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Crude Prices Rise while Natural Gas Prices Fall
The domestic price of crude oil closed today above $104 per barrel for the first time since July 3, according to “Rigzone”. This reflects an increase of over $1 per barrel for three of the last four trading days. August deliveries rose $1.46 to $104.59, a 4.6 percent increase over the last 4 trading days… Read More
Denton, TX, Rejects Fracking Ban
At a meeting attended by an estimated 500 people, with 100 scheduled speakers, the Denton city council rejected a permanent fracking ban by a vote of 5-2 according to “Rigzone”. Almost 2,000 proponents had signed a petition advocating the ban. Industry groups (including the Texas Oil and Gas Association), regulators (including the Texas Railroad Commission)… Read More
Capital Spending Decreases, but Reserves Increase
A recent article in “Rigzone” cites a study by Ernst & Young which found that while capital expenditures (CAPEX) are falling, oil and gas reserves are rising. The study selected the 50 largest oil and gas companies, based on year-end 2013 reserves, and divided them into three categories: independent, large independent, and integrated. The decrease… Read More
Whiting Buys Kodiak
According to a recent article in “Rigzone”, Whiting Petroleum Corp. will acquire Kodiak Oil & Gas Corp. The combined entity will be the largest producer in the Bakken Shale in North Dakota, a position previously held by Continental Resources, Inc. Whiting is paying an estimated 5% premium to acquire Kodiak, but feels that the synergies… Read More
Permian Basin Surpasses Gulf of Mexico
Oil production in the Permian Basin increased from 850,000 barrels of oil per day (bopd) in 2007 to 1,350,000 in 2013 according to “Rigzone”. This 60% increase is primarily attributable to new production from the Sprayberry, Wolfcamp and Bone Spring formations, and to a lesser degree incremental output from the Glorieta, Yeso and Delaware, all… Read More
