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 →
Energy News Roundup: Hayward Steps in at Glencore, Oil Traders Under Scrutiny for Price Manipulation, and Gazprom to Build $8mn/km PipelineBy Conway Irwin
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 →
The oddest thing about the meteoric rise in the price of natural gas over the past year might be supplies of the energy commodity have never been more abundant.
That’s not how economics usually works: When supplies go up, the price is supposed to go down, and vice versa. Keep reading →
Oilfield services firm Halliburton anticipates that US natural gas prices, which have strengthened substantially from year-ago levels, could rise to levels that reinvigorate natural gas drilling in 2014.
“We are becoming increasingly optimistic about gas activity in 2014,” said Halliburton chief executive Dave Lesar during the company’s first-quarter 2013 earnings call on 22 April. Keep reading →
US natural gas prices have begun to strengthen as oil prices have begun to drop, but both remain far from levels that would prompt exploration and production companies to shift capital back to gas from liquids.
For the past few years, with Henry Hub natural gas trading mostly in the $2.00-$4.00 per million Btu range, higher-priced and higher-margin oil and liquids have been the target of choice for US onshore drillers. But as natural gas prices have recently edged above $4.00/MMBtu and West Texas Intermediate oil prices have dipped below $90 per barrel, some analysts are questioning at what price levels gas drilling might look appealing, and oil or liquids drilling less so. 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 →
Upstream master limited partnership (MLP) Linn Energy’s strategy to attract a broader array of investors is likely to inspire other companies in the space to follow suit, but competitors will take at least a few years to emerge, according to chief financial officer Kolja Rockov.
Linn established LinnCo, a vehicle that exists solely to hold units of the Linn MLP, as a means of raising additional equity capital. Linn then launched an initial public offering of LinnCo shares – in part to be used to raise funds for acquisitions – in October 2012. Keep reading →
Low natural gas prices in North America have prompted many oil and gas companies to jettison their dry gas assets, Fort Worth-based Quicksilver is capitalizing on Asian buyers’ efforts to secure lower-cost LNG feedstock to attract joint venture partners for its acreage in areas like the Horn River and Barnett shales.
Quicksilver is in negotiations for a joint venture partner in its Horn River Basin acreage in Canada. The company appears to be favoring an Asian buyer with an eye to exporting natural gas across the Pacific. Keep reading →