Texas operators turn to flaring amid weak gas prices [Yahoo! Finance]
Devon Energy Corporation (DVN)
Last devon energy corporation earnings: 2/18 04:05 pm
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Source: Yahoo! Finance
their excess natural gas amid a supply glut and weak prices, prompting an uptick in flaring requests. The Railroad Commission of Texas (RRC), which regulates the state's oil and natural gas industry, last week approved 21 exemption requests from operators, mostly in the Permian and Eagle Ford shale fields, to flare, more than four times the level it approved this time last year. Flaring, or the burning of unwanted gas, has come under greater regulatory scrutiny in recent years amid pushes by environmental groups and others to clamp down on the practice that releases greenhouse gases to help slow climate change. Producers, however, now face a dilemma with crude oil prices trading above $80 a barrel, but gas remaining depressed and in some places falling into negative territory. "We think that operators will basically use all the tools in their tool box to try and keep producing oil because the oil returns are pretty strong right now", said Jason Feit, advisor to energy data pro
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DVN
Earnings
- 5/1/24 - Beat
DVN
Sec Filings
- 5/7/24 - Form 4
- 5/7/24 - Form 144
- 5/3/24 - Form PX14A6G
- DVN's page on the SEC website