The Weekly USA Oil & Gas Update: 24th November 2015
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The Oil & Gas Weekly is compiled by Todd Erickson. Todd is a veteran executive manager in the North American E&P market.
He has management experience in high-growth oil & gas service organizations performing a leadership role in operations, strategy, and corporate development with a track record of identifying opportunities and best-practices, creating execution plans, then developing effective teams and leaders to execute them.
Learn more about Todd here
Rig Counts - select states with key plays |
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Oil & Gas Prices - Bloomberg/EIA |
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General News |
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Speculators betting on crude oil price increases The biggest exchange-traded fund that tracks oil prices received investments of $717.8 million so far this month, and $283 million in October. "People are putting money into the ETF because there is limited downside and a lot of upside," says Frost & Sullivan's Carl Larry. "There are still a lot of uncertainties, but prices have likely hit the bottom." According to the EIA, refineries boosted their operation rate to 90.3%% last month, supporting price increases by setting the stage for increased demand. Article here
US natural gas stockpiles at record levels The US Energy Information Administration just revised its natural gas stockpile increase estimate upwards by 7 billion cubic feet to a 54 billion cubic feet increase, for a total of 3.985 trillion cubic feet of gas in storage, further depressing gas prices. "We've got so much gas, the question is, where is it going to burn?" said economist Jason Schenker. Article here |
Unconventional Oil & Gas News |
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Investment into Ohio's Utica increasing despite industry slow down According to Columbus law firm Bricker & Eckler LLP, capital investment into Ohio's Utica has increased by 20% since last spring, with an additional $5.7 billion in projects added to the $33.7 billion already invested by the oil & gas industry. "The infrastructure continues to get built out," said Matt Warnock, partner at Bricker & Eclker. The law firm's report lists 162 projects, including a $1 billion gas gathering pipeline by MarkWest, a $640 million pipeline expansion by Rice Midstream, and a host of supporting projects. Article here |
Environment and Safety News |
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Refinery pays EPA $1.2 million settlement for air emissions violations HollyFrontier, a refiner with facilities in Salt Lake City, paid the federal government $1.2 million, according to an announcement last week. The violations came over the period from 2006 to 2011. As part of the settlement, HollyFrontier also agreed to install additional equipment. Article here |
Mergers and Acquisitions News |
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Two planned Rockies crude pipeline projects to Cushing, OK combined into one |
