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Is Big Oil too big to come together?

oil to big to merge

“They have to reinvent themselves—these companies are too big to grow,” said Fadel Gheit, managing director of oil and gas research at Oppenheimer & Co. He compared the Big Three to “an aging Yankees team” that has a long history and expensive talent but that routinely underperforms. In 2010, Exxon acquired XTO for $41 billion—a deal Gheit branded “an absolute ...

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ND oil production numbers set to explode?

Photo credit: ConocoPhillips Genscape, which is a leading provider of energy information, recently estimated that June’s Bakken daily oil production would skyrocket by 54,000 barrels of oil per day. That would have shattered the the previous record monthly gain of 41,000 barrels of oil per day set in February. It turned out that Genscape was way off as production only ...

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$220 Million investment in ND Rail capacity by BNSF

bnsf railway

FORT WORTH, Texas–(BUSINESS WIRE)– BNSF Railway Company (BNSF) plans to invest an estimated $220 million to improve and expand rail capacity in North Dakota this year. BNSF’s 2013 capacity enhancement projects in North Dakota include constructing three new sidings west of Minot near Manitou, Tioga, and Palermo; extending the sidings near Glen Ullin and Hillsboro; improvements to six sidings between ...

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Shale headed down the path of destruction?

oil money

LONDON: Shale skeptics have seized on big writedowns in the value of shale gas and oil properties in North America to question whether the fracking revolution could be running into trouble. On Aug. 1, Shell became the latest in a long line of oil and gas companies to reveal a multi-billion-dollar writedown in acreage value. It announced just over $2 ...

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Money Spent on Rail Safety will increase costs in the Bakken

Bakken oil by rail

Crude oil shipped by railroad from North Dakota is drawing fresh scrutiny from regulators concerned that the cargo is adding environmental and safety hazards, something that analysts say could raise costs. The U.S. Federal Railroad Administration is investigating whether chemicals used in hydraulic fracturing are corroding rail tank cars and increasing risks. Separately, three pipeline companies including Enbridge Inc. warned ...

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Bakken properties sold by Abraxas to natural Resource Partners

Abraxas Petroleum Corp

Abraxas Petroleum Corp. said Tuesday that it has closed on the sale of nonoperated properties in the Bakken Shale for $38.3 million in cash. The buyer is Natural Resource Partners LP, a Houston-based master limited partnership. The acquisition consists of about 13,500 net acres with an estimated average working interest of 11 percent in the Bakken-Three Forks play in the ...

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