Oil & Gas
Top stories summarized by our editors
9/17/2019

US shale oil production is projected to grow by 74,000 barrels per day in October to a fresh record of 8.843 million barrels per day, according to the Energy Information Administration. The Permian Basin will see a 71,000 bpd increase to a high of 4.485 million bpd, while Bakken Shale oil output is expected to increase by roughly 2,000 bpd to hit a record 1.471 million bpd.

Full Story:
Reuters
9/17/2019

Forrest Hoglund, the former CEO of shale producer EOG Resources, is hoping to upend the US natural gas export business with his new venture, SeaOne Holdings, which has developed a proprietary technique for shipping gas called compressed gas liquids. The CGL method can deliver gas without first removing byproducts such as propane and butane, which Hoglund believes will offer the company a competitive edge in short-distance hauling, particularly to the Caribbean region.

More Summaries:
EOG Resources
9/17/2019

Drone attacks on Saudi Arabia's oil facilities over the weekend helped lift the shares of several embattled US energy companies, with Whiting Petroleum, Oasis Petroleum and California Resources gaining as much as 49%, 29% and 38% respectively. Analysts at SunTrust Robinson Humphrey believe Centennial Resources is among the producers best positioned to take advantage of the oil price spike caused by the attacks.

9/17/2019

Energy Transfer has reached a cash-and-stock deal worth $1.3 billion to acquire rival SemGroup, whose portfolio includes crude oil and natural gas liquids gathering assets and pipelines in the Denver-Julesburg Basin and Anadarko Basin. Energy Transfer also announced plans to build a 75-mile oil pipeline to connect SemGroup's crude oil facility on the Houston Ship Channel with its terminal in Nederland, Texas.

Full Story:
Reuters
More Summaries:
Energy Transfer, SemGroup
9/17/2019

North Dakota set a new oil production record of 1.44 million barrels per day in July, while natural gas output reached a high of 2.94 billion cubic feet of natural gas per day, the state Department of Mineral Resources said. However, drillers burned off 23% of gas output during the month.

Full Story:
The Associated Press
9/17/2019

A joint venture between Baker Hughes and C3.ai has released its first product, a software application that combines deep learning predictive models, natural language processing and machine vision to predict asset reliability in the oil and gas industry. It continuously collects and analyzes data from plant-wide sensor networks, integrating it with information from schematics and historical data.

Full Story:
ZDNet, Automation World
More Summaries:
Baker Hughes
9/17/2019

Federal Energy Regulatory Commission Chairman Neil Chatterjee said Monday that the agency plans to hire more people by spring 2020 to work through the permit applications for liquefied natural gas export terminals. The five-member FERC is now down to three commissioners, but Chatterjee said he is confident any permit decisions will be valid.

More Summaries:
Neil Chatterjee, FERC
9/17/2019

US shale producers will resist expanding their drilling programs to offset oil supply losses in wake of the attack on a Saudi oil facility, as investors continue to pressure companies to maintain capital discipline. However, drillers will likely take advantage of the oil price hike to shore up their finances and hedge production.

9/17/2019

Drilling activity in Oklahoma's SCOOP/STACK shale play has declined sharply since the start of the year, with the number of active rigs down from 105 in January to 62 as of Sept. 11, data from S&P Global Platts Analytics show. Elevated production costs and geological challenges have prompted many producers to curb their drilling programs, exit the play or reallocate resources to other basins.

9/17/2019

A ban on hydraulic fracturing as proposed by many Democratic presidential hopefuls would bring US oil production back to 2008 levels of 5 million barrels per day, Pioneer Natural Resources CEO Scott Sheffield said last week. A report from Rapidan Energy Group corroborated Sheffield's views, saying that "halting fracking would stop new growth instantly, and steep decline curves -- most new shale wells see 65-85% production declines in the first year, slowing to 15% after 5 years -- would drive production sharply lower."