As the Permian Basin prepares to unleash a second wave of the shale revolution, operators will need to work together and exploit the power of data analytics to get the most out of their assets, according to CrownQuest Operating data scientist and geophysicist Lewis Matthews. Matthews says enhanced oil recovery efforts could increase recovery factors in the Permian Basin from about 12% to roughly 50%.
Xcel Energy has secured approval from the Colorado Public Utilities Commission to include its Clean Energy Plan portfolio in a process that could result in the retirement of two coal plants and a request for proposals to add up to 1 gigawatt of wind energy in the state. The utility will share the plan in a 120-day report due April 27.
If team members are not willing to help each other, it may indicate discontent caused by management, writes William Vanderbloemen. Leaders need to exemplify a culture of collaboration and be willing to dismiss a toxic employee or executive, he writes.
Cooperation and information-sharing between government officials and chemical companies is key to a well-planned, well-executed response during storms like Hurricane Harvey, officials said at a recent event organized by the American Chemistry Council and Texas Chemical Council. Companies should "test those relationships long before you actually need to use the relationships," said Chad Anderson of Huntsman.
Oil industry executives met with President Donald Trump this week at a White House event organized by the American Petroleum Institute to voice their concerns over Trump's proposed steel and aluminum tariffs and to urge the president to preserve NAFTA's investment protections provisions. "API executives highlighted a host of the industry's priority issues, including the importance of trade policies that recognize the integrated nature of North American and global markets," API Director of Media Relations Eric Wohlschlegel said.
The International Energy Agency forecast that global oil demand would jump by 1.5 million barrels per day to hit 99.3 million barrels per day this year, enough to maintain market balance in the wake of an anticipated 1.5-million-barrel-per-day increase in US crude production. "The market rebalancing is clearly moving ahead with ... supply and demand becoming more closely aligned," the IEA said in its monthly report.
Pioneer Natural Resources has reached an agreement to sell 21,900 net acres with production of 1,800 barrels of oil equivalent per day in the Eagle Ford Shale to Australia's Sundance Energy for $222 million. The sale is part of Pioneer's plan to divest its entire position in the Eagle Ford as it transitions to being a pure-play Permian Basin producer.
EV Energy Partners, the upstream oil and natural gas business of Houston energy investment firm EnerVest, will file for bankruptcy protection as part of a reorganization plan that will allow it to reduce its debt. "We believe that this provides the best path forward for our company to reduce leverage, maintain access to liquidity and maximize value for all of our stakeholders," said EV Energy President and CEO Michael Mercer.
Oil and natural gas pipeline companies organized as master limited partnerships will no longer benefit from an income-tax allowance that permitted them to recover income-tax costs twice, the Federal Energy Regulatory Commission ruled Thursday. Shares of several companies plunged in the wake of the FERC decision, which essentially threatens the survival of many MLPs.
DTE Energy, Duke Energy and other utilities are embracing clean energy because it's good for business, despite the Trump administration's agenda, write Sheryl Carter and Elisheva Mittelman of the Natural Resources Defense Council's Climate & Clean Air Program. Wind and solar are great investments because they continue to get cheaper and have the added benefit of curbing carbon pollution, they argue.
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