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Marcellus Shale a Boon to Pennsylvania Workers
“Rigzone” reports that a new Marcellus Shale Coalition report confirms what serious industry observers have always known: shale development means jobs. At year-end 2013 unemployment in Pennsylvania was the lowest it has been since 2008. With plans to hire 2,000 new workers in 2014, unemployment will likely drop further. Most hiring is anticipated in the… Read More
Investment in Wolfcamp to Top $12 Billion in 2014
According to an article in “Rigzone”, consulting firm Wood Mackenzie predicts capital expenditures (CAPEX) in the Permian Basin’s Wolfcamp play will exceed $12 billion in 2014, and reach $13.9 billion next year. CAPEX in the Wolfcamp is already about 80% of Bakken shale investment. Wolfcamp CAPEX could surpass the Bakken as early as 2017, making… Read More
Hess to Form MLP for ND Transport Assets
According to a recent article in “Rigzone”, Hess Corporation will form a master limited partnership (MLP) for its mid-stream North Dakota assets. The move appears to be part of a trend motivated by the favorable tax treatment, lower cost of capital and higher cash flows associated with MLP’s. MLP’s do not pay federal income taxes… Read More
Corpus Christi Crude Shipments Reach All Time High
“Rigzone” reports that in June, the Port of Corpus Christi, Texas, shipped a record 560,000 barrels of oil per day (bopd), a new record. This is a 61% increase since June of last year. Since January of 2014, crude shipments out of Corpus have been increasing about 50,000 bopd each month. These dramatic increases are… Read More
Texas Petroleum Index Reaches an All-Time High
The Texas Petroleum Index (TPI) established a new high in June, according to an article in “Rigzone”. The TPI is a composite based on a comprehensive set of indicators including oil price, rig count, drilling permits, well completions, oil and gas production volumes, and other factors. The June, 2014, index of 308.4 is 7.3% higher… Read More
