The Bakken has seen a dramatic decline in horizontal rigs since prices collapsed last year, but the play’s sweet spots remain attractive, especially as oil prices begin to inch upward, a new analysis finds.
LyondellBasell saw first-quarter profits climb 23 percent as it continued to enjoy access to cheap natural gas despite falling crude prices that have dragged down the prices the company fetches for its refined products and chemicals.
Companies no longer need to follow Cheniere’s business model and invest billions of dollars to wrestle their way into an increasingly crowded market to sell liquefied natural gas overseas, CEO Charif Souki said Wednesday.
The largest independent producer of oil and gas had been signalling plans to spend an average of $16 billion per year, but earlier this year, the company whittled its 2015 capital expenditure budget by $2 billion to $11.5 billion.
Alberta’s gas prices dropped 35 percent last year while oil fell 46 percent. U.S. crude prices have plunged below $50 from last year’s high above $107 after the Organization of Petroleum Exporting Countries resisted calls to cut output amid a surge of U.S. crude production.
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