It’s been a slow week in the Bakken so this week’s recap brings you a mixture of for sale signs in the Marcellus, Exxon getting probed, Texas losing more jobs, and OPEC members announcing a potential production freeze. Exciting!
And… because you, dear reader, earned it: a bonus story at the end of the page! Have you ever wondered how a humoungously gigantic blimb can be utilized in the oil and gas industry? Scroll down to find out, just don’t forget to check out what stories our readers engaged with the most this past week! Enjoy!
5. Range Resources sells Marcellus assets
Range Resources closed its Bradford County, Pennsylvania non-operated asset sale. The purchase agreement was made in early February and included the company’s non-operating Marcellus interest in Bradford County, Pennsylvania for about $112 million, according to Zacks.
4. US Virgin Islands, Massachusetts launch probes into Exxon
NEW YORK (AP) — Attorneys general in the U.S. Virgin Islands and Massachusetts are investigating whether Exxon Mobil deceived the public or shareholders about the effects of climate change, joining similar inquiries into the oil giant launched by New York and California.
The investigations announced Tuesday came as nearly two dozen state attorneys general said at a New York newsconference that they’d formed a coalition to explore legal ways to combat global warming by filing lawsuits and briefs or by opening environmental, consumer or financial probes.
3. More Texas jobs lost as oil bust continues
More than 1,100 Texas jobs have been cut in the past few weeks, according to reports by the Texas Workforce Commission.
Oil major BP plans to cut at least 500 jobs in Harris County this year. The layoffs are expected to happen in June at three Houston locations. BP spokesman Jason Ryan said about 4,000 total upstream jobs will be eliminated in 2016.
2. OPEC official: Oil production freeze deal likely to be reached
KUWAIT CITY (AP) — Kuwait’s OPEC governor is saying members of the oil cartel and other producing countries likely will reach a deal later this month for a production freeze as crude prices sit below $40 a barrel.
The state-run Kuwait News Agency quoted Nawal al-Fuzai on Tuesday as saying that oil ministers of OPEC nations and several non-OPEC nations showed interest in freezing production at the same rate of February, but that further negotiations are ongoing.
1. Federal suit to stop Halliburton, Baker Hughes deal
WASHINGTON (AP) — The Justice Department on Wednesday sued to stop Halliburton Co. from acquiring oilfield services rival Baker Hughes Inc., saying the deal would harm consumers and eliminate head-to-head competition.
The proposed transaction, valued at nearly $35 billion, would combine two of the world’s three leading providers of those services to oil and gas companies and create a bigger rival to the industry leader, Schlumberger Ltd.
Bonus – Hybrid airship deal could benefit oil, mining industries
CALGARY, Alberta (AP) — The long-held vision of giant airships nearly the length of a Canadian football field delivering workers and supplies to the oilsands and the North’s mining sector is a step closer to reality.
U.S.-based Lockheed Martin has announced it has a letter of intent to sell 12 hybrid airships to Straightline Aviation of the United Kingdom.
Straightline and Hybrid Enterprises, Lockheed Martin’s hybrid airship reseller, are finalizing the purchase agreement, which has a potential value of US$480 million.