Get up at 5 AM, spend an hour in traffic, work until 5 PM, spend another hour in traffic, take the kids here and there, cook, clean, then repeat. So many people find themselves in a consistent routine day in and day out, wondering where the time goes. Still there are those who seem able to push themselves, to get a leg up in the energy industry. Taylor Hines, Division Order Manager for QEP Resources' Southern Region, has managed to find time in her busy schedule to enroll in the University of … [Read more...]
University of Tulsa’s Master of Energy Business offers students chance to advance energy industry careers
The oil and gas industry experienced a sharp decline in activity as a result of low commodity prices. Many people employed in the industry are worried about keeping their jobs or, if they have already been let go, what to do next. From land mangers to engineers, to rig hands to project managers; everyone continues to hope for a turnaround. There are ways however, people can be proactive and set themselves apart to have a better understanding of the entire energy industry and thus increase their … [Read more...]
How Majors are Dealing With the Oil Glut
While the number of oil and gas companies filing for bankruptcy continues, big oil companies continue to borrow money from the banks to stay afloat. Four of the major oil companies have raised$37 billion off of bond sales this year, almost double the amount issued in the time before oil prices plummeted. While there have been negative effects, the low debt costs are helping the companies. Exxon Mobil, Royal Dutch Shell, Chevron, Total SA, BP, and Eni SpA are some the biggest players adding to … [Read more...]
Natural gas imports to the United States have been on the decline since 2007
Natural gas imports to the United States have been on the decline since 2007. They have since hit a record low of 2.6 billion cubic feet per day last year. This represents almost a quarter of what import figures have been over the past 8 years, as natural gas is expected to replace coal as the primary provider for electric power in the country. High natural gas production has kept Americans less dependent on foreign imports all the while keeping prices low. While US consumption and production … [Read more...]
2016 has seen lots of crude oil price volatility
For the first part of 2016, crude oil prices were relatively more volatile than in recent history. This uncertainty was spurred by low oil prices, huge crude surpluses and inventories, and the uncertainty associated with each. Since the high point in March, inventory growth has slowed, showing the first signs of decreases in production. These signs, along with a few other key indicators have allowed prices to increase slightly, investor confidence to improve, and price volatility … [Read more...]
Eighteen US oil companies filed for bankruptcy over the past two months
Eighteen US based oil companies filed for bankruptcy over the past two months as it appears most players in the energy industry scramble to make ends meet during these difficult times. Many companies on the teetering on the brink of insolvency find themselves buried under high interest rates and lack of deployable capital due to low commodity prices. Many banks have cut oil company credit lines as part of the semi-annual review by lenders. But the combined $8.9 billion in debt between the … [Read more...]
Over half of United States natural gas production is from fracked wells
Recent studies from the EIA showed that almost half of the US domestic natural gas production now comes from hydraulically fractured wells. A more recent study now shows that a whopping two-thirds of natural gas production comes from hydraulically fractured tight reservoirs. Still technically considered an unconventional completion method, hydraulic fracturing dominating the US energy scene. Natural gas production in the US reached 78 billion cubic feet in 2015, with 67 percent coming from … [Read more...]
Texas job growth slows as oil and gas downturn lingers
Job growth in Texas is expected to continue but at a slower rate due to the prolonged decline in oil and gas prices. The Federal Reserve Bank of Dallas reported Texas’ payrolls expanded by 1.1 percent in the first part of 2016 compared to 1.3 percent growth last year. The main reason for the sluggish growth is the slower than expected drop in oil production from drillers in West Texas and Oklahoma who have found ways to pump crude quicker and for less money. Back in September, several … [Read more...]
Gulf of Mexico production to offset total US production declines
While oil surpluses continue to drive commodity prices down, US production from the lower 48 states is expected to fall to 7.41 million barrels per day in 2015 to 6.46 million barrels per day in 2016 and to 5.76 million barrels per day in 2017. Production in the Gulf of Mexico is projected to offset this decline slightly, but not fully make up for the loss of oil production coming from onshore projects. Onshore rigs have fallen over 75 percent to 410 current active rigs. Still, decreases in … [Read more...]
US and Canada will hold a large say in the future of global natural gas pricing
Canada's natural gas production and its domestic natural gas consumption will increase through the next decade. While natural gas exports to the US are expected to decline, new LNG ports on the western coast are predicted to support the country’s natural gas exports. With both the US and Canada having vast natural gas resources, the two countries will likely hold a large say in the future of global natural gas pricing. The changes will come on different fronts, natural gas and liquefied … [Read more...]
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