Low gas prices and interest in the National Park Service’s 100th birthday are fueling summer travel this year, according to an expert from BJ’s Wholesale Club, who shares tips on how travelers can save money when filling up for vacation. “Gas prices are significantly lower than last summer, making this a great year for driving… Continue Reading »
Canadian oil output is forecast to decline this year for the first time since 2009 after a wildfire in northern Alberta curtailed more than one million barrels a day for a month and low commodity prices hit producers. Total Canadian oil output will drop to 3.82 million barrels a day in 2016, less than the… Continue Reading »
Deepwater exploration and production (E&P) activity continues to suffer as operators defer deepwater investment to lower cost, more flexible options such as onshore shale. Struggling to maintain cash flow and balance sheets and facing pressure from investors for lower spending and capital discipline, operators are delaying final investment decisions, especially for costly, long-cycle greenfield projects…. Continue Reading »
Natural gas producers are finally realizing that the age-old adage is true: If you find yourself in a hole, stop digging. Explorers have idled drilling equipment at historic rates — a drop in prices has resulted in the fewest rigs in at least three decades searching for new output. Southwestern Energy Co., the third-largest U.S…. Continue Reading »
The collapse in global oil prices has prompted companies across the industry, from operators to contractors, to sharply reduce capital (CAPEX) and operating expenditures. Are these reductions also affecting spending on cybersecurity? Most industry experts and government authorities, including the Department of Homeland Security (DHS), U.S. Cyber Command and the National Security Agency (NSA) estimate… Continue Reading »
Halliburton Co , Schlumberger NV and other large energy companies were conspicuously absent from a major North Dakota job fair this week, a telling sign as employers in the No. 2 U.S. oil-producing state grapple with sliding crude prices . Instead of roustabouts, the state’s oil industry wants pump technicians, gas-processing plant operators and truck… Continue Reading »
A fall in oil prices may help long-term exploitation of fossil fuels in the Arctic by averting a short-lived “gold rush” into the vulnerable icy region, Norway’s Foreign Minister Boerge Brende said on Thursday. Exploitation of oil and gas required long planning to safeguard the fragile environment, which is heating up faster than the world… Continue Reading »
Exploration and production companies are bracing for a sustained period of low commodity prices by deleveraging through stock sales – and well-funded firms are surprisingly leading the way. Ahead of the semi-annual redetermination of credit facilities, eight US explorers have been able to raise US$3bn so far this year through the sales, even though crude… Continue Reading »
The drop in crude oil prices in recent months has likely gone uncelebrated in the North Dakota town of Williston, or in the state as a whole, as exploration and production companies reduce or halt their drilling activity in the Bakken, that vast shale formation underlying North Dakota and neighboring Montana. But how much has… Continue Reading »
Oil rose more on Tuesday as BP said it will reduce capital expenditure, adding to cuts in investment in the sector and expectations that output will suffer and start to drain a glut. Oil has gained more than 15 percent since Thursday after data showed the number of U.S. drilling rigs had fallen the most… Continue Reading »
