Low oil prices have forced ConocoPhillips to extend cuts to its capital expenditures (capex) budget through 2017, but that doesn’t mean an end to production growth, according to CEO Ryan Lance.
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Shales Barely Mentioned in Shell-BG Group Deal Talk
Royal Dutch Shell plc’s US$69.6 billion deal to acquire UK-based BG Group plc is predicated on deepwater exploration and production, and integrated global natural gas. Shales? Not so much.
Texas, Pennsylvania Tops in Water Consumption For Oil/Gas Drilling, EPA Finds
Pennsylvania was second only to Texas in the amount of water used for gross oil and gas production from 2011 to 2013, according to a recently released U.S. Environmental Protection Agency (EPA) analysis of tens of thousands of FracFocus disclosures by operators in 20 states.
Injection Season to Be Fourth-Largest on Record, Boosted by Marcellus, EIA Says
Natural gas inventories are expected to reach 3,781 Bcf by the end of October, with storage facilities fat from a net injection of 2,310 Bcf, the fourth-highest injection season on record, according to a projection by the Energy Information Administration (EIA).
Marcellus, Eagle Ford Lead EIA’s Reserves Field Rankings
U.S. oil and natural gas reserves increased substantially from 2009 to 2013, according to government data. While the concentration of oil reserves among the country’s top 100 fields declined, the concentration of gas reserves among the top 100 fields increased.
EIA Trainspotting Crude-by-Rail, Publishing Data Monthly
Now that an increasing amount of crude oil moves by rail — and as these shipments have attracted safety concerns in communities and in Washington, DC — the U.S. Energy Information Administration (EIA) has added crude-by-rail data to its monthly petroleum supply reports.
Drilling-Friendly Texas Bill Advances With Some Changes
A compromise bill intended to block municipal anti-drilling/hydraulic fracturing (fracking) ordinances was passed by a Texas House committee Monday and is on its way to the full House. It includes some concessions to the legislation’s critics, namely Texas cities and their residents upset by drilling activities.
BNSF Voluntarily Enacts Crude-by-Rail Safety Measures
Following several derailments involving trains carrying crude oil, BNSF Railway Co. said it would voluntarily enact several measures designed to improve safety.
Texas Well Permitting Falls Again; Year-to-Date Completions Down Sharply
Texas oil and gas well permitting activity declined again in February, both sequentially and compared with one year ago. Oil well completions were up modestly from January but down sharply from a year ago as the rig retreat in the oil patch continued.
Consider Efficiency, ‘Fracklog’ When Forecasting From Rig Count, Analysts Say
Rig count might be the headline number in the shale patch, but when it comes to estimating future production from rig census, increasing rig efficiency and well productivity can make the calculation complicated.