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July 25, 2017

Texas Energy Report Closing Top Texas Energy Stocks

WTI up 0.60 to close at $48.49

Brent up 2.15 to close at $50.75

Natural gas up 0.04 at $2.94

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CLOSING OIL & GAS STOCKS

Anadarko (APC) up 1.51 at 45.72

Apache (APA) up 0.90 at 48.86

Chevron (CVX) up 1.19 at 104.39

ConocoPhillips (COP) up 1.04 at 43.65

Devon (DVN) up 1.24 at 32.98

Energy Transfer Partners (ETP) up 0.22 at 20.22

EOG Resources (EOG) up 1.56 at 94.87

ExxonMobil (XOM) up 0.40 at 80.27

Halcon (HK) up 0.15 at 6.93

Marathon Oil Corp. (MRO) up 0.46 at 12.34

Noble Energy (NBL) up 0.84 at 29.02

Occidental Petroleum (OXY) up 1.60 at 61.01

Parsley Energy (PE) up 1.28 at 29.52

Phillips 66 (PSX) up 1.80 at 84.45

Pioneer Natural Resources (PXD) up 2.50 at 162.60

Valero (VLO) up 0.76 at 68.44

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CLOSING TOP UTILITY STOCKS

American Electric Power (AEP) down 0.35 at 68.84

CenterPoint (CNP) down 0.25 at 27.92

Entergy (ETR) down 0.89 to close at 75.42

Exelon Generation (EXC) down 0.18 at 37.02

NRG (NRG) down 0.27 at 25.01

Vistra Energy (VST) up 0.01 at 16.61

By Mike Shiloh


July 24, 2017

Spivey Paup Joins Recurrent Energy for New Austin Office: News Release

Spivey Paup has joined Recurrent Energy, a leading U.S. solar project developer, as development director where he will lead the company’s project development activities in Texas and the eastern United States.

Spivey is based in Austin, where the company will open a new office. 

Prior to joining Recurrent Energy, Spivey spent nine years at E.ON Climate & Renewables North America developing wind and solar projects and growing the company’s solar and battery storage business. At E.ON Climate & Renewables he served as director of solar development.

Prior to his career in renewable energy, he served as senior policy advisor for the U.S. House of Representatives in the Office of Congressman John R. Carter

Spivey received his bachelor’s in international studies from Texas A&M. He then decided to pursue his passion for alternative energy solutions and earned his master’s in business administration from the University of Texas.

About Recurrent Energy:

Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar and functions as the U.S. development arm of Canadian Solar. Since 2006, Recurrent Energy has successfully developed and sold approximately 1.9 gigawatts (GWp) of solar PV projects ranging from commercial rooftop arrays to utility-scale ground mount power plants. Recurrent Energy has more than 500 megawatts (MW) under development in the state of Texas.

By Recurrent Energy


July 24, 2017

UPDATED: US Attorney General Ted Cruz?: Washington Post

The Washington Post in Tuesday editions cites unnamed sources, saying President Donald Trump and his advisors are talking about replacing Jeff Sessions as US attorney general, and are considering both Texas Senator Ted Cruz and former New York City Mayor Rudy Giuliani for the post, "among the names being floated."

University of Texas School of Law professor Steve Vladek is noted in the Post article as speculating that President Trump could make a recess appointment of a new attorney general, while Congress is on the traditional summer break, bypassing Congressional approval of a new AG.

UPDATE: Monday night, an aide to Cruz released a statement saying, "The stories being reported in the media tonight are false. My focus is and will remain on fighting every day to defend 28 million Texans in the US Senate."

 

By Mike Shiloh


July 24, 2017

Oncor and Sharyland Agree To Swap Assets

In a unique arrangement, Texas' Oncor Electricity Delivery Co. LLC is swapping assets with Sharyland Utilities LP in a deal worth an estimated $400 million.

In the proposed exchange, Sharyland will receive ownership of about 258 miles of 345 KV transmission lines in Central and West Texas, and Oncor will receive Sharyland's retail distribution assets and operations (of similar value to Oncor's transmission lines), including 54,000 retail customers and its distribution network.

Sharyland customers will, therefore, become Oncor customers; in making the announcement on Monday, Sharyland said its customers can expect significant electricity rate reductions under Oncor.

Sharyland will keep its transmission systems in the Panhandle and in the Stanton and McAllen areas.

Oncor's contribution to the deal is said to have little effect on its distribution systems, which include 122,000 miles of transmission and distribution lines.

The deal will first have to be approved by the Public Utility Commission of Texas and is then expected to close by the end of the year.

By Mike Shiloh


July 24, 2017

Halliburton Demand, Profit Increases

Oil services giant tempers great news with note that growth signs are "plateauing"

Halliburton Co. celebrated increased North American demand for its services, announcing Monday a profit for the second quarter up 83% to $2.77 billion.

The Houston-based company noted increased demand for well construction and pumping services so far this year.

The announced profit beat analysts expectations.

Net profit was $28 million for the quarter ended June 30th, compared with an overall $3.21 billion loss for the second quarter last year (though the 2Q 2016 loss included a $3.5 billion charge connected to Halliburton's failed Baker Hughes deal).

In it's announcement of profits on Monday, though, Halliburton expressed cautious optimism about the rest of the year, qualifying that with the statement that "today, rig count growth is showing signs of plateauing, and customers are tapping the brakes.

"This tapping of the brakes is happening all over the place in North America."

Halliburton stock was down more than 4% including late Monday trading after the close.

By Mike Shiloh


July 24, 2017

Anadarko Cuts CapEx, Posts 2Q Loss, Lowers Forecast

Anadarko Petroleum Corp. stocks fell more than 3% after the close Monday when the company announced it's cutting capital expenditures by $300 million from its 2017 budget.

Capex had been expected to be in the $4.5-to-$4.7 billion range; it's now down to $4.2-$4.4 billion.

The company also announced a loss of $415 million on revenue of $2.7 billion for the second quarter; that loss was bigger than analysts expected.

The loss, though, was considerably smaller than Anadarko's second-quarter loss a year ago of $692 million.

And the company lowered its production forecast for the year.

While lamenting Anadarko's cuts' effects on stockholders, analysts hailed the company's move as the beginning of "discipline" among oil drillers, which have been increasing shale production even as those increases weigh heavily against oil prices.

By Mike Shiloh


July 24, 2017

TAMEST Shale Task Force to Brief Energy Resources Committee Wednesday: News Release

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TAMEST Shale Task Force

TAMEST President, Shale Task Force Members to Give Testimony to Texas House Energy Resources Committee on Wednesday

TAMEST President Gordon England and members of the TAMEST Shale Task Force will brief lawmakers at the Texas Capitol Wednesday, July 26th at 2:00 p.m. in Room E2.010 on the recently released TAMEST Shale Task Force report.

The Texas House Energy Resources Committee has invited members of the TAMEST Shale Task Force to give testimony on the TAMEST report, Environmental and Community Impacts of Shale Development in Texas. The briefing will focus on overall findings as well as key highlights from the seismicity, water and transportation chapters. The hearing will be open to the public and will also be available via livestream.

TAMEST looks forward to sharing our experience from this report. We hope this briefing can help lawmakers and others find ways to enhance the positive impacts of shale development while reducing or mitigating negative ones.

The Cynthia and George Mitchell Foundation Provides Additional Funds to TAMEST for Shale Report

The TAMEST Shale Task Force was made possible in part by the support and partnership of The Cynthia and George Mitchell Foundation. The Mitchell Foundation has provided additional funds to further support communications and outreach for the report.


To learn more about the report, visit www.tamest.org/shale-task-force/.

By TAMEST


July 24, 2017

Worth Noting: US Crude Oil Production By Region

By EIA


July 22, 2017

TER Reader Nails Cultural Changes

A subscriber to The Texas Energy Report notes an article in the July 16th Powersource, "Now That Oil and Gas Jobs Are Returning, Will Workers Return?"  (The Texas Energy Report NewsClips July 18th, 2017)

The story points out how oilfield workers were at one time more attached to the tough work than perhaps they are now, and today's oil workers need to be of a new breed, considering new tech, equipment, digitization and big data.

And the article points out a disconnect between the industry and young workers: The old "rough and tumble" in the oilfields will no longer suffice.

The now-stereotyped oilfield boss shouting obscenities to motivate workers is giving way to more safety concerns and could disappear as companies desire more professional workers.

"I know times really have changed," as our reader observed a 180-degree from the wildcat era, "now that it's considered acceptable for men to cuss in front of women (and vice versa) but field bosses will have to be polite."

By Mike Shiloh


July 22, 2017

Sanchez Completes Operated Production Sell-Down

Houston-based company exits Oklahoma production, positions itself for the future

Sanchez Midstream Partners has closed on the long-expected sale of its production assets, located in Oklahoma, details of which were not disclosed at the company's announcement this week.

Sanchez CEO Gerry Willinger commented that the sale "of our remaining operated production assets further reduces our exposure to a price-sensitive revenue stream and is consistent with our strategy of focusing on stable, fee-based midstream activities."

The Rest of the Story, Subscribers Only

By Mike Shiloh


July 22, 2017

Waste Management: Turn Closed Landfills to Renewables

Waste Management is adding to the list of covered trash landfills in Massachusetts that have been converted to renewable energy sites.

The Houston-based waste recovery and recycling company, working with New York-based Captona Partners, has built a solar array of 11,286 panels over a former 19-acre landfill site, expecting to generate 3.6 megawatts electrical capacity.

That's enough power to run 700 homes in the area around the site at Berkley, Massachusetts, about 29 miles south of Boston.

The Rest of the Story, Subscribers Only

By Mike Shiloh