices Push Houston’s Lucas Energy to Default on Debt Payment
Austin, TX-based Victory Energy Corp., which is focused on the Permian Basin, and Lucas Energy, a cash-strapped Houston-based independent with operations in the Eagle Ford Shale and Austin Chalk, said Wednesday they have executed a letter of intent and term sheet for a proposed merger.
Marathon Petroleum Says Permit Delays Push Timing on Bakken Pipe
Findlay, OH-based refiner/marketer Marathon Petroleum Corp. (MPC) is positioned to thrive in various oil price markets, and senior executives on Wednesday said they were anticipating continued growth this year, following strong increases in 2014.
EVEP Cuts Capex, Delays Acreage Sale on Weak Prices
EV Energy Partners LP (EVEP) said it plans to cut its capital expenditures (capex) by 40% this year and is “accelerating” the sale of its stake in Utica East Ohio (UEO) midstream, but the company will delay selling some of its acreage in the Eagle Ford and Utica shales due to low oil and natural gas prices.