IADD Articles List

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A gallon of gasoline that allows a driver on the U.S. East Coast to travel about 25 miles has already navigated thousands of miles from an oil field to one of the world's largest fuel markets. If its last stop is one of the region's struggling refineries - an increasingly unlikely prospect - the crude used to produce the gas would have probably arrived by tanker from West Africa. That's because the region's five plants have no pipeline access to U.S. shale fields or Canada's oil sands. Or the journey to an East Coast gas pump might start instead in North Dakota's Bakken shale fields - which means it could take up to three months, including a stop at a Gulf Coast refinery. The same trip would have been even longer a month ago, before the opening of the controversial ...

Technological upheavals in the oil sector will make it possible for mini-producers to market crude profitably, creating new competition for bloated fossil fuel companies accustomed to benefitting from their largesse. It takes serious cash to start an oil and gas exploration company the traditional way. A single well in the Permian Basin – recognized as the most cost-effective drilling area as barrel prices recover enough to support new rigs – currently costs between $5 million to $9.3 million to operate, depending on the well’s depth. And while logistical tricks and fracking R&D allow oil and gas companies to stretch the productive lifespan of their wells, those efforts only add to the sites’ operational costs. Average estimated costs for wells—as of 2015—in the Marcellus ($6.1 million), Bakken ($5.9 million) and Eagle Ford ($6.5 million) formations are just as pricey, because the ...

U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week's decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago when there were only 330 active oil rigs. Drillers have added rigs in 52 of the past 56 weeks since the start of June 2016. "The higher rig count this week reflects decisions made a couple of months ago when oil prices were higher," said James Williams, president of WTRG Economics in ...

Energy investment company BP Energy Partners is reportedly searching for a buyer for Houston-based portfolio company Pinnacle Midstream. The company could fetch at least $300 million for its natural gas and crude oil gathering, processing and transloading services.

Hess Corp. has inked a deal to sell its stakes in some oil-producing assets in West Texas and New Mexico for $600 million, the New York oil company said Monday. The four so-called CO2 enhanced oil recovery assets in the Permian Basin, including active oil wells, a gas processing plant in Texas and a CO2 field in New Mexico, pumped an average 8,200 barrels of oil equivalent a day last year for Hess. Houston's Occidental Petroleum Corp. has agreed to buy the assets in a sale expected to close in August. The deal comes on the heels of Hess's announcement it will join Exxon in assembling a massive deep-water project off the coast of Guyana. Analysts at Wells Fargo said the sale could fund some 60 percent of Hess's initial share of the first phase of development in the Liza ...

Pittsburgh-based EQT Corp. is poised to become the largest producer of natural gas in the United States after announcing it will acquire fellow shale driller Rice Energy. EQT announced on Monday it will buy all of Rice Energy's shares in a deal worth $6.7 billion. After closing, EQT's output will total 3.6 billion cubic feet per day of natural gas, topping U.S. production by oil major Exxon Mobil and shale drilling pioneer Chesapeake Energy. Shares of EQT Corp. were down about 9 percent to $53.51 on Monday. Rice Energy's stock price soared nearly 25 percent to $24.57 a share. The acquisition extends EQT's footprint in the Marcellus and Utica shale regions. The area underlying Pennsylvania, Ohio and West Virginia is the epicenter of a boom in American natural gas produced through hydraulic fracturing, the process of injecting water, minerals and ...

The US oil-rig count rose by six to 747, according to oilfield-services company Baker Hughes. The oil-rig count has risen for 22 straight weeks, extending a record-long streak of increases, and the count is at its highest since the week of April 10, 2015. The gas-rig count increased by one to 186, and miscellaneous rigs dropped by one to zero, making the total rig count 933. Oil prices dropped earlier in the week after the Energy Information Administration announced that US inventories fell less than expected. Oil was trading slightly higher around 1:00 pm ET Friday, with the West Texas Intermediate, the US benchmark at $44.71 a barrel, up $0.47 or 1.06% on the day.

Oil company payrolls rose by 3,800 jobs across the United States in April, and nearly all of that expansion came in Texas, where drillers are flocking to tap into the prolific Permian Basin, the Dallas Fed said Thursday. Explorers hired another 920 people in Texas while oil field services companies brought another 2,380 workers on board. The hiring of 3,300 Texans in April marked the fifth month in a row of job increases across the oil patch, a recovery that comes after a brutal downturn that cost Texas one in three of its oil workers. Texas had about 214,100 oil industry jobs in April, up from around 200,000 during the worst of the oil bust this time last year, when the number of U.S. drilling rigs dropped to a record low of 404. But if oil prices continue to languish ...