Eog Resources News

U.S. energy firms did not add any oil rigs this week as Hurricane Harvey barrelled into the nation's energy heartland, forcing drillers to halt production and refiners to shut plants. The total oil rig count for the week ended Friday stayed at 759, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 407 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 67 weeks since the start of June 2016. The rig count is an early indicator of future output.

Residents fleeing most powerful storm on U.S. mainland since 2005. Businesses closed and lines of cars streamed out of coastal Texas as officials called for residents to evacuate ahead of Hurricane Harvey, expected to arrive about midnight as the most powerful storm to hit the U.S. mainland in more than a decade. The hurricane is forecast to slam first near Corpus Christi, Texas, drop flooding rains along the central Texas coast and potentially loop back over the Gulf of Mexico before hitting Houston, some models showed. "My urgent message to my fellow Texans is that if you live in a region where evacuation has been ordered, you need to heed that advice and get out of harm's way while you can," Texas Gov. Greg Abbott said in a televised address.

Hurricane Harvey intensified early on Friday into potentially the most powerful hurricane to hit the U.S. mainland in more than a decade, as authorities warned locals to shelter from what could be life-threatening winds and floods. Harvey is set to make landfall late Friday or early Saturday on the central Texas coast where Corpus Christi and Houston are home to some of the biggest U.S. refineries. Oil and gas operations have already been disrupted and gasoline prices have spiked. "Now is the time to urgently hide from the wind.

Oil producer EOG Resources Inc's loss in the third quarter was smaller than a year earlier the company took an impairment charge of more than $6 billion.   The company posted a net loss of $190 million, or 35 cents per share, compared with a loss of $4.08 billion, or $7.47 per share, a year earlier.   EOG recorded a $6.31 billion charge in year-ago quarter as it wrote down the valuation of its oil and gas assets after a more than 55 percent slump in oil prices.   The company's net operating revenue fell 2.5 percent to $2.12 billion in the latest quarter. (Reporting by Arathy S Nair; Editing by Savio D'Souza)

NEW YORK, July 5 (Reuters) - Oil prices tumbled nearly 5 percent on Tuesday as investors worried that Britain's exit from the European Union would slow the global economy, making it unlikely energy demand will grow enough to absorb a supply glut. Brexit worries hit Britain's property market and drove the pound to a 31-year low. A flurry of data from China in coming weeks is likely to show weaker trade and investments. Traders also cited data from market intelligence firm Genscape showing a build of 230,025 barrels at the Cushing, Oklahoma storage hub for U.S. crude futures, during the week to July 1. "There are risk-off trades across the board," said David Thompson, executive vice-president at Washington-based commodities broker Powerhouse.

Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. The moves by the world's No. 1 and No. 2 oil services companies show how they are scrambling to book sales of new technologies to customers short of cash after a 60 percent slide in crude to $45 a barrel. In some cases, they are willing to take on the role of traditional lenders, like banks, which have grown reluctant to lend since the price drop that began last summer, or act like producers by taking what are essentially stakes in wells. When its second-quarter net profit tumbled by more than half a billion dollars to just $54 million…

Tropical Storm Bill punched the Texas coast with heavy rains and strong winds on Tuesday, the National Weather Service said, just three weeks after floods killed about 30 people in the state. The second named tropical storm of the 2015 Atlantic hurricane season made landfall near Matagorda, a sportfishing town near the South Texas Nuclear Generating Station in Bay City, a coastal nuclear power plant. Spokesman Buddy Eller said the plant had prepared for the storm and operations were normal with full staffing. Companies said output from oil platforms in the Gulf of Mexico, which pumps about a fifth of all domestic crude, was unaffected. But BP Plc shut its Mad Dog and Atlantis fields early on Tuesday after a pipeline outage that was expected to be fixed soon, a source said.

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope would create jobs and boost national security, a spokesman for one of the companies and a lobbyist for another one said on Friday. Producers for American Crude Oil Exports, or PACE, is the first lobbying group to form on reversing the ban. "The end game here is legislative repeal of the ban," said a lobbyist for one of the member producers, who did not want to be named because the group was only recently formed. Congress passed the trade restriction in the 1970s after the Arab oil embargo caused fears of domestic oil shortages.

Petchem producers unlikely to buy due to impurities in oil. Big middle distillates yield, less naphtha, LPG; wide variance in API gravities in assays, samples. Tests on samples of the same type of U.S. condensate now heading to South Korea and Japan have raised questions about the ultra-light crude's suitability for use in Asia, sources said, making some potential buyers wary about taking the oil. The uncertainty could delay a rapid build-up in the flow of U.S. condensate to Asia after the arrival of the first exports of U.S. crude in 40 years. Asian refiners and chemical producers will have to first determine the best use for the ultra-light oil before starting to buy in large volumes.

Steve Farris runs a $33 billion Texas oil and gas company and turns, for advice, to a bearded Vermont environmentalist. As other energy firms battled climate change and anti-pollution activists in recent years, the Apache Corp chief executive instead built an alliance with Steven Heim, managing director of Boston Common Asset Management, one of the better-known socially responsible investment firms. The relationship helped Apache side step time-consuming proxy fights that have plagued some of its peers, in exchange for changes like committing to protect the rights of native peoples living near remote gas projects, and using cleaner chemicals in hydraulic fracturing, a drilling method that environmentalists say could threaten groundwater.

Kitimat LNG partners Apache Canada Ltd. (Apache Canada) and EOG Resources Canada Inc. (EOG Canada) announced that they have agreed to purchase the 50 percent interest in the Pacific Trail Pipelines Limited Partnership (PTPLP) they do not own from Pacific Northern Gas Ltd. (PNG) for $50m. Apache Canada and EOG Canada will pay PNG $30m on closing – expected by the end of February – and a second payment of $20m when the purchasers decide to proceed with construction of the Kitimat liquefied natural gas (LNG) export facility. "Acquiring the PTP is an important step in building a comprehensive system that will enable Apache and EOG to tap Asian markets for our abundant natural gas resources in the Horn River Basin and elsewhere in Western Canada," said Janine McArdle, president of Kitimat LNG.

Onsite accommodation specialist, HB Rentals, a Superior Energy Services company, recently was awarded a $2.5m contract by EOG Resources, Inc. On the Toucan Platform in Trinidad in the West Indies, HB Rentals installed a 15-building package, stacking three units wide and five levels high, with a sleeping capacity of 48. The contract includes four sleepers, a super galley, a super diner, three office sleepers, a medic room, dry storage and a recreational room, all using fiberglass.

Kitimat LNG Inc. announced that it has signed a memorandum of understanding (MOU) with Apache Corporation to supply natural gas to Kitimat LNG's proposed liquefied natural gas export terminal. The MOU sets a framework for Kitimat and Apache to negotiate a definitive agreement to supply 200 million to 300 million cubic feet (MMcf) of natural gas feedstock per day to the terminal, which has a planned capacity of 700 MMcf per day. Apache also obtained an option to purchase an equity stake in the Kitimat LNG terminal. As natural gas supply and reserves continue to increase in North America, Kitimat LNG's terminal will provide producers in Canada such as Apache with secure access to key worldwide markets.

Kitimat LNG Inc. announced that it has signed a memorandum of understanding (MOU) with EOG Resources Canada (EOG) to supply natural gas to Kitimat LNG’s proposed liquefied natural gas (LNG) export terminal in Kitimat, B.C. Pursuant to the MOU, Kitimat LNG and EOG are proceeding to negotiate a definitive agreement under which EOG would supply specific quantities of the LNG facility’s 700 million cubic feet per day of natural gas feedstock. “EOG’s participation in our project reinforces the fact that business and natural gas fundamentals support our LNG terminal,” said Rosemary Boulton, President of Kitimat LNG. EOG is the first producer to sign an MOU with Kitimat LNG.

Crewmembers from Coast Guard Marine Safety Unit Galveston are investigating the early morning collision of an outbound freighter and an offshore platform located approximately 17 miles off the coast of Galveston. At 3:15 a.m., Coast Guard watchstanders at Group Galveston received reports of a platform fire in the Gulf of Mexico. At 3:30 a.m., the freighter SCM Athina notified the Coast Guard that it had struck the platform High Island 207. Substantial damage was sustained by the platform, resulting in a fire that could be seen from shore. Two offshore supply boats were in the area and immediately responded, fighting the fire and extinguishing the flames on the lower decks. The upper decks are still smoldering.