The “Texas Miracle” could become more like a mirage. For years, politicians in the second-largest U.S. state bragged that low taxes and loose regulations kept employment high while the rest Continue Reading
When Samson Resources Corp filed this year’s biggest energy-related bankruptcy in September, the oil and gas company said it had a deal to emerge from Chapter 11 protection by year-end. Continue Reading
Schlumberger Ltd. SLB 1.32 % said Tuesday that it will cut its workforce by an unspecific amount as the oil-field service giant pares its activity in 2016. Schlumberger said in Continue Reading
North Dakota rig activity indicates the No. 2 oil producer in the nation is still flirting with an all-time low in the exploration and production sector. State data show 64 Continue Reading
The ground is shaking near Cushing, Okla., home to the largest commercial crude oil storage center in North America. This little patch of prairie in northwestern Oklahoma is one of Continue Reading
After years of following developments in extraction of light tight oil (LTO) in the Bakken, the oil price, studying actual well production data from the North Dakota Industrial Commission (NDIC) Continue Reading
“No change.” It was roughly one year ago that Kuwait’s oil minister succinctly delivered the message that would turn the oil market on its head. The group of oil producing Continue Reading
U.S. energy firms cut oil rigs for a 12th week in the last 13, data for the holiday-shortened week showed on Wednesday, a sign drillers were still waiting for higher Continue Reading
Texas accounted for the bulk of the increased in proved U.S. oil reserves last year, a report from the U.S. Energy Information Administration finds. File photo by Gary C. Caskey/UPI WASHINGTON, Nov. 24 (UPI) — More than half of the increase in proven U.S. oil reserves came from Texas and most of that came from two shale basins, a U.S. federal report found. A full-year 2014 profile from the U.S. Energy Information Administration found total U.S. proved oil reserves of 39.9 billion barrels marked a 9 percent increase from the previous year. Total reserves for that year where their highest since 1972. "U.S. crude oil proved reserves increased in 2014 for the sixth year in a row with a net addition of 3.4 billion barrels of proved oil reserves," the EIA’s report read. Several years of oil priced above $100 per barrel made shale oil exploration and production in […]
A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Reserves of oil and natural gas in the United States shot higher last year, according to government data released Monday, setting records that reveal the extent to which a decade-long drilling boom has transformed the energy landscape. Proved reserves of natural gas rose by 34.8 trillion cubic feet (tcf), or 10 percent, to a record high of 388.8 tcf in 2014, while oil reserves rose 3.4 billion barrels, or nine percent, to 39.9 billion barrels, the highest since 1972, the Energy Information Administration said in a statement. The EIA describes proved reserves as oil and gas that can be extracted using current technology and under today’s economic conditions. The increases, which were the sixth in a row, were driven by prolific production from shale plays that, through hydraulic fracturing, have produced vast amounts of fuel, creating […]
