Tag: Oil & Gas
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Denbury Resources Declares Bankruptcy
Denbury Resources, Inc., a Texas-based oil company doing business in eastern Montana, has petitioned for Chapter 11 bankruptcy. Denbury was noted for its focus on recovering stranded oil reserves from mature fields using enhanced oil recovery, including sequestering carbon dioxide, which was extracted from fields in Wyoming. The company is hoping to shed about $2.1…
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Other Pipelines Expand in Face of Shutdown of Dakota Access Pipeline
As the Dakota Access pipeline deals with lawsuits aimed at closing it, other pipeline companies are anticipating an increase in demand for transportation and are expanding their pipelines. Also, the higher –risk and higher- cost alternative of transporting oil by tanker cars on railroads is seeing an increase, according the Oil Patch Hotline.Kinder Morgan’s Highland…
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Higher Crude Oil Prices Projected
From Oil Patch Hotline Two major Wall Street banks are projecting higher prices for crude oil later this year because of production cuts by OPEC and hundreds of wells shut down in leading oil producing states of Texas and North Dakota. UBS sees Brent rising to $43 a barrel by the end of the years…
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Bakken Output Increases, Expected to Grow More
North Dakota’s Bakken Shale gas output increased by 20% in 2019, and the latest analysis shows it growing another 10% year over year in 2020. Due to limited downstream access, the additional production looks to take a greater share on Northern Border Pipeline. Bakken gas production is expected to grow by 10% in 2020, before…
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Oil Video
A new video being promoted by the American Petroleum Institute (API), the nation’s largest oil and gas trade association, and a fact sheet put out by the Western Energy Alliance refute claims about natural gas production made by Democratic presidential candidates who vow to ban fracking. API’s video points to how domestic natural gas production…
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Gas Prices Drop
Labor Day Weekend saw the lowest gas prices in at least three years, AAA reports. Gas prices dropped in every state except for Hawaii. Idaho saw the largest decrease of 16.8 percent, followed by Utah, Wyoming, Alaska and Colorado. The national average of $2.58 per gallon is about 25 cents less than last year’s prices,…
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Continental CEO Predicts More Drilling Rig Cuts
From the Oil Patch Hotline Harold Hamm, CEO of Continental Resources, the largest Williston Basin producer, said OPEC and U.S. shale producers should cut crude oil production and shipments into an oversupplied market. U.S. shale producers “need to row our own boat… We need to make sure we don’t oversupply the market,” Hamm told a…
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Oil Field Innovations Change The World & Oil Industry
“You did that.” “We need to talk about it more,” said Blu Hulsey, Senior Vice President of Government Relations and Regulatory Affairs at Continental Resources. The accomplishments and technological development of the petroleum industry goes far too much unremarked upon, Hulsey told the audience at the Montana Petroleum Association’s Appreciation Luncheon at the DoubleTree in…
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MPA Applauds Court Decision
By Jenna McKinney, Montana Petroleum Association The Montana Petroleum Association (MPA) applauds the 9th U.S. Circuit Court of Appeals panel that recently ruled the injunction put in place last fall by U.S. District Court Judge Brian Morris is no longer in effect. This decision comes shortly after the Trump administration issued a new Presidential Permit…