Western Canada’s fleet of drilling rigs went down by 74 rigs to the current count of 136 actively drilling rigs according to data collected by Baker Hughes for the week of December 29th. From one week ago, Alberta rig counts decreased from 162 to 118, the Saskatchewan rig count decreased by 29 to 3. Oil drilling went from 120 to 62; gas rigs went down from 90 to 74. View a full breakdown of western Canada’s rig activity. [Read more]
Archives for January 2018
U.S. oil drillers cut rigs for first week in three
U.S. energy companies this week cut oil rigs for the first week in three even though crude prices hovered near their highest level since the spring of 2015. Drillers cut 5 oil rigs in the week to Jan. 5, bringing the total count down to 742, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. In the prior two weeks, drillers did not add or remove any rigs. The U.S. rig count, an early indicator of future output, is much higher than a [Read more]
Frigid weather sends heating prices soaring as energy usage spikes
NEW YORK, Jan 5 (Reuters) - A severe winter storm in the U.S. Northeast brought plunging temperatures on Friday, driving regional natural gas prices to all-time highs, disrupting refinery operations and causing electrical outages. From Baltimore to Caribou, Maine, efforts were under way to clear roadways from Thursday’s snowfall. Temperatures were expected to be 20 to 30 degrees Fahrenheit below the average for this time of year and could set records, according to the National Weather [Read more]
Canadian oil exports to U.S. dip in November
Canadian exports of crude oil fell 2.4 percent month-on-month in November to 3.28 million barrels per day, Statistics Canada data said on Friday, after a decline in shipments to the United States. The 80,000 bpd drop in exports to Canada's biggest customer came in the same month TransCanada Corp's Keystone pipeline, which carries crude from Alberta's oil sands to U.S. refineries, was shut down following a leak in rural South Dakota. Keystone restarted in late November but the 590,000 bpd [Read more]
Legacy Reserves LP Announces Expanded Second Lien Term Loan and Increased Senior Notes Ownership
MIDLAND, Texas, Jan. 05, 2018 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (NASDAQ:LGCY) today announced that it entered into additional transactions to reduce its total indebtedness and increase its financial flexibility. On December 31, 2017, Legacy entered into a definitive agreement with certain funds managed by Fir Tree Partners (“Fir Tree”) to acquire its entire holdings in Legacy’s $550 million 6.625% Senior Notes due 2021 (“6.625% Notes”). Legacy purchased $187 million of the [Read more]
Trump moves to vastly expand offshore drilling off US coasts
WASHINGTON - The Trump administration moved Thursday to vastly expand offshore drilling from the Atlantic to the Arctic oceans with a plan that would open up federal waters off California for the first time in more than three decades. The new five-year drilling plan also could open new areas of oil and gas exploration in areas off the East Coast from Florida to Maine, where drilling has been blocked for decades. While some lawmakers in those states support offshore drilling, the plan [Read more]
California Resources Corporation Announces Its Fourth Quarter and Year-End 2017 Earnings Release and Conference Call
LOS ANGELES--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) will host its fourth quarter and full year financial results conference call on Monday, February 26th at 5:00 p.m. Eastern Standard Time. The Company’s earnings and guidance will be released following the market close on the same date. We encourage participants to pre-register for the conference call webcast using the following link http://dpregister.com/10115435. [Read more]
U.S. shale returns to growth, posing problem for OPEC: Kemp
LONDON (Reuters) - U.S. crude oil prices have risen above $60 per barrel which should accelerate shale drilling and production in the next few months, provided the price increase is sustained. U.S. crude futures are trading over $60 for all delivery months between February and August 2018, an increase of about 40 percent since the middle of 2017. And the futures strip for 2019, the benchmark against which U.S. shale producers can execute hedges for next year’s output, is trading over $56, [Read more]
Sempra Energy Announces Pricing of Public Offerings of Common Stock and Mandatory Convertible Preferred Stock
SAN DIEGO, Jan. 4, 2018 /PRNewswire/ -- Sempra Energy (NYSE: SRE) today announced that it has priced its concurrent offerings (the equity offerings) of 23,364,486 shares of its common stock in connection with the forward sale agreements described below at $107 per share and 15,000,000 shares of its 6-percent Mandatory Convertible Preferred Stock, Series A, at $100 per share, each in a separate registered public offering. The equity offerings are expected to close on or about Jan. 9, 2018, [Read more]
Parsley Energy Schedules Fourth Quarter 2017 Earnings Release and Conference Call
AUSTIN, Texas, Jan. 4, 2018 /PRNewswire/ -- Parsley Energy, Inc. (NYSE: PE) plans to report fourth quarter 2017 financial results on Wednesday, February 21, 2018, after the close of trading on the New York Stock Exchange. The company will host its quarterly conference call at 9:00 AM EST (8:00 AM CST) on Thursday, February 22, 2018. By Phone: Dial 877-407-0672 (United States/Canada) or 412-902-0003 (International) approximately 10 minutes before the scheduled start time and request the [Read more]
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