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Hess Corp reports bigger 4Q loss amid oil slump

NEW YORK — Hess, which announced a 40 percent cut in capital expenditures for 2016 this week, promised even deeper cuts Wednesday after reporting worse-than expected losses in the fourth quarter with crude prices hovering around $30 per barrel. The New York company reported a loss of $1.82 billion, or $6.43 per share, in its fourth quarter, compared with a ...

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UN chief wants clean energy investments doubled by 2020

UNITED NATIONS — The U.N. secretary-general on Wednesday challenged investors around the world to at least double their investments in clean energy by 2020, saying that “we must begin the shift away from fossil fuels immediately.” Ban Ki-moon told an investor summit on climate risk that increasing investment in clean energy is critical in following up on the landmark agreement ...

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Keane Group triples fracking capacity

Keane Group triples fracking capacity

Keane Group, a Texas well completion services company, tripled its hydraulic fracturing capacity by agreeing to a $247 million deal with Canada-based Trican Well Service on Tuesday. The Houston-based company acquired the majority of Trican Well Service’s assets in the United States. Keane Group purchased the assets with $200 million in cash plus a minority interest stake in Keane Group. ...

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Oil industry group names ex-senator as executive director

HELENA, Mont. — The Montana Petroleum Association has named a former Republican state senator as its next executive director. MPA officials said in a statement Tuesday that Alan Olson of Roundup will replace Dave Galt, who resigned after 10 years as the association’s executive director. The MPA advocates for the state’s oil and gas industry. Olson left the Montana Legislature ...

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North Dakota “Great Recession” real estate crisis?

real estate crisis indicated by unfinished apartment

The North Dakota Office of State Tax Commissioner recently reported a $63 million shortfall in anticipated sales tax collections in December of 2015. Sales tax collections have declined by over 50 percent in some oil patch cities. Even with a massive state investment program and projects that were financed prior to the recent decline in oil prices, sales tax revenues still collapsed. Plunging sales ...

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Oil company informs Williams County of ombudsman services

Workers constructing an oil and gas pipeline in the oilfields. (Image courtesy of Encana Corp.)

WILLISTON, N.D. — An oil industry company has started its own ombudsman program to help it address pipeline problems. Representatives from the Hess Corporation presented information about its Hess Community Connection program to Williams County commissioners at a meeting Jan. 19, since commissioners also sometimes get calls on pipeline problems. The company launched the program last year in an effort ...

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EIA: Consumption will drive natural gas prices up

Natural gas prices are expected to rise, according to the EIA’s latest Short-Term Energy Outlook report. The average natural gas spot price at the benchmark Henry Hub for December 2015 was $1.93 per million British thermal units. That’s the lowest monthly average since March 1999. In the January report, the Nymex futures strip averaged $2.50/MMBtu for 2016 and $2.80/MMBtu for ...

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North Dakota to slash state spending after oil price fall

BISMARCK, N.D. — A dramatic drop in North Dakota tax collections due to declining oil activity will force cuts in state government and a likely raid on a rainy day fund to make up for millions of dollars in shortfalls, the state’s top budget writer said Friday. “It’s obvious that will happen,” Office of Management and Budget Director Pam Sharp ...

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