This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Prometheus Energy And Apache Corporation Expand LNG Footprint In Drilling & Completion Operations For Greater Fuel Savings, Lower Emissions

Stocks in this article: APA

HOUSTON, Dec. 9, 2013 /PRNewswire/ -- Prometheus Energy Group Inc. ("Prometheus Energy"), a leading supplier of liquefied natural gas (LNG) to the oil & gas, mine haul, process industry and remote power generation sectors, today announced the expansion of its LNG Supply and Services Agreement with Apache Corporation (NYSE: APA), a leading oil and gas exploration and production company, and the #1 on-shore driller in North America. The collaboration has resulted in a direct supplier-to-operator fuel platform to provide Apache with the ability to utilize LNG, a cleaner burning alternative gas over other fossil fuels, powering multiple drilling rigs and frac spreads.


Under the expanded Agreement, Prometheus will provide Apache with additional LNG solutions for its new dual fuel and dedicated gas drilling rigs, as well as hydraulic fracturing pumping engines utilized by Apache's oilfield service providers.  For over a year, Prometheus Energy has facilitated Apache's strategic focus on delivering reduced emissions, as well as lower costs, in its exploration and production activities.

Other key benefits under the Agreement include:

  • Prometheus Energy's single solution to manage LNG supply, logistics, and delivery
  • Onsite LNG equipment for storage and regasification
  • Technical field services for Apache drilling and completion operations – Midcontinent region
  • Builds on an existing relationship as both companies discuss expansion to other operating units

"Prometheus Energy enables oil and gas companies to ideally position themselves for transition to natural gas fueling using LNG, offering an integrated approach in reducing emissions in an economically attractive, low-risk, and technically feasible manner," said Jim Aivalis, Chief Executive Officer of Prometheus Energy.  "We are excited to be partnering with Apache, a well-respected leader in the development of clean burning natural gas as a replacement for expensive diesel fuel in drilling rigs and fracturing fleets".

"We are evaluating all options for use of natural gas in all of our field applications, including field gas, CNG and LNG," states Mike Bahorich, Apache's Executive Vice President and Chief Technology Officer.  "When you consider the total cost of ownership and the additional project and operational advantages, the evaluation looks very promising for all three fuel applications. Prometheus has done an excellent job for Apache thus far with LNG."

Prometheus Energy's LNG solutions are ideal for industrial users who are looking to improve its environmental footprint and maximize ROI from this age of natural gas revolution.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs