Ernest's Feed
Mar 2, 2015

Reality hits North Dakota’s pricey apartment market; rents drop

, March 2 (Reuters) – It is getting cheaper
to rent an apartment in North Dakota’s oil patch.

Prices, which only last year rivaled levels in New York City
and Geneva, have slipped about 15 to 20 percent in the past two
months as dozens of new apartment buildings opened in Williston,
Watford City and other oil hub cities.

Feb 26, 2015

Whiting shares tumble on plans to keep fracking despite cheap oil

, Feb 26 (Reuters) – North Dakota’s largest
oil producer, Whiting Petroleum Corp, struck a confident
tone for 2015 on Thursday, saying it will hydraulically fracture
all wells it drills even as peers scale back, but its bold
tactic prompted a sharp drop in its share price.

Executives said they were sure that the company can still
make a profit with oil prices around $50 per barrel

Feb 25, 2015

North Dakota senator to push again for clean coal legislation

, Feb 25 (Reuters) – Senator Heidi Heitkamp
of North Dakota will re-introduce legislation on Thursday
designed to encourage the development of clean coal technologies
that could keep the fuel a key source of American power
generation.

The bill, which is likely to be popular in the
Republican-controlled U.S. Senate but face opposition from the
White House, would offer financial incentives for utilities to
develop carbon storage programs and build out the market to sell
carbon dioxide for enhanced oil recovery.

Feb 24, 2015

Continental Resources profit beats Street on one-time gain

By Ernest Scheyder

WILLISTON, N.D. (Reuters) – Oil and natural gas producer Continental Resources Inc (CLR.N: Quote, Profile, Research, Stock Buzz) posted a quarterly profit far above Wall Street’s expectations on Tuesday, as a one-time gain from the sale of hedges lifted results and offset tumbling commodity prices.

The company, the second-largest oil producer in North Dakota’s Bakken shale formation, stunned markets last November by selling all of its oil and gas hedges, part of a tacit wager that prices would rebound, a bet that so far has not proven correct.

Feb 20, 2015

Chevron’s 2014 oil, gas reserves slip after Chad asset sale

, Feb 20 (Reuters) – Chevron Corp,
the second-largest U.S.-based oil producer, said on Friday its
oil and natural gas reserves fell 1 percent last year largely
due to the sale of its stake in a Chad oil field.

The company had proved reserves of 11.1 billion barrels of
oil equivalent on Dec. 31, about 1 percent lower than a year
earlier.

Feb 19, 2015

Pending North Dakota oil rules may have limited W. Virginia disaster

, Feb 19 (Reuters) – This week’s oil train
derailment and resulting explosion in West Virginia are likely
to heighten scrutiny of new regulations pending in North Dakota,
where the oil was produced, aimed at reducing the chance of such
disasters.

It is unclear whether the roughly 70,000 barrels of Bakken
oil on the train had been filtered to reduce the amount of
volatile and explosive gases. Such filtering will be required
under the new rules, which take effect in six weeks.

Feb 19, 2015

US shale leader EOG Resources confidence no match for cheap oil

, Feb 19 (Reuters) – One of the strongest
leaders of the U.S. shale revolution has been humbled by
plunging oil prices.

EOG Resources Inc slashed its 2015 budget on
Wednesday amid cheap crude prices and said its output will not
grow this year, mere months after confidently saying it was
strong enough to weather the downturn without cutbacks. Its
shares tumbled more than 7 percent late Wednesday.

Feb 19, 2015

Fit U.S. shale leader EOG Resources no match for cheap oil

, Feb 19 (Reuters) – One of the strongest
leaders of the U.S. shale revolution has been humbled by
plunging oil prices.

EOG Resources Inc slashed its 2015 budget on
Wednesday amid cheap crude and said its output will not grow
this year, mere months after confidently saying it was strong
enough to weather the downturn without cutbacks.

Feb 18, 2015

EOG Resources profit widely misses expectations; shares drop

, Feb 18 (Reuters) – Oil and natural gas
producer EOG Resources Inc posted a quarterly profit far
below Wall Street’s expectations on Wednesday and slashed its
2015 budget, marking the latest energy giant to fall victim to
plunging crude prices.

Shares in the company, the largest oil producer in the
contiguous United States, fell more than 6 percent in
after-hours trading.

Feb 18, 2015

Paulson now top shareholder in North Dakota’s largest oil producer

By Ernest Scheyder

WILLISTON, N.D. (Reuters) – Hedge fund Paulson & Co has boosted its stake in Whiting Petroleum Corp to become the No. 1 shareholder in North Dakota’s largest oil producer, taking advantage of plunging crude prices that have pummeled the company’s stock.

Paulson, which also holds large stakes in Time Warner Cable Inc and Shire Plc, added about 4.1 million shares to its position in Denver-based Whiting in the fourth quarter of 2014, a filing with the U.S. Securities and Exchange Commission showed on Tuesday.