Business/economics
The energy technology company received an order from Twenty20 Energy for 10 gas turbines to power US data center infrastructure.
The planned facility was designed to process 34 MMcf/D of associated gas into fully refined gasoline.
The cloud platform provider said the initiative is designed to help energy companies manage and analyze large-scale operational data.
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The company said it will avoid the pumping business's “structurally disadvantaged position” and instead focus on well servicing and water logistics. -
The company also secured $2.6 billion in exit financing facilities, including a $450-million revolving credit facility, as well as a $195-million letter of credit facility and more than $900 million of liquidity.
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Lower oil prices and capital discipline are expected to result in a double-digit drop in shale and tight oil spending, while deepwater momentum is seen continuing. This comes as “massive investments” will be needed in the next decade to meet growing oil demand.
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Proved oil reserves totaled 43.8 billion bbl at yearend 2018 while proved gas reserves amounted to 504.5 Tcf, both topping records set in 2017, the US Energy Information Administration said.
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A new report says that production growth in the world’s most prolific unconventional basin is on the verge of stalling out.
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The deal boosts Talos' 2019 production by 35%, helping the independent E&P company become one of the top 10 producers in the Gulf of Mexico.
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The US major will keep its overall budget flat for a third straight year, but the expectation of lower oil and gas prices long-term will result in tax impairment charges of $10 billion–$11 billion. More than half of those charges will come from its Appalachia Shale gas assets.
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The data analytics firm projects US dry gas output growth will shrink to 2 Bcf/D next year from 8–9 Bcf/D in 2018 and 2019.
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Hamm, who has served as CEO since founding Continental in 1967, will become executive chairman effective 1 January.
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The resignations come as the company makes downward revisions to its production guidance after a disappointing performance from its TEN and Jubilee fields offshore Ghana.
