E&P

Record natural gas and liquids production at Consol Energy Inc. was overshadowed during the first quarter by low commodity prices that pushed profits lower, hurt sales revenue and forced the company to implement more cost-cutting measures.

BP plc, the first of the Big Oil producers whose operations are weighted to the United States to disclose 1st quarter results, is dropping deepwater rigs in the Gulf of Mexico (GOM) and laying off hundreds, but the restructured Lower 48 business has become more competitive, CFO Brian Gilvary said Tuesday.

Department of Energy (DOE) Secretary Ernest Moniz said it will probably take two years to complete research into what makes some crude oil more volatile than other varieties, as regulators grapple with how to handle crude oil by rail shipments in the wake of several derailments and explosions.

National Oilwell Varco Inc. (NOV), which makes and supports advanced drilling systems, has moved into restructuring mode to wait out the eventual upcycle, but until then, it’s going to be a difficult period, CEO Clay Williams said Tuesday.

Record natural gas and liquids production at Consol Energy Inc. was overshadowed during the first quarter by low commodity prices that pushed profits lower, hurt sales revenue and forced the company to implement more cost-cutting measures.

Department of Energy (DOE) Secretary Ernest Moniz said it will probably take two years to complete research into what makes some crude oil more volatile than other varieties, as regulators grapple with how to handle crude oil by rail shipments in the wake of several derailments and explosions.

Kinder Morgan Inc. CEO Rich Kinder didn't see the shale revolution coming, not for U.S. natural gas, nor for crude oil, the CEO confided at the IHS CERAWeek conference last week during a discussion with IHS Vice Chairman Daniel Yergin.

With the pullout of a natural gas supplier, plans for a gas-to-liquids plant for turning natural gas into diesel fuel in Cheyenne, WY, have hit another potential roadblock, but its principal backer says the $1.8 billion project will move forward.

Stung by low demand for land drilling services across North America, Precision Drilling Corp. has consolidated three operating facilities, reduced its salaried workforce by 14% and cut its field employees by 2,500, but CEO Kevin Neveu said Monday he's hopeful he can bring back many of those laid off once activity levels improve.