Energen’s public offering of 5.7 million shares makes it the 30th North American oil company to raise funds from the public equity markets in 2015, bringing the oil-exploration sector’s take to about $13.7 billion so far this year.
Moniz said rising U.S. crude production gives the nation more flexibility in how it uses the reserve, created four decades ago in response to supply shortfalls caused by the Arab oil embargo. The four underground salt caverns can hold more than 700 million barrels of oil.
FuelFix.com is your daily must-read source for news and analysis on the energy business. Anchored by business reporters at the Houston Chronicle and other Hearst Newspapers, Fuel Fix incorporates blogs by energy experts, market updates, useful data and a real-time summary of the top ideas, hottest stories and latest news in the oil, gas and energy industries.
Browse previous blog posts by month and year of entry. You'll see all the posts for that time period.