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Thursday, March 24, 2016

03/24/16 Links of the Day: Venezuela Thirsty for U.S. Oil, Industry Calls on IBM's Watson to Combat Anti-Drillers, and More

Bloomberg:  Oil Investors See $7.4 Billion Vanish as Dividends Targeted   -   "Bludgeoned by falling energy prices, at least a dozen oil and natural gas companies have opted to cut dividends this year to preserve cash, cannibalizing payouts considered sacrosanct by many investors. The cost to shareholders: more than $7.4 billion in lost income, compared to..."

Pittsburgh Business Times:  United States Steel Corp. Lays Off 800 Employees Nationwide   -   "The Lone Star Tubular Operations in Lone Star, Texas, and the Fairfield Tubular Operations in Fairfield, Ala., will be idled temporarily, according to a statement from U.S. Steel (NYSE: X). Included in the announcement were 450 employees at Lone Star, 200 employees in Fairfield, Ala., and 120 salaried nonunion employees in Alabama, Texas and Lorain, Ohio..."

Yahoo Finance:  Struggling U.S. Oil and Gas Companies Eye Rare Financing Deals   -   "Some cash-strapped U.S. oil and gas companies are considering creating an unusual layer of debt as a way of surviving the rout in oil and gas prices, according to restructuring..."

Grist:  The Oil Industry Doesn't Trust Donald Trump   -   "Just over a week ago, I argued that Donald Trump might not actually be the worst possible Republican candidate on climate change. Relative to Ted Cruz — who is a committed anti-environment, pro–fossil fuel right-winger — Trump’s ideological opacity leaves a little more room..."

Reuters:  Dreaded "Stealth" Supply Becomes Reality as U.S. Drillers Turn on "Ducks"   -   "A dreaded scenario for U.S. oil bulls might just be becoming a reality. Some U.S. shale oil producers, including Oasis Petroleum (OAS.N) and Pioneer Natural Resources Co (PXD.N), are activating drilled but uncompleted wells (DUCs) in a reversal in strategy that threatens to bring more crude to a saturated market and dampen any..."

OilPrice.com:  What Happens When Oil Hits $50?   -   "The major beneficiary of the 54 percent jump in oil prices from the lows of $26 per barrel is the U.S. shale oil industry, which will utilize this rise to ramp up production and repair balance sheets. But any move above $45 per barrel will likely reverse..."

Bloomberg:  Global Oil Power Venezuela Suddenly Has a Thirst for U.S. Crude   -   "Venezuela, owner of the world’s largest crude oil reserves, suddenly has a deep thirst for American oil. Petroleos de Venezuela SA, the state-owned oil company, has ordered millions of barrels of crude from the U.S. this year, according to published reports and data..."

Foreign Policy:  Obama Says Climate Change Is a Security Risk. Why Are Republicans Laughing?   -   "In the middle of January, Deputy Secretary of Defense Robert Work signed off on one of the potentially most significant, if little-noticed, orders in recent Pentagon history. The directive told every corner of the Pentagon, including the office of the..."

The News Tribune:  U.S. Rig Count Drops 4 This Week to All-Time Low of 476   -   "The number of rigs exploring for oil and natural gas in the U.S. dropped 4 this week to 476, a record low and another sign of continuing price woes in the oil and gas industry. A year ago, 1,069 rigs were active. Houston-based oilfield services company Baker Hughes Inc. said Friday that 387 rigs..."

Read more here: http://www.thenewstribune.com/news/business/article66922932.html#storylink=cpy


Press release:  American Petroleum Partners and Funds Affiliated with Apollo Global Management Announce Formation of New Partnership   -   "American Petroleum Partners LLC ("APP") and certain funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, "Apollo") formed a strategic partnership in September 2015 to invest in oil and gas properties in the Appalachian..."

Energy in Depth:  EPA Chief’s “Lack of Data” Comment Not in Line with the Facts   -   "It’s pretty well known at this stage that the Environmental Protection Agency’s (EPA) landmark draft fracking study found, after consulting thousands of research papers and mountains of data over the course of five years, that “hydraulic fracturing activities have not led to widespread, systemic impacts..."

Forbes:  Big Oil Taps IBM's Watson To Fend Off Anti-Frack Attack On Twitter   -   "Last year a big American oil company felt bad because it was getting picked on by anti-fracking activists who were hurling insults on Twitter TWTR -1.00%. The oil company wanted to do something, anything, to stop those misguided fracktivists who were only propagating long disproven..."

Law360:  Magnum Hunter Sues To Nix Midstream Deal, Citing Sabine   -   "Magnum Hunter Resources filed a lawsuit Friday in Delaware bankruptcy court seeking to nullify a gas purchase agreement with Oneok Rockies Midstream LLC, as a recent ruling in the Sabine Oil & Gas Corp. Chapter 11 allowing for the rejection of midstream agreements continues to reverberate..."

Seeking Alpha:  Stone Energy is a Possible Default Story   -   "Oil stock prices have gained appreciation over the last month due to a sharp rally in the crude oil price from $26 per barrel to $40 per barrel. Although I believe that the bottom in oil is here, as described in my previous article, many companies will not survive the current crude..."

OilPrice.com:  Why We Could See and Oil Price Shock in 2016   -   "The depletion of old oil wells is expected to surpass new sources of supply in 2016, as the ongoing oil price slump puts a long list of oil projects on the shelf. Bloomberg flagged new data from the Norwegian consultancy firm Rystad Energy, which predicts that legacy production will tip the supply balance into the negative in 2016 for..."

Energy in Depth:  Top Five Science Denying Claims in Bill McKibben’s Latest Call to Ban Fracking   -   "Anti-fossil fuel activist and 350.org co-founder Bill McKibben was out with a new op-ed in The Nation today, hyperbolically headlined “Global Warming’s Terrifying New Chemistry.” In the piece, McKibben unsurprisingly rehashes the completely debunked claim that methane emissions from fracking are..."

Press release:  Once Again EPA Senior Officials Using Private E-Mail to Conduct Official Agency Business   -   "A recent Freedom of Information Act (FOIA) request to the U.S. Environmental Protection Agency (EPA) submitted by the Energy & Environment Legal Institute (E&E Legal) has produced documents that once again show this Agency practices circumventing Federal law, conducting official business on private e-mail servers with ‘green’ interest groups and..."



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