NuStar Energy finished connecting its existing pipeline in southern Texas to Plains All American's Cactus II system, which puts the company on track to load the first cargo of Permian crude from its Corpus Christi, Texas, export facility at the end of the week. NuStar also plans connections to two other long-haul pipelines transporting oil from the Permian Basin to southern Texas.
A total of 26 companies burdened with $10.96 billion in debt sought bankruptcy protection from creditors this year through mid-August, compared with 28 energy bankruptcies in all of 2018, according to law firm Haynes & Boone. The firm attributed the increase in bankruptcy filings to unstable oil and natural gas prices.
Bakken Shale operator Samson Oil and Gas and Permian Basin driller Vermillion Cliffs Partners have received $33.5 million and $11 million respectively from Anvil Capital Partners to support their growth ambitions in their areas of operation. Anvil is looking to invest a total of $150 million in the upstream sector to ease the credit tightness faced by the industry.
Continental Resources CEO Harold Hamm asked US shale operators to cut spending and production to avoid oversupplying the market. Speaking at the EnerCom energy conference in Denver, Hamm added that he predicts OPEC to further restrain production and that the US onshore rig count will fall to 800.
Hydraulic fracturing could be banned in Longmont, Colo., if two environmental groups have their way. Citing legal authority under Senate Bill 181, the groups, Colorado Rising and Our Longmont, are asking a Colorado court to reinstate the ban that was enacted in 2012 but rescinded by the Colorado Supreme Court in 2016.
The shale revolution and drilling advances such as hydraulic fracturing helped prevent a global economic recession, Energy Secretary Rick Perry said in an interview. "If you had not had the shale boom, the hydraulic fracturing directional drilling technology that's came to the marketplace, you would see well over $100 barrel of oil and most likely the world's economy in some type of a recession," he said.
Cuadrilla has started hydraulic-fracturing operations at a second Preston New Road natural gas well in Lancashire, England. The company, which had to stop work on the first well at the site multiple times because of seismic activity, says it will use a different liquid to try to stave off any earthquake activity stemming from the new well.
Los Angeles has lowered the threshold for earthquake warnings issued by the ShakeAlertLA smartphone app to "weak" shaking that can be felt by people on upper floors but in few other places. The adjustment comes after residents complained of not being alerted when earthquakes north of Los Angeles struck in early July.
The Norwegian Petroleum Directorate says it will allow Equinor to begin work at the North Sea's Utgard field, which contains an estimated 56 million barrels of oil equivalent. Equinor plans to start operating Utgard -- about 21 kilometers from the Sleipner field -- in September.
US crude and gasoline inventories each jumped by 3.7 million barrels last week, while distillate supplies shed 1.3 million barrels, data from the American Petroleum Institute show. This caused West Texas Intermediate crude for September to be down to $56.71 per barrel.