Lucas Energy Inc., Houston, has agreed to partner with a private Houston-based oil and gas holding company in the Permian basin of Texas, and will change its name to Camber Energy Inc. to reflect the firm’s new operational focus. Source: News
RBC: Majors' capex to have more downward pressure in 2017
Capital expenditures (capex) of global integrated oil and gas companies are expected to fall a further 8% in 2017, according to a recent outlook by RBC Capital Markets. Source: News
Watching Government: Forecasting amid uncertainty
Adam Sieminski has led the US Energy Information Administration long enough to know the initial Annual Energy Outlook of the new year can be difficult. Source: News
Adjusting to BTA
As expectations grow that oil exporters actually might cut production to support the price of crude, a new complication emerges. It attaches to a proposal gaining political momentum in the US: tax reform. Last June, congressional Republicans embraced a border tax adjustment (BTA) as a way to encourage exports and discourage imports. The mechanism increasingly […]
TRC's name questioned
Foiled efforts so far to rename the Texas Railroad Commission remind this OGJ editor of a state antilitter campaign: “Don’t mess with Texas.” TRC may have the most colorful history of any state agency. Source: News
MARKET WATCH: NYMEX crude oil price settles below $53/bbl
Crude oil benchmarks traded moderately lower on Jan. 13, ending a 2-day rally driven by some major producers cutting production, especially Saudi Arabia. Light, sweet crude prices settled above $52/bbl on the New York market while Brent crude settled above $53 on the London market. Source: News
PHMSA issues final rule aimed at improving liquids pipeline safety
The US Pipeline & Hazardous Materials Safety Administration completed one of its top priority rulemakings for 2016 as Administrator Marie Therese Dominguez signed long-awaited safety requirements for onshore hazardous materials pipelines. The final rule makes critical safety improvements, PHMSA said. An American Petroleum Institute official said it still falls short of what is needed. […]
ConocoPhillips Alaska makes oil discovery in NPR-A
ConocoPhillips Alaska Inc. reported making an oil discovery in the Greater Mooses Tooth (GMT) Unit in the northeast section of the National Petroleum Reserve-Alaska (NPR-A). Source: News
Gasolinazo protests destabilize Mexico amid energy reform
Market liberalization’s difficult part is pummeling Mexico. Source: News
WPX grabs more Delaware basin acreage in $775-million deal
WPX Energy Inc., Tulsa, has agreed to acquire 18,100 net acres in Reeves, Loving, Ward, and Winkler counties in Texas from private equity backed firms Panther Energy Co. II LLC and Carrier Energy Partners LLC for $775 million in cash. Source: News