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Tag Archives: Shale

How U.S. shale exports rocked OPEC’s world

Oil refinery. US Flag

BLOOMBERG, JANUARY 7, 2020 U.S. shale’s gain was OPEC’s loss. As shale oil flooded the market, OPEC was forced to cede market share. (Bloomberg) — Five years ago on New Year’s Eve, the Theo T left the Texas Gulf Coast with the first U.S. shale crude shipment overseas. The oil, gathered from nearby ConocoPhillips wells and sold to trading giant Vitol …

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The Pandemic Has Broken Shale and Left Oil Markets in OPEC Hands

Oil rigs stand in the Permian Basin area of Odessa, Texas. Photographer: Sergio Flores/Bloomberg

BLOOMBERG, NOVEMBER 28, 2020 The contraction of the U.S. oil industry this year means the cartel probably won’t need to worry too much about losing market share for some time.  By Kevin Crowley, David Wethe, and Sheela Tobben for Bloomberg -OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years the shale boom …

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ConocoPhillips to Concho for $9.7 Billion – Largest Deal Since COVID-19 Hit


PortandTerminal.com, October 19, 2020 Together, ConocoPhillips and Concho Resources will produce 1.5 million barrels a day and become a major player in the Permian Basin area NEW YORK – ConocoPhillips (NYSE: COP) and Concho Resources (NYSE: CXO) today announced that they have entered into a definitive agreement to combine companies in an all-stock transaction. The combined company would easily be …

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How a Texas shale supplier’s founders made fortunes as the firm failed

Drilling rigs operate at sunset

REUTERS, AUGUST 13, 2020 (Reuters) – On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly $3 million in bonuses to four top executives, including $1.35 million for CEO and founder Robert Rasmus. Five days later, the company declared bankruptcy. The payout marked the latest in a series of board decisions that allowed the oilfield …

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Chesapeake’s Collapse Is Latest in Long Line of Shale Disasters

Oil storage tanks

BLOOMBERG, JUNE 29, 2020 Over 200 North American producers have gone under since 2015 | This year, at least 20 have filed for bankruptcy protection By David Wethe for Bloomberg – The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest …

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Carlyle bails on Corpus Christi VLCC Terminal

October 18, 2019 by Reuters By Collin Eaton HOUSTON, Oct 18 (Reuters) – Carlyle Group said on Friday it had dropped out as a stakeholder in Lone Star Ports LLC, which proposed a $1 billion crude oil export terminal near Corpus Christi, Texas. Sean Strawbridge, chief executive of the Port of Corpus Christi, said Carlyle notified the port on Oct. 8 it …

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