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The U.S. oil price hit a one-month high earlier in the week.
Sanchez Energy’s massive planned Eagle Ford Shale buy announced Wednesday is the latest in a string of acquisitions that the three-year-old company believes will push its revenue to more than $1 billion next year.
Petroleos de Venezuela SA, the country’s state oil company, signed deals with oil service companies Schlumberger, Halliburton and Weatherford International.
A report from the Energy Department showed a drop of 7.2 million barrels in U.S. crude oil supplies.
As major shale plays fuel the nation’s energy production, some aspects of Texas banking are starting to echo the overzealous oil and gas lending of the past, says David Zalman, chairman and CEO of Houston-based Prosperity Bancshares.
U.S. crude for June delivery fell 17 cents to close at $102.44 a barrel.
The “safety first” message extends – at least in theory – out to the field, where every new engineer and roughneck is constantly told “there’s no such thing as a small incident”, or “if you can’t do it safely, it’s not worth doing”.
Just a month after BP decided to take a $521 million hit to abandon its plans for the Utica Shale, Chesapeake Energy last week called the region its “newest world-class asset.”
For the past several months, Santa Barbara County Water Guardians have worked to collect enough signatures to propose a ban on hydraulic fracturing.
The Legislature this year also has yet to reach an agreement on a generous tax incentive currently in place for horizontally drilled wells that reduces the tax from its regular rate of 7 percent to 1 percent.