Oil Gas Prices

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Permian shale boom upending values of heavy and light crude

MIDLAND, Texas (Bloomberg) -- Skyrocketing oil production in the Permian basin has reversed a decades-old price relationship between heavy and light crude in the U.S.’s largest oil patch. West Texas Sour traded at a $5-a-barrel premium to West Texas Intermediate in Midland, Texas, Aug. 20 after reaching $10 on Aug. 19, the highest level in Bloomberg data dating back to 1989.

21 Aug 2014 | 3:34 am EDT

Robust activity is heating up North American frac market, PacWest says

HOUSTON -- PacWest Consulting Partners forecasts strong market growth in the North American market for hydraulic fracturing services through 2016 due to robust drilling and completion (D&C) activity, with frac pricing increases expected through 2015. Tightening market conditions are resulting in supply chain constraints in key growth plays. Constraints in the availability of frac sand and the logistics capacity to transport the frac sand are leading to cost escalation and work delays. PacWest provides an in-depth analysis and set of forecasts for the North American and International frac markets in the 14Q2 release of its PumpingIQ report, just published on Aug. 15.

21 Aug 2014 | 3:30 am EDT

Whitecap Resources buys Albertan light oil assets for $266.7 mn

Whitecap Resources buys Albertan light oil assets for $266.7 mn CALGARY, Alberta Whitecap Resources Inc (Whitecap) reported that we have successfully entered into agreements to acquire and consolidate a controlling interest in a premier conventional Nisku light sweet oil pool

20 Aug 2014 | 11:35 pm EDT

BP names new CEO of U.S. Shale unit

BP names new CEO of U.S. Shale unit HOUSTON, Texas – BP stated that it has named David Lawler CEO of its US Lower 48 Onshore business. Lawler, who brings more than 20 years of industry experience to the role,

20 Aug 2014 | 6:40 pm EDT

Global wins, Tesoro waits on bringing Bakken crude to West

WALTHAM, Massachusetts (Bloomberg) -- Just as Global Partners LP gained approval to unload more oil from rail cars at a marine terminal in Oregon, Tesoro Corp. learned its plans for a similar project in neighboring Washington will have to wait. The projects are among several oil-by-rail proposals facing rising opposition after a series of derailments added to questions about the safety of carrying crude by train. Terminals are being developed across the western U.S. as refiners, lacking pipeline access, turn to rail to move crude from shale formations where output is booming.

20 Aug 2014 | 4:15 pm EDT

Tanker markets feel impact from Libya crude loading restarts, Ebola crisis

Platts shipping editors discuss the impact on tanker markets of the restart of crude oil loading from the Libyan ports of Ras Lanuf and Es Sider; the latest developments resulting from the spread of Ebola in W Africa.

20 Aug 2014 | 9:00 am EDT

BP highest bidder at Western Gulf of Mexico lease sale

BP highest bidder at Western Gulf of Mexico lease sale NEW ORLEANS BP was the apparent high bidder on 27 of 32 bids it submitted at the Western Gulf of Mexico lease sale in New Orleans for a success rate of

20 Aug 2014 | 8:53 am EDT

Western Gulf of Mexico lease sale yields $110 million in high bids

NEW ORLEANS, Louisiana -- Western Gulf of Mexico Lease Sale 238 attracted $109,951,644 million in high bids for 81 tracts covering 433,823 acres on the U.S. Outer Continental Shelf offshore Texas. A total of 14 offshore energy companies submitted 93 bids. “This sale underscores the President’s commitment to create jobs and home-grown energy through the safe and responsible exploration and development of offshore energy resources,” said Interior Deputy Secretary Mike Connor. “The Gulf of Mexico has been and will continue to be a cornerstone of our domestic energy portfolio, with vital energy resources that spur economic opportunities and further reduce our dependence on foreign oil.”

20 Aug 2014 | 7:46 am EDT

Alaska rejects return to Palin-backed oil tax, early votes show

ANCHORAGE, Alaska (Bloomberg) -- Alaskans are set to reject former Governor Sarah Palin’s sliding tax scale for oil production with early voting pointing to retaining a law that sets a flat rate in an effort to arrest declining output from the North Slope.

20 Aug 2014 | 2:32 am EDT

ClearSign contracts with Aera Energy LLC to demonstrate next-generation NOx emissions control technology in California's San Joaquin Valley

ClearSign contracts with Aera Energy LLC to demonstrate next generation NOx emissions control technology in California' s San Joaquin Valley SEATTLE ClearSign Combustion Corporation reported that it has entered into a Field Test Agreement with Aera Energy LLC to demonstrate and

19 Aug 2014 | 11:21 pm EDT

Integrated Drilling Equipment names Martin Paulk as Senior VP

Integrated Drilling Equipment names Martin Paulk as Senior VP SPRING, Texas Jim Terry, CEO of Integrated Drilling Equipment Holdings Corp. (IDE), stated the appointment of Martin (Marty) Paulk, 52, as SVP of Sales, Marketing and Strategic Implementation, effective immediately. Prior

19 Aug 2014 | 9:01 pm EDT

Trilantic Capital Partners sells majority interest in VantaCore Partners LP

Trilantic Capital Partners sells majority interest in VantaCore Partners LP NEW YORK  Trilantic Capital Partners (Trilantic), a global private equity firm, today stated the sale of its majority stake in VantaCore Partners LP (VantaCore), as part of Natural Resource Partners

19 Aug 2014 | 8:48 pm EDT

FMC nets order for five additional subsea manifolds from Petrobras

HOUSTON -- FMC Technologies has received an order for five subsea manifolds from Petrobras, Brazil' s national oil company, for its pre-salt fields located offshore Brazil. The order represents the balance of the 16 subsea manifolds ordered under a frame agreement in 2013.

19 Aug 2014 | 2:04 pm EDT

Canada oil train crash report finds new safety steps needed

LAC-MEGANTIC, Quebec (Bloomberg) -- Canada must take a greater role to improve rail safety and demand railroads put measures in place to prevent runaway trains such as the one that destroyed the downtown of Lac-Megantic, Quebec last year, the Transportation Safety Board said. In its 181-page report, the board found 18 causes that contributed to the accident -- including a “weak” safety culture at Montreal, Maine & Atlantic Railway Ltd.; “poor” training of employees; tank cars that didn’t offer enough protection, and not enough safety audits by the government’s transportation department.

19 Aug 2014 | 1:54 pm EDT

BOEM to open bids for 21-million-acre Western Gulf of Mexico lease sale

BOEM to open bids for 21 million acre Westerm Gulf of Mexico lease sale  NEW ORLEANS – The Bureau of Ocean Energy Management (BOEM) Gulf of Mexico Regional Director John Rodi will open the Gulf of Mexico Western Planning Area Lease

19 Aug 2014 | 9:32 am EDT

URTeC prepares to take center stage in Colorado

URTeC prepares to take center stage in Colorado TULSA, Oklahoma The second edition of the Unconventional Resources Technology Conference (URTeC) takes center stage 25 27 August at the Colorado Convention Center in Denver, CO. The 2014 event highlights unconventional resource

18 Aug 2014 | 9:34 pm EDT

Atwood Oceanics granted IADC accreditation for competence assurance program

Atwood Oceanics granted IADC accreditation for competence assurance program HOUSTON, Texas Atwood Oceanics, Inc. (Atwood) has been granted full accreditation of its Competence Assurance Program by the International Association of Drilling Contractors (IADC).  This accreditation follows a detailed audit by

18 Aug 2014 | 7:18 pm EDT

Apache find in Australia may boost possible sale value

HOUSTON (Bloomberg) -- Apache Corp., the U.S. oil producer weighing plans to sell international assets after investor pressure, announced the largest discovery in 20 years off the coast of Western Australia. The Canning basin may hold as many as 300 MMbbl of oil, according to six samples from a well about 110 miles (180 km) north of Port Hedland, the Houston, Texas-based company said in a statement. Apache holds a 40% stake in the area that includes the Phoenix South-1 well. One of its partners, Carnarvon Petroleum Ltd., rose the most in 24 years on the news.

18 Aug 2014 | 4:11 pm EDT

Oceanografia to keep Pemex contracts in bankruptcy, judge rules

CIUDAD DEL CARMEN, Mexico (Bloomberg) -- A judge in Mexico ordered state oil company Petroleos Mexicanos not to cancel contracts with Oceanografia SA, the services provider that Citigroup Inc. says defrauded the bank of $400 million. The Aug. 15 decision, released Aug. 18 on a Mexican judiciary agency’s website, requires Pemex to allow the Ciudad del Carmen-based company to continue working on existing projects.

18 Aug 2014 | 3:51 pm EDT

Enbridge’s Midwest pipeline can proceed, federal court rules

CALGARY, Alberta (Bloomberg) -- Enbridge Inc.’s pipeline to carry tar sands oil between Oklahoma and Illinois can proceed, a federal judge ruled, as companies expand their capacity to move petroleum in the U.S. “Because a private company is constructing the 589-mile pipeline on mostly privately owned land that is entirely within the territorial borders of the United States, no federal statute authorizes the federal government to oversee or regulate the construction project,” U.S. District Judge Ketanji Brown Jackson in Washington said Aug. 18 in a written ruling.

18 Aug 2014 | 3:44 pm EDT


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