Gasoline prices expected to increase more than diesel prices next week? Then crank up gasoline production! It may sound simple, but sophisticated software, communications and refining equipment all work in harmony to maximize profits on the fly in the highly-competitive US refining industry. Refinery control room operators in New Jersey work closely with commercial traders… 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 →
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 →
Saudi Arabia’s oil minister said on Tuesday he welcomes the new U.S. energy supplies as he expects the country to remain an importer of crude from the Middle East.
The United States is producing oil at the highest level in 20 years thanks to hydraulic fracturing and other advanced drilling techniques. “The United States is and will remain a major energy consumer,” Ali al-Naimi said at a speech at the Center for Strategic and International Studies in Washington.
“Talk of energy independence fails to recognize the interconnected nature of international energy markets. I believe this talk of ending reliance is a naive a rather simplistic view,” he said.
Published April 30, 2013 / Reuters
(Reporting by Timothy Gardner; Editing by Gerald E. McCormick)
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 →
