Special Discount for Niobrara News Readers looking to attend DUG Rockies Conference!

DUG Rockies March 9-11 2016Special Discount For The Niobrara News Subscribers:

Secure your seat at the 7th annual DUG Rockies conference and exhibition using discount code NIOBRARANEWS16 and save $200* off the currently advertised price. Plus, register a group of 4 or more at the same time, and you’ll save an additional $100 off each registration.

*Discount valid for Conference & Exhibition passes only. Not valid for exhibit-hall-only passes. New registrations only. Not valid for refunds. Continue reading “Special Discount for Niobrara News Readers looking to attend DUG Rockies Conference!” »

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Noble Energy slashes budget, drilling rigs in Colorado for 2016

Horizontal Drilling Rig in Weld County Colorado - Credit Niobrara News

Horizontal Drilling Rig in Weld County Colorado – Credit Niobrara News

Noble Energy Inc. on Wednesday said it plans to slash its 2016 capital budget by about 50 percent, to $1.5 billion, following a $2 billion net loss for 2015, or $4.73 per share, due to the bust in oil prices.

Houston-based Noble (NYSE: NBL), is one of Colorado’s biggest oil and gas companies with hundreds of wells in the Denver-Julesburg (DJ) Basin, which sprawls north and east of Denver to the state lines.

The company also said it wrote down$1.27 billion worth of goodwill and international assets during the fourth quarter.

The loss was a downward swing from the profit of $402 million, or $1.05 per share, Noble reported for all of 2014.

Continue reading article at The Denver Business Journal

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Greeley charges impact fees on oil and gas development

City of Greeley ColoradoLinda Kane – Energy Pipeline – February 22, 2016

For the first time in Greeley, local oil and gas companies are paying for their industry’s impact to the city infrastructure.

The city of Greeley last year implemented development fees for oil and gas operations, applied to every well developed in city limits. Development impact fees are a way for growth to pay for growth; developers typically pay on their building permits fees to help the city pay for additional pay water and sewer, parks and recreation, transportation and public safety infrastructure to accommodate the growth the developments bring. Oil and gas was added last year for the first time since development fees began in 2000.

“It’s a one-time fee and it’s when they drill they have to pay that,” said Brad Mueller, director of community development for the city of Greeley. “People will look at that number and say that it’s too low — that the impact on the roads is very big. But, that is a scientifically figured number.”

The fee is $1,999 per well. Pertaining to the oil industry, that fee helps to pay for transportation, police and fire expenses.

Continue reading article at Energy Pipeline

 

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Colorado anti-fracking measures: 1 down, 10 remain

Colorado State Capitol

Colorado State Capitol

A ballot proposal asking Colorado voters to ban fracking will be pulled from consideration for the 2016 ballot, according to a member of the group that filed the proposal in December.

But the other 10 proposals filed by Coloradans Resisting Extreme Energy Development (CREED) remain on the table, said Karen Dyke, who’s listed in state documents as the contact person for the 11 initiatives.

“We’re going to pull the one that’s the ban, not the other ones,” Dyke told the Denver Business Journal on Friday. “We’re down to 10, but we still have plenty to work with.”

Tricia Olson, a spokeswoman for CREED, said in an email: “While we didn’t want to eliminate any proposals, we always knew that we could only run one to two. At this point, it’s a process of elimination to get down to one or two.”

But while a proposal to ban fracking statewide may be off the table, the other initiatives backed by CREED are just as bad, said Karen Crummy, a spokeswoman for Protecting Colorado’s Environment, Economy and Energy Independence, an issues committee formed by the industry in 2014 to oppose anti-fracking initiatives.

“They withdrew it (the fracking ban proposal) because they know the vast majority of Coloradans support responsible oil and natural gas development and are against banning an entire industry,” Crummy said via email.

Continue reading story at The Denver Business Journal

Rockpick Says:  Why not just ban oil outright?, because that’s what you are going to get with some these initiatives specifying a 4000 ft setback. If voters approve most or all of them, then they are voting for much higher gasoline prices in the future due to limited supply!  …and where are all of the numerous examples of polluted groundwater from fracking, because isn’t banning/limiting fracking all about saving the environment?

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Energy company sells most of its Colorado assets for $910 million

WPX Energy Inc., Colorado’s biggest producer of natural gas, said Tuesday it will sell most of its Colorado assets to private equity firm Terra Energy Partners LLC for $910 million in cash.

The deal for WPX’s assets and operations in Colorado’s Piceance Basin, in western Colorado, is intended to shore up the Tulsa, Oklahoma, company’s balance sheet and help it survive the downturn. WPX has 215 employees in its Parachute office, plus an additional 16 in its Denver office.

WPX Energy Inc., Colorado’s biggest producer of natural gas, said Tuesday it will sell most of its Colorado assets to private equity firm Terra Energy Partners LLC for $910 million in cash.

The deal for WPX’s assets and operations in Colorado’s Piceance Basin, in western Colorado, is intended to shore up the Tulsa, Oklahoma, company’s balance sheet and help it survive the downturn. WPX has 215 employees in its Parachute office, plus an additional 16 in its Denver office.

Related Story: WPX Energy completes No. 2 Niobrara producing well in the US. WPX’s first well was No. 1

Continue reading story at The Denver Business Journal

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Press Release: Oil & Gas Veteran, John Stude, Joins Citadel Advisory Group

John Stude - Citadel Advisory Group - VP Business evelopment

John Stude – Citadel Advisory Group – VP Business evelopment

Brings Decades of Energy Experience to Team

Citadel Advisory Group, LLC, a Colorado based investment banking firm specializing in the energy services and related industries, is pleased to announce the addition of John Stude to their team of transaction experts as Vice President of Business Development.

Most recently, John served as Vice President – Business Development, North America Services for Superior Energy Services (NYSE:SPN). Prior to their acquisition by Superior, John was Vice President – Corporate Development for Complete Production Services (NYSE:CPX) where he was instrumental in executing their significant growth through strategic acquisitions.

Prior to his tenure at Superior and Complete, John was a member of the management teams of both Cardwell Manufacturing and Cooper Manufacturing rig companies. Continue reading “Press Release: Oil & Gas Veteran, John Stude, Joins Citadel Advisory Group” »

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Press Release: Mineral Owners Appreciation Breakfast for Weld County and Surrounding Areas, CO

NARO_Colorado_LogoThe National Association of Royalty Owners (NARO), Colorado Chapter, and Extraction Oil & Gas have united to co-sponsor an event for mineral owners and families in Weld County and the surrounding areas. Representatives of Extraction and NARO will speak about the issues facing oil and gas development in Weld County and the important role that mineral owners play in combating the regulatory constraints facing the industry.

The event will be held next Thursday, January 28th from 8 a.m. – 10 a.m. at the Union Colony Civic Center’s Hensel Phelps Theater located at 701 10th Ave in Greeley. Breakfast will be provided for attendees, beginning at 8 a.m. in the first floor lobby. For those who are in town for the Colorado Farm Show, please stop by before the day’s events on Thursday. The Civic Center is located only 1.5 miles from Island Grove Regional Park.

For more information on this event or to RSVP, please contact Emily Stibbs by email at Emily.stibbs@hkstrategies.com or by phone at 346-302-4993.

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Oil’s Next ‘Scary Price Point’ May Close The Spigot

oil-drop-dollarsignBY GILLIAN RICH, INVESTOR’S BUSINESS DAILY – January 15, 2016

Oil prices are nearing the point where pumping crude out of the ground ceases to be economical across the U.S., meaning the flow of oil — and cash for production companies — could dry up.

On Friday, U.S. crude futures settled down 5.7% at $29.42 a barrel, and Brent fell 6.3% to $28.94. With prices already below $30, no U.S. shale oil company is making money from operations, said Jason Wangler, a managing director at Wunderlich Securities.

The next “scary price point” is $20 a barrel, he said. That’s when the production of oil itself — just the cost of lifting it to the surface, excluding overhead, interest and one-time drilling expenses — is no longer feasible.

And $20 a barrel is a possibility. Analysts at Citigroup (NYSE:C) and Goldman Sachs (NYSE:GS) have said oil could fall as low as $20 a barrel this year. That would be the “absolute bottom for oil prices in the short term,” and in some places $30 a barrel is the bottom in terms of the marginal cost of production, said James Williams, an energy economist at WTRG Energy.

Continue reading at Investor’s Business Daily

 

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