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Terry's Feed
Oct 21, 2015

Amid Noble flap, Israel recruits U.S. oil firms

HOUSTON (Reuters) – Israel is working to persuade more U.S. energy companies to invest in its growing offshore fields, saying a fractious delay to Houston-based Noble Energy Inc’s (NBL.N: Quote, Profile, Research, Stock Buzz) massive Leviathan natural gas project will soon end if a new regulatory regime takes effect.

Israel Energy Minister Yuval Steinitz said U.S. companies should not be turned off, even as Noble threatens to take Israel to arbitration and demand billions of dollars in lost future revenues if Leviathan – one of the world’s largest offshore discoveries of the past decade – does not soon receive final approvals.

Oct 21, 2015

U.S. oil output slide looms as shale firms hit productivity wall

HOUSTON (Reuters) – Stagnating rig productivity shows U.S. shale oil producers are running out of tricks to pump more with less in the face of crashing prices and points to a slide in output that should help rebalance global markets.

Over the 16 months of the crude price rout, production from new wells drilled by each rig has risen about 30 percent as companies refined their techniques, idled slower rigs and shifted crews and high-speed rigs to “sweet spots” with the most oil.

Oct 12, 2015

Cushing quake follows rules to curb seismic activity tied to wells

HOUSTON (Reuters) – An earthquake with a magnitude of 4.5
that struck near the U.S. crude oil hub of Cushing, Oklahoma on
Saturday occurred just days after regulators imposed new rules
meant to prevent temblors in the area and said more changes were
possible.

The Oklahoma Corporation Commission (OCC), which regulates
the state’s oil and gas industry, ordered companies on Sept. 18
to shut or reduce usage of five saltwater disposal wells around
the north-central Oklahoma city of Cushing.

Sep 29, 2015

So far, less pain than feared as U.S. shale firms renew loans

HOUSTON (Reuters) – A number of U.S. shale oil and gas companies are securing unchanged or even increased credit allotments during their semi-annual loan reviews, defying expectations that banks would slash small firms’ credit lines in response to low crude prices.

According to a Reuters review of disclosures made by 19 independent U.S. shale oil and gas companies since Aug. 1, at least 11 have said their borrowing bases have been or will be maintained or increased. In contrast, just five talked about cuts.

Aug 14, 2015

U.S. shale firms turn to private equity as market funding tails off

HOUSTON (Reuters) – A renewed slide in crude prices is having the effect U.S. energy sector dealmakers and private equity managers have been looking for: oil companies are now returning calls from potential buyers.

Throughout much of the crude market rout that started in mid-2014 oil firms could rely on generous capital markets investors betting on a quick recovery in prices, which made any asset sales look unattractive. But since crude prices began tanking again in early July after a partial three-month recovery, oil firms have finally started to feel the squeeze.

Aug 7, 2015

‘Frack now, pay later,’ top services companies say amid oil crash

HOUSTON (Reuters) – Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. It amounts to this: “frack now and pay later.”

The moves by the world’s No. 1 and No. 2 oil services companies show how they are scrambling to book sales of new technologies to customers short of cash after a 60 percent slide in crude to $45 a barrel.

Aug 7, 2015

‘Frack now, pay later,’ top services companies say amid oil crash

HOUSTON, Aug 7 (Reuters) – Business is so tough for oilfield
giants Schlumberger NV and Halliburton Co that
they have come up with a new sales pitch for crude producers
halting work in the worst downturn in years. It amounts to this:
“frack now and pay later.”

The moves by the world’s No. 1 and No. 2 oil services
companies show how they are scrambling to book sales of new
technologies to customers short of cash after a 60 percent slide
in crude to $45 a barrel.

Jul 2, 2015

BP reaches $18.7 billion settlement over deadly 2010 spill

HOUSTON (Reuters) – BP Plc (BP.L: Quote, Profile, Research, Stock Buzz)(BP.N: Quote, Profile, Research, Stock Buzz) will pay up to $18.7 billion in penalties to the U.S. government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history.

The agreement comes on top of the $43.8 billion that BP has already set aside for criminal and civil penalties and cleanup costs.

Jun 30, 2015

California oil train risks worse in minority areas: report

HOUSTON (Reuters) – Californians most exposed to the risks of oil train derailments or fires overwhelmingly live in poorer, minority neighborhoods, two environmental groups in the state said on Tuesday.

The report, the first of its kind to explicitly link issues of class and race to the ongoing oil train safety debate, urged state regulators to ban oil imports by train into California and reject permits for several projects refiners have proposed to expand oil-by-rail cargo capacity.

Jun 23, 2015

Ethanol unit sale by Brazil’s Petrobras hits snag -sources

HOUSTON/SAO PAULO, June 22 (Reuters) – Plans by Brazil’s
Petrobras to sell its stake in ethanol and sugar producer
Guarani SA have hit a snag as the state-run oil company has not
been offered enough money for the asset, two sources with direct
knowledge of the matter said.

Petrobras, which is struggling with a corruption
scandal and stagnant output, is scrambling to sell around $3
billion in assets this year and $13.7 billion by the end of
2016.

    • About Terry

      "I lead our coverage in Peru, where I have been since August 2007. Before that, I worked in Brazil for seven years covering all things under the sun."
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