Once again, the US Navy is moving more warships to the Persian Gulf. This time, though, we’re not sending an extra aircraft carrier or another task force. This is arguably a de-escalation of possible tensions with Iran. In a nutshell, the Navy is replacing big ships with small ones. The three new ships – Tempest,… Keep reading →
The US has shifted from importing refined oil products like gasoline to exporting over 1 million barrels per day in 2012 and companies are positioning themselves to cash in on the trend. The US has exported diesel fuel to Europe for years, which makes sense because demand for the fuel is much higher across the… Keep reading →
Energy News Roundup: Hayward Steps in at Glencore, Oil Traders Under Scrutiny for Price Manipulation, and Gazprom to Build $8mn/km PipelineBy Conway Irwin
Hayward steps in as interim Glencore chairman Former BP Chief Executive Tony Hayward is will serve as interim board chairman at mining behemoth Glencore Xstrata until a replacement can be found. Hayward was head of BP at the time of the Deepwater Horizon incident – a rig explosion in the Gulf of Mexico in 2010… Keep reading →
Turkey’s state-run oil firm has struck an agreement with U.S. oil giant Exxon Mobil Corp. (XOM) to develop joint projects in Kurdish-administered northern Iraq, the country’s Prime Minister Recep Tayyip Erdogan said Tuesday. Mr. Erdogan also said that Turkey can pursue separate arrangements with the Erbil-based Kurdistan Regional Government, or KRG. “Countries from various parts… Keep reading →
The energy business – particularly the oil & gas sector – is one of the most global industries by virtue of the need to go where the resources are located. This makes national borders arbitrary and leads companies to invest billions of dollars in jurisdictions with high levels of above-ground risk. In their 2013 Fraud… Keep reading →
Range Resources’ position in the Marcellus, and the market access it offers, gives the a leg up over condensate producers in other parts of the country, according to the company’s Senior Vice-President Rodney Waller.
Range holds a million acres in the Pennsylvania portion of the Marcellus shale some in dry gas areas, and some in wet gas or “super rich,” where the production stream yields liquids, such as condensate and NGLs. Range Chief Executive Jeff Ventura noted earlier this year that in 2012, the company’s Marcellus wet gas acreage was producing 49% liquids, compared to 57% in the super rich area. Keep reading →
Oil & gas giant ExxonMobil’s first quarter 2013 earnings announced today were up $50 million from first quarter 2012, but oil-equivalent production volumes decreased 3.5%. While upstream and downstream earnings were lower, the chemical division reported strong results, which helped balance the company’s overall financial and operational position.
“Upstream earnings were $7,037 million in the first quarter of 2013, down $765 million from the first quarter of 2012. Lower liquids realizations, partially offset by improved natural gas realizations, decreased earnings by $230 million,” the company said in a statement. Keep reading →
While LNG exports from the US are hotly debated, major shale gas player Range Resources was recently excited to proclaim it will be the first company to export natural gas liquids via ship from the US. Range has an agreement in place to begin ethane shipments to a petrochemical concern in Norway beginning in 2015.
We have a sales VP in Europe now – they [NGL sales team] got a call from China and there’s interest in Pittsburgh,” Rodney Waller, Range Senior Vice President said at the Independent Petroleum Association of America’s Oil & Gas Investment Symposium held last week in New York. Keep reading →
Oil prices have cascaded lower in the global commodities rout and may still have further to go before finding a floor, analysts say.
Government data showing weakening gasoline demand added to the selling pressure Wednesday, as did a stronger dollar, up 1 percent against a basket of currencies. West Texas Intermediate fell 2.3 percent to $86.68 a barrel, a fresh 2013 low, and Brent, the international benchmark, hit $97.80, a 2.1 percent decline. Keep reading →