HOUSTON, Dec 19 (Reuters) – On a wall inside an old hunting
lodge in west Texas that Apache Corp uses as a field
office, a board lists the winners of $10,000 prizes given to
workers with big ideas to cut costs – the new way to get ahead
in North America’s shale oil industry.
The shale boom that over the last five years has revived old
Texas oil fields has largely made the unpredictable world of
wildcatting, or looking for oil in new fields, a thing of the
HOUSTON, Dec 17 (Reuters) – Noble Energy Inc has
talked with Mexican government officials over possible
investments in that country’s oil and gas resources although
reforms are still in the early stages, the U.S. oil and gas
company’s CEO said on Tuesday.
Mexico’s Congress last Thursday voted to open up the
country’s ailing energy sector to private investment, in the
biggest shake-up of the state-run sector in 75 years, ending
the exploration and production monopoly held for decades by
state-run oil and gas company Pemex.
HOUSTON, Dec 11 (Reuters) – Marathon Oil Corp will
increase the number of rigs running in its oil-producing fields
in Texas and North Dakota next year and try to sell assets in
Norway and the United Kingdom, Chief Executive Lee Tillman said
in an interview.
Marathon’s proven ability to increase output from its Bakken
acreage in North Dakota, the Eagle Ford shale in southern Texas
and the Woodford shale in Oklahoma “justifies bringing in more
rig activity to drive those resources to profitable volumes,”
Tillman told Reuters ahead of an analysts meeting.
MERTZON, Texas, Nov 21 (Reuters) – At a dusty Texas
oilfield, Apache Corp has eliminated its reliance on
what arguably could be the biggest long-term constraint for
fracking wells in the arid western United States: scarce
For only one well, millions of gallons of water are used for
hydraulic fracturing, or fracking, the process that has helped
reduce U.S. reliance on foreign oil over the past five years by
cracking rock deep underground to release oil and gas.
HOUSTON (Reuters) – New Source Energy Partners LP (NSLP.N: Quote, Profile, Research, Stock Buzz) said on Thursday it has purchased an oilfield services company for $44 million in cash and common units from a group of owners that includes Kristian Kos, its chief executive officer.
New Source Energy, an exploration and production master limited partnership (MLP) based in Oklahoma City, Oklahoma, bought MCE LP for $3.8 million in cash and 1.8 million common units. MCE’s former owners are also eligible for additional payout if the company hits certain financial targets.
By Anna Driver
(Reuters) – Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz), the No. 2 U.S. natural gas producer, reported a third-quarter profit on Wednesday compared with a loss a year earlier and said it expects to spend less as it drills fewer wells.
Under new chief executive Doug Lawler, Chesapeake has slashed 10 percent of its workforce and is spending less on exploration and production as part of the executive’s relentless campaign to control costs. The company also expects to sell more than $4 billion in assets this year to raise cash.
HOUSTON (Reuters) – North American energy companies are expected to spend 10 percent more next year as they drill shale wells requiring bigger hydraulic fracturing jobs in order to maximize recovery of oil and gas, a U.S.-based portfolio manager said on Tuesday.
Many energy companies are in the process of finalizing 2014 capital expenditure budgets and most investors and analysts expect budgets to grow, even if there is some debate about just how big the increases will be.
LONDON/HOUSTON (Reuters) – Oil industry shareholders concerned about poor returns and costly projects urged executives from Big Oil this week to return cash to shareholders – and at least one of the world’s top five petroleum companies fully acquiesced.
As they posted third-quarter results, the leading oil companies vowed to control spending and to put cash in the pockets of investors through asset sales, share buybacks or dividends while analysts grumbled about lagging stock prices.
(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz), abandoning higher-risk assets in favor of oilfields closer to home, said it expects proceeds of nearly $9 billion from the sale of its interests in Kazakhstan, Algeria and Nigeria.
Conoco’s plan to focus on North America was reinforced on Thursday when the largest independent U.S. oil producer trimmed its output forecast for the year due to unrest in Libya.
Oct 31 (Reuters) – Exxon Mobil Corp, the world’s
largest publicly traded oil company, reported
higher-than-expected quarterly results on Thursday as output
rose for the first time in more than two years, but refining
weakness hurt earnings.
Exxon and other large oil companies struggling to boost
production in recent years have spent heavily on new projects.
In the first nine months of this year, Exxon alone spent $33