Drillers cut five oil rigs this week, bringing the total count down to 763, Baker Hughes, a GE company (NYSE: BHGE), said in its report on Aug. 18.
Refiners are likely buyers of midstream assets if cash-strapped E&Ps decide to divest, Cowen says in a report.
Drillers have added rigs in 56 of the past 63 weeks since the start of June 2016. The rig count is an early indicator of future output.
Nebraska hearings will determine fate of TransCanada’s Keystone XL Pipeline project.
The 700-mile Rover pipeline is designed to transport 3.25 Bcf/d of natural gas from the Marcellus and Utica shale plays to markets across the U.S. as well as Canada.
The total U.S. rig count increased by eight to end the week of July 28 with 958 rigs compared to last week, according to the latest report from Baker Hughes, a GE company (NYSE: BHGE). That’s up from 463 a year ago.
While the original Keystone is already operating, the controversial Keystone XL was delayed for years before being rejected by the administration of former U.S. President Barack Obama.
ConocoPhillips now plans to spend $4.8 billion this year, down from a prior estimate of $5 billion. The cut came after the company's quarterly loss more than tripled despite recent asset sales.
U.S. rigs targeted oil and gas each fell by one, bringing the total U.S. rig count down to 950.
Encana has benefited from downsizing its operations to focus on four core North American assets: the Montney and Duvernay in Canada, and the Eagle Ford and Permian in the U.S.