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Articles Posted by thackney

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  • BP to cut Alaska workforce by 13%

    02/03/2016 5:41:33 AM PST · by thackney · 8 replies
    Alaska Journal of Commerce ^ | 01/13/2016 | Elwood Brehmer
    BP is cutting 4,000 jobs worldwide and some of those reductions will be in Alaska. An intra-company email obtained by the Journal sent to BP Alaska employees Jan. 12 states that the company plans to reduce its total in state workforce by 13 percent. All employees should know their status by early spring and the majority of layoffs will be conducted by mid-year, according to the email. BP directly employs about 2,100 people and has another 6,000 contract workers in Alaska, based on the company's 2015 Alaska Hire report. The 13 percent reduction will come from the company's direct employees,...
  • Islamic State terrorists threaten oil wealth in Libya

    02/03/2016 5:32:47 AM PST · by thackney · 1 replies
    Trib Live ^ | Feb. 2, 2016 | WIRE REPORTS
    The Islamic State threatens to seize Libyan oil refineries -- and gain a major new revenue source -- as the terror group expands its presence in the war-torn country. Islamic State fighters have pushed toward critical port facilities near their Libyan stronghold of Sirte, according to a senior State Department official who was not authorized to talk publicly about the issue and asked not to be named. Secretary of State John Kerry said Tuesday that the United States and its allies have made progress against the Islamic State in parts of Iraq and Syria but are concerned the terrorist group...
  • Cruz victory threatens ethanol's power

    02/03/2016 5:29:35 AM PST · by thackney · 21 replies
    The Hill ^ | 02/02/16 | Devin Henry
    Ted Cruz's victory in the Iowa caucuses is casting doubt on the political potency of ethanol, an issue that had long reigned supreme in the Hawkeye State. Before Monday, every winner of the caucuses in both parties had supported the Renewable Fuel Standard (RFS). Opposing the mandate, it was long thought, would be political suicide in the state, which leads the country in the production of ethanol. But Cruz defied the trend, triumphing over the Republican field despite his support for phasing out the standard, which defines how much renewable fuel must be blended into traditional fossil fuels. It's an...
  • America's Power Plant Problem

    02/03/2016 5:27:00 AM PST · by thackney · 8 replies
    Pacific Standard ^ | FEB 1, 2016 | DANIEL J. MCGRAW
    More than 200 out of the 523 coal-fired power plants that were in operation five years ago are now closed or slated for closure. What should we do with them? The English Station coal-fired power plant sits on eight acres of land on Ball Island, a large chunk of property that nearly stretches from riverbank to riverbank in the middle of the Mill River in New Haven, Connecticut. The plant takes up pretty much the entire island, an old albatross of the industrial era surrounded by a chain link fence topped with razor wire. Though the plant stopped producing electricity...
  • S&P takes aim at energy companies

    02/03/2016 5:21:05 AM PST · by thackney
    Fuel Fix ^ | February 2, 2016 | Robert Grattan
    Standard and Poor's said Tuesday it had cut or was considering cutting the investment-grade credit ratings at 20 oil and gas giants, including Chevron Corp. and Exxon Mobil Corp. The ratings actions, which spanned integrated and independent producers, are an acknowledgement that $30 oil could shake the credit worthiness of even the largest oil and gas companies. Chevron's credit rating was cut one notch from AA to AA-. Exxon Mobil, which remains at the agency's highest credit rating of AAA, was put on notice its long-term credit rating was up for review. "We anticipate Chevron will significantly outspend internally generated...
  • PSEG Plans $1.6B in New Gas-Fired Projects

    02/03/2016 5:02:37 AM PST · by thackney · 5 replies
    Power Engineering ^ | 01/29/2016 | Power Engineering
    Public Service Enterprise Group Inc. (PSEG) is planning a $1.6 billion investment in new gas-fired projects in the coming years. PSEG Power President and COO William Levis tells Reuters the company is taking advantage of the "low gas-price environment" by building combined-cycle plants in Maryland and New Jersey. The company is also looking into building a new 500-MW gas-fired facility by summer 2019 at the site of its 383-MW coal plant in Bridgeport, Connecticut - the state's only coal facility - which PSEG has agreed to close in 2021.
  • Army and Marine Corps chiefs: It’s time for women to register for the draft

    02/02/2016 9:57:03 AM PST · by thackney · 168 replies
    Washington Post ^ | February 2, 2016 | Dan Lamothe
    ...said they were in favor of the change during an occasionally contentious Senate Armed Services Committee hearing on the forthcoming full integration of women in the military. They offered their opinions in response to a question from Sen. Claire McCaskill (D-Mo.), who said that she also is in favor of the change. "Senator, it's my personal view that, based on this lifting of restrictions... every American who's physically qualified should register for the draft," Neller said. "Senator, I think that all eligible and qualified men and women should register for the draft," said Milley. The comments are a first in...
  • Gas Drops Below $1.50 in Some Areas, and We Haven't Hit Bottom Yet

    02/02/2016 7:28:32 AM PST · by thackney · 49 replies
    NBC News ^ | FEB 2 2016 | MARTHA C. WHITE
    American drivers are now enjoying gasoline prices that haven't been this low since January 2009. Data from the AAA shows that the average annual price for a gallon of gas has been below $2 a gallon for about a month now. Just within the past week, the national average gas price ticked below $1.80 for a gallon of regular gas, a drop of 20 cents just since the beginning of 2016. "I think you have probably another three to four weeks of prices in this area - I think we could drop another nickel or so," said Denton Cinquegrana, chief...
  • Harold Hamm Expects $60 Oil, Says America Will Double Output Again

    02/02/2016 5:28:04 AM PST · by thackney · 26 replies
    Forbes ^ | FEB 1, 2016 | Christopher Helman
    ...Hamm announced that Continental would slash its 2016 capital spending to $920 million -- a 66% cut from last year's level. His objective is for Continental to live within its cash flow for the first time in years. Assuming an average oil price of $40 a barrel, Continental expects its new plan to generate excess cash flow of $100 million in 2016. "Some people didn't pull back as fast as they should have," says Hamm. "They are pulling back now." Hamm's move represents capitulation of a sort. In late 2014 he decided to sell off all of Continental's oil price...
  • Fears of Venezuela Default Grow Amid Drop in Oil Prices

    02/02/2016 5:22:49 AM PST · by thackney · 21 replies
    Wall Street Journal ^ | Jan. 21, 2016 | SARA SCHAEFER MUÑOZ and ANATOLY KURMANAEV
    The plunge in the price of oil is causing more investors to bet that Venezuela will default on its $120 billion pile of foreign debt, an event that would trigger a messy battle over the country's oil shipments and deepen its economic and political crisis. Despite Venezuela's worst economic slump since independence from Spain, the socialist government has continued to pay bondholders on time. President Nicolás Maduro this week reiterated the country's intention to honor its debt. Few investors doubt Venezuela's willingness to pay. In recent years, it has paid bondholders partly by drastically reducing the amount of dollars it...
  • US oil & gas sector: things to get worse before they get better

    02/02/2016 5:02:46 AM PST · by thackney · 3 replies
    Fuel Fix ^ | February 1, 2016 | Matt Smith
    Today is Harry Styles' 22nd birthday, and accordingly the crude complex is heading in one direction. (Down). We burst into February today, and get hit by a wave of global manufacturing numbers, as well as the ongoing debate re 'will-they-won't-they' cut production. (they won't). China kicked things off overnight, setting a cautious tone with its worst official manufacturing print since August 2012. The Caixin manufacturing release also showed ongoing contraction from the sector, but in contrast was better than consensus. Eurozone manufacturing was in line with consensus, boosted by Germany and Spain, held back by Italy and France. Japan was...
  • Chevron delays big projects, plows the Permian Basin

    01/31/2016 7:56:24 AM PST · by thackney · 2 replies
    Fuel Fix ^ | January 29, 2016 | Collin Eaton
    The CEO of Chevron Corp. said his company recently mothballed a $500 million ultra deep-water Gulf of Mexico development not because the oil reservoir was too small to develop - but because it had better places to spend its money. Namely, the Permian Basin in West Texas. "There are tough choices being made," Chevron CEO John Watson told investors on Friday, after the San Ramon, California oil giant posted its first quarterly loss since 2002. The $588 million loss - worse than analysts had expected - was driven by a series of special charges in the fourth quarter, including Chevron's...
  • UK announces help for struggling North Sea oil industry

    01/29/2016 4:27:11 AM PST · by thackney · 6 replies
    Yahoo News ^ | 1/28/2016 | AFP
    Britain announced Thursday a L250 million (325 million euro, $350 million) package of funding to boost the oil industry in northeast Scotland, which has been hit hard by slumping prices. Prime Minister David Cameron visited the oil city of Aberdeen and met industry bosses for talks on the current situation. "Obviously it's a difficult time for the oil industry because of the oil price decline, but what this shows is that the British government is 100% behind this industry, behind Aberdeen, behind Scotland," Cameron said. "We want to see this port expand, we want to see an energy innovation centre,...
  • This oil producing country may need a bailout

    01/29/2016 4:13:44 AM PST · by thackney · 7 replies
    CNN Money ^ | January 28, 2016 | Ivana Kottasova and John Defterios
    Azerbaijan's decade-long boom is well and truly over. The oil producing central Asian country has been slammed by the oil price crash and is now considering asking for an international bailout. Experts from the International Monetary Fund arrived in the capital Baku on Thursday to find out just how bad the situation has become. "The team will discuss areas for technical assistance and assess possible financing needs," an IMF spokesperson told CNN. A senior Azerbaijani official told CNN the government is thinking about an emergency loan of $4 billion to help it cope with the collapse in global crude oil...
  • Turmoil in the Oil Patch Is Hitting U.S. GDP Growth

    01/29/2016 4:08:11 AM PST · by thackney · 17 replies
    Wall Street Journal ^ | Jan 28, 2016 | LISA BEILFUSS
    The tumble in oil prices is set to take another bite out of overall U.S. economic output. The overall energy sector accounts for just about 4% of inflation-adjusted gross domestic product when adding up contributions from four areas: utilities; oil and gas extraction; petroleum and coal products; and pipeline transportation, and it represents just 1.5% of employment, according to estimates by Deutsche Bank chief U.S. economist Joseph LaVorgna. Given that small slice, many analysts and traders have assumed sharply lower energy-related capital spending isn't a big threat to the broader economy. But the turmoil could weigh on GDP more than...
  • Shell transitioning Houston truck fleet from diesel to LNG

    01/28/2016 12:48:34 PM PST · by thackney · 12 replies
    Fuel Fix ^ | January 28, 2016 | Jordan Blum
    Royal Dutch Shell is switching its trucking fleet to more liquefied natural gas-fueled vehicles in Houston and Louisiana as more companies increasingly move away from dirtier diesel fuel. The use of LNG and compressed natural gas -- another new CNG fueling station opened Thursday in Houston -- in commercial vehicles has rapidly expanded because of the nation's cheap and bountiful supply of natural gas. Shell said Thursday it partnered with Miami-based Ryder transportation company for 15 new, heavy-duty LNG trucks to support its oil and gas logistics operations in Houston and Lafayette, Louisiana. The 15 new trucks will replace diesel-fueled...
  • Baker Hughes loses $1 billion in the fourth quarter

    01/28/2016 12:46:50 PM PST · by thackney · 6 replies
    Fuel Fix ^ | January 28, 2016 | Rhiannon Meyers
    Oil field services company Baker Hughes posted a $1 billion loss during the fourth quarter of 2015, suffering from a global decline in active oil rigs and ongoing pricing pressure from its customers. The loss reflected $1.25 billion in impairment and restructuring charges related to the adjustment of the carrying value of its onshore pressure pumping business in North America and other assets. The Houston-based oil field services company, which is being acquired by its competitor Halliburton, reported a loss of $2.35 per share during the three-month period ending Dec. 31. That was a reversal from than the profit of...
  • New pipeline projects increase Northeast natural gas takeaway capacity

    01/28/2016 9:44:21 AM PST · by thackney · 12 replies
    Energy Information Administration ^ | JANUARY 28, 2016 | Energy Information Administration
    A number of recently completed and upcoming natural gas infrastructure projects are expected to increase the reach of natural gas produced in the Marcellus and Utica regions of the Northeastern United States (see map). These projects are intended to transport natural gas from production centers to consuming markets or export terminals. Over the past several years, natural gas production in the Marcellus and Utica areas has grown significantly: their combined growth of 12 billion cubic feet per day since 2011 accounts for 89% of the United States's total growth in natural gas production. The Marcellus and Utica shale plays are...
  • Iran Seeks Rapid Reboot for Natural Gas Exports {Europe within two years}

    01/27/2016 6:36:03 AM PST · by thackney · 1 replies
    Wall Street Journal ^ | Jan. 26, 2016 | BENOIT FAUCON
    Iran is pushing to find new ways to extract and export its vast natural-gas reserves, including developing facilities to liquefy the commodity and ship it to Europe in two years, now that Western sanctions have lifted, according to a top Iranian official. Iran holds the world's largest reserves of natural gas, but has long lacked the export infrastructure of competitors such Russia and Qatar. They have networks of international pipelines as well as liquefied-natural-gas facilities that enable them to export gas by ship. Tehran is exploring several options to help the country "join the international LNG club," said Alireza Kameli,...
  • 10th Largest US Frac Company Sells Fleet For 38 Cents On The Dollar, Exits US Market

    01/27/2016 6:05:42 AM PST · by thackney · 17 replies
    Oi Pro ^ | 1/26/2016 | Joseph Triepke
    Until Tuesday, Canada-based Trican Well Services was the tenth largest pressure pumping company in the US by frac horsepower. On Tuesday, the company announced a deal had been reached to sell their US frac fleet to Keane Group, a privately-held, U.S. based well completion services company. The deal marks Trican's exit from the US market. Under the agreement, Keane will acquire the majority of Trican’s U.S. assets, including equipment, key employees and its engineering capabilities. The deal has been expected, and we previously reported that it was coming, but the price had not been known until today's announcement. The total...