Oil & Energy News

Pacific Drilling Extends Option to Construct Ultra-Deepwater Drillship

2012-02-23T09:30:00.004-08:00

LUXEMBOURG--(BUSINESS WIRE)--Pacific Drilling S.A. (NYSE: PACD) (NOTC: PDSA) announced today that one of its subsidiaries has reached an agreement with Samsung Heavy Industries to extend an option to construct a seventh ultra-deepwater drillship until March 2, 2012, on the same commercial terms including a delivery date of May 17, 2014. About Pacific Drilling With its best-in-class drillships

KBR Announces Earnings Per Diluted Share of $0.60 for Fourth Quarter 2011 and $3.16 for Full Year 2011

2012-02-23T09:30:00.001-08:00

HOUSTON--(BUSINESS WIRE)--KBR (NYSE:KBR) announced today that fourth quarter 2011 net income attributable to KBR was $90 million, or $0.60 per diluted share, compared to net income attributable to KBR of $78 million, or $0.51 per diluted share, in the fourth quarter of 2010. Consolidated revenue in the fourth quarter was $2.1 billion compared to $2.3 billion in the fourth quarter of 2010.

Exxon Mobil Corporation Announces 2011 Reserves Replacement

2012-02-23T09:28:00.003-08:00

RVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM) announced today that additions to its proved reserves in 2011 totaled 1.8 billion oil-equivalent barrels, replacing 107 percent of production. Excluding the impact of asset sales, reserves additions replaced 116 percent of production. “ExxonMobil replaced more than 100 percent of production for the 18th consecutive year,” said

National Oilwell Varco Declares Regular Quarterly Dividend

2012-02-23T09:27:00.002-08:00

HOUSTON--(BUSINESS WIRE)--National Oilwell Varco, Inc. (NYSE: NOV) today announced that its Board of Directors declared the regular quarterly cash dividend of $0.12 per share of common stock, payable on March 30, 2012 to each stockholder of record on March 16, 2012. National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas

High Plains Gas Provides Fabrication Update

2012-02-23T09:26:00.001-08:00

GILLETTE, Wyo.--(BUSINESS WIRE)--High Plains Gas, Inc. (OTC: HPGS) announced today that its subsidiary Miller Fabrication, LLC has procured additional contracts for delivery of 42 pressure vessels and associated piping scheduled for delivery to North Dakota and Texas. Miller Fabrication has also secured contracts for multiple skid-mounted buildings for delivery into North Dakota and local coal

Xcel Energy Inc. Declares Quarterly Common Dividend

2012-02-23T09:17:00.001-08:00

MINNEAPOLIS--(BUSINESS WIRE)--The Board of Directors of Xcel Energy (NYSE: XEL) today declared a quarterly dividend on its common stock of 26 cents per share. The dividends are payable April 20, 2012, to shareholders of record on March 22, 2012. This information is not given in connection with any sale or offer for sale or offer to buy any securities. Contacts Xcel Energy, Minneapolis

Hess Introduces Comprehensive Energy Solutions Unit

2012-02-22T12:36:00.002-08:00

WOODBRIDGE, N.J., Feb. 22, 2012 /PRNewswire/ -- Hess Corporation (NYSE: HES) today announced the launch of Hess Energy Solutions, offering comprehensive energy services for commercial, industrial and institutional customers. Building on its expertise in energy markets, Hess Energy Solutions delivers integrated solutions that help organizations save money, reduce energy consumption and make

Spectral Announces First Oil Well Completion

2012-02-22T12:28:00.002-08:00

SEATTLE--(BUSINESS WIRE)--Spectral Capital Corporation, (FCCN.QB) (F3SN:F) announced today that it had finished the recompletion and reconditioning of its first oil well on its newly acquired Alberta property with production beginning imminently. There are seven other drilling locations on this property that Spectral intends to develop. 'Spectral is exceptionally pleased that our first

Technip Awarded Marine Operations Contract for the Åsgard Subsea Compression Project in Norway

2012-02-22T12:26:00.002-08:00

PARIS--(BUSINESS WIRE)--Technip (Paris:TEC) (ISIN:FR0000131708) was awarded by Statoil a contract, valued above €150million, for the major Åsgard Subsea Compression project located in the Norwegian Sea, 40 kilometers East of the Åsgard field, at a water depth of 340 meters. The contract covers the installation of the subsea compression system and its connection to the existing subsea

Energen Unit Signs Delaware Basin Joint Exploration Option Agreement

2012-02-22T12:23:00.002-08:00

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Energen Corporation (NYSE: EGN) today announced that its oil and gas exploration and production subsidiary has entered into a definitive agreement with BHP Billiton that could lead to the joint drilling and development of 56,549 net acres currently under lease to Energen Resources Corporation primarily in Reeves County, Texas, in the Delaware sub-basin of the

Cabot Oil & Gas Corporation Announces New Joint Venture Pipeline

2012-02-21T09:26:00.002-08:00

HOUSTON, Feb. 21, 2012 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) today announced a new Joint Venture with Williams Partners L.P. (NYSE: WPZ) to develop and construct a large diameter pipeline, specifically designed to transport Cabot's Marcellus production to both the New England and New York markets. Deemed the "Constitution Pipeline" this high pressure pipeline will be capable

3M and Chesapeake Energy Corporation Partner to Create New CNG Tank Technology

2012-02-21T09:21:00.003-08:00

ST. PAUL, Minn. & OKLAHOMA CITY--(BUSINESS WIRE)--3M (NYSE:MMM) and Chesapeake Energy Corporation (NYSE:CHK) today announced an agreement to collaborate in designing, manufacturing and marketing a broad portfolio of compressed natural gas (CNG) tanks for use in all sectors of the United States transportation market. Currently the fuel tank on a CNG vehicle is its most expensive single component.

PureSpectrum, Inc. Approved as Official Oil and Natural Gas Operator in State of Texas; Company Launches Official Website

2012-02-21T09:20:00.000-08:00

TORONTO--(BUSINESS WIRE)--PureSpectrum, Inc. (PSRU - OTC Pink) announces today that it has been approved to do business in the State of Texas including an established bond with the Railroad Commission of Texas. PSRU CEO, Cedric Atkinson comments, “We are very pleased to have accomplished this toward our long-term goals. In addition to our non-operator initiatives, including our 30-well re-entry

Grand Opening of the 5th Annual Asia Pacific Unconventional Gas Summit 2012, Taiyuan City, China, April 9th to 10th

2012-02-21T09:19:00.002-08:00

SHANGHAI--(BUSINESS WIRE)--With the unveiling of China’s 12th Five-year Plan and the preferential policies for unconventional gas, China’s unconventional natural gas market will be greatly benefited. Under the circumstances, the 5th Annual Asia Pacific Unconventional Gas Summit 2012 will be held by CBI China this coming April 9th to 10th in Taiyuan City of China’s Shanxi Province. This Summit is

Intergraph® and Skire Announce New Customer Signing of INPEX Ichthys LNG Project Intergraph® and Skire Announce New Customer Signing of INPEX Ichthys LNG Project

2012-02-21T09:18:00.003-08:00

HUNTSVILLE, Ala.--(BUSINESS WIRE)--Intergraph®, the leading global provider of enterprise engineering software, and its partner, Skire, have entered into an agreement with INPEX for the purchase of Skire’s Unifier™ solution for the Ichthys LNG project. INPEX selected Unifier as the mega-project’s cost control system after a formal call for tender based upon its powerful purpose-built

CAMAC Energy Signs Heads of Agreement for Award of Three Exploration Blocks in Kenya

2012-02-21T09:17:00.003-08:00

HOUSTON--(BUSINESS WIRE)--CAMAC Energy Inc. (NYSE Amex: CAK), a U.S.-based energy company engaged in the exploration, development and production of oil and gas, today announced that it has entered into a heads of agreement (the “Heads of Agreement”) with the Kenyan Ministry of Energy for the award of three exploration blocks: l1A L1B, and L16 (“the Blocks”). Block 11A is an onshore block

SemGroup, Gavilon and Chesapeake Energy Corporation Announce New Pipeline and Storage Company to Meet Growing Demand for Midstream Services

2012-02-21T09:16:00.004-08:00

TULSA, Okla.--(BUSINESS WIRE)--SemGroup® Corporation (NYSE:SEMG), Gavilon Midstream Energy, LLC, a subsidiary of The Gavilon Group, LLC; and an affiliate of Chesapeake Energy Corporation (NYSE:CHK) today announced plans to form a joint venture that will construct a 210-mile pipeline in western and north central Oklahoma which will deliver crude oil to a 1-million-barrel storage facility in

Williams Partners Announces Milestones in Creating Major Natural Gas Supply Hub in Northeast Pennsylvania

2012-02-21T09:16:00.000-08:00

TULSA, Okla.--(BUSINESS WIRE)--Williams Partners L.P. (NYSE: WPZ) today announced two major milestones in its strategy to create a major natural gas supply hub in northeastern Pennsylvania. Williams (NYSE: WMB) owns 72 percent of Williams Partners. Williams Partners is announcing a new interstate gas pipeline joint venture with Cabot Oil & Gas Corporation (NYSE:COG). The new 120-mile

Escondido Resources II Releases Results of Horizontal Drilling in South Texas

2012-02-21T09:14:00.003-08:00

HOUSTON--(BUSINESS WIRE)--Escondido Resources II, LLC today announced the results of the company’s 2011 horizontal drilling program in South Texas. Escondido drilled 17 wells in 2011, with 100 percent success and an average initial production (IP) rate per well of nearly seven million cubic feet (MMcf/d) of high Btu natural gas per day. Escondido currently has two drilling rigs active in Webb,

Cobalt International Energy, Inc. Announces Fourth Quarter and Year-End 2011 Results and Announces Successful Deepwater Gulf of Mexico Appraisal Well

2012-02-21T09:13:00.002-08:00

HOUSTON--(BUSINESS WIRE)--Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today announced a net loss of $51 million, or $0.13 per basic and diluted share for the fourth quarter of 2011, compared to a net loss of $30 million, or $0.09 per basic and diluted share, for the fourth quarter of 2010. Cobalt reported a net loss of $134 million, or $0.35 per basic and diluted share, for the year

Cabot Oil & Gas Announces 2011 Year-End Earnings Release Date and Conference Call

2012-02-21T08:41:00.003-08:00

HOUSTON, Jan. 23, 2012 /PRNewswire/ -- Cabot Oil & Gas (NYSE: COG) will release its fourth quarter and year-end 2011 financial and operating results on Monday, February 20, 2012. A conference call with investors, analysts and other interested parties is scheduled for 9:30 a.m. ET (8:30 a.m. CT, 7:30 a.m. MT, 6:30 a.m. PT) on Tuesday, February 21, 2012 to discuss fourth quarter and year-end

Oil Hits Nine Month High as Global Tensions Rise

2012-02-21T08:39:00.000-08:00

Feb. 21 (Bloomberg) -- Oil rose to the highest level in more than nine months after euro-area finance ministers agreed on a second bailout for Greece, reducing concern that the debt crisis may slow the economy and oil consumption. Prices gained as much as 2.1 percent after the ministers awarded 130 billion euros ($173 billion) in aid, wrung concessions from Greece’s private investors and

Dejour’s Proved NGL Reserve Base Expands to Include South Rangely, Colorado

2012-02-21T08:36:00.002-08:00

DENVER--(BUSINESS WIRE)--Dejour Energy Inc. (NYSE-AMEX: DEJ / TSX: DEJ) today announced the receipt of a 2012 Reserve Evaluation for its South Rangely project from Gustavson & Associates LLC (“Gustavson”) of Boulder, Colorado, a qualified resource evaluator with significant history in this area. This report was prepared in accordance with Canada’s National Instrument 51-101* Standards of

House Passes Latest Version of Keystone Bill

2012-02-20T14:56:00.000-08:00

By Roberta Rampton WASHINGTON | Thu Feb 16, 2012 9:11pm EST (Reuters) - The House of Representatives passed an energy bill on Thursday that would wrest control of a permit for the controversial Keystone XL oil pipeline away from President Barack Obama, who has put the project on hold. The bill, part of a broader House Republican effort to fund highways and infrastructure projects, would also

URS to Acquire Flint Energy Services for C$1.25 Billion

2012-02-20T12:04:00.003-08:00

SAN FRANCISCO & CALGARY, Alberta--(BUSINESS WIRE)--URS Corporation (NYSE: URS) and Flint Energy Services Ltd. (TSX: FES) today announced a definitive agreement under which URS will acquire Flint for C$25.00 per share in cash, or C$1.25 billion (US$1.25 billion). URS also will assume approximately C$225 million (US$225 million) in Flint debt. The transaction, which has been approved unanimously