Tuesday, March 8, 2016

Active rigs:

	3/8/2016	03/08/2015	03/08/2014	03/08/2013	03/08/2012
Active Rigs	35	114	191	186	205

RBN Energy: announcement of a new energy executive workshop.

Kuwait balks on oil production freeze. Link here.

Chevron:

CVX to cut spending over next two years (2017 - 2018):

Oil and natural gas producer Chevron Corp said on Tuesday it will slash its budget by at least 17 percent for the next two years as it finishes construction on major expansion projects and works to save cash as oil prices sit near 10-year lows.

The company said it plans to spend between $17 billion to $22 billion annually in 2017 and 2018. For 2016, the company has already announced it would spend $26.6 billion.

CVX opens huges Gargon project.

Chevron Corp.’s $54 billion Gorgon liquefied natural gas project, the largest resource development in Australia’s history, has started producing the super-cooled fuel.

The LNG project, whose partners include Royal Dutch Shell Plc and Exxon Mobil Corp., is due to ship its first cargo next week, San Ramon, California-based Chevron said in a statement. The development is located on the Barrow Island nature reserve off northwest Australia.

Gorgon is starting as weaker oil prices threaten revenue projections for LNG export developments, which typically have long-term sales contracts tied to the value of crude.

The Australian project will add to a wave of new supply, including the first deliveries from the U.S., as demand in Asia slows.

The project’s cost ballooned from an estimate of $37 billion when the companies decided to go ahead with the venture in 2009. The development is expected to reach full capacity at its three production facilities, known as trains, by the second half of 2017.

Trouble in paradise. Vivint Solar terminates $2.2 billion merger with SunEdison.

Rooftop solar panel installer Vivint Solar Inc said on Tuesday it had terminated an agreement under which it would have been taken over by solar energy company SunEdison Inc after SunEdison failed to consummate the deal.

SunEdison agreed to buy Vivint, which is controlled by Blackstone Group LP, on July 20 in a cash-and-stock deal valued at about $2.2 billion.

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From The Iowa Primary

From The New York Times:

 In Iowa, Marco Rubio’s campaign knew how to spot its supporters in a sea of locals wearing Carhartt jackets and work boots: Look for the people in Vineyard Vines and Patagonia.

I would have been one of those wearing Carhartt.

Memo to self: have Sophia take a picture of my in my Carhartt from Home of Economy, Williston.  This coat will be worn by someone long after I'm gone. It feels indestructible.