Category: Shale

U.K. lawmakers urge fracking moratorium

Hydraulic fracturing in shale for oil and gas should be put on hold in the U.K. because of risks to public health and the environment, a panel of lawmakers said.  More »

BHP backing away from U.S. drilling

BHP Billiton Ltd., the biggest overseas investor in U.S. shale, will cut the number of its rigs there by about 40 percent as plunging petroleum prices add to concerns about lower iron ore earnings.  More »

Canadian drilling services firm files bankruptcy

A Canadian company that expanded into South Texas in 2012 with a pioneering waterless technique to fracture shale rock has filed for bankruptcy protection as it seeks to reorganize.  More »

U.S. rig count sees biggest drop in six years

This week’s plunge marked the third-biggest one-week drop since Baker Hughes began tracking rig data in 1987.  More »

Ratings agencies warn of U.S. oil company, Venezuelan defaults

Fitch Ratings said it expects the default rate for U.S. energy junk bonds to rise from 0.7 percent over the next few years, though it didn’t forecast a specific rate.  More »

Swift Energy cuts annual budget 75 percent

Swift shares have fallen 79 percent since June 20, when oil prices peaked in 2014.  More »

NY fracking ban seen as having little impact on supply

Scientists say New York’s available reserves of natural gas in the sprawling Marcellus Shale are minuscule compared to what can be extracted in other states such as Pennsylvania and West Virginia.  More »

North American oil spending to plunge $58 billion, Barclays says

North American oil producers and oil field service firms are expected to cut deep into the U.S. shale boom.  More »

Texas city that prepared for oil boom now waits for bust

Sweetwater envisioned becoming a major player in the hydraulic-fracturing boom, thanks to its location atop the Cline Shale, once estimated to be the nation’s largest underground petroleum formation.  More »

Small Texas oil company files for bankruptcy protection

Austin-based WBH Energy Partners told a Texas federal bankruptcy court this week that its partner in North Texas oil and gas leases had warned it may foreclose on the private firm’s stake in the leases this month after it failed to pay its $12 million share of operational expenses.  More »

Oil driller says its high-tech rigs can’t compete with cheap crude

An Oklahoma oil driller expects 40 to 50 of its souped-up drilling machines to come off the market over the next month.  More »

Oil company cuts spending but expects production growth

Concho is the latest U.S. oil company to hack its 2015 spending.  More »

Small oil company to quit drilling amid falling crude

The move makes American Eagle Energy, worth $17 million on the stock market Wednesday, the first U.S. oil producer to completely stall its drilling plans in the face of the 50-percent slide in crude prices since this summer.  More »

Chesapeake ups payment amount in leaseholders suit

A subsidiary of energy giant Chesapeake Energy is increasing the amount it will pay to settle a federal lawsuit over natural gas drilling royalties for Pennsylvania landowners.  More »

Vertical rigs dropped first as producers pull back

Baker Hughes data shows the rig count falling across the board, but with the sharpest falloff in vertical rigs.  More »
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