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 »
Crude has long coursed from Canada to Oklahoma through the existing Keystone pipeline. Southeast Texas connected to that line in January last year when the Keystone XL southern leg ending in Nederland was complete, and Gulf Coast plants are already refining crude from Canadian fields.
Republican Comptroller Glenn Hegar said his estimate expects “moderate expansion” in the Texas economy while reflecting uncertainties in oil prices.. More »
Producers idled the most oil rigs in a single week since 1991, as a more than 50 percent fall in crude prices further impacted drilling. More »
The Houston-based company said yesterday it will spend between $375 million and $425 million drilling and completing new wells this year. More »
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 »
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 »
From New Mexico and Texas to Montana and New York, PNM and other investor-owned utilities are facing higher renewable energy standards starting this year as numerous states and the federal government push for a reduction in the use of fossil fuels for generating electricity.
The regulator, Ryan Sitton, will be sworn in next week to join the three-member board of the Texas Railroad Commission. Though he did not specify a date, he said he will resign as chief executive of the company, Pinnacle Asset Integrity Services, placing his ownership stake in a blind trust. More »
Texas producers have been scrambling to recalculate and re-recalculate the economics of their investments in the state’s shale fields. More »
State Rep. Phil King filed a pair of bills this week, cities seeking to ban fracking would need to gain approval from the state attorney general, pay the state to study the financial impact and reimburse the state for any lost tax revenue. More »
But falling oil wouldn’t be enough to slow the state’s job growth to zero. More »
The company also said it would pare back the number of drilling rigs it will use and announced plans to refocus more of its budget on the Permian Basin. More »
The report highlights conflicting estimates about the long-term viability of increasing natural gas production, and warns that acting on the assumption natural gas will always be cheap may not be ideal. More »
Oil companies don’t have the best reputations in the communities where they drill, and can be seen as threats to local water supplies. More »