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Articles Posted by thackney

Brevity: Headers | « Text »
  • The Autowende Is Here: Electric Cars Are The Next Trillion Dollar Industry

    In the next 60 months the automotive industry will see more change than in the last 60 years. European car manufacturers should commit to electric cars now or Europe will be in economic trouble Once in a while a new technology comes along that profoundly changes the way humans relate to energy and transport. Wheels, steam engines and airplanes are all step changes that put humanity on a new trajectory. When I first drove the full electric Nissan Leaf back in 2011, I realized I was sitting in such a technological breakthrough. An internal combustion engine peaks at ~30% efficiency....
  • Riyadh Feels the Pinch: The True Cost of Saudi Subsidies

    11/24/2015 5:15:41 AM PST · by thackney · 18 replies
    Geopolitical Monitor ^ | November 17, 2015 | Kirstin Berndt
    In downtown Riyadh, SUV-populated intersections and lushly landscaped parks leave little indication that Saudi Arabia is rapidly depleting its oil and water resources. The Saudi predilection for gas-guzzling vehicles and water-intensive leisure spaces is hardly surprising- governmental subsidies have long obscured the true cost of these resources. Saudis pay about 60 cents a gallon at the pump, which makes the average cost to fill a tank less than $20. Electricity, powered primarily by oil, costs only USD 0.6 per kilowatt hour. Drinking water supplied to Saudi households is so cheap that it is practically free. These low commodity rates are...
  • Energy Downturn Spreads Beyond the Oil Patch

    11/24/2015 5:12:30 AM PST · by thackney · 12 replies
    Wall Street Journal ^ | Nov. 23, 2015 | CHESTER DAWSON
    The prolonged slump in crude prices is rippling beyond the oil industry into areas of the North American economy... ...crude-market decline in its 17th month and nearly a year after OPEC dealt prices a sharp blow by refusing to rein in output, lower profits and mounting losses are crimping budgets, spurring multiple rounds of job cuts and driving some energy companies to seek bankruptcy protection. Signs of that distress are spreading throughout once-booming oil-producing regions across North America. Sales of single-family homes in Houston fell 10% on the year in October, the first double-digit decline this year, according to the...
  • Year after key OPEC meeting, oil bankruptcies rise to 37

    11/20/2015 10:22:11 AM PST · by thackney · 8 replies
    Fuel Fix ^ | November 20, 2015 | Collin Eaton
    A year after Saudi Arabia and its oil cartel decided to keep their oil wells running and let plunging prices correct a global oversupply, the number of bankruptcy cases among North American oil drillers has risen to 37. And that figure could double next year if crude stays cheap, as at least as many oil companies appear to be on the precipice of running out of cash or are coming up on deadlines to pay off their debt, attorneys at Dallas-based Haynes & Boone said Friday. The casualty count could end up growing larger than in the 2009 financial crisis,...
  • Donald Trump hated wind farms — until an Iowa voter asked

    11/20/2015 8:29:49 AM PST · by thackney · 130 replies
    Washington Post ^ | November 19, 2015 | Philip Bump
    Patricia Scalabrini, whose husband works for a local wind turbine manufacturer, wanted to know if Trump supports subsidies for the industry. The company that employs her husband, TPI, moved into a factory that was abandoned when Maytag moved its operations to Mexico. TPI employs about 800 people in Newton. It is helped by subsidies, in the form of the "production tax credit," which gives energy producers tax breaks based on how many kilowatt-hours of electricity they generate using renewable methods. The PTC has been continually renewed for short periods, meaning that it often becomes a political bargaining chip. It is...
  • Mas AG energy study: New gas pipeline not needed to meet NE peak winter electricity demand

    11/20/2015 5:02:27 AM PST · by thackney · 13 replies
    Mass Live ^ | November 18, 2015 | Mary Serreze
    An energy study released today by Massachusetts Attorney General Maura Healey concludes that New England does not need additional natural gas pipeline infrastructure to meet peak winter energy demand and that energy efficiency and "demand response" would be the best solution over the next 15 years for both consumers and the environment. The long-anticipated study concludes that New England's power system is not facing an imminent reliability threat through 2030. Healey, who acts as utility ratepayer advocate in Massachusetts, commissioned the study in July. "As we make long-term decisions about our energy future, it's imperative we have the facts," Healey...
  • UAE oil minister defends OPEC’s decision not to cut production

    11/20/2015 4:50:21 AM PST · by thackney · 4 replies
    Al Arabiya ^ | 19 November 2015 | Reuters
    United Arab Emirates’ energy minister said on Wednesday he did not regret last year’s OPEC decision not to cut the production ceiling in the face of falling prices. “I am sure that the decision was right and I am confident that the market will stabilise,” Suhail al-Mazrouei said at an industry conference in Dubai. “We are not regretting the decision we took, we had no option,” he said. “Yes it’s painful for many producers around the world and we share that pain, but it doesn’t mean that we need to do something that is not sustainable.” The Organization of Petroleum...
  • ISIS oil revenue 'damaged' by airstrikes, low price

    11/20/2015 4:47:14 AM PST · by thackney · 5 replies
    CNBC ^ | 19 Nov 2015 | Holly Ellyatt
    A combination of successful airstrikes by Western governments and drop in the oil price are helping to cut off a much-needed revenue stream for the so-called Islamic State (ISIS) terrorist group, an energy analyst says. "The damage is being done, which is why we have seen ISIS oil production go from 110,000 barrels a day to 40,000 barrels a day," Amrita Sen, chief oil analyst at Energy Aspects, told CNBC Thursday. Following Friday's terrorist attacks in Paris and confirmation that a bomb brought down a Russian airliner in the Sinai desert a couple of weeks ago -- attacks both pinned...
  • Iraqi Oil Selling at $30 as OPEC Readies for New Battles

    11/19/2015 1:25:17 PM PST · by thackney · 32 replies
    Reuters via Rig Zone ^ | November 19, 2015 | Alex Lawler and Rania El Gamal
    Iraq may increase oil output further in 2016, although less dramatically than this year, intensifying a battle for market share between OPEC members and non-OPEC rivals that has forced Baghdad to sell some crude grades for as little as $30 a barrel. Iraq's output in 2015 has jumped almost 500,000 barrels per day (bpd), or 13 percent, according to the International Energy Agency (IEA). That has made Iraq the world's fastest source of supply growth and a key driver of surging OPEC production. At most, that growth is likely to give way to a modest rise next year, easing downward...
  • LyondellBasell moves forward with new chemical plant in Channelview

    11/19/2015 12:54:38 PM PST · by thackney · 1 replies
    Fuel Fix ^ | November 19, 2015 | Jordan Blum
    LyondellBasell Industries petrochemical giant said Thursday it plans to build a new plant near Houston at its Channelview complex that represents the company's largest capital investment ever. The PO/TBA plant would produce 900 million pounds of propylene oxide, 2 billion pounds of tertiary butyl alcohol and its derivatives annually. Propylene oxide is a chemical used to make everything from antifreeze to cosmetics. The tertiary butyl alcohol is a byproduct used as a solvent to make chemicals and gasoline additives. The move is part of the Gulf Coast's petrochemical boom that has seen companies taking advantage of cheap natural gas used...
  • TransCanada and Enmax confirm layoffs in a rough week for Calgary workers

    11/19/2015 8:22:42 AM PST · by thackney · 5 replies
    Calgary Herald ^ | November 18, 2015 | DAN HEALING
    Both TransCanada Corp. and city-owned Enmax Corp. confirmed they laid off staff Wednesday as a provincewide economic slowdown blamed on low commodity prices hits pipeline and utility sectors. "This is a difficult time for all of our employees and contractors, as it is for those at many companies right now. These decisions aren't made lightly," said TransCanada spokesman Mark Cooper in an e-mail. He said the company wouldn't provide details on the reductions until they are complete, refusing comment on anonymous social media postings that claim the layoffs are being rolled out over three days, through Friday, and involve hundreds...
  • State regulator issues emergency order in Porter Ranch gas leak

    11/19/2015 6:12:06 AM PST · by thackney · 1 replies
    LA Daily News ^ | 11/18/15 | Dana Bartholomew
    The state's chief regulator for oil and gas fields issued an emergency order Wednesday demanding that the perpetrator of a nearly month-long natural gas leak in Aliso Canyon that has irritated residents of Porter Ranch turn over all its test data and submit plans to seal up the breach. State Oil and Gas Supervisor Steven Bohlen ordered Southern California Gas Co. to provide all testing results and data and asked for a written plan to seal the leak and,if necessary, a plan to complete a relief well. The company has tried since Oct. 23 to stem the flow of gas...
  • UK to Close All Coal-Fired Power Plants by 2025

    11/19/2015 5:08:30 AM PST · by thackney · 24 replies
    Power Engineering ^ | 11/18/2015 | Aaron Larson
    In a major speech setting out the future direction of the UK's energy policy, Energy and Climate Change Secretary Amber Rudd announced plans to restrict the use of the country's coal-fired power stations by 2023 and close all of the facilities by 2025. "Frankly, it cannot be satisfactory for an advanced economy like the UK to be relying on polluting, carbon intensive 50-year-old coal-fired power stations," Rudd said while speaking in London before the Institution of Civil Engineers. "We need to build a new energy infrastructure, fit for the 21st century." Rudd said that even with huge growth in its...
  • Hitting the Islamic State’s Oil Isn’t Enough

    11/19/2015 4:50:03 AM PST · by thackney · 27 replies
    Foreign Policy ^ | NOVEMBER 17, 2015 | DAVID FRANCIS, DAN DE LUCE
    U.S. and coalition warplanes have launched a rapidly intensifying air campaign against the Islamic State's oil wells, refineries, and pump stations in recent days, mounting combat missions designed to incinerate tanker trucks and knock out the facilities that form the backbone of the group's oil-smuggling racket. The air raids are meant to wreck the Islamic State's ability to profit off captured oil fields, but even if the strikes work, the extremists will have plenty of cash on hand. That's because the militant group's most important revenue stream comes not from crude oil but from extorting money from the millions of...
  • Oil companies announce significant write-downs in third-quarter 2015

    11/19/2015 4:43:34 AM PST · by thackney · 6 replies
    Energy Information Administration ^ | November 18, 2015 | Energy Information Administration
    International and U.S. upstream oil companies wrote down $38 billion in assets in the third quarter of 2015, the largest for any quarter since at least 2008 for this set of 46 companies (Figure 1). Low oil prices continue to have a significant effect on the value of companies' assets and future prospects as well as on current revenue. Although the volume of total liquids output for this group of companies increased over third-quarter 2014, the fall in oil prices contributed to a year-over-year decline in revenue. Lower oil prices also contributed to a 33% decline in cash flow from...
  • Propane Power Is Grabbing Growing Share of Gas-Fired Market

    11/18/2015 4:22:53 PM PST · by thackney · 13 replies
    Power Magazine ^ | 11/10/2015 | Thomas Overton
    As liquefied natural gas (LNG) continues to draw attention in the gas market, with the first new U.S. LNG export terminal in decades coming online next year, another liquefied gas--propane--is beginning to expand its share of the mix as propane power options continue to grow. While propane-powered engines and microturbines have been around for a long time, they've always taken a back seat to diesel for a variety of reasons--primarily cost. Diesel has historically been less expensive than propane, but a combination of higher crude oil prices, a glut in the natural gas liquids market, and growing environmental regulation of...
  • While US crude imports rise from Iraq, Saudi’s remain subdued

    11/18/2015 9:48:00 AM PST · by thackney · 4 replies
    Fuel Fix | November 18, 2015 | Matt Smith
    It is Margaret Atwood's 76th birthday, and her 2009 novel 'The Year of the Flood' seems an appropriate way to sum up the crude market this year. We await the weekly EIA inventory report this morning, with oil inventories less than 4 million barrels shy of the record of 490.9 mn bbls seen earlier in the year (...in itself an 80-year high). While a near-2 million barrel build is expected from today's report, last night's API report has put the putty cat among the pigeons by yielding a surprise draw of 0.4 mn bbls. The API report also showed a...
  • Senate votes to strike down Obama’s climate rules

    11/18/2015 6:42:13 AM PST · by thackney · 9 replies
    The Hill ^ | 11/17/15 | Timothy Cama
    The Senate voted Tuesday to block a pair of regulations representing the central pillars of President Obama's climate change initiative. The votes approving resolutions under the Congressional Review Act come less than two weeks before Obama and other world leaders meet in Paris to agree to a worldwide pact to fight global warming. The votes are symbolic, since Obama would veto the resolutions and supporters do not have the two-thirds majority needed in both chambers to override the vetoes. Senators voted 52-46 to stop the carbon dioxide limits for existing power plants, which mandate a 32 percent cut in the...
  • Exclusive: How Kurdistan bypassed Baghdad and sold oil on global markets

    11/18/2015 5:19:03 AM PST · by thackney · 7 replies
    Reuters ^ | Nov 17, 2015 | DMITRY ZHDANNIKOV
    Iraq's semi-autonomous region of Kurdistan has for the first time detailed its secretive oil exports operations and said it plans to sell more, whether Baghdad likes it or not, as it needs money to survive and fight Islamic State. The region's minister for natural resources, Ashti Hawrami, said that to avoid detection oil was often funneled through Israel, transferred directly between ships off the coast of Malta, and decoy ships used to make it harder for Baghdad to track. Kurdistan says it had been forced to bypass Baghdad and begin exporting oil directly because the latter refused to respect budgets...
  • Texas Official Raises Terror Alarm over Border Access to Pipelines

    11/17/2015 1:16:15 PM PST · by thackney · 15 replies
    Rig Zone ^ | November 17, 2015 | Deon Daugherty|
    The federal government's failure to secure the Texas-Mexico border continues to put critical oil and gas infrastructure in the state at risk, Texas Railroad Commission Chairman David Porter said in a Nov. 16 letter to the Homeland Security Department. Citing several news articles, Porter said ISIS has attacked against oil and gas pipelines in the Middle East, and to do so in Texas could be part of the terror group's plans. In 2013, the Yemeni oil minister said the destruction resulted in almost $1 billion in lost revenue. Porter was echoing sentiments he expressed in a letter last year to...
  • UOG 2015: PM Netanyahu to End Israeli Gas Deadlock 'Within Weeks'

    11/17/2015 11:55:43 AM PST · by thackney · 6 replies
    Rig Zone ^ | November 17, 2015 | Jon Mainwaring
    Israeli Prime Minister Benjamin Netanyahu is weeks away from signing a document that will lead to the resumption of efforts to develop Israel's natural gas sector, the country's energy minister said Tuesday. Rigzone heard Energy Minister Dr. Yuval Steinitz tell the Universal Oil & Gas Conference in Tel Aviv that Prime Minister Netanyahu will meet with the Israeli parliament's Economic Affairs Committee over the next couple of weeks before signing Article 52. This act will end a year-long delay in the development of the Tamar and Leviathan offshore natural gas fields that began when Israel's antitrust authority said in December...
  • Rochester Gas & Electric Works on Plans for a World Without Ginna Nuclear Plant

    11/17/2015 11:49:50 AM PST · by thackney · 4 replies
    Power Engineering ^ | 11/16/2015 | Barry Cassell
    Rochester Gas & Electric filed with the New York State Public Service Commission on Nov. 10 a heavily-redacted copy of an Oct. 27 report on what it is doing, and plans to do, in case the Ginna nuclear plant of Exelon (NYSE: EXC) is retired later this decade. Since last year, Exelon has been working at the New York PSC and the Federal Energy Regulatory Commission (FERC) to extend the life of Ginna, which the company says is not economic to operate in the current power market following the expiration last year of a long-term contract to supply power to...
  • The Gloves Are Coming Off in the U.S. War Against the Islamic State’s Oil

    11/17/2015 5:24:06 AM PST · by thackney · 52 replies
    Yahoo ^ | 16 NOV 2015 | Paul McLeary
    American military officials have come to the conclusion that the U.S.-led air campaign targeting Syria’s oil infrastructure — which has provided the Islamic State with hundreds of millions of dollars over the past two years — has been too cautious. A new offensive aims to change that. Officials would not say if the rules of engagement for the U.S.-led air war against the Islamic State, also known as ISIS, have changed to allow for a new and more aggressive round of strikes. But there was little doubt that the U.S. aerial assault that tore through 116 ISIS oil tankers parked...
  • Gasoline prices are back on the decline, despite global terrorism concerns

    11/16/2015 2:40:00 PM PST · by thackney · 30 replies
    Fuel Fix ^ | November 16, 2015 | Jordan Blum
    Houston-area gasoline prices are back on the decline along with the price of oil, despite some global concerns about the reactions of terrorism in Paris and Beirut affecting markets. Average retail prices on Monday for regular unleaded gasoline dipped by 3 cents from last week down to $1.91 for the Houston area and $1.92 for Texas as a whole, according to GasBuddy's daily survey data. In Houston, prices are 78 cents lower than the same time last year. Nationwide, gasoline fell by 6 cents down to an average of $2.15 a gallon. The drop in gasoline costs come one week...
  • New classifications of natural gas storage regions will begin November 19

    11/16/2015 5:18:10 AM PST · by thackney · 1 replies
    Energy Information Administration ^ | NOVEMBER 16, 2015 | Energy Information Administration
    he previous West region was split into two regions, the Pacific and Mountain regions. Although both the new Pacific and Mountain regions are dominated by storage in depleted fields, the Pacific region facilities tend to have much higher deliverability--meaning gas is able to be withdrawn at higher rates. Average deliverability of fields in the Pacific is close to 0.5 billion cubic feet per day (Bcf/d), which is nearly three times higher than that of the Mountain region, even though average working gas capacity is roughly the same in the two regions. Many facilities in the Pacific region use storage in...
  • North Dakota natural gas flaring targets challenged by rapid production growth

    11/13/2015 2:39:55 PM PST · by thackney · 5 replies
    Energy Information Administration ^ | NOVEMBER 13, 2015 | Energy Information Administration
    Increases in North Dakota's crude oil production have resulted in increased associated natural gas production from oil reservoirs, especially in the Bakken region. Because of insufficient infrastructure to collect, gather, and transport this natural gas, about one-fifth of North Dakota's natural gas production is flared rather than marketed. North Dakota's Industrial Commission (NDIC) has established natural gas capture targets in an effort to reduce the amount of flared gas, and they recently issued a revision to the flaring targets in response to faster-than-expected gas production growth in the Bakken region. North Dakota's current target is to capture and sell at...
  • Oil Prices: The Bottom Isn’t In

    11/13/2015 1:57:25 PM PST · by thackney · 22 replies
    Wall Street Journal ^ | Nov. 13, 2015 | SPENCER JAKAB
    How...quaint. U.S. benchmark crude touched the $40 a barrel mark and much economic hand-wringing ensued with the Federal Reserve chief lamenting its effect on the "long-term path of the U.S. economy." Except the chief's name was Greenspan, not Yellen, and it was 11 and a half years ago. Today oil prices threaten to push through that psychological barrier from above, not below. Despite having peaked more than 16 months ago some two-thirds higher than today, prices have yet to find a firm floor. In fact, prices have staged a sudden reversal from what many investors had thought was a stable...
  • New York Gov. Andrew Cuomo rejects proposed gas terminal off coast

    11/13/2015 8:07:54 AM PST · by thackney · 24 replies
    Fuel Fix ^ | November 12, 2015 | Associated Press
    Gov. Andrew Cuomo has rejected a proposal to build a liquefied natural gas terminal in the waters off New York and New Jersey, effectively killing the project amid an outcry from residents of some coastal communities that it could endanger the environment and be a target for terrorists. The deep-water docking station known as Port Ambrose was to be built 19 miles off Jones Beach on Long Island and 29 miles off Long Brach, New Jersey. Liberty Natural Gas LLC, the company vying to develop Port Ambrose, said the port would allow it to inject natural gas into the New...
  • Texas oil economy may be shrinking (workers laid off from energy sector are leaving the State)

    11/13/2015 8:04:59 AM PST · by thackney · 5 replies
    UPI ^ | Nov. 13, 2015 | Daniel J. Graeber
    While federal data show Michigan shedding the most jobs, a Texas energy group said the state may be taking the brunt of the economic impact of low oil prices. For the week ending Oct. 31, the U.S. Labor Department said Michigan had the most initial filings for unemployment with 3,942, with losses coming from the state's manufacturing sector. Texas for the week shed 517 jobs. A survey from the Texas Alliance of Energy Producers, however, says the number of jobs lost in the state as a result of the depressed oil economy may be worse than initially forecast. Karr Ingham,...
  • Watch the spreads: oil prices tumble before year-end: Kemp

    11/13/2015 7:58:18 AM PST · by thackney · 6 replies
    Reuters ^ | 11/13/2015 | John Kemp
    Crude oil prices sold off heavily on Wednesday and Thursday, with front-month Brent futures falling more than 7 percent to the lowest level more two and half months. Prices slumped amid growing concerns about continued oversupply in the market, the build up of inventories and the possibility of storage space running on land and forcing more oil to be stored expensively at sea. The American Petroleum Institute reported on Tuesday that crude oil stocks in the United States rose by an unusually large 6.3 million barrels last week. The Energy Information Administration confirmed on Thursday a build of 4.2 million...
  • SCE Plans $12 Billion Investment Over 3 Years to Modernize the Grid

    11/13/2015 6:15:23 AM PST · by thackney · 2 replies
    Power Engineering ^ | 11/09/2015 | Power Engineering
    Southern California Edison (SCE) plans to spend $12 billion over the next three years in an effort to adjust to new technologies. Most of the investment will be on upgrades to electric poles, transformers, wires and cables, but about $240 million a year will go toward new power generation. The California Public Utilities Commission is expected to vote in November on SCE's proposal for three new gas-fired power plants, which would help replace power generation lost when San Onofre nuclear plant was shuttered after a faulty replacement steam generator leaked. The plants are part of SCE's plans to buy 2,211...
  • Oil crash job losses in Texas may be steeper than previously thought

    11/13/2015 4:12:40 AM PST · by thackney · 39 replies
    Fuel Fix ^ | November 12, 2015 | Rhiannon Meyers
    The number of oil and gas job losses in Texas may be far worse than an industry group originally predicted, potentially reaching 56,000, according to the latest analysis by the Texas Alliance of Energy Producers. When crude prices started collapsing late last year, Karr Ingham, a petroleum economist for the alliance, initially forecast that the state could lose 40,000 to 50,000 upstream oil and gas jobs during the downturn, but the fresh plunge in oil prices over the summer forced additional round of layoffs across Texas. "We now appear to be well beyond that estimate and the end is not...
  • As total U.S. crude oil imports fall, Canada’s import supply share rises

    11/12/2015 12:02:17 PM PST · by thackney · 5 replies
    Energy Information Administration ^ | NOVEMBER 12, 2015 | Energy Information Administration
    Although overall U.S. crude oil imports have been declining since 2005, crude oil imports from Canada have been increasing. As of August, Canada provided 45% of all crude oil imports to the United States, almost three times as much as all Persian Gulf countries combined. The United States has been the primary destination for Canada's crude oil exports since the early 2000s. Based on data through the first half of this year from Canada's National Energy Board, 99% of Canada's crude oil exports were sent to the United States. More than half of these volumes went to petroleum refineries in...

    11/12/2015 11:23:06 AM PST · by thackney · 19 replies
    Houston Press ^ | NOVEMBER 12, 2015 | DIANNA WRAY
    The Keystone XL Pipeline is officially dead. Last week, President Barack Obama rejected the proposed pipeline, wrapping things up after years of staying firmly undecided on the issue. "The State Department has decided that the Keystone XL pipeline would not serve the national interest of the United States," Obama said during a 10-minute press conference. "I agree with that decision." Of course, environmentalists hailed the decision as a major environmental victory. The Sierra Club thanked Obama "for taking courageous action" in his decision to finally, finally shut down any hope that the pipeline would ever be approved. But the thing...
  • Aramco, Hyundai Heavy eye new ventures

    11/12/2015 11:15:57 AM PST · by thackney · 1 replies
    GDN Online ^ | 11/12/2015 | TradeArabia News Service
    State-owned oil giant Saudi Aramco and Hyundai Heavy Industries (HHI) Group have signed a general memorandum of understanding (MoU) to jointly collaborate on business development opportunities in Saudi Arabia. The signing ceremony was presided by Amin H Nasser, president and CEO of Saudi Aramco and Ki-sun Chung, senior vice president of HHI Corporate Planning. Jeong-Hwan Kim, chief operating officer (COO) of HHI Shipbuilding; and Cheul-ho Park, chief operating officer (COO) of HHI IP&E (Industrial Plant and Engineering) also attended the event. The MoU lays out a comprehensive, multi-faceted business cooperation framework in areas such as engineering, procurement and construction (EPC),...
  • A Year Into The Bust, American Oilfield Ingenuity Is Still Thriving

    11/12/2015 11:10:29 AM PST · by thackney · 8 replies
    Forbes ^ | NOV 4, 2015 | Christopher Helman
    ...there was hope that this downturn would be kind of like 2009, where prices fell sharply in the wake of global economic collapse, but shot back up just as quickly - leaving little collateral damage behind. It's clear now that's not going to happen. The 2009 collapse was driven by a sudden drying up of demand. This time around there's just too much supply -- especially in the United States. And it's simply not going away. According to the Energy Information Administration, domestic crude oil output peaked in April at 9.6 million barrels per day. Since then it has slipped...
  • Analyst: Oil and gas companies burning through cash amid crude crunch

    11/11/2015 5:15:05 AM PST · by thackney · 5 replies
    Fuel Fix ^ | November 10, 2015 | Joshua Cain
    Plummeting prices for crude oil have restricted the spending power of many oil and gas companies over the last few quarters, as recent massive cuts in capital expenditures and slashed headcounts in Houston have shown. Illustrating how tight things have gotten for some companies, business research website FindTheCompany ranked firms in the U.S. by free-cash flow, which takes a company's operating cash flow and subtracts its capital expenditures. Using this metric, FindTheCompany showed that across all U.S. businesses, oil and gas producers had among the shortest strings on their budgets following the second quarter of 2015. Of the top 25...
  • Exxon Mobil’s thrifty culture keeps it out of oil-bust quagmire

    11/10/2015 8:50:56 AM PST · by thackney · 5 replies
    Fuel Fix ^ | November 9, 2015 | Collin Eaton
    The oil downturn is practically a comfort zone for Exxon Mobil Corp. So far, the giant oil company based in the Dallas suburb of Irving has escaped the worst of the downturn, watching from behind a fortress of cash as its rivals scrap major drilling projects and cut deep into budgets and payrolls. It isn't corporate voodoo that has kept Exxon Mobil levitating above financial pain in the broader industry. The company's structure and culture help it ride out price busts, which almost always follow times of plenty in the global oil market. Exxon Mobil has avoided mass layoffs this...
  • Shell reorganizing its upstream businesses

    11/10/2015 8:33:58 AM PST · by thackney · 3 replies
    Oil & Gas Journal ^ | 11/06/2015 | OGJ editors
    Royal Dutch Shell PLC is reorganizing its upstream businesses in a move the company says will continue when it completes its $70-billion acquisition of BG Group next year (OGJ Online, Sept. 3, 2015). Shell also is slashing spending by the combined company. "We are reshaping the company, and this will accelerate once this transaction is complete," said Chief Executive Officer Ben van Beurden at a meeting with shareholders in London. Shell is making integrated gas a stand-alone organization and creating separate upstream and unconventional resources organizations. Maarten Wetselaar, currently executive vice-president of integrated gas, will be director of the stand-alone...
  • Before recent transfer, Highway Trust Fund had reached its lowest level in years

    11/10/2015 6:02:09 AM PST · by thackney · 18 replies
    Energy Information Administration ^ | NOVEMBER 10, 2015 | Energy Information Administration
    Earlier this year, the Highway Trust Fund (HTF) reached its lowest level in decades, ending July at $6.1 billion dollars. A congressionally approved transfer of more than $8 billion boosted the fund's balance to end the fiscal year (September 30) at $12 billion, but that is still the second-lowest year-end level since 1984. Construction of the U.S. Interstate Highway System began in 1956. Extensions brought the total length of the system to 47,856 miles by 2013. Maintenance of this highway system and some new road construction is financed by the HTF, which receives revenue from taxes on gasoline and diesel...
  • Oil price forecasts falling as 2016 outlook darkens

    11/10/2015 5:56:10 AM PST · by thackney · 6 replies
    Fuel Fix ^ | November 9, 2015 | Robert Grattan
    Oil price forecasts are falling once again, as analysts are increasingly expecting a bleaker 2016 for the energy industry. On Monday, both debt evaluation group Fitch Ratings and financial services firm Raymond James said they had lowered their expected oil prices through 2016. Both groups join a growing number of analysts who are calling oil's problems too tough to solve this year or next. Fitch said it's now expecting U.S. oil to average $50 per barrel in 2016 and $60 per barrel in 2017. The group also cut its Brent crude forecast, the global benchmark, to $55 per barrel in...
  • IEA: Cheap oil era could boost reliance on Middle Eastern crude

    11/10/2015 5:53:37 AM PST · by thackney · 18 replies
    Fuel Fix ^ | November 9, 2015 | Collin Eaton
    If crude prices don't bounce back by the end of the decade, an era of cheap oil could consolidate more oil-market power into the hands of a few low-cost producers in the Middle East - raising concerns about energy security for oil-importing nations, the International Energy Agency says. The IEA's closely watched World Energy Outlook, an annual report being released Tuesday, said the world's reliance on Middle Eastern oil exports could "eventually escalate to a level last seen in the 1970s," most profoundly in developing Asian countries like India and China, if oil prices stay low well beyond 2020 and...
  • EIA: Permian Basin output still growing, but other top shale plays to fall

    11/10/2015 5:47:53 AM PST · by thackney · 14 replies
    Fuel Fix ^ | November 9, 2015 | Joshua Cain
    New federal data shows that the Energy Department expects drillers in the Permian Basin to push oil production in the shale play above 2 million barrels per day for the first time ever this November. The U.S. Energy Information Administration’s monthly Drilling Productivity Report released Monday, which covers seven of the biggest shale plays in the country, projects production in the Permian to jump by 17,000 bpd this month. That increase would bring the play above the 2 million bpd mark. In December, the EIA expects the play to grow again by 11,000 bpd. But the Permian is one of...
  • Keystone off the table, but back East, pipeline fight builds

    11/09/2015 9:55:14 AM PST · by thackney · 18 replies
    Fuel Fix ^ | November 9, 2015 | Associated Press
    They've shooed pipeline surveyors from their pastures, made anti-pipeline signs for a protest at the county courthouse and at appearances by the Virginia governor. They've also kept up pressure on local officials. As the leader in this multigenerational band of family activists, Carolyn Reilly has found the experience exhilarating and bruising. "There are days when I am in tears in frustration and exhaustion," she said. "Then there are days when I'm fired up and ready to fight." From New England to North Carolina, scattered insurgencies have formed in opposition to a spider web of pipelines up and down the Eastern...
  • UAE Pressing Ahead with Oil Expansion, Betting on Price Recovery

    11/09/2015 5:49:37 AM PST · by thackney · 10 replies
    Reuters via Rig Zone ^ | November 09, 2015 | Maha El Dahan and Stanley Carvalho|
    United Arab Emirates, one of the wealthiest Gulf states, is pushing ahead with large new energy projects, betting an oil price recovery will start as early as next year as demand begins to absorb the global glut. "These are times of some hesitancy, times of pain for some ... But pain is not new ... We will pass it stronger," energy minister Suhail Al Mazrouei told the UAE's biggest annual oil show in Abu Dhabi. "That (oil price drop) didn't change the vision of the UAE ... We are not cancelling projects," he added. Oil prices crashed after Saudi Arabia...
  • Natural gas in storage reaches record level

    11/06/2015 10:18:26 AM PST · by thackney · 6 replies
    Fuel Fix ^ | November 6, 2015 | Robert Grattan
    he U.S. has tied and is set to surpass a record for the amount of natural gas in storage, according to the latest Energy Department data. Inventory figures released Thursday show 3.929 trillion cubic feet in storage across the country, tying the previous weekly record of 3.929 trillion cubic feet set on Nov. 2, 2012. And with two or three weeks of additional inventory gains expected this year, it’s likely the U.S. will have a new high mark by the time the summer and fall injection season ends. The large amount of gas in storage, continued strong gas production and...
  • Woe is Canada

    11/06/2015 6:49:34 AM PST · by thackney · 13 replies
    Petroleum News ^ | Week of November 08, 2015 | GARY PARK
    The Canadian Association of Petroleum Producers, speaking for companies which account for 90 percent of Canada's oil and natural gas production, has painted what is the bleakest picture of the industry's health in recent and possibly living memory. So bleak, that CAPP has gone for broke, submitting 60 recommendations to the Alberta government's royalty review panel, asking for a three-year delay in implementing any changes to royalty rates and pleading for lower royalties to offset the new administration's imposition of higher income taxes and carbon levies. That's the battered taking its begging bowl to the bruised. Both sides are reeling,...
  • China keeping an eye on surging U.S. oil and gas production

    11/05/2015 12:17:08 PM PST · by thackney · 24 replies
    Fuel Fix ^ | November 5, 2015 | Jennifer A. Dlouhy
    The United States’ energy renaissance is catching attention in Beijing, where Chinese leaders view the phenomenon as “a double-edged sword,” according to a white paper from the free-market group American Council for Capital Formation. “China trusted the United States more when U.S. oil import dependency was higher and Washington actively sought increases in global oil production, a mutually shared objective,” writes George David Banks, executive vice president of the group. “In Beijing’s view, the U.S. shale revolution has increased U.S. immunity to a reduction in global supply resulting from military conflict, political instability, or international sanctions, thereby making Washington a...
  • Remember, remember! The fifth of November

    11/05/2015 8:18:58 AM PST · by thackney · 24 replies
    BBC ^ | November 5th, 1605 | Guy Fawkes
    Remember, remember! The fifth of November, The Gunpowder treason and plot; I know of no reason Why the Gunpowder treason Should ever be forgot! Guy Fawkes and his companions Did the scheme contrive, To blow the King and Parliament All up alive. Threescore barrels, laid below, To prove old England's overthrow. But, by God's providence, him they catch, With a dark lantern, lighting a match! A stick and a stake For King James's sake! If you won't give me one, I'll take two, The better for me, And the worse for you. A rope, a rope, to hang the Pope,...
  • Apache posts multibillion-dollar loss as oil production slips

    11/05/2015 8:01:57 AM PST · by thackney · 3 replies
    Fuel Fix ^ | November 5, 2015 | Collin Eaton
    pache Corp. posted a $5.66 billion loss on Thursday, taking charges for asset write-offs and other items as it was hit by both low crude prices and sliding oil production. Apache's oil and gas output fell 7 percent, with only its assets in West Texas, Egypt and the North Sea showing slight increases. Yet despite the downturn, the Houston oil producer believes it can boost its oil production this year, by 2 percent in North America and up to 12 percent in international markets, even as it whittles down costs. The company kept its guidance on its 2015 capital budget...