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Tag Archives: bakken

Rig drop slows

Permian Basin oil companies released six rigs in the past week, raising the possibility that the rate of cutback is slowing after the tremendous reductions of the previous weeks. The region had 362 rigs running on Friday, per the latest count from Baker Hughes. That is 204 fewer rigs than Nov. 26, the day before the Organization of Petroleum Exporting ...

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Kinder Morgan to buy Hiland Partners for $3 billion

HOUSTON – Leading pipeline company Kinder Morgan Inc <KMI.N> will buy Hiland Partners, a pipeline and logistics company founded by Continental Resources Inc <CLR.N> Chief Executive Officer Harold Hamm, for $3 billion, the company said on Wednesday. Hiland Partners builds and operates oil gathering and transportation pipelines and natural gas gathering and processing systems primarily in the Bakken shale oilfields ...

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Low oil prices unlikely to hurt railroads much

OMAHA, Neb.— The stunning collapse in oil prices over the past several months won’t derail the railroads’ profit engine even if it does slow the tremendous growth in crude shipments seen in recent years. Carloads of crude oil spiked well over 4000 percent between 2008 and last year — from 9,500 carloads to 435,560 — as production boomed and the ...

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American Eagle Energy suspends drilling operations amidst falling oil prices

The recent fall in oil prices has claimed yet another victim, for now. American Eagle Energy, based out of Littleton, Colorado, has announced that the company is suspending its drilling operations and likely won’t resume until oil prices improve, according to the Wall Street Journal. American Eagle Energy provides exploration and productive long-term reserves from some of North America’s most ...

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Petroleum production prospers in November

Petroleum demand in November produced some of the highest numbers seen in years, according to the American Petroleum Institute’s monthly statistical report. The report, published Thursday, reveals a number of different categories. Those categories range from macroeconomic indicators such as rig counts, Institute for Supply Management reports and indicators of petroleum demand including total deliveries, gasoline, distillates, and jet fuel. ...

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