The Canadian oil company drills for hydrocarbons primarily in Texas and Alberta shale formations. In Colorado, it produces a daily haul of 14,800 barrels of oil and 52 million cubic feet of natural gas on the 51,000 net acres it plans to sell.
A few years ago, fracking in Spain seemed as likely as bullfighting in Britain. But these days, energy companies from Texas, Canada and Ireland are trying to capitalize on geology that indicates Spain has sizable shale reserves.
In the last three decades, up to three-quarters of all upstream companies have “destroyed shareholder value,” yet Wall Street investors prize some wonky metrics over the inevitable: Oil-producing assets, especially in shale plays, decline quickly and are often costly to replace, a private equity investor said Wednesday.
BAYTOWN — Chevron Phillips Chemical Co. broke ground — ceremonially, at least — on the first component of a $6 billion expansion Wednesday that executives say could be transformational for the company.
In the past two years, souped-up rigs have spun wells into U.S. soil faster than ever, but limited water supplies and other looming challenges threaten to constrain future drilling investments, industry observers said Wednesday.
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