Most Clicked API SmartBrief Stories

1. ConocoPhillips plans to sell U.S. producing assets, sources say

API SmartBrief | Apr 14, 2015

ConocoPhillips is looking to put some of its non-core U.S. oil and natural gas producing assets up for sale through the help of Wells Fargo, sources said Monday. One of the sources said the properties include acreage in the Rockies, Texas and Louisiana. The company could sell assets worth as much as $2.5 billion, industry sources said. Reuters (04/13)

2. World's biggest oil-field-services firm to cut workforce

API SmartBrief | Apr 17, 2015

Schlumberger said it will lay off 11,000 workers, in addition to 9,000 cuts announced in January, leaving it with 15% fewer employees than it had in the third quarter. Energy producers are expected to slash $114 billion in spending this year in response to plummeting oil prices. Bloomberg (04/16) American City Business Journals (04/16)

3. Kinder Morgan looking to strike more acquisitions this year, execs say

API SmartBrief | Apr 16, 2015

Kinder Morgan may continue to buy more assets in the upcoming months after completing two acquisitions so far this year, company executives said Wednesday. "We think that there's still opportunities out there and we're going to look at them," said Chairman and CEO Richard Kinder. However, easy access to capital may hamper the company from pursuing more deals, he said. (04/15)

4. OPEC finds fault with nonmembers ignoring effort to stabilize oil market

API SmartBrief | Apr 14, 2015

The Organization of the Petroleum Exporting Countries on Monday criticized some nonmember countries for failing to cooperate in balancing the oil market and improving prices by reducing or maintaining output. "When it comes to the supply of petroleum, there is a stubborn willingness of some non-OPEC producers to adopt a go-it-alone attitude, with scant regard for the consequences," the cartel said in a bulletin. It also clarified that shale, an unconventional source, "is a great and welcome addition to the world's potential oil wealth. But the timing of its exploitation is certainly questionable." CNBC (04/13)

5. Feds propose offshore oil, gas drilling rule

API SmartBrief | Apr 14, 2015

The Bureau of Safety and Environmental Enforcement on Monday released a draft rule governing offshore oil and natural gas drilling for better well designs and equipment standards. The proposed rule, which tightens safety standards for blowout preventers, was based on the industry's achievements in improving offshore safety since the spill, officials said. "We are reviewing the proposed rules and hope they will complement industry's own efforts to enhance safety," American Petroleum Institute Upstream and Industry Operations Director Erik Milito said. New York Times (tiered subscription model), The (04/13) Hill, The (04/13)

6. Schlumberger exec: Oil drilling recovery may not reach 2014 levels

API SmartBrief | Apr 20, 2015

A possible rebound in domestic oil drilling activity may not be enough to recover last year's output levels, Schlumberger CEO Paal Kibsgaard said last week. Such recovery "will be pushed out in time as the inventory of uncompleted wells drilled and the refracturing market expand," he said. Reuters (04/17)

7. Kinder Morgan pipeline progressing as planned despite rerouting, exec says

API SmartBrief | Apr 17, 2015

Kinder Morgan's Palmetto Pipeline is making progress as planned in spite of a modification made to its route to bypass a historic site in Georgia, David Halphen, vice president for business development and finance at the company, said Thursday. "We built into our timetable time for permitting and right of way acquisition -- we knew there was going to be a lot of stakeholder dialogue, and that is built into there," he said. The pipeline is expected to carry up to 167,000 barrels of refined products per day beginning in July 2017 from Louisiana, Mississippi and South Carolina to markets in South Carolina, Georgia and Florida. Platts (04/16)

8. GOP senators: U.S. should lift unreasonable crude exports ban

API SmartBrief | Apr 16, 2015

The U.S. has no reason to maintain its ban on crude oil exports, considering the nation's oil boom and the current global market conditions, write Sens. Lisa Murkowski, R-Alaska, John McCain, R-Ariz., and Bob Corker, R-Tenn. Allowing crude exports would provide U.S. allies with new energy sources and reduce revenue of U.S. competitors, such as Russia and Iran, they write. Lifting the ban would also retain the authority of the executive branch to resolve issues of national security and approve selling of crude overseas, the senators write. Foreign Policy (free registration) (4/14)

9. EIA: Shale boom to make U.S. a net energy exporter

API SmartBrief | Apr 15, 2015

The U.S. is expected to become a net exporter of energy between 2029 and 2032 and from 2037 until 2040, thanks to the shale boom, the Energy Information Administration said Tuesday in a report. Natural gas exports will also exceed demand by 2017, the agency added. Kyle Isakower, vice president for regulatory and economic policy at the American Petroleum Institute, said the report "shows that U.S. production can remain strong, despite the downturn in prices, but an all-of-the-above energy policy will be critical to our competitive edge in the decades to come." Examiner (Washington, D.C.), The (04/14) Bloomberg (04/14)

10. Sustained low oil prices may prompt further cost-cutting

API SmartBrief | Apr 14, 2015

Oil companies will likely have to cut costs deeper than this year's $126 billion reduction in annual spending if global oil prices remain at around $60 per barrel, Wood Mackenzie said Monday in an analysis. This is because the industry's breakeven oil price declined by $20 per barrel to $72 per barrel this year, it said. Some companies may have to target dividends and share repurchase programs, while some may have to divest assets to adjust balance sheets, the firm said. (04/13)

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