WGL Midstream, a WGL Holdings company, announced it exercised an option for an $89 million equity investment in the Stonewall Gas Gathering System, representing a 35% ownership stake. The system began operations in November and currently gathers 1 Bcf/d of natural gas daily from the Marcellus production region in West Virginia, delivering it to an interstate pipeline system. WGL Midstream secured an option to invest in the Stonewall system as part of an existing supply agreement with Antero Resources Corporation, a natural gas operator in the Marcellus and Utica Shale region, and the primary shipper […]
WASHINGTON (AP) — The Obama administration on Friday proposed new rules to clamp down on oil companies that burn off natural gas on public land, arguing the effort will reduce waste and harmful methane emissions as part of President Barack Obama’s bid to curb climate change. Energy companies frequently “flare” or burn off vast supplies of natural gas at drilling sites because it does not earn as much money as oil. A report by the Government Accountability Office said 40% of the methane gas being burned or vented could be captured economically and sold. Interior Secretary […]
Enbridge is reducing its workforce by 5% as low oil prices continue to reverberate through the energy sector. The move affects 500 people at all levels of the company in the U.S. and Canada. The company also is leaving 100 positions unfilled. TransCanada has also been cutting staff, starting with its higher leadership ranks. “While Enbridge is more resilient to commodity price downturns than others, we’re not immune,” spokesman Graham White said. “We’re taking these actions to remain competitive, ensure we can continue to serve our stakeholders well and to further strengthen our foundation for […]
EIA continues to expand its assessment of technically recoverable shale oil and shale natural gas resources around the world. The addition of four countries – Chad, Kazakhstan, Oman, and the United Arab Emirates (UAE) – to a previous assessment covering 42 countries has resulted in a 13% increase in the global assessed total resource estimate for shale oil and a 4% increase for shale gas.
TULSA, Okla. (AP) — Two energy companies are asking a judge to throw out a lawsuit by an Oklahoma woman who claims she was injured in an earthquake caused by the injection of wastewater deep into the ground — a method used for decades by the industry to dispose of the chemical-laced byproduct of oil and gas production.
You really know business is tough when success is measured by suffering less than others. But so it goes as the North American oilpatch enters its second year of a precipitous downturn caused by OPEC deciding to no longer support global oil prices by restraining production at its Nov. 27, 2014 meeting.
Apache Corporation, a Houston-based oil and gas exploration company, says it has fended off an unsolicited takeover bid, and will continue to defend against follow up attempts to buy out the company.
Bloomberg reported the news, and thus far the bidder has not been identified. The company’s shares jumped on the news, up more than 10% during midday trading Monday. Apache is worth about $18 billion, so if a takeover were to occur, it would be the largest for an independent oil and gas company this year.
Natural gas markets have gone topsy-turvy. Until recently, prices around the country were generally pretty similar, with gas costing a bit more in the Northeast, far from where it was produced on the Gulf of Mexico coast. But that reality has changed dramatically in the last few years.
As winter approaches, the hot topic of conversation in the Northeast once again becomes the looming frigid temperatures and accompanying burdensome cost of heating homes and offices along with powering manufacturing plants.
With this in mind, the Access Northeast project developers plan to upgrade existing pipeline facilities and market area storage assets in New England to deliver – on peak days – up to 1 Bcf/d of natural gas for electric-generation markets.
CONCORD, N.H. (AP) — Northeasterners who are digging deeper into their pockets to pay for firewood this season can add a new scapegoat to the roster of usual market forces: fracking.
Yep, a timber industry representative in New Hampshire said those hydraulic fracturing well sites in Pennsylvania’s Marcellus Shale formation to suck natural gas out of the ground are using construction “mats” made of hardwood logs — think of the corduroy roads seen in sepia-toned photographs from the 1800s — to get heavy equipment over mucky ground, wetlands or soft soils.
October has been billed as a pivotal month in which indebted shale companies would see their credit lines cut, precipitating a faster consolidation in the industry that would sow the seeds of a rebound.
Much has been written about the mounting pile of debt for U.S. oil companies (not to mention the well-known Brazilian oil giant).