May 8, 2018, by Nidhi Verma and Florence Tan NEW DELHI/SINGAPORE (Reuters) – Iran is readying the first commercial exports of its West Karoun crude oil grade for May or June, two sources familiar with the matter said, even as fresh economic sanctions against the country loom. Iran has already been shipping samples of the … Read more
May 8, 2018, by Grant Smith (Bloomberg) President Donald Trump will announce on Tuesday whether the U.S. will leave the 2015 Iran nuclear agreement, a signature achievement by his predecessor that he’s long derided as “the worst deal ever.” He could still surprise the world by agreeing to stay in the accord as diplomats try … Read more
May 8, 2018, by Mohammed Aly Sergie (Bloomberg) With Donald Trump set to announce a decision today on whether to re-impose U.S. sanctions on OPEC member Iran, $200 billion in potential energy deals hang in the balance. That’s the investment Iran needs in oil, natural gas and petrochemicals, Oil Minister Bijan Namdar Zanganeh has said. … Read more
May 8, 2018, by Ryan Beene and John Lippert (Bloomberg) The Trump administration is preparing to battle California’s tough car pollution regulations using an approach that federal courts have already rejected. Twice. Federal regulators are drafting a proposal that takes aim at California’s cherished authority to set its own smog-busting rules. A leaked draft of … Read more
May 7, 2018, by Stephen Stapczynski (Bloomberg) Saudi Arabia’s energy minister said bringing global oil inventories back to their five-year average isn’t the target of OPEC’s output cuts, and the group is yet to accomplish its goal of stabilizing markets. The rolling five-year average of stockpiles is inflated by the glut that’s been around since … Read more
May 8, 2018, by Lorcan Roche Kelly (Bloomberg) Decision day President Donald Trump is poised to announce his decision on whether the U.S. will leave the 2015 Iran nuclear agreement at 2 p.m. Eastern Time today, with most expecting an exit from what Trump has dubbed the “worst deal ever.” While the market is positioned for … Read more
May 7, 2018 (Bloomberg) Gulf kingdom will supply millions of tonnes of oil for the next five years to help Sudan tackle a growing energy crisis. Saudi Arabia will supply Sudan with millions of tonnes of oil for the next five years to help it tackle a growing energy crisis, the African country’s oil minister … Read more
May 7, 2018, by Frank Jossi (Renewable Energy World) The Trump administration’s tariffs have loomed over the U.S. solar industry all year, and they were a reoccurring topic at this week’s Midwest Solar Expo in Minneapolis. The three-day conference included sessions on the growth of community solar, the potential for commercial and industrialprojects, and the overall state of … Read more
May 7, 2018, by Sheela Tobben (Bloomberg) U.S. oil prices fell back below $70 a barrel after President Donald Trump tweeted that he would announce a decision on the Iranian deal Tuesday afternoon. The benchmark crude price fell more than $1 a barrel immediately after the tweet, dropping below the $70 mark for the first … Read more
May 7, 2018, by Kevin Crowley and Alex Nussbaum (Bloomberg) Call it Permian, version 3.0. That’s how Tim Dove, who leads Pioneer Natural Resources Co., refers to new well designs his company says are now pumping 35 percent more oil than their predecessors. And Pioneer’s not alone: Rivals are also boasting of huge improvements resulting … Read more
May 7, 2018, by Christopher Sell (Bloomberg) Plunging Venezuelan crude production; sanctions disrupting Iranian oil exports; Saudi Arabia pushing for even higher prices; North Korea peace talks — the coming weeks bring an abundance of risks for the oil market. The geopolitical premium has already helped lift crude prices to a three-year high. There are … Read more
May 7, 2018 (The Associated Press) DUBAI, United Arab Emirates – From airplanes to oilfields, billions of dollars are on the line for international corporations as President Donald Trump weighs whether to pull America out of Iran’s nuclear deal with world powers. Regardless of where they are headquartered, virtually all multinational corporations do business or … Read more
VIENNA, May 7, 2018 /PRNewswire/ — The 7th OPEC International Seminar from 20–21 June 2018 in Vienna will be an exclusive gathering for high-ranking representatives from government, business, science and academia The 7th OPEC International Seminar, one of the world’s most prominent forums for leading experts in the energy field, will take place from 20-21 … Read more
HOUSTON & LONDON–(BUSINESS WIRE)–Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for April 2018 was 978, up 6 from the 972 counted in March 2018, and up 22 from the 956 counted in April 2017. The international offshore rig count for April 2018 was 194 up 6 from … Read more
May 4, 2018, by Ryan Blitstein (Renewable Energy World) The American Wind Energy Association’s new report on the U.S. wind market says the U.S. added around 2,000 wind turbines last year. What if the U.S. could add another 2,200 turbines’ worth of clean energy without putting a single turbine in the ground? The good news: … Read more
May 7, 2018 MOSCOW (Reuters) – Russian Energy Minister Alexander Novak said on Monday that Russia is committed to reaching 100 percent compliance with an international pact led by the Organization of the Petroleum Exporting Countries (OPEC) to reduce oil output in May. Russia’s oil output stood at 10.97 million barrels per day in April, … Read more
May 7, 2018 TOKYO (Reuters) – Saudi Arabian Energy Minister Khalid al-Falih said on Monday he was concerned about possible shortages of spare crude oil output capacity, although he believes the market is in better shape after the OPEC-led production cuts that started in 2016. Oil prices have surged as the output cut agreement by … Read more
May 6, 2018, by Nussaibah Younis May 12 is more than the deadline for Donald Trump to withdraw from the Iran nuclear agreement. It’s also the day that Iraqis are due to go to the polls to vote for a new parliament. And while the election has been largely overlooked amid the tension over the U.S. … Read more
May 7, 2018 by Mahmoud Habboush (Bloomberg) U.S. oil rose above $70 a barrel for the first time since November 2014 as traders braced for a re-imposition of U.S. sanctions on Middle East crude producer Iran. Futures in New York and London jumped as much as 1.4 percent. While U.S. President Donald Trump has threatened … Read more
May 6, 2018, by Marianna Parraga and Deisy Buitrago HOUSTON/CARACAS (Reuters) – U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar with its actions. The U.S. … Read more
May 6, 2018, by Veronica Gomez and Anthony Esposito WASHINGTON (Reuters) – Talks to update the NAFTA trade deal enter a make-or-break week on Monday, as ministers from Canada, the United States and Mexico seek to resolve an impasse in key areas before elections in Mexico and the United States complicate the process. Discussions in … Read more
May 7, 2018 by Lorcan Roche Kelly (Bloomberg) Deadline for Trump’s Iran decision nears, oil rises over $70, and China urges “rational and pragmatic” approach to trade. Here are some of the things people in markets are talking about today. Decision time Over the weekend both sides made their final pitches on the Iran deal, with Israeli … Read more
May 6, 2018 by Alex Nussbaum (Bloomberg) For the oil industry, $70 offers a test of wills. With benchmark U.S. crude prices crossing the $70 a barrel threshold on Monday, the shale drillers who helped upend global markets now face a new challenge: Do they stick with promises of fiscal discipline and avoid new production? … Read more
May 6, 2018, by Gul Yousafzai QUETTA, Pakistan (Reuters) – The death toll from Saturday’s coal mine blast and landslides in southwest Pakistan climbed to 23 on Sunday, officials said, after ending their rescue operation. At least 16 miners died on Saturday and more than a dozen were trapped after an explosion in a mine … Read more
May 6, 2018, by Julian Lee After more than a year of assessing how effective OPEC and friends have been at keeping a lid on supply, it’s fair to ask how much more they can produce. This is really a question about spare production capacity — and it’s an urgent one. President Donald Trump has … Read more
May 6, 2018, by Arsalan Shahla (Bloomberg) Iran, faced with a possible restoration of U.S. sanctions, came out against higher oil prices, signaling a split with fellow OPEC member Saudi Arabia, which is showing a willingness to keep tightening crude markets. A “suitable price” for crude is $60 to $65 a barrel, Amir Hossein Zamaninia, … Read more
May 4, 2018 by Ryan Collins (Bloomberg) With breakthroughs in drilling technology reducing costs and crude oil prices near $70 a barrel, wells in North Dakota are turning into cash cows. The cost of getting oil and gas to the surface in North Dakota’s Bakken field has fallen, recently hitting $41 to $50 a barrel … Read more
May 5, 2018 by Sheela Tobben (Bloomberg) Oil producers may be getting in their own way in the race to pump crude from the fertile Permian Basin. Railcars full of sand have helped producers unlock record amounts of crude in the Permian Basin, pushing regional prices well-below the going rate on Gulf Coast. Pipelines needed … Read more
May 4, 2018 by Jessica Summers (Bloomberg) Oil futures in New York zeroed in on $70 a barrel as traders brace for a re-imposition of U.S. sanctions on Iran. Prices jumped 1.9 percent on Friday to close at the highest level since November 2014. Even though U.S. President Donald Trump has yet to announce whether … Read more
March 4, 2018 (Reuters) – U.S. energy companies added oil rigs for a fifth week in a row as they follow through on plans to spend more on drilling this year with higher crude prices boosting their profits and pushing nationwide production to record highs. Drillers added nine oil rigs in the week to May … Read more
May 4, 2018 by Bob Van Voris (Bloomberg) ExxonMobil, Chevron, Shell, BP and ConocoPhillips asked a judge to throw out New York City’s lawsuit seeking to hold them responsible for costs related to the environmental changes caused by their products. New York, the biggest U.S. city, sued the companies in January, claiming they’re the world’s … Read more
May 4, 2018 (Renewable Energy World) Energy experts highlighted the explosive growth potential of the U.S. offshore wind industry and the expertise its supply chain will leverage from the U.S. offshore oil and gas (O&G) sector during a panel discussion hosted this week at the Offshore Technology Conference by Renewable Energy World and the Special … Read more
Global LNG trade increases by a record 10% in 2017 Global trade in liquefied natural gas (LNG) increased by 3.5 billion cubic feet per day (Bcf/d) to 38.2 Bcf/d in 2017, a 10% increase from 2016 and the largest annual increase in the history of LNG trade, according to the recently released 2018 Annual Report on LNG … Read more
May 4, 2018 SEOUL (Reuters) – Saudi Arabian Energy Minister Khalid al-Falih said on Friday he was “optimistic” about South Korea being shortlisted to build nuclear power plants for the Middle Eastern kingdom. Falih told reporters on the sidelines of an industry event in Seoul that South Korea could expect a “good result” when asked … Read more
RENO, Nev., May 03, 2018 (GLOBE NEWSWIRE) — Ormat Technologies Inc. (NYSE:ORA) today announced that its Platanares project subsidiary and the Overseas Private Investment Corporation (OPIC), United States government’s development finance institution, signed a Finance Agreement to provide a loan (on a non-recourse project finance basis) totaling up to $124.7 million for the 35 MW … Read more
HOUSTON–(BUSINESS WIRE)–Enterprise Products Partners L.P. (NYSE: EPD) and Energy Transfer Partners, L.P. (NYSE: ETP) today announced the formation of a 50/50 joint venture to resume service on the Old Ocean natural gas pipeline, which has been essentially idled since 2012. The 24-inch diameter pipeline, which originates at Maypearl, Texas in Ellis County and extends south … Read more
By Henning Gloystein and Oleg Vukmanovic SINGAPORE/LONDON, May 4 (Reuters) – Asian spot prices for liquefied natural gas (LNG) firmed over the past week, supported by strong oil and coal markets and amid a structural tightening of the fuel’s fundamentals. Asian LNG prices for delivery in June LNG-AS were at $8.1 per million British thermal … Read more
May 3, 2018, by Carolina Mandl and Tatiana Bautzer SAO PAULO (Reuters) – Brazilian state-controlled oil company Petroleo Brasileiro SA has chosen to enter exclusive talks with France’s Engie SA for the sale of Petrobras’ gas pipeline network Transportadora Associada de Gás, five people with knowledge of the matter said on Thursday. According to the people, … Read more
May 4, 2018, by Lorcan Roche Kelly (Bloomberg) Jobs day Economists are expecting a hiring rebound in April to 192,000 positions added after March’s disappointing number when the figures are released at 8:30 a.m. Eastern Time. For the third report in a row, expectations are for a decline in the jobless rate to 4.0 percent from … Read more
May 3, 2018, 11:00:00 AM, by Mark Chediak (Bloomberg) California’s chief utility regulator is warning that the state could find itself in the throes of another energy crisis if it doesn’t address the droves of customers defecting from utilities. The state is going to find it increasingly difficult to ensure it has enough electricity to keep … Read more
May 3 (Reuters) – New York’s power grid operator on Thursday forecast that demand for power from the system will decline over the next decade due to efficiency programs and as more homes and businesses generate their own electricity on site. The New York Independent System Operator (NYISO), the grid operator, projected power demand would … Read more
By John Kemp LONDON, May 3 (Reuters) – Saudi Arabia’s financial position has stabilised as a result of the increase in oil prices as well as efforts to raise non-oil revenues and trim government spending. But the country probably needs even higher prices and revenues in the next few years to pay for its ambitious … Read more
May 3, 2018, by Babak Dehghanpisheh BEIRUT (Reuters) – President Donald Trump is expected to pull the United States out of the Iran nuclear agreement on May 12. Tehran signed the Joint Comprehensive Plan of Action, with China, France, Germany, Russia, Britain, and the United States in 2015. Iran agreed to curbs on its nuclear … Read more
May 3, 2018 WASHINGTON/CALGARY, Alberta (Reuters) – TransCanada Corp (TRP.TO) plans to start preliminary work on its Keystone XL pipeline project in Montana in the fall of 2018 ahead of full construction in 2019, according to a letter from the U.S. State Department to Native American tribes. The letter, dated April 10, and seen by … Read more
May 3, 2018, by Parisa Hafezi ANKARA (Reuters) – Iran’s foreign minister said on Thursday U.S. demands to change its 2015 nuclear agreement with world powers were unacceptable as a deadline set by President Donald Trump for Europeans to “fix” the deal loomed. Trump has warned that unless European allies rectify the “terrible flaws” in … Read more
May 3, 2018, by David Shepardson WASHINGTON (Reuters) – Federal prosecutors in Detroit on Thursday unsealed charges against former Volkswagen AG (VOWG_p.DE) Chief Executive Martin Winterkorn, accusing him of conspiring to mislead regulators about the German automaker’s diesel emissions cheating. An indictment filed in secret in March was unsealed in U.S. District Court on Thursday, … Read more
May 3, 2018, by Liam Denning (Bloomberg Opinion) In hindsight, Elon Musk’s statement at the beginning of Tesla Inc.’s latest earnings call that “We’re going to go as long as there are good questions to answer” sounds less like encouragement and more like a warning. As you may have heard, the CEO decided the “good questions” … Read more
May 3, 2018, by Elena Mazneva (Bloomberg) Russia reaffirmed its pledge to an alliance with OPEC, despite two months of breaching its target under a global oil-output deal. The country remains “fully committed” to bringing balance to the crude market, Russia’s Energy Minister Alexander Novak said in a statement Thursday. Russia’s compliance with the deal … Read more
Gastech, the leading and longest running exhibition and conference for the international gas, LNG (liquefied natural gas) and energy industries, has been discussing predictions for a rise and onset of upstream and technical advances in the marketplace – enhancing projects and bolstering efficiencies at this year’s OTC. Taking place in Barcelona, Spain from 17-20 … Read more
May 3, 2018, by Lucia Mutikani (Reuters) The U.S. trade deficit narrowed sharply in March as exports increased to a record high amid a surge in deliveries of commercial aircraft and soybeans. The Commerce Department said on Thursday the trade gap dropped 15.2 percent to $49.0 billion, the lowest level since September. Data for February was … Read more
Houston, May 03, 2018 (GLOBE NEWSWIRE) — Shell Midstream Partners, L.P. (NYSE: SHLX), a growth-oriented midstream master limited partnership formed by Royal Dutch Shell plc (“RDS”), reported net income attributable to the partnership of $64.0 million for the first quarter of 2018, which equated to $0.18 per common limited partner unit. Shell Midstream Partners also … Read more
HOUSTON, May 03, 2018 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE:TRGP) (“TRC”, the “Company” or “Targa”) today reported first quarter 2018 results. First Quarter 2018 Financial Results First quarter 2018 net income (loss) attributable to Targa Resources Corp. was $22.9 million compared to ($119.3) million for the first quarter of 2017. The Company reported earnings before … Read more
HOUSTON, May 03, 2018 (GLOBE NEWSWIRE) — LINN Energy, Inc. (OTCQB:LNGG) (“LINN” or the “Company”) announces financial and operating results for the first quarter 2018 and highlights the following: Announced strategic plan to separate into two public companies, Roan Resources (“Roan”) and Riviera Resources (“Riviera”) during mid-summer 2018 Completed strategic divesture program resulting in approximately … Read more
HOUSTON, May 3, 2018 /PRNewswire/ — At an energy panel in Houston this week, industry and policy leaders highlighted the road map and milestones marking lift-off of America’s burgeoning offshore wind (OSW) industry, which now has 8 gigawatts (GW) of firm commitments in six Northeast states, a project pipeline of almost 25 GW, and potential to … Read more
May 2, 2018, by Grant Smith (Bloomberg) Whenever Saudi Arabian officials are asked what oil price the kingdom want, they almost always reply that they have no preference. Recent reports that the world’s largest exporter was aiming for $80 a barrel elicited the same response: there’s no target. But the International Monetary Fund’s latest report … Read more
May 3, 2018, by Liz Hampton HOUSTON (Reuters) – At BP’s massive Thunder Horse oil platform in the U.S. Gulf of Mexico, a dog-sized robot called Maggie uses magnetic tracks to creep along pipes connecting the giant oil facility to the sea floor. Before MaggHD, dubbed “Maggie” by BP, the dangerous inspection job was reserved … Read more
May 3, 2018, by Lorcan Roche Kelly (Bloomberg) Mnuchin in Beijing Treasury Secretary Steven Mnuchin, along with a team of top White House officials, has arrived in China for trade talks, with the ground already set for difficult negotiations. China’s government has said that it won’t accept any pre-conditions from the U.S. or submit to any threats. With … Read more
May 3, 2018, by Isabelle Gerretsen LONDON (Thomson Reuters Foundation) – Faced with a population boom that has sent carbon emissions soaring and stretched power supplies to breaking point, oil-rich Nigeria is turning to renewable energy in a big way. Africa’s most populous country needs more than 10 times its current electricity output to guarantee supply … Read more
May 2, 2018, by Jarrett Renshaw (Reuters) – The Trump administration has invited a group of U.S. senators to the White House early next week to discuss biofuels policy, the latest in a series of such meetings aimed at helping refiners cope with the Renewable Fuel Standard, according to two sources familiar with the matter. … Read more
May 2, 2018 by Scott Deveau (Bloomberg) Crescent Point Energy Corp.’s shareholders are expected to vote against a slate of directors put forth by activist investor Cation Capital Inc., according to people familiar with the matter. Preliminary results show Cation was unable to secure any seats on the board of the Calgary-based oil and gas … Read more
April 2, 2018 KUWAIT (Reuters) – OPEC will focus on market stability and managing a supply glut — not prices — when the group meets in June, Kuwait’s oil minister said on Wednesday. Asked about whether OPEC would raise output to bring down prices following remarks last month by U.S. President Donald Trump accusing OPEC … Read more
May 2, 2018 (Reuters) – U.S. crude oil stocks rose sharply last week, bringing overall supply to its highest level since December, and gasoline inventories also rose, the Energy Information Administration said on Wednesday. Crude inventories jumped by 6.2 million barrels to about 436 million barrels in the week to April 27, compared with expectations … Read more
May 2, 2018, by Alaric Nightingale and Jessica Summers (Bloomberg) Saudi Arabia set the price of its benchmark crude in Asia at the highest level since August 2014, just a few weeks after the trading unit of China’s biggest refiner asked for fewer barrels because of high prices. Saudi Arabian Oil Co., the state producer … Read more
May 2, 2018, 11:14:29 AM, by Alex Nussbaum (Bloomberg) There’s a downside to oil prices being up that could cost the industry more than $7 billion. When crude markets slumped, explorers used hedging contracts to lock in payments for future barrels to ride out prices that fell as low as $27 a barrel in 2016. Now, … Read more
May 2, 2018, by Robert Tuttle (Bloomberg) North America’s great oil surge of 2018 amid the highest oil prices in more than three years is threatened by pipeline gridlock from West Texas to Alberta and oil investors have yet to fully appreciate the implications, according to Energy Aspects Ltd. North America will contribute about 1.2 million … Read more
May 2, 2018, by Brian Eckhouse (Bloomberg) A single faulty blade at an Ontario wind farm proved costly for TerraForm Power Inc. When the part failed in January at the company’s Raleigh wind farm, TerraForm took 70 turbines that used the same type of blade out of service to identify the problem. That ate up … Read more
May 2, 2018 U.S. imports of Canadian crude oil by rail increase Growth in Canadian crude oil production has outpaced expansions in pipeline takeaway capacity and, along with past pipeline outages, has driven Canadian crude oil prices lower and increased Canadian crude oil exports by rail to the United States. However, the outlook for increased … Read more
May 1, 2018 (Associated Press) BISMARCK, N.D. — Regulators have approved a $1.8 million natural gas pipeline project in northwestern North Dakota. ONEOK Rockies Midstream plans to convert an existing natural gas gathering pipeline and a portion of another gathering pipeline into a natural gas liquids transmission line. The Bismarck Tribune reports the state Public … Read more
HOUSTON–(BUSINESS WIRE)–NOW Inc. (NYSE: DNOW) announced results for the first quarter ended March 31, 2018. Earnings Conference Call May 2, 2018 8:00 a.m. CST 1 (800) 446-1671 (North America) 1 (847) 413-3362 (Outside North America) Webcast: ir.distributionnow.com First Quarter 2018 Financial Highlights Refer to Supplemental Information in this release for GAAP to non-GAAP reconciliations. Robert … Read more
May 2, 2018, by Nichola Groom (Reuters) – U.S. solar and wind energy companies have donated far more money to Republicans than Democrats in congressional races this election cycle, according to a Reuters analysis of campaign finance data, an unprecedented tilt to the right for an industry long associated with the environmental left. While the … Read more
OKLAHOMA CITY, May 2, 2018 /PRNewswire/ — Chesapeake Energy Corporation (NYSE:CHK) today reported financial and operational results for the 2018 first quarter. Highlights include: 2018 first quarter net income available to common stockholders of $268 million, or $0.29 per diluted share; 2018 first quarter adjusted net income available to common stockholders of $361 million, or … Read more
May 1, 2018, by Jarrett Renshaw NEW YORK (Reuters) – A biofuels trade group asked a federal court on Tuesday to rule whether the U.S. Environmental Protection Agency violated the law in granting a growing number of small refineries exemptions from renewable fuel laws, according to a court filing. The Advanced Biofuels Association (ABFA), which … Read more
Highlights Raising full-year 2018 oil production outlook High-rate Boundary Raider wells set Delaware Basin record STACK Coyote development delivers prolific production rates Showboat project online 40 days ahead of plan G&A and interest savings to reach $175 million annually $1 billion share-repurchase program underway OKLAHOMA CITY–(BUSINESS WIRE)– Devon Energy Corp. (NYSE: DVN) today reported operational … Read more
May 2, 2018, by Thomas Biesheuvel and Tom Wilson (Bloomberg) The world’s war on coal is making its biggest producers a lot richer, at least for now. Anglo American Plc, Glencore Plc and BHP Billiton Ltd. are generating the highest profits in years from their coal mines. Income for the 37 coal producers tracked in … Read more
May 2, 2018, by Lorcan Roche Kelly (Bloomberg) Fed day Federal Reserve policy makers are expected to keep rates unchanged when they announce the latest monetary decision at 2 p.m. Eastern Time today. While there will be an accompanying statement, there is no press conference scheduled for today. Analyst attention is likely to be on the outlook for inflation, which recently hit its … Read more
May 2, 2018 by Tsuyoshi Inajima and Grant Smith (Bloomberg) Oil traded near $68 a barrel as traders weighed increasing U.S. stockpiles against growing expectations of renewed sanctions on Iran’s crude trading. Futures in New York increased 0.6 percent after a 1.9 percent drop on Tuesday. U.S. crude inventories rose 3.43 million barrels last week, … Read more
May 2, 2018, by Grant Smith (Bloomberg) OPEC and Russia seem determined to keep on cutting production even after their campaign to rebalance world oil markets achieved its main target. The primary justification for doing so looks shaky. Sixteen months of output curbs have all but eliminated surplus oil inventories and prices are near a … Read more
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May 1, 2018, by Angelina Rascouet (Bloomberg) OPEC continues to over-deliver on its production cuts, with output falling further last month as the group nears its goal of rebalancing the oil market. The cartel pumped 31.93 million barrels a day, down from a revised 31.97 million in March, a Bloomberg News survey of analysts, oil companies … Read more
May 1, 2018, by Christopher Martin (Bloomberg) The U.S. is looking for new battery technologies that are cheaper and can hold onto power longer. The U.S. Energy Department plans to offer a total of as much as $30 million to researchers developing stationary energy storage systems that can deliver power to the grid for as … Read more
May 1, 2018, by Liam Denning (Bloomberg Gadfly) It’s official: U.S. oil demand increased almost half-a-million barrels a day in February. Except, on the other hand, it didn’t quite do that. The Energy Information Administration just released its monthly estimates of U.S. oil supply and demand, which come with a time-lag. They show consumption of … Read more
May 1, 2018, by David Shepardson and Valerie Volcovici WASHINGTON (Reuters) – California and a group of 16 other states on Tuesday challenged the Trump administration’s decision to revise strict U.S. vehicle emissions and fuel efficiency rules put in place under former President Barack Obama. The 17 states and the District of Columbia filed a … Read more
May 1, 2018, by Seyed Hossein Mousavin (Reuters) Benjamin Netanyahu has accused Iran of lying “big time” about its nuclear program. In a theatrical announcement Monday, the Israeli prime minister presented files and CDs that he claimed show Tehran hid secret nuclear plans after signing the multinational 2015 Joint Comprehensive Plan of Action (JCPOA) agreement. … Read more
May 1, 2018, by Olesya Astakhova MOSCOW (Reuters) – Russia’s largest oil producer Rosneft (ROSN.MM) has proposed a $2 billion share buyback to improve returns, alongside plans to cut total debt and trading liabilities by a minimum of 500 billion roubles ($7.9 billion) this year. Rosneft said in a statement on Tuesday that it would … Read more
Natural Gas Monthly The April Natural Gas Monthly, with data through February 2018, has been released. In February 2018, for the ninth consecutive month, dry natural gas production increased year-to-year from the same month a year ago. The preliminary level for dry natural gas production in February 2018 was 2,203 billion cubic feet (Bcf), or … Read more
HOUSTON, May 01, 2018 (GLOBE NEWSWIRE) — Noble Energy, Inc. (NYSE:NBL) (“Noble Energy” or the “Company”) today announced first quarter 2018 financial and operating results. Highlights include: Delivered quarterly sales volumes of 361 MBoe/d(1) up 18 percent(2) from first quarter 2017 on organic capital expenditures of $781 million. Increased U.S. onshore oil production over 30 percent(2) compared … Read more
DETROIT, May 1, 2018 /PRNewswire/ — DTE Electric priced its inaugural offering of green bonds yesterday. The $525 million in bonds will finance “green” investments, including low-carbon projects like renewable energy and energy efficiency. DTE is the fifth investment-grade energy company in the nation – and the first company in Michigan – to sell green bonds. … Read more
MILWAUKEE, May 1, 2018 /PRNewswire/ — WEC Energy Group (NYSE: WEC) recorded net income of $390.1 million, or $1.23 per share, for the first quarter of 2018 – up from $356.6 million, or $1.12 per share, for the first quarter of 2017. Consolidated revenues totaled $2.3 billion for the first quarter of 2018, level with last … Read more
May 1, 2018 (Bloomberg) Emirate inaugurates 200MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park. Dubai has taken another step toward completing what it says will be the largest solar park of its kind, inaugurating a 200-megawatt facility with partners Electricite de France and Abu Dhabi-based renewables company Masdar. The third and … Read more
May 1, 2018 LONDON (Reuters) – The United States moved up to second place in a ranking of the most attractive countries for renewables investment, after China, a report by UK accountancy firm Ernst & Young showed on Tuesday. In an annual ranking of the top 40 renewable energy markets worldwide, China was the top … Read more
April 30, 2018, by Tom Hals WILMINGTON, Del. (Reuters) – Contura Energy Inc and Alpha Natural Resources Holdings Inc said on Monday they agreed to merge, creating the largest U.S. producer of metallurgical (met) coal, used in steelmaking, and reuniting the two businesses that were split following a 2015 bankruptcy. The deal comes as investors … Read more
May 1, 2018 (Reuters) – Phillips 66 reported unplanned flaring due to a breakdown at its 139,000-barrel-per-day (bpd) Los Angeles-area refinery in Wilmington, California, according to a filing with state pollution regulators. The filing with the South Coast Air Quality Management District listed event start date as Apr. 30, 11:12 p.m.(local time) and event end … Read more
April 30, 2018, by Ann Saphir MIDLAND, Texas (Reuters) – In West Texas, rising oil prices are fueling a sharp economic upswing, lifting employment and pay to records, driving up spending at hotels, restaurants, and car dealerships, and raising the cost of housing and other essentials. This parched patch of land, under which lie the … Read more
May 1, 2018, by Lorcan Roche Kelly (Bloomberg) Kicking the steel can President Donald Trump delayed the imposition of steel and aluminum tariffs on the European Union, Mexico and Canada until June 1, with the administration saying it has reached agreements-in-principle with Argentina, Australia and Brazil. EU officials responded with a statement saying that while they … Read more
April 30, 2018, by Lawrence Hurley WASHINGTON (Reuters) – The U.S. Supreme Court on Monday dealt another setback to a proposed natural gas pipeline running from Pennsylvania to New York, rejecting Constitution Pipeline Co’s bid to challenge New York state’s refusal to issue a needed water permit for the project. The high court left in … Read more
April 30, 2018, by Alex Lawler LONDON (Reuters) – OPEC oil output fell in April to a one-year low due to declining production in Venezuela and lower shipments from African producers, a Reuters survey found, sending compliance with a supply-cutting deal to another record. The Organization of the Petroleum Exporting Countries pumped 32.12 million barrels … Read more
April 30, 2018 NEW YORK (Reuters) – U.S. crude oil production jumped 260,000 barrels per day (bpd) to 10.26 million bpd in February, the highest on record, the Energy Information Administration said in a monthly report on Monday. Production in Texas rose by 106,000 bpd to above 4 million bpd, also a record high based … Read more
April 30, 2018, by Rania El Gamal DUBAI (Reuters) – Royal Dutch Shell (RDSa.L) is fully committed to its gas joint venture in Iraq, after the energy major exited its oil assets in the OPEC country, and plans to boost its gas output there to 1.4 billion cubic feet (bcf) a day by 2020, a … Read more
April 30, 2018, Brian Eckhouse (Bloomberg) Companies are buying renewable power at a record pace. AT&T Inc. and Walmart Inc. are among 36 businesses, government agencies and universities that have agreed to buy 3.3 gigawatts of wind and solar power so far this year. That’s on track to shatter the previous high of 4.8 gigawatts … Read more
April 30, 2018, by Sheela Tobben (Bloomberg) Oil drillers are working extra hard with crude prices rising near $70 a barrel. Texas oil production jumped to 4.01 million barrels a day in February, almost 21 percent higher from a year earlier, according to the Energy Information Administration, the highest in EIA data since 1981. That … Read more
April 30, 2018, by Eric Larson For fun, I like to help with my Son’s robotics team at his high school. This is part of an international robotics organization called FIRST. Each team consists of students, teachers, and industry mentors. I belong to the third category, “industry mentors”. We are easily identified as the ones in the … Read more
April 30, 2018 (The Associated Press) HOUSTON — A company building a crude oil pipeline in Louisiana is asking a federal appeals court to throw out a judge’s order that had halted construction work in an environmentally fragile swamp. A three-judge panel of the 5th U.S. Circuit Court of Appeals is scheduled to hear arguments … Read more
CHARLOTTE, N.C., April 30, 2018 /PRNewswire/ — Duke Energy’s renewable energy capacity grew by almost 20 percent in 2017, according to the company’s newly posted Sustainability Report. One of the company’s sustainability goals is to own, or have under contract, 8,000 megawatts (MW) of wind, solar and biomass capacity by 2020. Over the past year, … Read more
FINDLAY, Ohio and SAN ANTONIO, April 30, 2018 /PRNewswire/ — Marathon Petroleum Corp. (NYSE: MPC) and Andeavor (NYSE: ANDV) today announced that they have entered into a definitive merger agreement under which MPC will acquire all of ANDV’s outstanding shares, representing a total equity value of $23.3 billion and total enterprise value of $35.6 billion, … Read more
HOUSTON, April 30, 2018 /PRNewswire/ — KBR, Inc. (NYSE: KBR) announced today that it has been awarded a contract by Saudi Arabian Oil Company (Saudi Aramco) and SABIC as the second Project Management Contractor (PMC) to provide Pre-Front End Engineering Design (Pre-FEED), Front End Engineering Design (FEED) and Program Management Services to develop the world’s … Read more
IRVING, Texas–(BUSINESS WIRE)–ExxonMobil said today it agreed to purchase PT Federal Karyatama (FKT), one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, to enable expansion in an important international market. The acquisition includes the Federal Oil brand and a 700,000 barrel per year blending plant in Cilegon, Indonesia. Pending shareholder, government and regulatory approvals, … Read more
HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE:COP) today announced that it has received notice of an unsolicited mini-tender offer by Baker Mills LLC (Baker Mills) to purchase up to 55,000 shares of ConocoPhillips common stock from the stockholders of ConocoPhillips. The offer represents approximately 0.005 percent of the outstanding shares of ConocoPhillips common stock. The offer price of $54.00 … Read more
April 30, 2018 (Renewable Energy World) The team that produced the first wind turbine blade from a 3-D printed mold has been recognized for a design that could help shorten the time and expense of developing new wind technologies. Sandia National Laboratories last week said it won the Federal Laboratory Consortium for Technology Transfer’s national … Read more
April 30, 2018, by Sethuraman N R (Reuters) – Strong compliance with OPEC-led production cuts, robust demand and supply disruptions in the Middle East are likely to lift oil’s average price this year to above $67 a barrel, a Reuters poll showed on Monday. The survey of 38 economists and analysts forecast Brent crude would … Read more
April 30, 2018, by Clyde Russell LAUNCESTON, Australia (Reuters) – The term “demand destruction” is again entering the lexicon of the current crude oil market as the sharp rise in prices raises concerns about when do consumers start cutting back on their fuel consumption. While it’s probably impossible to pick the exact point at which … Read more
April 30, 2018, by Lorcan Roche Kelly (Bloomberg) Online shopping The perpetual will-they-won’t-they deliberations over a merger between T-Mobile US Inc. and Sprint Corp. finally bore fruit over the weekend when the Deutsche Telekom AG-controlled wireless company agreed to acquire SoftBank Group Corp.’s Sprint for $26.5 billion in stock. The deal, which will reduce the number of major … Read more
April 30, 2018, by Dan Murtaugh (Bloomberg) Marathon Petroleum Corp. agreed to buy rival oil refiner Andeavor for $23.3 billion, in a deal that could create the largest independent fuel maker in the U.S. The offer, payable in either cash or shares, values Andeavor at about $152.27 a share, the companies said in a statement … Read more
April 30, 2018, by Alex Longley and Bill Lehane (Bloomberg) Europe’s oil refineries are increasingly missing out on Russian crude as the world’s biggest energy producer directs more and more barrels by pipeline to China. Russia will ship an average of 19 percent less crude through its main ports on the Baltic and Black Seas … Read more
April 29, 2018, by Jessica Summers (Bloomberg) Money managers are going all in on gasoline. Hedge funds boosted bets on rising gasoline prices to the highest on record. That’s as futures for the motor fuel jumped to the highest since August amid robust demand and inventories hovering near their lowest since January. “We are heading … Read more
April 29, 2018, by Amanda Cooper LONDON (Reuters) – Oil fell on Monday after a rising rig count in the United States suggested the shale boom is showing no signs of slowing, but prices remain near their highest in more than three years and are set for a second straight month of gains. The prospect … Read more
April 30, 2018, by Jarrett Renshaw and Chris Prentice NEW YORK (Reuters) – The U.S. Environmental Protection Agency has granted a financial hardship waiver to an oil refinery owned by billionaire Carl Icahn, a former adviser to President Donald Trump, exempting the Oklahoma facility from requirements under a federal biofuels law, according to two industry … Read more
April 28, 2018, by Rania El Gamal DUBAI (Reuters) – Saudi Aramco, the world’s top oil company which is preparing to go public, said on Sunday it has appointed new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives. The appointments, … Read more
April 29, 2018 BENGHAZI, Libya (Reuters) – A Libyan transport plane crashed shortly after takeoff on Sunday at an airfield near El Sharara oilfield, killing three people, the National Oil Corporation (NOC) said. The military C-130 plane had been chartered by Akakus Oil, which operates Sharara, and had delivered 18 tonnes of catering and maintenance … Read more
April 27, 2018, by Naureen S. Malik (Bloomberg) What’s the cost of securing the nation’s energy from a cyber attack? Amid rising threats, including a recent attack on several U.S. power and natural gas suppliers, energy companies are now spending less than 0.2 percent of their revenue on cybersecurity, at least a third less than financial … Read more
April 27, 2018, by Kevin Crowlin (Bloomberg) Texas dirt is emerging as Exxon Mobil Corp.’s best bet to arrest production declines that are threatening its position as the world’s most valuable listed oil company. Exxon could become the most active driller in the Texas and New Mexico basin by year’s end, with a plan for … Read more
April 28, 2018 by Elena Mazneva and Dina Khrennikova (Bloomberg) Schlumberger Ltd. won preliminary approval to finally complete a three-year-old plan to buy into Russia’s biggest oil driller. Russia’s special commission on foreign investment approved Schlumberger to buy a blocking stake of 25 percent to 49 percent in Eurasia Drilling Co. Ltd., subject to certain … Read more
April 27, 2018, by Brendan O’Brien and Erwin Seba MILWAUKEE, Wis./HOUSTON (Reuters) – Tens of thousands of residents of a northern Wisconsin city were cleared to return to their homes on Friday, the day after an explosion at the Husky Energy Inc refinery injured at least 16 people, a local official said. The facility, which … Read more
April 27, 2018 (Reuters) – The U.S. oil drilling rig count rose for the fourth week in a row and ended the month sharply higher as producers plan to boost output as they reap profits from crude trading near three-year highs. Drillers added five oil rigs in the week to April 27, bringing the total … Read more
April 26, 2018, by John J. Berger (Renewable Energy World) Whereas research reports by the world’s most eminent climatologists seem almost daily to bring foreboding climate news, renewable energy proponents who met at UC Berkeley in mid-April were decidedly upbeat about clean energy prospects. The expert gathering, “Toward Electrification of All Sectors: Getting Across the … Read more
April 27, 2018, by Jennifer A. Dlouhy (Bloomberg) The Trump administration is moving to relax some offshore drilling requirements imposed in response to the Deepwater Horizon disaster but is rebuffing the oil industry’s plea for bigger changes. Proposed rule changes unveiled Friday include easing mandates for real-time monitoring of offshore operations and some other measures … Read more
April 27, 2018, by Liam Denning (Bloomberg Gadfly) America’s Big Two oil majors are having very different Friday mornings. While Exxon Mobil Corp. is being punished for missed earnings forecasts and weak production, rival Chevron Corp. trounced estimates across the board. And beneath the headline numbers, a clear gap has opened up in a business close … Read more
Network with more than 900 energy stakeholders at the 2018 EIA Energy Conference, June 4-5 in Washington, DC. Reserve your seat today! Hear Kevin J. McIntyre, Chairman of the Federal Energy Regulatory Commission, and other industry experts at the 2018 EIA Energy Conference, June 4–5 in Washington, DC. Register today FERC authorizes Rover Pipeline, LLC to place additional facilities partially in … Read more
Net income attributable to the partnership of $57.3 million; approximately 10 percent increase over first quarter 2017 Adjusted EBITDA of $79.5 million; more than 5 percent increase over first quarter 2017 Board of Directors declares cash distribution of $0.3340 per unit; representing 5 percent increase over last quarter RICHMOND, Va., April 27, 2018 /PRNewswire/ — Dominion … Read more
SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today reported earnings of $3.6 billion ($1.90 per share – diluted) for first quarter 2018, compared with $2.7 billion ($1.41 per share – diluted) in the first quarter of 2017. Foreign currency effects increased earnings in the 2018 first quarter by $129 million, compared with a decrease of … Read more
Positive U.S. Upstream earnings of $429 million Highest quarterly cash flow from operations and asset sales since 2014 Rapid response and recovery from Papua New Guinea earthquake April 27, 2018 06:00 AM Mountain Daylight Time IRVING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM): Exxon Mobil Corporation today announced estimated first quarter 2018 earnings of $4.7 billion, or … Read more
Highlights Returned $3.8 billion to shareholders through dividends and share repurchases Delivered strong results in Midstream and Chemicals Generated $488 million in operating cash flow; $1.3 billion excluding working capital CPChem returned to full operations and started up new world-scale ethane cracker Refining successfully executed several large turnarounds Phillips 66 Partners announced Gray Oak Pipeline … Read more
April 27, 2018, by John Lippert and Mark Chediak (Bloomberg) Early adopters of the electric car often band together in what can seem, in the age of Donald Trump and resurgent sport utility vehicles, like a lonely defense of an unloved technology. But today in California, the state doing the most to cultivate emission-free driving through lucrative … Read more
April 27, 2018, by Tyler Cowen (Bloomberg View) Many people, when they hear the word “blockchain,” think of Bitcoin and other cryptocurrencies. Yet there is another feature of the blockchain afoot, one which promises to bring a new and radical decentralization to technology, including social media. Or as it was reported on Twitter: “Silicon Valley used to … Read more
April 27, 2018, by Anthony DiPaola (Bloomberg) Some oil traders are already steering clear of doing business with Iran as U.S. President Donald Trump signals he’ll ditch the nuclear deal with OPEC’s third-largest producer. Traders are unwilling to sign contracts for Iranian crude and refined products that would be valid after May 12, the deadline … Read more
April 27, 2018, by Rupert Rowling and Grant Smith (Bloomberg) While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in … Read more
April 27, 2018, by Lorcan Roche Kelly (Bloomberg) Give peace a chance Kim Jong Un became the first North Korean leader to cross the border to the South today in a watershed breakthrough in the nuclear-armed peninsula. They agreed to declare an end to the war this year, and to aim for complete denuclearization. While markets … Read more
April 27, 2018, by Brendan O’Brien MILWAUKEE, Wis. (Reuters) – Investigators on Friday searched for the cause of a blast at a Husky Energy refinery that injured at least 15 people and rocked a northern Wisconsin city, sending smoke billowing into the sky and prompting tens of thousands to evacuate. A massive explosion shook Superior, … Read more
April 26, 2018, by Patricia Zengerle and Lesley Wroughton WASHINGTON (Reuters) – The U.S. Senate confirmed Mike Pompeo as President Donald Trump’s secretary of state on Thursday, and the former CIA director set off immediately on a trip to meet key allies in Europe and the Middle East. Pompeo, a former Army officer who was a … Read more
April 27, 2018, by Florence Tan and Marius Zaharia SINGAPORE/HONG KONG (Reuters) – Asia’s most externally vulnerable economies – India, Indonesia and the Philippines – have just taken a one-two punch. U.S. 10-year Treasury bond yields US10YT=RR hit 3 percent this week, a level long touted as one to watch for potential portfolio outflows from … Read more
Apr 27, 2018, by Alaric Nightingale (Bloomberg) A 2 million barrel-carrying supertanker arrived for the first time at a jetty in Texas City as surging U.S. oil output drives up incentives to export. The Nave Quasar signaled from the jetty at the Gulf of Mexico terminal on Friday morning, according to vessel-tracking data compiled by … Read more
April 27, 2018, by Amanda Cooper LONDON (Reuters) – It’s “mission accomplished” for OPEC in its battle against bulging global inventories of oil, thanks to the production cuts it has had in place for nearly 18 months. The Organization of the Petroleum Exporting Countries, which supplies a third of the world’s oil, agreed to curb … Read more
April 26, 2018, by Joe Ryan (Bloomberg) The economic case for mining coal to generate electricity in the U.S. continues to fade. Arch Coal Inc., the second-largest U.S. producer by tonnage, said Thursday it was cutting production at its biggest mine, citing weak demand from power plants. The company expects output from the Black Thunder … Read more
April 26, 2018, by Maher Chmayelli BAGHDAD (Reuters) – Iraq failed to attract investment from the top global energy companies in its oil and gas exploration/development contract auction on Thursday, with no major firms winning any bids and only Italy’s Eni submitting an offer. The Oil Ministry held an auction to award contracts to international … Read more
CALGARY — A tank containing crude oil or asphalt exploded at a Wisconsin refinery owned by Calgary-based Husky Energy Inc. on Thursday, injuring several people and causing a blast that one worker described as sounding like a sonic boom.
No fatalities …
NEW YORK–(BUSINESS WIRE)–Hess Corporation (NYSE:HES) today announced that its subsidiary, Hess Guyana (Block B) Exploration Limited, had reached agreement with Esso Exploration and Production Guyana Limited (ExxonMobil) to acquire a 15 percent participating interest in the Kaieteur Block, offshore Guyana. The Cooperative Republic of Guyana has provided Hess and ExxonMobil an instrument detailing the transfer … Read more
April 26, 2018, by Rachel Morison, Jesper Starn and Brian Parkin (Bloomberg) Europe’s power traders have a colorful name for the way the rise of solar power is distorting the electricity industry: devil horns. That’s the shape formed by intraday power prices that increasingly having to adapt to greater flows from solar farms in the … Read more
April 26, 2018, by Jennifer A. Dlouhy and Ari Natter (Bloomberg) Embattled Environmental Protection Agency Administrator Scott Pruitt will face increasingly skeptical lawmakers Thursday in a pair of back-to-back hearings that could dictate whether he keeps his job much longer. Democrats are prepared to interrogate Pruitt about damaging revelations on his spending, travel and a … Read more
April 25, 2018, by Sheela Tobben and Jessica Summers (Bloomberg) Selling more than two million barrels a day of U.S. crude overseas may soon be the new normal. The U.S. sent out record amounts of crude to foreign destinations last week, with domestic output hitting an all-time high, thanks to growth in the Permian Basin. … Read more
April 26, 2018, by Lorcan Roche Kelly (Bloomberg) Withdrawal French President Emmanuel Macron told journalists yesterday that he thinks President Donald Trump will pull the U.S. out of the Iran nuclear deal “for domestic reasons.” Iranian Foreign Minister Mohammad Javad Zarif told the Associated Press that should the U.S. abandon the agreement, “Iran would reciprocate and withdraw.” … Read more
OKLAHOMA CITY, April 26, 2018 (GLOBE NEWSWIRE) — Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the “Company”) today announced that it has entered into a definitive agreement for EQT Midstream Partners, LP (NYSE:EQM) (“EQT Midstream Partners”) to acquire Gulfport’s 25% equity interest in Strike Force Midstream LLC (“Strike Force Midstream”). Gulfport has agreed to sell its … Read more
April 26, 2018 BAKU (Reuters) – OPEC Secretary-General Mohammad Barkindo is expected to attend annual “Caspian Oil&Gas” conference in Baku on May 30-31, Iteca, the conference organizer company said. “OPEC’s head will speak at the conference about global economic prospects in oil and gas industry,” the company said on its website. Barkindo visited Azerbaijan in … Read more
April 25, 2018, by Devika Krishna Kumar NEW YORK (Reuters) – Smaller independent refiners with less complex facilities are surging in the stock market of late, as investors expect strong earnings growth thanks to the recent fall in price of their primary cost – light, sweet crude oil coming out of West Texas. Over the last … Read more
April 25, 2018, by Naureen S. Malik Pipeline owners led by Enbridge Inc. and Williams Cos. could be forced to refund as much as $18.5 billion to drillers, utilities and even United Airlines Inc. for upfront payments they charged customers before new U.S. tax rules cut the corporate rate. Natural gas conduits include the cost … Read more
April 26, 2018 HOUSTON (Reuters) – U.S. oil producer ConocoPhillips (COP.N) posted a bigger-than-expected quarterly profit on Thursday, on rising crude prices CLc1 and cost cuts. Conoco, like many of its peers, has seen results steadily improve in recent quarters alongside commodity prices and as better technology makes operations more efficient. The company’s stock has … Read more
April 26, 2018, by Ron Bousso LONDON (Reuters) – Royal Dutch Shell reported on Thursday a 42 percent rise in first-quarter profit to its highest in more than three years on stronger oil prices and production, but its shares fell as the oil major’s cash flow missed forecasts. Expectations are high for Shell to continue … Read more
April 25, 2018, by John Kemp LONDON, April 25 (Reuters) – “Discipline” has become the oil industry’s favourite word as it emerges from the deepest and longest downturn in a generation. Senior executives are pledging to maintain a cautious approach to investment and spending despite the recovery in oil prices over the last two years. … Read more
April 25, 2018, by David Gaffen (Reuters) – U.S. crude oil and gasoline inventories unexpectedly rose last week even as exports hit record highs, the Energy Information Administration said on Wednesday in an overall bearish report that raised some concerns about oversupply. Crude inventories rose 2.2 million barrels in the week to April 20, compared … Read more
April 25, 2018, by Caroline Valetkevitch NEW YORK (Reuters) – After losing ground and underperforming the broad market in 2017, U.S. energy shares are climbing fast with oil prices and gaining attention from investors who think the trend may hold. Oil prices are near their highest since late 2014 thanks to strong demand and supply … Read more
April 25, 2018, by Alwyn Scott IMPERIAL, Pennsylvania (Reuters) – General Electric CO (GE.N) employees and shareholders voiced frustration on Wednesday with the company’s poor performance, while attending the first annual meeting under Chief Executive Officer John Flannery, who has presided over a 43 percent decline in GE’s stock price since taking over on Aug. … Read more
April 25, 2018, by Marianna Parraga, Alexandra Ulmer and Ernest Scheyder (Reuters) – U.S. oil major Chevron Corp (CVX.N) has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned oil company PDVSA, according to four sources familiar with the matter. Chevron asked other employees to avoid the facilities … Read more
April 25, 2018, by Liam Denning A good definition of Christmas for a commodities trader goes something like “this thing that costs X over here costs X+Y over there.” Christmas has come way early in Texas. As I wrote here, the spread between crude oil priced in Midland, Texas – the heart of the Permian shale basin – and the international Brent … Read more
MIDLAND, Texas, April 24, 2018 (GLOBE NEWSWIRE) — Steven West, Chairman of the Board of Directors (the “Board”) of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback” or the “Company”), is pleased to announce effective April 23, 2018 the Company increased the size of the Board from five to seven members, adding Melanie M. Trent as an independent … Read more
DETROIT, April 25, 2018 /PRNewswire/ — DTE Energy (NYSE: DTE) today reported first quarter 2018 earnings of $361 million, or $2.00 per diluted share, compared with $400 million, or $2.23 per diluted share in 2017. Reported first quarter earnings were primarily driven by DTE Energy’s utilities. Operating earnings for the first quarter 2018 were $342 million, or … Read more
HOUSTON, April 25, 2018 /PRNewswire/ — Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, today announces the final investment decision for Vito, a deep-water development in the U.S. Gulf of Mexico with a forward-looking, break-even price estimated to be less than $35 per barrel. This decision sets in motion the construction and fabrication … Read more
HOUSTON–(BUSINESS WIRE)–Phillips 66 Partners (NYSE: PSXP) announced that it has received sufficient binding commitments on an initial open season to proceed with construction of the Gray Oak Pipeline system. The Gray Oak Pipeline will provide crude oil transportation from West Texas to destinations in the Corpus Christi and Sweeny/Freeport markets. Origination stations will be constructed … Read more
April 25, 2018, by Elisabeth Behrmann (Bloomberg) Just as China’s trade relations with the U.S. are at their worst in years, BMW AG is laying the groundwork to start exporting from its biggest market to buyers around the world including in North America. The carmaker plans to begin producing its first all-electric sport utility vehicle, … Read more
April 25, 2018, by Tsuyoshi Inajima and Grant Smith (Bloomberg) Oil steadied amid signs that French President Emmanuel Macron was struggling in his push for a new deal that might prevent further U.S. sanctions on Iran. Futures in New York were little changed after dropping 1.4 percent Tuesday. Macron proposed negotiating a new agreement that … Read more
April 24, 2018 BANDA ACEH, Indonesia (Reuters) – A fire erupted at an illegal oil well in Indonesia on Wednesday killing least 18 people and injuring 41 as they scrambled to collect oil after the well overflowed, authorities said. Firefighters struggled all day to put out the blaze in the northwestern province of Aceh and … Read more
April 24, 2018, by Nicky Milne NEW ORLEANS, Louisiana (Thomson Reuters Foundation) – Sitting on his porch in the Lower Ninth Ward of New Orleans, Otis Tucker cuts a lone figure on a street punctuated with large empty spaces – the shadows of homes lost to Hurricane Katrina. Tucker lives in the part of the … Read more
April 25, 2018, by Masaō Ashtine (Renewable Energy World) Puerto Rico lost electricity again on April 18, seven months after Hurricane Maria first knocked out the island’s power grid. For people in some remote rural areas, the blackout was more of the same. Their power had yet to be restored. The dangerous fragility of Puerto Rico’s energy systems … Read more
April 24, 2018, by Jessica Summers and Sheela Tobben (Bloomberg) The Permian shale play is all about setting records. Now, the region may even become the world’s largest oil patch over the next decade. Output in the basin is forecast to reach 3.18 million barrels a day in May, according to the Energy Information Administration. … Read more
April 25, 2018, by Lorcan Roche Kelly (Bloomberg) Insouciance French President Emmanuel Macron’s pitch to save the Iran nuclear deal was met with President Donald Trump’s competing foreign policy instincts when the two leaders discussed the issue in Washington yesterday. Macron says he wants to use the current Iran deal as a building block for … Read more
April 24, 2018, by Renewable Energy World Editors Wind power is now supplying more than 30 percent of the electricity in four states — Iowa, Kansas, Oklahoma, and South Dakota — according to data recently released in the American Wind Energy Association’s (AWEA) U.S. Wind Industry Annual Market Report 2017. AWEA said that New Mexico added wind … Read more
April 24, 2018, by Christopher Martin (Bloomberg) A U.S. solar startup has picked a trade fight with President Donald Trump. 1366 Technologies Inc., which spun out of the Massachusetts Institute of Technology, has drawn a rebuke from the U.S. Energy Department for asking that its silicon wafer factory under construction in Asia be exempt from … Read more
April 24, 2018 LONDON (Reuters) – U.S. conglomerate General Electric will test the world’s largest wind turbine in a facility in northeast England, it said on Tuesday. GE Renewable Energy, the renewable arm of the U.S. firm, and the British government-funded Offshore Renewable Energy Catapult signed a five-year agreement to test GE’s Haliade-X 12 megawatt … Read more
April 24, 2018, by George Hay LONDON (Reuters Breakingviews) – The American rethink on Russian sanctions should be more reassuring than it is. The U.S. Treasury said on April 23 that it would give customers more time to comply with tough recent curbs on Rusal, and also offered the group the chance to disentangle itself … Read more
April 24, 2018, by Clyde Russell LAUNCESTON, Australia, April 24 (Reuters) – China’s surging imports of crude oil this year are the major driver of higher prices on the demand side, but the flip side to this is soaring Chinese fuel exports that are hurting profit margins at regional refiners. The world’s largest crude importer … Read more
JUNO BEACH, Fla., April 24, 2018 /PRNewswire/ — NextEra Energy, Inc. (NYSE: NEE) has posted its first-quarter 2018 financial results in a news release available on the company’s website by accessing the following link: www.NextEraEnergy.com/investors. Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of … Read more
KANSAS CITY, Mo.–(BUSINESS WIRE)–DSI announced today that Schneider Electric has selected DSI to mobilize their services organization with a mobile work order and inventory solution fully integrated into NetSuite. The Solar Business of Schneider Electric is focused on designing and developing products and solutions for the solar power conversion chain and providing best-in-class global customer … Read more
April 24, 2018, by Kevin Crowley and Kelly Gilblom (Bloomberg) For generations of investors, Exxon Mobil Corp. has been a cornerstone of fund managers’ portfolios alongside the biggest names in corporate America. Not so much any more. From leading the S&P 500 Index a decade ago, the company has dropped to the ninth-largest in a … Read more
April 23, 2018, by Jeremy Hodges (Bloomberg) Electric buses were seen as a joke at an industry conference in Belgium seven years ago when the Chinese manufacturer BYD Co. showed an early model. “Everyone was laughing at BYD for making a toy,” recalled Isbrand Ho, the Shenzhen-based company’s managing director in Europe. “And look now. Everyone … Read more
April 23, 2018, by Archana Chaudhary (Bloomberg) India is seeking more oil, drones and aircraft from the U.S. to help narrow its $28 billion trade surplus amid rising concerns of possible collateral damage to its economy from President Donald Trump’s trade spat with China. Asia’s third-largest economy could bridge the surplus by up to $4 … Read more
April 24, 2018, by Lorcan Roche Kelly (Bloomberg) Rusal revival The U.S. Treasury made clear yesterday that it is not pushing for the collapse of United Co. Rusal while softening its position on some of the sanctions announced two weeks ago. It extended the period during which companies could keep trading with Rusal by almost five months and … Read more
April 24, 2018, by Jessica Jaganathan and Florence Tan SINGAPORE (Reuters) – Last year’s strong demand for liquefied natural gas (LNG), led by Asia’s major economies, is expected to continue this year and should absorb some of the new supply coming onstream, industry executives said at a conference on Tuesday. The global LNG industry has been … Read more
April 23, 2018, by Elizabeth McGowan (Renewable Energy World) Coastal Massachusetts is blustery enough that a robust offshore wind system could power a residential and commercial electricity load that is 20 times larger than exists today. That math, highlighted in an advocacy group’s recent report, has some clean energy backers questioning Republican Gov. Charlie Baker’s pursuit … Read more
April 23, 2018, by Olga Yagova and Libby George MOSCOW/LONDON (Reuters) – As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly … Read more
April 23, 2018, by Bloomberg Staff (Arabian Business) Saudi Aramco, the world’s biggest oil exporter, plans to trade as much as 6 million barrels a day, a jump in volume that would put it in the top tier of companies that buy and sell crude and refined products. The trading arm of the state-run giant … Read more
April 23, 2018, by Laura Blewitt (Bloomberg) As national average gasoline pump prices climb to near $3 a gallon for the first time since late 2014, the U.S. president made it known that he won’t stand for OPEC’s cartel tricks. Bad news, Mr. President: Diesel prices are already there. A combination of a never-ending winter … Read more
April 23, 2018, by Marianna Parraga and Alexandra Ulmer HOUSTON/CARACAS (Reuters) – Two Chevron Corp. employees detained in Venezuela last week could be charged with treason for refusing to sign a parts contract for a joint venture with state-owned oil company PDVSA, according to two sources familiar with draft charges against the U.S. firm’s executives. … Read more
April 23, 2018, by John Kemp LONDON (Reuters) – (John Kemp is a Reuters market analyst. The views expressed are is his own) Hedge fund managers have never seemed so convinced that oil prices are set to rise rather than fall in the near term, according to the latest positioning data published by regulators and … Read more
April 23, 2018, by Steve Holland and David Ljunggren WASHINGTON/TORONTO (Reuters) – Western allies stepped up pressure on U.S. President Donald Trump on Monday to keep alive an international nuclear deal with Iran, with French President Emmanuel Macron due to urge him in person not to tear up the 2015 agreement. Trump has said that … Read more
HOUSTON, April 23, 2018 (GLOBE NEWSWIRE) — Apache Corporation (NYSE:APA) (Nasdaq:APA) today announced Kregg Olson, executive vice president, Corporate Reservoir Engineering, plans to retire effective Aug. 1, 2018. John J. Christmann IV, Apache’s chief executive officer and president, commented, “Kregg’s expertise and leadership have been a tremendous asset to Apache during his 26 years with … Read more
DENVER, April 23, 2018 /PRNewswire/ — Jagged Peak Energy LLC (“JPE LLC”), a wholly-owned subsidiary of Jagged Peak Energy Inc. (NYSE: JAG) (“Jagged Peak” or the “Company”), announced today that it has commenced, subject to market conditions and other factors, a private offering of $400.0 million in aggregate principal amount of senior unsecured notes due … Read more
MIDLAND, Texas, April 23, 2018 /PRNewswire/ — PermRock Royalty Trust (NYSE: PRT) (the “Trust”) announced today the launch of its initial public offering of 6,250,000 trust units, representing an approximate 51.4% beneficial interest in the Trust, at an anticipated initial offering price between $19.00 and $21.00 per unit pursuant to a registration statement on Form … Read more
Advances strategy to become a leading U.S. energy delivery, infrastructure and services companyVectren shareholders to receive $72.00 in cash for each share of Vectren common stock Vectren shareholders to receive $72.00 in cash for each share of Vectren common stock Complementary businesses to operate regulated utility businesses in eight states, have combined footprint in nearly … Read more
MIDLAND, Texas–(BUSINESS WIRE)–Admiral Permian Resources, LLC, a Midland, Texas-based independent oil and gas company focused on the acquisition and development of unconventional oil and gas reserves in the Permian Basin, announced the closing of its acquisition of leasehold interests and related assets from Three Rivers Operating Co. III LLC. This includes more than 59,000 net … Read more
April 20, 2018, by Scot J. Paltrow AMARILLO, Texas (Reuters) – In a sprawling plant near Amarillo, Texas, rows of workers perform by hand one of the most dangerous jobs in American industry. Contract workers at the U.S. Department of Energy’s Pantex facility gingerly remove the plutonium cores from retired nuclear warheads. Although many safety … Read more
April 23, 2018, by Heesu Lee and Grant Smith (Bloomberg) Oil held near $68 a barrel as increasing drilling in the U.S. countered price gains driven by OPEC’s plans to continue tightening crude inventories. Futures in New York dropped as much as 0.8 percent after data showed American drillers added five working oil rigs last … Read more
April 23, 2018, by Lorcan Roche Kelly (Bloomberg) Peace mission U.S. Treasury Secretary Steven Mnuchin said he’s considering a trip to China, adding he is “cautiously optimistic” a deal can be reached that would bridge differences over trade. China’s Ministry of Commerce said yesterday that it would welcome such a move. The apparent softening of positions comes … Read more
April 23, 2018, by Ari Natter and Jennifer A. Dlouhy (Bloomberg) A bankrupt power generator’s plea for President Donald Trump to help saving money-losing power plants has drawn opposition from key administration officials, slowing action on the proposal, according to two people familiar with the deliberations. FirstEnergy Solutions Corp. asked the Trump administration last month … Read more
April 22, 2018, by Suzy Waite (Bloomberg) Hedge funds investing in oil are luring capital at the fastest pace in more than a year. With crude climbing to levels not seen since 2014, commodity funds have recovered the client outflows they suffered last year. And if firms such as Westbeck Capital Management and Commodities World … Read more
April 22, 2018 WASHINGTON (Reuters) – Former New York mayor and billionaire Michael Bloomberg said on Sunday he will write a $4.5 million check to cover this year’s U.S. financial commitment to the Paris Climate Agreement. President Donald Trump last year pulled the United States out of the pact, making the country the only one … Read more
April 22, 2018, by David Brunnstrom and John Walcott WASHINGTON (Reuters) – U.S. administration officials are preparing for an unprecedented summit between President Donald Trump and North Korean leader Kim Jong Un, but basic details, including where and when it will happen and negotiating tactics, are still being worked out. The summit would be the … Read more
April 22, 2018, by Rod Nickel Nad Julie Gordon WINNIPEG, Manitoba/VANCOUVER (Reuters) – At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border into Montana, where the oil will be transferred to pipelines and rail … Read more
April 23, 2018 ABU DHABI (Reuters) – All OPEC and non-OPEC oil producers including Russia are committed to supply cuts until the end of the year, UAE Energy Minister Suhail Mohamed al-Mazrouei said on Monday. “All in all, the fundamentals of the market, the supply and demand, the job is not complete. We need to … Read more
April 22, 2018, by Julian Lee (Bloomberg Gadfly) Is this really 2018? It started to sound a lot like 2008 in Saudi Arabia on Friday, as the kingdom’s oil minister argued that the world could tolerate a higher crude price. “I haven’t seen any impact on demand with current prices,” Khalid Al-Falih told reporters at … Read more
Canadian First Nations are gearing up to fight new U.S. oil-drilling interest in the calving grounds of a caribou herd key to Indigenous physical and cultural survival.
“We will continue to fight,” said Chief Wanda Pascal of the Tetlit Gwich’In in For…
April 20, 2018 by Kevin Crowley (Bloomberg) Oil rose for a second straight week as OPEC’s commitment to rebalance the market and geopolitical risks to global supplies overshadowed U.S. President Donald Trump’s tweet on “artificially Very High” prices. Trump’s comments came as the Organization of Petroleum Exporting Countries and allies including Russia showed willingness to … Read more
(Reuters) – U.S. energy companies added oil rigs for a third week in a row as energy firms follow through on plans to spend more on drilling this year with crude prices near three-year highs. Drillers added five oil rigs in the week to April 20, bringing the total count to 820, the highest level … Read more
April 20, 2018, by Francesco Canepa FRANKFURT (Reuters) – Is it just a cold or something more serious? That’s the question investors hope will be answered in the coming week by a policy update from the European Central Bank, fresh euro zone and U.S. economic data, and earnings reports from some of the world’s largest … Read more
April 20, 2018 JEDDAH, Saudi Arabia (Reuters) – OPEC Secretary-General Mohammad Barkindo said on Friday members of the oil producers group were friends of the United States and have a vested interest in its growth and prosperity. Barkindo made his remarks after U.S. President Donald Trump earlier sent a tweet criticizing OPEC over high oil … Read more
April 20, 2018, by Stephanie Kelly NEW YORK, April 20 (Reuters) – Prices for heating oil and diesel fuel traded on the U.S. East Coast are scaling multimonth highs, bolstered by unusually cold weather across the country and a surge in export demand, particularly from Brazil and Canada. The jump in prices has given a … Read more
SINGAPORE, April 20, 2018 /PRNewswire/ — The US renewable energy company Solar Bankers plans to use blockchain technology to develop solutions for off-grid electricity networks with the aim of helping developing countries expand rural electrification. The UN has included the provision of clean and affordable electricity as the seventh of its seventeen Sustainable Development Goals. … Read more
SONOMA, Calif., April 19, 2018 /PRNewswire/ — Shell Lubricants and AirFlow Truck Company have unveiled a new hyper fuel-efficient truck. This next-generation vehicle, named Starship, was designed and built by the companies with the aim of demonstrating what is possible in reducing energy demand in freight transportation. It uses currently available technologies to minimise the amount … Read more
By Eric Larson, Teletics Those of us who have been in places where heavy equipment is operating immediately notice two things. First, there is that preliminary sense of apprehension and second, we notice the noise that is present. This is particularly obvious when visiting a drilling rig site. The apprehension is our human instinct kicking … Read more
April 19, 2018, by Sheela Tobben and Jessica Summers (Bloomberg) Rapid increases in U.S. oil output and exports over the past two years are forcing some traders and producers to try alternative ways of pricing crude. While the market benchmark remains West Test Intermediate crude delivered in Cushing, Oklahoma, there has been a surge in … Read more
April 20, 2018, by Stephen Cunningham (Bloomberg) U.S. energy regulators embarked upon a wide-ranging review of how interstate natural-gas pipelines are approved, amid concerns that current guidelines have become outdated following the shale boom. The Federal Energy Regulatory Commission will examine the use of eminent domain, how the need for a pipeline is assessed and … Read more
April 20, 2018, by Elena Mazneva, Grant Smith and Angelina Rascouet (Bloomberg) U.S. President Donald Trump slammed OPEC for inflating oil prices after the cartel showed a willingness to further tighten crude markets. “Looks like OPEC is at it again,” Trump said on Twitter, not long after energy ministers finished their meeting in Jeddah, Saudi … Read more
April 20, 2018, by Lorcan Roche Kelly (Bloomberg) 3 percent Inflation worries are stalking global bond markets this week as commodity prices push higher on a combination of U.S. sanctions, trade dust-ups, and continuing tight oil supplies. With the 10-year Treasury yield close to its 2018 high, investors once again have the 3 percent mark in focus. The breakeven rate … Read more
April 19, 2018, by Timothy Gardner WASHINGTON (Reuters) – The Trump administration this week will begin the environmental review process for oil and gas drilling on a section of the Arctic National Wildlife Refuge, a region in northern Alaska rich in crude but prized by conservationists. In a notice from the U.S. Department of the … Read more
April 19, 2018 LONDON (Reuters) – Canadian Prime Minister Justin Trudeau said on Thursday a Kinder Morgan oil pipeline at the center of a dispute would be built in a way which best serves the interests of Canadians. Speaking in London, Trudeau said he had asked the finance minister to engage in discussions with Kinder … Read more
April 20, 2018 FRANKFURT (Reuters) – Further oil producers need to join Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers in curbing supply, UAE oil minister Suhail Mohamed Al Mazrouei told a German newspaper. “OPEC members and non-OPEC producers over-delivered on the supply cuts they promised… But we must include further countries in … Read more
April 20, 2018, by Florence Tan SINGAPORE (Reuters) – Royal Dutch Shell has snapped up more than 8 million barrels of Middle East and Russian crude oil loading in June and resold some cargoes at higher premiums as it profits from robust demand in Asia, five trading sources said on Friday. The region’s pull on … Read more
April 20, 2018 JEDDAH, Saudi Arabia (Reuters) – Saudi Arabia’s Energy Minister Khalid al-Falih said on Friday global oil inventories had declined from their peak but had not yet fallen far enough. “Today (inventories) are still about 2.8 billion barrels, they are significantly below the peak in 2017 of 3.12 (billion barrels) but still above … Read more
SAN DIEGO, April 19, 2018 (GLOBE NEWSWIRE) — Royale Energy, Inc. (OTCQB:ROYL) and CIC Partners (“CIC”), a Dallas-based private equity firm, have formed a new Joint Venture called RMX Resources which will fund, drill and produce oil at the prolific Sansinena Oil Field. CIC contributed an aggregate of $25,000,000 in cash in exchange for an … Read more
HOUSTON, April 18, 2018 (GLOBE NEWSWIRE) — LINN Energy, Inc. (OTC:LNGG) (“LINN” or the “Company”) provides a strategic update on the previously announced separation, announces new leadership and schedules its first quarter 2018 earnings conference call. Strategic Update on the Separation Plan The Company’s Board of Directors (the “Board”) and management continue to evaluate strategic … Read more
HOUSTON, April 18, 2018 (GLOBE NEWSWIRE) — RigNet, Inc. (NASDAQ:RNET) announced today it has acquired two separate, US-based, leading oil and gas services providers: Automation Communications Engineering Corp. (Auto-Comm), a diversified telecommunications services company, and Safety Controls, Inc. (SAFCON), a safety and security service provider. These acquisitions will expand RigNet’s services in the oil and … Read more
HOUSTON, April 19, 2018 /PRNewswire/ — KBR, Inc. (NYSE: KBR) announced today, following Carillion’s recent insolvency, it has completed the acquisition of Carillion’s interests in Aspire Defence. Through the Aspire Defence joint venture KBR has supported the UK Ministry of Defence (MOD) on Project Allenby Connaught since 2006, under one of the largest infrastructure Private … Read more
April 18, 2018, by Joey Roulette CAPE CANAVERAL, Fla. (Reuters) – A Falcon 9 rocket blasted off from Florida on Wednesday on SpaceX’s first high-priority science mission for NASA, a planet-hunting orbital telescope designed to detect worlds beyond our solar system that might be capable of harboring life. The Transit Exoplanet Survey Satellite, or TESS, … Read more
April 18, 2019, by Johnathon de Villier (Renewable Energy World) Blockchain has been in the news a lot lately. Much of the noise is a result of the soaring valuation of the digital currencies it supports like Bitcoin and Ethereum. However, digital currencies are just one application for blockchain technology. Innovators and developers are capitalizing … Read more
April 19, 2018, by John Kemp LONDON, April 19 (Reuters) – Energy market professionals estimate there is a 40 percent chance of the U.S. economy entering recession before the end of next year, rising to a little over 50 percent before the end of 2020. The results are based on a survey sent by Reuters … Read more
April 18, 2019, by Rodrigo Viga Gaier RIO DE JANEIRO (Reuters) – Brazil’s state-run oil company is nearing a deal in which China National Petroleum Corp Ltd (CNPC) would invest in an oil refinery in exchange for crude oil, two people with knowledge of the talks told Reuters, potentially giving China its first refining capacity … Read more
April 19, 2018, by Lorcan Roche Kelly (Bloomberg) Metal surge The turmoil in metal markets unleashed by U.S. sanctions on Oleg Deripaska’s United Co. Rusal has spread far beyond the aluminum price. While the latter has rallied more than 30 percent since the start of this month, concern over further actions from U.S. officials has seen nickel surge to … Read more
April 19, 2018, by Jennifer A. Dlouhy and Jennifer Jacobs (Bloomberg) Months into the Korean War, President Harry Truman capped wages and imposed price controls on the steel industry, seizing authority under a newly passed law to take action in the name of national defense. Now, more than a half century later, Trump administration officials are … Read more
April 18, 2018, by Alex Longley, Grant Smith and Christopher Sell (Bloomberg) Global markets for equities, currencies and metals have all been whipsawed by the uncertainty over what President Donald Trump’s next geopolitical move would be. Oil’s about to have a turn. It’s too close to call whether Trump will reinstate sanctions on Iran next month … Read more
RigNet expands its services portfolio in the energy sector with the acquisitions of Auto-Comm and SAFCON April 18, 2018 ET | Source: RigNet, Inc. HOUSTON, April 18, 2018 (GLOBE NEWSWIRE) — RigNet, Inc. (NASDAQ:RNET) announced today it has acquired two separate, US-based, leading oil and gas services providers: Automation Communications Engineering Corp. (Auto-Comm), a diversified telecommunications services company, … Read more
April 18, 2018, by Brooke Sutherland (Bloomberg Gadfly) Emerson Electric Co.’s latest takeover suggests a major breakup of the company is a while off. The $45 billion industrial company on Wednesday announced it’s buying Textron Inc.’s tools and testing equipment business for $810 million. This relatively small purchase is a far cry from the $28 billion bid Emerson made … Read more
April 18, 2018, by Nerijus Adomaitis OSLO (Reuters) – Offshore oil driller Seadrill (SDRL.OL) plans to emerge from Chapter 11 bankruptcy in late June or early July to catch the rising wave of rig market activity, its chief executive told said on Wednesday. The company won U.S. court approval on Tuesday for its multi-billion dollar … Read more
April 18, 2018 MOSCOW (Reuters) – Russian gas giant Gazprom said on Wednesday it would form a joint coordination committee with Saudi Aramco. Gazprom said in a statement that the agreement had been signed at meeting of its chief executive, Alexei Miller, with Saudi Arabia Energy Minister Khalid al-Falih and Saudi Aramco CEO Amin Nasser. … Read more
April 18, 2018 (Reuters) – Kinder Morgan Canada Ltd (KML.TO) said on Wednesday that its Trans Mountain oil pipeline expansion project was facing “unquantifiable risk” due to the British Columbia government’s continued opposition and reported a 5.1 percent drop in first-quarter earnings. British Columbia said on Wednesday that it would file a legal challenge in … Read more
April 18, 2018, by Rania El Gamal and Alex Lawler DUBAI/LONDON (Reuters) – Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the agreement’s original target is … Read more
April 18, 2018, by Nichola Groom (Reuters) – SunPower Corp (SPWR.O) on Wednesday said it would buy U.S. solar panel maker SolarWorld Americas, expanding its domestic manufacturing as it seeks to stem the impact of Trump administration tariffs on panel imports. The White House cheered the deal, saying it was proof that Trump’s trade policies … Read more
By David Yager Oilfield Services Executive Advisory – Energy Policy Analyst April 18, 2018 In 1947 Winston Churchill opined, “Democracy is the worst form of government …except all the others”. This was shortly after the second world war, the rise of the Soviet Union, the middle of a civil war in China that would shape … Read more
FORT WORTH, Texas, April 18, 2018 (GLOBE NEWSWIRE) — Pure Acquisition Corp. (NASDAQ:PACQU) (the “Company” or “Pure”), an energy-focused special purpose acquisition company sponsored by an affiliate of HighPeak Energy Partners, LP and formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with … Read more
MILWAUKEE, April 18, 2018 /PRNewswire/ — EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, a leading developer of innovative distributed energy resources (DERs), announced today the sale of a 20-year power purchase agreement (PPA) with Hawai’i Pacific University (HPU) to an undisclosed investor. The PPA will provide HPU’s Aloha Tower Marketplace with a total photovoltaic (PV) … Read more
HOUSTON–(BUSINESS WIRE)–WildHorse Resource Development Corporation (NYSE: WRD) announced today that, subject to market conditions, it intends to offer $200 million in aggregate principal amount of its 6.875% Senior Notes due 2025. The additional senior notes are expected to rank equally with, and be treated under the Indenture as a single class of debt securities with, … Read more
April 18, 2018, by Grant Smith (Bloomberg) OPEC and Russia will meet in Saudi Arabia this week after all but banishing a global oil glut. While looming political crises threaten to tighten supplies further, the group seems determined to keep its cuts in place. Almost 16 months of output curbs by the Organization of Petroleum … Read more
April 18, 2018, by Lorcan Roche Kelly (Bloomberg) North Korea CIA Director Mike Pompeo traveled to North Korea a few weeks ago to meet Kim Jong Un in preparation for a possible summit with President Donald Trump, according to two people familiar with the matter. The visit is seen as a strong indication that a meeting … Read more
April 17, 2018, by Anjani Trivedi (Bloomberg) The world’s biggest champion of clean-energy vehicles has opened its arms to embattled electric-car maker Tesla Inc. Or so it seems. Beijing is removing caps on foreign ownership of automaker ventures, widening access to its critically important, high-margin car market. The limits will be rescinded over five years, with restrictions … Read more
April 18, 2018, by Greg Quinn (Bloomberg) Canadian Prime Minister Justin Trudeau and Alberta Premier Rachel Notley have signaled they could put money behind Kinder Morgan Inc.’s Trans Mountain pipeline expansion as they vow to make sure it gets built. Here are ways they could do it as the company threatens to abandon the C$7.4 … Read more
April 18, 2018, by John Kemp LONDON, April 18 (Reuters) – Trade and investment restrictions are proliferating around the world, driven by a combination of security concerns and protectionist pressures. In each instance, policymakers can usually cite a justification of why trade and investment restrictions are necessary. But taken together, a thickening web of restrictions … Read more
April 17, 2018, by Alexandra Ulmer and Marianna Parraga CARACAS/HOUSTON (Reuters) – Chevron Corp (CVX.N) said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime. Venezuelan Sebin intelligence agents burst into the Petropiar joint … Read more
April 17, 2018, by Sebastien Malo NEW YORK (Thomson Reuters Foundation) – Three Colorado communities filed a lawsuit against oil companies on Tuesday, launching the latest legal battle seeking damages for what they claim are the costs of adapting to climate change. The lawsuit, filed in Colorado by the city of Boulder and the counties … Read more
April 17, 2018 SHANGHAI (Reuters) – The city of Yanan, a major wind power base in northwest China’s Shaanxi province, has introduced a lottery system to decide which wind projects will go ahead this year, a sign that grid constraints are forcing local governments to restrict capacity. China has been aggressively developing alternative power as … Read more
April 17, 2018 (Reuters) – The United States Coast Guard said it responded to a natural gas pipeline fire near Port O’Connor, Texas, on Tuesday evening. The agency was notified of the incident by vessel Jonathon King Boyd, which was on fire after hitting a gas pipeline while conducting dredging operations. The Intracoastal Waterway is … Read more
April 17, 2018, by Jim Efstathiou Jr. (Bloomberg) U.S. wind-power installations dipped for the second consecutive year in 2017, thanks to tax policies aimed at boosting the use of clean energy. Got that? Congress extended in late 2015 a key tax credit for wind. The new timeline let developers qualify for the full benefit with projects … Read more
April 17, 2018, by Timothy Gardner WASHINGTON (Reuters) – President Donald Trump’s top aide on domestic energy issues, including biofuels quotas and scrapping Obama-era rules on car and power plant carbon emissions, is stepping down to return to the lobbying practice he left last year, a White House official said on Tuesday. Mike Catanzaro, who … Read more
April 17, 2018, by Valerie Volcovici WASHINGTON (Reuters) – Interior Secretary Ryan Zinke said on Tuesday he will not lower royalty rates for offshore oil and gas lease sales “at this time” despite a recommendation from an advisory panel to do so. Zinke cited the success of President Donald Trump’s energy strategy as a reason … Read more
April 17, 2018 NEW YORK, (Reuters) – U.S. crude, gasoline and distillate inventories fell last week, as imports dropped, industry group the American Petroleum Institute said on Tuesday. Crude inventories fell by 1 million barrels in the week to April 13 to 428 million, compared with analysts’ expectations for a decrease of 1.4 million barrels. … Read more
April 17, 2018, by Tom Hals WILMINGTON, Del. (Reuters) – A U.S. judge said on Tuesday he would approve Seadrill Ltd’s plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge … Read more
April 17, 2018 NEW YORK (Reuters) – A bipartisan group of 13 U.S. senators told the U.S. Environmental Protection Agency on Tuesday to disclose the names of companies who received a hardship exemption from the nation’s biofuel laws since 2016. The calls for more transparency come amid increasing scrutiny of the EPA’s expansion of the … Read more
April 17, 2018, by Lorcan Roche Kelly (Bloomberg) China trade Authorities in China said they will remove ownership caps on the auto industry, reversing a two-decade old policy that will pave the way for foreign control of more than 50 percent of its manufacturers. Shares in German carmakers jumped on the news. Electric-car developer Tesla Inc. is positioned … Read more
RENO, Nev., April 16, 2018 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE:ORA) announced that its wholly owned subsidiary, Viridity Energy Solutions, Inc., a leading battery storage, distributed generation, demand response, and energy management solution provider expects to start construction of two 20MW/20MWh utility scale, in-front-of-the-meter battery energy storage systems (BESS) located in Plumsted Township and … Read more
WELLESLEY HILLS, Mass., April 17, 2018 /PRNewswire/ — Gulf Oil today announced a summer-long partnership with Live Nation, the world’s largest live entertainment platform, to promote the Gulf brand and its mobile payment app, Gulf Pay. The partnership begins with a Rock Flight® Concert Experience sweepstakes that launched on April 15th. Through July 15th, consumers who … Read more
WASHINGTON, April 17, 2018 /PRNewswire/ — LNG Allies today released an updated report that summarizes the potential for significant economic benefits and job growth from the U.S. Liquefied Natural Gas (LNG) industry. The report, conducted by ICF Inc., used the most current U.S. Energy Information Administration (EIA) data based on three cases in their 2018 Annual … Read more
ATLANTA, April 17, 2018, /PRNewswire/ — Southern Company Chairman, President and CEO Thomas A. Fanning today announced changes to the company’s management, effective June 1. Andrew W. Evans will become executive vice president and chief financial officer of Southern Company. He will assume the role vacated by Art P. Beattie, who has announced his plans to … Read more
April 17, 2018, by Bernd Debusmann Jr (Arabian Business) About 60% of gas consumption is used for the refining and petrochemical sector, with the reminder used for power generation. The Kuwaiti government plans to raise the production of non-associated gas to almost 500 million standard feet per day by the end of the year, according … Read more
April 17, 2018 (Reuters) – Scientists in Britain and the United States say they have engineered a plastic-eating enzyme that could in future help in the fight against pollution. The enzyme is able to digest polyethylene terephthalate, or PET – a form of plastic patented in the 1940s and now used in millions of tonnes … Read more
April 16, 2018, by Dave Graham MEXICO CITY (Reuters) – The ministers leading the renegotiation of the North American Free Trade Agreement (NAFTA) could meet again on Thursday in Washington as they push for quick progress, Mexican Economy Minister Ildefonso Guajardo said on Monday. Guajardo said he had spoken to Canadian Foreign Minister Chrystia Freeland … Read more
April 16, 2018, by Nicola Groom (Reuters) – Nine states in the U.S. Northeast have slashed greenhouse gas pollution, created thousands of jobs in clean energy, and cut consumer power costs using a market-based scheme to slash carbon emissions, according to a study released on Tuesday. The report on the Regional Greenhouse Gas Initiative from … Read more
April 17, 2018 FRANKFURT (Reuters) – Investment in new European wind farms and equipment is expected to increase this year after a sharp drop in 2017, helped by several large project auctions, according to a major industry body. Spending is forecast to rise 4 percent to 23.2 billion euros ($28.7 billion), WindEurope said in its … Read more
April 16, 2018, by Julie Gordon and Nicole Mordant VANCOUVER (Reuters) – Canada’s Alberta province on Monday edged closer to cutting off fuel shipments to neighboring British Columbia in an escalation of a row over the stalled C$7.4 billion ($5.9 billion) expansion of the Kinder Morgan Canada Trans Mountain pipeline. The project has pitted Ottawa … Read more
April 16, 2018 NEW YORK (Reuters) – U.S. shale oil production is expected to increase in May for the fourth consecutive month, U.S. Energy Information Administration data showed on Monday, boosted by record production in the prolific Permian Basin of West Texas and New Mexico. Total oil output is set to rise by 125,000 barrels … Read more
April 16, 2018, by John Kemp LONDON, April 16 (Reuters) – Hedge funds are holding a near-record bullish position in crude oil and refined fuels but the buying seems to have run out of momentum and is increasingly concentrated only in Brent. Hedge funds and other money managers increased their net long position in the … Read more
April 16, 2018 BEIJING (Reuters) – China’s shale gas production will likely reach 17 billion cubic meters (bcm) in 2020, nearly double the 2017 level, as local oil companies make big progress with drilling technology and cost cutting, consultancy Wood Mackenzie said in a note on Tuesday. Nearly 700 new wells will come onstream between … Read more
April 16, 2018, by Greg Quinn, Josh Wingrove and Natalie Obiko Pearson (Bloomberg) Prime Minister Justin Trudeau plans to start talks with Kinder Morgan Inc. to backstop the Trans Mountain pipeline after failing to end a spat between Canadian provinces that put the vital project at risk. “We are going to get the pipeline built. It … Read more
April 16, 2018, by Ryan Collins (Bloomberg) The U.S. wants to fund research targeting better cybersecurity for the nation’s power grid and the oil and natural gas industry, less than a month after web attacks hobbled electronic communications for several pipeline operators. The agency is making $25 million in grants available for projects that pursue … Read more
April 16, 2018, by Kelly Gilblom (Bloomberg) Chief Executive Officer Ben van Beurden has the same message for activists seeking to bind Royal Dutch Shell Plc to deep emissions cuts, and investors concerned about the merits of shifting away from oil and gas: Trust me. He advised shareholders on Monday to reject a resolution from … Read more
April 16, 2018, by Bloomberg News (Arabian Business) OPEC and allied producers will consider extending an agreement to cut oil output into 2019 when they meet in June to assess the market, Kuwait Oil Minister Bakheet Al-Rashidi said. The Organisation of Petroleum Exporting Countries and other suppliers including Russia will discuss continuing the global production … Read more
April 16, 2018, by Ron Bousso LONDON (Reuters) – BP said on Monday it will keep carbon emissions flat over the decade to 2025 even as its oil and gas ouput is set to grow, responding to rising investor pressure to help tackle climate change. The London-based company said it plans to reduce emissions of … Read more
Sales & Marketing Coordinator EnerPoint iMedia Corp. – Calgary, AB Job Description: EnerPoint iMedia is a high growth marketing & media company providing daily news, data, events & industry information in Canada. We are looking to expand our brands to the United States & Internationally and we are looking for a dynamic communication specialist & … Read more
CHARLOTTE, N.C., April 16, 2018, /PRNewswire/ — Duke Energy’s $62 million solar rebate program – which will help North Carolina customers with the upfront cost of installing solar panels on their property – was approved this month by the North Carolina Utilities Commission (NCUC). The program is part of 2017’s Competitive Energy Solutions for North Carolina … Read more
LONDON, April 16, 2018 /PRNewswire/ — Near the banks of the White Nile, in the mountains of East Africa a Chinese oil company was sitting on what might have been a major oil discovery – a 182-million-barrel probable reserve, with great potential to grow. Mentioned in today’s commentary includes: Pengrowth Energy Corp. (NYSE:PGH), Pembina Pipeline … Read more
THE WOODLANDS, Texas–(BUSINESS WIRE)–NextDecade Corporation (“NextDecade” or the “Company”) (NASDAQ: NEXT) announced today that, effective April 23, 2018, James MacTaggart will join the Company as Senior Vice President, LNG Marketing – Asia. In addition, NextDecade has opened offices in Singapore and Beijing to serve customers throughout Asia. “The appointment of James and the opening of … Read more
HOUSTON–(BUSINESS WIRE)–Enterprise Products Partners L.P. (NYSE:EPD) today announced that its 416-mile Midland-to-Sealy pipeline is now in full service with an expanded capacity of 540,000 barrels per day (“BPD”) and capable of transporting batched grades of crude oil and condensate. With the completion of incremental tankage, as well as infrastructure and operating enhancements, the pipeline has … Read more
LOS ANGELES–(BUSINESS WIRE)–CBRE Group, Inc. (NYSE: CBRE) announced today that it has made a strategic investment in energy services firm Redaptive, Inc. Headquartered in San Francisco, Redaptive is a fast-growing provider of integrated energy efficiency solutions and energy financing for building owners and occupiers. “Redaptive offers a new and compelling service for CBRE clients,” said … Read more
HOUSTON–(BUSINESS WIRE)–National Oilwell Varco, Inc. (NYSE: NOV) today announced it expects to report first quarter 2018 revenues of $1.80 billion, which is below prior expectations. The revenue shortfall is primarily due to: “Following an unusually protracted 2018 budgeting cycle, we’ve seen certain customers defer deliveries for existing capital equipment orders into the second quarter and … Read more
April 16, 2018, by Lorcan Roche Kelly (Bloomberg) Mission accomplished The weekend’s missile strikes on Syria by the U.S., France and the U.K. have hampered that country’s ability to use chemical weapons, according to the Pentagon. While the short-term military goal may have been met, the geopolitical fallout is likely to be less cut and dry. … Read more
April 16, 2018, by Tsuyoshi Inajima and Grant Smith (Bloomberg) Oil retreated from its highest close in three years in New York as Middle East tensions abated on speculation that U.S.-led military intervention in Syria won’t go beyond the weekend’s missile strikes. Futures slipped as much as 1.9 percent in New York. President Donald Trump … Read more
April 16, 2018 (Bloomberg News) During the price crash of 2014 to 2017, Big Oil weathered the storm thanks to what the industry calls downstream. Margins from refining, petrochemicals and fuel stations shone as crude got cheaper, bringing in profits that helped sustain companies including Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. … Read more
April 16, 2018, by Joey Roulette CAPE CANAVERAL, Fla. (Reuters) – A new NASA satellite designed to detect more Earth-like worlds around stars beyond our solar system is due for launch aboard a SpaceX rocket from Florida on Monday, on a quest to expand the known inventory of so-called exoplanets that might harbor life. The … Read more
April 15, 2018, by David Ljunggren OTTAWA, April 15 (Reuters) – Canada’s government got just 24 hours notice that it would be thrust into a political and economic crisis by an ultimatum from a pipeline operator, government sources said, leaving Prime Minister Justin Trudeau scrambling for options in a dispute that could damage his re-election … Read more
April 16, 2018, by Jessica Jaganathan and Oleg Vukmanovic SINGAPORE/LONDON, April 16 (Reuters) – The first contractual liquefied natural gas (LNG) cargo from Dominion Energy Inc’s newly constructed Cove Point LNG export plant in Maryland in the United States left the facility on Monday, Thomson Reuters Eikon ship tracking data showed. The cargo is expected … Read more
April 16, 2018 KUWAIT (Reuters) – Oman’s oil minister Mohammed bin Hamad al-Rumhi called on all OPEC and non-OPEC producers who took part in the global supply cut pact to continue their cooperation to maintain suitable oil market conditions that encourage oil investments. “Definitely now is better than yesterday, but the monkey is still on … Read more
April 13, 2018, by Jennifer Delony (Renewable Energy World) Legislation that would support solar energy deployments met with success in New Jersey this week following a blow for other pro-solar legislation that was making headway in South Carolina. New Jersey’s Assembly and Senate yesterday passed a bill that, among other things, accelerates the state’s solar … Read more
April 15, 2018, by Naureen S. Malik and Ryan Collins (Bloomberg) After amassing billions in debt and pushing a bold spending plan, Charif Souki was fired in 2015 by the liquefied natural gas company he founded. Now heading a new developer, he’s changing his plan of attack. Souki’s latest idea is to mostly deal debt … Read more
April 15, 2018, by Julian Lee (Bloomberg Gadfly) Rising geopolitical tensions in the Middle East have already boosted oil prices and there is plenty of scope for them to move higher still. That an oil price spike would follow Western missiles launched at Syria seems a foregone conclusion. But for prices to really keep moving … Read more
April 13, 2018, by Jennifer A. Dlouhy and Mario Parker (Bloomberg) Even as President Donald Trump floats the idea of more ethanol sales, critics say moves by his Environmental Protection Agency would undercut the support to corn farmers. On Thursday, Trump said the government probably would allow the year-round sale of gasoline containing as much … Read more
April 13, 2018, by Brooke Sutherland (Bloomberg Gadfly) General Electric Co.’s financial restatements call attention to risks that credit-rating firms won’t be able to ignore much longer. The industrial giant, whose shares have plunged more than 20 percent this year as it grapples with the fallout from a deterioration in its cash flow, provided more details late Friday … Read more
April 15, 2018, by David Ljunggren OTTAWA (Reuters) – Canadian Prime Minister Justin Trudeau on Sunday moved to end an escalating crisis over a Kinder Morgan Canada Ltd (KML.TO) oil pipeline, saying Ottawa was prepared to offer financial aid to ensure the project went ahead. Trudeau cited investor confidence as one reason to help Kinder … Read more
April 15, 2018, by Jessica Resnik-Ault NEW YORK (Reuters) – A fire broke out at United Refining Co.’s 70,000-barrel-a-day oil refinery in Warren, Pennsylvania, the local fire department said on Sunday. Fire officials responded to the refinery just after 6 p.m. on Sunday, but were on standby as the plant’s internal fire crew responded to … Read more
April 13, 2018, by Gayatri Suroyo and Fergus Jensen JAKARTA (Reuters) – Royal Dutch Shell has asked Indonesia to rethink a policy allowing the government to control domestic fuel pricing, a company official said, an area “fundamental” to its fuel distribution business. Indonesia’s Ministry of Energy and Mineral Resources announced on Monday that President Joko Widodo … Read more
BOSTON–(BUSINESS WIRE)–Current, powered by GE (NYSE: GE) has announced a new energy efficiency program with Morgan Stanley (NYSE: MS). The companies are collaborating to evaluate energy savings opportunities across more than 600 Morgan Stanley retail branches with a turnkey LED lighting and digital controls solution that will reduce lighting-related energy consumption by up to 50 … Read more
IRVING, Texas–(BUSINESS WIRE)–ExxonMobil said today that production of liquefied natural gas (LNG) has safely resumed at the PNG LNG project in Papua New Guinea following a temporary shutdown of operations after a severe earthquake occurred in the region on Feb. 26. LNG exports are expected to resume soon. One train is currently operating at the … Read more
HOUSTON, April 12, 2018 (GLOBE NEWSWIRE) — Apache Corporation (NYSE:APA) (Nasdaq:APA) today announced Ben C. Rodgers has been named vice president, Treasury; effective April 16. Rodgers will lead Apache’s Treasury department and have global oversight over the company’s capital structure analysis, financing, risk insurance, banking policy, cash and liquidity management. “I am pleased to welcome … Read more
April 13, 2018, by Cecile Gutscher (Bloomberg) Making nice President Donald Trump now wants trade deals, not war. He asked his aides to explore rejoining an Asia-Pacific trade pact he withdrew from shortly after taking office and said the U.S. and China ultimately may end up levying no new tariffs on each other – just a week after threatening them … Read more
April 13, 2018, by Jim Efstathiou Jr., Jim Polson and Elise Young (Bloomberg) New Jersey lawmakers have revived a long-stalled plan to build a wind farm off the coast of Atlantic City. Both houses of the state Legislature approved a bill Thursday allowing the New Jersey Board of Public Utilities to reconsider a 24-megawatt project … Read more
April 13, 2018, by Laura Blewitt and Kevin Crowley (Bloomberg) President Donald Trump, much to the delight of Big Auto, wants to roll back the Obama-era regulations that require cars to burn gasoline more efficiently and run cleaner. Well, California regulators have a message for the president: Do it, and we’ll go it alone. If this … Read more
April 12, 2018 HOUSTON (Reuters) – The United States Coast Guard said on Thursday it had shut a 10-mile (16.1 km) stretch of the Mississippi River in downtown New Orleans after a vessel spilled oil into the river. New Orleans, which sits near the mouth of the Mississippi, is an important transit point for energy, … Read more
April 12, 2018 MELBOURNE (Reuters) – ExxonMobil Corp has resumed production at the Papua New Guinea liquefied natural gas (LNG) project a fortnight ahead of schedule after it was shut down in the wake of a deadly earthquake in February, its Australian partners said on Friday. Production at the PNG LNG project was halted after … Read more
April 13, 2018, by Dmitry Zhdannikov LONDON (Reuters) – OPEC and its allies appear to have accomplished their mission of bringing global oil stocks to desired levels, the International Energy Agency said on Friday, signaling that the markets could become too tight if supply remains restrained. The IEA, which coordinates the energy policies of industrialized … Read more
April 12, 2018, by Jarrett Renshaw and Chris Prentice NEW YORK (Reuters) – Global energy giants Chevron Corp and Exxon Mobil have asked U.S. regulators for exemptions to the nation’s biofuels policy that have historically been reserved for small companies in financial distress, according to sources familiar with the matter. The requests will add fuel … Read more
April 12, 2018 WASHINGTON (Reuters) – U.S. import prices were unexpectedly flat in March as a drop in the cost of petroleum products was offset by increases in the prices of food and a range of other goods. The Labor Department said on Thursday last month’s unchanged reading followed a slightly downwardly revised 0.3 percent … Read more
April 12, 2018, by Jennifer Delony (Renewable Energy World) U.S. Secretary of the Interior Ryan Zinke last week announced the proposed lease sale for two new areas off the coast of Massachusetts for commercial wind energy leasing, totaling nearly 390,000 acres. “The proposed sale area has tremendous offshore wind energy potential and the responsible development of it continues to … Read more
April 12, 2018, by David Ljunggren OTTAWA (Reuters) – Canadian Prime Minister Justin Trudeau will break off a foreign trip to convene an emergency meeting with the premiers of two provinces locked in a worsening dispute over an oil pipeline, officials said on Thursday. The unexpected development is a sign of the pressure building on … Read more
April 12, 2018, by John Kemp LONDON (Reuters) – OPEC appears to be reformulating its target in terms of upstream investment rather than oil inventories, according to an analysis of recent statements made by ministers from member countries. “There is no such thing as a target price by Saudi Arabia,” the kingdom’s energy minister, Khalid … Read more
April 12 (Reuters) – The United States Coast Guard said on Thursday a portion of the Mississippi River was shut as it responded to reports of an oil spill near mile marker 100 on the lower Mississippi River near New Orleans. * The river is closed to vessel movement from mile marker 91 to mile … Read more
Houston, April 12, 2018 (GLOBE NEWSWIRE) — Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or the “Company”) today closed the previously announced divestment of its U.S. Gulf of Mexico assets to Fieldwood Energy LLC (“Fieldwood”), with an effective transaction date of January 1, 2018. Included in the transaction was the Company’s interest in all of … Read more
HOUSTON, April 12, 2018 /PRNewswire/ — Fieldwood Energy LLC (the “Company” or “Fieldwood”) announced today the closing of its acquisition of all of Noble Energy, Inc.’s (NYSE: NBL) deepwater oil and gas assets located in the Gulf of Mexico with an effective date of January 1, 2018. The acquisition was a key component of Fieldwood’s innovative … Read more
TULSA, Okla.–(BUSINESS WIRE)–Williams Partners L.P. (NYSE: WPZ) announced today that Transco has filed an application with the Federal Energy Regulatory Commission (FERC) seeking authorization for its Southeastern Trail expansion project, which would create 296,375 dekatherms per day of additional firm transportation capacity to markets in the Mid-Atlantic and Southeastern U.S. for the 2020/2021 winter heating … Read more
IRVING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM) today announced that the size of the natural gas resource at the P’nyang field in Papua New Guinea has increased to 4.36 trillion cubic feet of gas, an 84 percent increase from a previous assessment completed in 2012. The increase supports a potential significant expansion of operations in the … Read more
April 12, 2018, by Annmarie Hordern, Sharon Cho and Serene Cheong (Bloomberg) In the oil market, missiles over the Middle East are currently trumping just about everything else. Geopolitical tensions are affecting prices now and will lift crude higher if they persist, Fatih Birol, the executive director of the International Energy Agency, said in an … Read more
April 12, 2018, by Jim Bianco and Peter Forbes (Bloomberg Prophets) Hedge funds have loaded up on crude oil futures in recent months, betting that strong global economic growth will spur demand and power prices higher. Bullish positioning has reached an extreme as markets try to balance a known surge in U.S. shale production with … Read more
April 12, 2018, by Sid Verma (Bloomberg) D.C. drama President Donald Trump is taking an increasingly combative posture toward Special Counsel Robert Mueller’s ongoing Russia probe after FBI agents raided the home of his lawyer Michael Cohen on Monday. Trump discussed firing Deputy Attorney General Rod Rosenstein with White House aides on Wednesday, a person familiar with … Read more
April 12, 2018, by Ahmad Ghaddar LONDON (Reuters) – OPEC on Thursday revised its forecast for supply growth from its rivals for 2018 by nearly three times more than its revised projection of growth in global oil demand. It said growth in non-OPEC oil supply was forecast to rise by a further 80,000 barrels per … Read more
April 12, 2018, by Jessica Resnick-Ault and Jessica DiNapoli NEW YORK (Reuters) – The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. … Read more
April 11, 2018, by Timothy Gardner WASHINGTON (Reuters) – EDP-Energias de Portugal is optimistic about renewable power investments in the United States, despite President Donald Trump’s push to support coal and nuclear power plants and a tariff his administration slapped on imported solar panels, its chief executive said in an interview. “U.S. renewables represent the … Read more
April 11, 2018, by David Ljunggren and Julie Gordon OTTAWA/VANCOUVER (Reuters) – Canadian Prime Minister Justin Trudeau is set to pile pressure on British Columbia’s provincial government to drop its resistance to a pipeline project, but will try to avoid tougher measures that might alienate voters who helped his Liberals win power, a source close … Read more
April 11, 2018, by Jarrett Renshaw and Chris Prentice NEW YORK (Reuters) – The Trump administration is considering allowing the sale of a higher ethanol fuel blend in the summer, a source familiar with the issue said, a move that would placate corn growers worried about the future of U.S. biofuels policy. President Donald Trump … Read more
April 11, 2018, by Chen Aizhu CHONGQING, China (Reuters) – On one of the many mountains in southwest China’s sprawling region of Chongqing, a dozen wells in an exhausted gas field are this week starting to take in fresh fuel piped in from Central Asia’s Turkmenistan, thousands of miles away. For the next six months, … Read more
April 11, 2018, by Alex Lawler and Nidhi Verma NEW DELHI (Reuters) – OPEC oil producers and their partners are trying to work out a structure for their proposed long-term agreement on oil supplies, the energy minister for the United Arab Emirates said on Wednesday. Suhail al-Mazroui also told Reuters on the sidelines of the … Read more
April 11, 2018, by David Gaffen (Reuters) – U.S. crude stocks rose unexpectedly last week as imports jumped and production increased to another weekly record, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.3 million barrels in the week ended April 6, compared with analysts’ expectations for a decrease of 189,000 barrels. … Read more
By Jessica Resnik-Ault NEW YORK (Reuters) – Oil hit its highest in more than three years on Wednesday after Saudi Arabia said it intercepted missiles over Riyadh and international tensions about Syria grew. Both U.S. crude and global benchmark Brent traded at the highest levels since 2014 as concerns about airstrikes drove the market higher. … Read more
April 11, 2018, by Edward Hadas LONDON (Reuters Breakingviews) – Until fairly recently, a king could not be corrupt. Monarchs just did what they did, as the biblical prophet Samuel explained. “He will take the best of your fields and vineyards and olive groves and give them to his attendants,” he told the ancient Israelites. … Read more
NEW ORLEANS, La., April 11, 2018 (GLOBE NEWSWIRE) — The 2018 Louisiana Energy Conference will be held in New Orleans on Tuesday afternoon May 29 through Friday, June 1, 2018 at the Westin Canal Place Hotel at 100 Rue Iberville. The Conference will feature a series of approximately 20 panels May 30 – 31 that … Read more
April 11, 2018, by Liam Denning (Bloomberg Gadfly) Bob Murray, CEO of Murray Energy Corp., has a novel idea to save U.S. coal: buy the stuff himself. Interviewed Tuesday by Tim Loh of Bloomberg News on the sidelines of a Bloomberg New Energy Finance conference in New York, Murray said he might buy coal-fired power plants to … Read more
April 11, 2018, by Libby George LONDON (Reuters) – Global shipping fuel costs are likely to rise by a quarter, or $24 billion, in 2020 when new rules limiting sulfur kick in, consultants Wood Mackenzie said on Wednesday. The ballooning costs will come as the change in regulations forces a portion of the world’s fleet … Read more
HOUSTON, April 11, 2018 /PRNewswire/ — Despite crude oil prices rising 25 percent since January 2017and significant productivity gains made in recent years, shareholder returns on average for upstream companies have still been negative – even for those operating in the Permian Basin hot spot, according to Deloitte’s “The portfolio predicament: How can upstream oil and … Read more
HOUSTON, April 11, 2018 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE American:MCF) announced today an update on its Southern Delaware Basin acreage in Pecos County, Texas. River Rattler #1H As previously reported, the River Rattler #1H (44% WI, 33% NRI), our first Wolfcamp B test, was spud in December 2017, was drilled to a … Read more
MIDLAND, Texas, April 10, 2018 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback” or the “Company”) today announced that production for the first quarter of 2018 was 102.6 Mboe/d (75.6 Mbo/d; 74% oil), an increase of over 10% from Q4 2017 average daily production of 92.9 Mboe/d. First quarter 2018 average realized prices were $61.66 … Read more
WASHINGTON–(BUSINESS WIRE)–Harbour Energy, Ltd. (“Harbour’’) today announced that David D. Powell has joined the organization as Chief Financial Officer. Mr. Powell is a seasoned oil and gas executive with global operating experience, who has built and managed finance, IT, and supply chain organizations worldwide, led post-acquisition integration activities, and has expertise in both operational transformation … Read more
April 11, 2018, by Will Wade and Brian Eckhouse (Bloomberg) Insurance giants like Swiss Re AG, with the help of a San Francisco firm, now have a way of guaranteeing production from solar farms — not an easy feat considering supplies from these plants rise and fall with the sun. The product that at least one … Read more
April 11, 2018, by Lorcan Roche Kelly (Bloomberg) Tensions move Just as risks fade that a global trade war will break out, concerns rise over a possible U.S. strike on Syria. President Donald Trump praised Xi Jinping’s “kind words” following the Chinese leader’s reaffirmed pledge to continue to open the country’s banking and manufacturing sectors in a speech … Read more
April 11, 2018, by Jessica Jaganathan SINGAPORE, April 11 (Reuters) – Texas LNG has signed eight non-binding deals with potential buyers of liquefied natural gas (LNG) in China, southeast Asia and Europe, the company’s chief executive said on Wednesday. They include five in China, two in southeast Asia and one in Europe, said Vivek Chandra, … Read more
April 11, 2018, by Florence Tan NEW DELHI (Reuters) – Global oil supply remains a concern amid OPEC and Russian-led output reductions, with production falling from mature oilfields while demand growth remains strong, the International Energy Agency’s Executive Director Fatih Birol said on Wednesday. This was despite forecasts of rising oil output from non-OPEC producers, … Read more
April 10, 2018, by Florence Tan and Alex Lawler NEW DELHI (Reuters) – The future supply situation for a number of energy resources is not reassuring, particularly for crude oil, Saudi Arabia’s Oil Minister Khalid Al Falih said on Wednesday. Investments in oil are not keeping pace with the demand for fuel, said Falih, in … Read more
April 10, 2018, by Devika Krishna Kumar NEW YORK (Reuters) – The volume of oil sitting in 300 steel tanks in a nine-square-mile radius in Cushing, Oklahoma has long been a key barometer for the health of U.S. crude supply and the nation’s benchmark for daily trading of billions of dollars in the commodity. But … Read more
April 10, 2018, by Alex Lawler (Reuters) NEW DELHI – Oil demand estimates by major government forecasters are converging, an OPEC official said on Tuesday, although more effort is needed to improve the quality of data about the global market. A lack of transparency about oil demand, supply and stocks have long been seen as … Read more
April 10, 2018, by Robert Tuttle (Bloomberg) If Kinder Morgan Canada Ltd. decides to shelve its now-stalled Trans Mountain pipeline expansion project, oil sands producers will have to get creative about moving their crude. The line would open up 590,000 barrels a day of new capacity to Vancouver. Without it, producers are left with two … Read more
April 10, 2018 HOUSTON (Reuters) – U.S. oil and gas producers plan to self-finance some of their production even as higher crude prices boost their ability to borrow against reserves, according to a survey of energy companies and financiers on Tuesday. The survey found 21 percent of producers saying they expect to tap cash flow … Read more
April 10, 2018, by Joe Ryan (Bloomberg) For all the buzz around wind, solar and electric cars, energy company executives had plenty to say Tuesday about the continuing role of fossil fuels and nuclear power at the Bloomberg New Energy Finance Future of Energy Summit. Mining mogul Bob Murray offered a passionate defense of coal, … Read more
April 10, 2018 HOUSTON (Reuters) – Chevron Corp (CVX.N) said on Tuesday it boosted Chief Executive Mike Wirth’s salary by 20 percent to $1.5 million when he took the oil producer’s top job two months ago. Wirth, who has worked at Chevron for more than 35 years and was previously the company’s vice chairman, is … Read more
April 10, 2018, by Anna Hirtenstein (Bloomberg) The expanding network of giant windmills in the North Sea — the largest such collection in the world — is turning into a windfall for some bankers helping institutional investors acquire a piece of Europe’s renewable-energy market. A record $9.36 billion of stakes in offshore wind farms were … Read more
April 10, 2018, by Ryan Collins and Vivian Nereim (Bloomberg) The world may need an investment of as much as $200 billion in new liquefied natural gas terminals by 2025 to satisfy a growing appetite for cleaner-burning fuels, according to Bechtel Group Inc. Even under a moderate-growth scenario, global LNG demand will climb by 15 … Read more
April 10, 2018, by Brian Eckhouse (Bloomberg) After all the dire warnings that Donald Trump’s solar tariffs would be a job killer, it’s possible that employment may tick up this year. A solar trade group had warned that tens of thousands of jobs would be lost if Trump decided to impose tariffs on imported solar … Read more
April 10, 2018, by Michael Makovsky (Reuters) President Donald Trump recently made clear his eagerness to withdraw U.S. troops from Syria, effectively ceding the country to Iran, more chemical attacks and further conflict. However mistaken that would be, he is inclined to confront Iran through a different withdrawal — from the 2015 Iran nuclear deal, unless it is “fixed” by … Read more
April 10, 2018 (Reuters) – Exxon Mobil Corp (XOM.N) is in talks with Qatar over a possible deal that could see the country investing in the company’s U.S. shale gas resources, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The deal could take the shape of a joint venture in … Read more
April 10, 2018 PARIS (Reuters) – Saudi state-oil giant Aramco on Tuesday said it had signed agreements worth over $12 billion with French companies including Total (TOTF.PA), Technip (FTI.N) and Suez (SEVI.PA) during a visit by Saudi Crown Prince Mohammed bin Salman to France. The young prince who is behind reforms to wean Saudi Arabia … Read more
April 10, 2018 LONDON (Reuters) – BP has teamed up with Tesla to build its first battery storage project at one of its U.S. windfarms as part of a strategy to expand its renewable energy business, the energy group said on Tuesday. Tesla will supply the 212 kilowatt (KW)/840 kilowatt hour battery at BP’s Titan … Read more
April 10, 2018, by Ernest Scheyder HOUSTON (Reuters) – Devon Energy Corp said on Tuesday it would lay off 300 workers, roughly 9 percent of staff, part of a plan to streamline operations and boost the shale oil producer’s sagging returns and stock price. The cuts will affect all areas of the company’s operations, not … Read more
April 10, 2018, by Javier Blas (Bloomberg) Saudi Arabia wants to get oil prices near $80 a barrel to pay for the government’s crowded policy agenda and support the valuation of state energy giant Aramco before an initial public offering. In conversations with OPEC delegates and oil market participants, Saudi officials had been careful to … Read more
RENO, Nev., April 10, 2018 (GLOBE NEWSWIRE) — Ormat Technologies Inc. (NYSE:ORA) announced today that it plans to announce its first quarter 2018 financial results in a press release that will be issued on Monday, May 7, 2018, after the market closes. The Company has scheduled a conference call to discuss the results at 9 … Read more
DENVER, April 09, 2018 (GLOBE NEWSWIRE) — Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE:REN) announced today that it has closed its previously announced private offering of $75 million in aggregate principal amount of its 8.50% Senior Notes due 2020 (the “Senior Notes”). The Senior Notes have identical terms, other than the issue date, the … Read more
SAN DIEGO, April 10, 2018 /PRNewswire/ — Sempra Energy (NYSE: SRE) today announced several executive appointments as the company implements its leadership succession plan. Last month, Debra L. Reed announced her plans to step down as Sempra Energy’s CEO and president May 1, and fully retire as chairman Dec. 1. The company previously announced that Jeffrey … Read more
April 10, 2018, by Joe Ryan (Bloomberg) It didn’t take long at the BNEF Future of Energy Summit for talk to turn to the Trump administration’s push to rescue America’s money-losing coal and nuclear plants. “Resilience” was the electricity sector’s buzz word du jour, and there’s hardly consensus among utility executives and analysts about whether … Read more
April 9, 2018, by Robin M. Mills (Bloomberg Prophets) Bahrain discovered the first oil on the Arab side of the Gulf in 1932. It took a long time for the small island to find anything of similar significance, but its recent announcement of an enormous shale oil resource under its shallow waters should not be … Read more
April 10, 2018, by Lorcan Roche Kelly (Bloomberg) Xi plays it soft Chinese President Xi Jinping’s landmark economic speech came as a relief to investors as he sought to move away from confrontation with the United States, saying dialogue is the way to resolve disputes. Xi pledged a “new phase of opening up” the Chinese … Read more
April 9, 2018 OTTAWA (Reuters) – Canada’s Liberal government is under pressure to push through the expansion of Kinder Morgan Canada Ltd’s Trans Mountain pipeline from the Alberta oil sands to the Pacific province of British Columbia. But the company said it would scrap plans to nearly triple the Trans Mountain pipeline’s capacity unless various … Read more
April 9, 2018 (Reuters) – Apple Inc (AAPL.O) on Monday said it had achieved its goal of powering all of the company’s facilities with renewable energy, a milestone that includes all of its data centers, offices and retail stores in 43 countries. The iPhone maker also said nine suppliers had recently committed to running their … Read more
April 9, 2018, by David Shepardson and Joseph White NEW YORK (Reuters) – California’s top clean air regulator told Reuters on Monday the state is willing to give automakers more flexibility to comply with vehicle greenhouse-gas emissions rules even as her agency prepares to fight the Trump administration over car and truck pollution standards. Mary … Read more
April 9, 2018, by Scott DiSavino (Reuters) – U.S. natural gas prices could rise in 2018 after utilities pulled the second biggest amount of gas from storage on record over the winter, even though the season was slightly warmer than normal. That left total stockpiles about 20 percent below usual at the end of the … Read more
April 9, 2018, by Clyde Russell (The opinions expressed here are those of the author, a columnist for Reuters.) SINGAPORE, April 10 (Reuters) – Saudi Aramco may have shot itself in the foot by unexpectedly increasing the price of its crude oil to Asia, with a major Chinese refiner responding by sharply cutting back on the … Read more
April 10, 2018 PARIS (Reuters) – The chief executive of Total SA (TOTF.PA) on Tuesday confirmed the French oil major intends to enlarge its refinery joint venture with state oil giant Saudi Aramco. “We are planning to enlarge our joint venture with Saudi Aramco. We have a very big refinery there and the next step … Read more
April 9, 2018, by John Benny and David Ljunggren (Reuters) – Business groups and local officials called on Monday for Canada’s government to guarantee an expansion of the Trans Mountain pipeline is completed, after operator Kinder Morgan Canada halted most work on the C$7.4 billion ($5.83 billion) project. Shares of the operator, spun off by … Read more
April 9, 2018, by John Kemp (John Kemp is a Reuters market analyst. The views expressed are his own) * Chartbook: tmsnrt.rs/2GPRVs8 LONDON, April 9 (Reuters) – Hedge funds trimmed their bullish position in crude oil and fuels in the most recent week after increasing it significantly over the previous fortnight. But the overall reduction conceals … Read more
April 9, 2018, by Jarrett Renshaw and Chris Prentice NEW YORK (Reuters) – Five Republican senators on Monday called on President Donald Trump to temporarily halt the use of biofuels policy waivers for small oil refineries, after reports the Environmental Protection Agency had issued a recent wave of such exemptions. The group of lawmakers, which … Read more
BROOKLYN, N.Y. and HOUSTON, April 9, 2018 /PRNewswire/ — An innovative new business-to-business transactive energy network called Exergy™, which helps to cut costs and improve efficiency for commercial businesses, is being launched in Texas by LO3 Energy and Direct Energy Business. LO3’s Exergy platform will make it possible for large commercial and industrial companies to automatically place orders for customized power hedges, as … Read more
AKRON, Ohio, April 9, 2018 /PRNewswire/ — With utility scams on the rise, real customers of FirstEnergy (NYSE: FE) utilities are speaking out about their encounters with fraudsters in a mini documentary released today. The video, “Hang Up, Don’t Pay Up: When a Scammer Calls,” features two business owners contacted by phone scammers impersonating FirstEnergy electric company employees, … Read more
THE HAGUE, Netherlands, April 9, 2018 /PRNewswire/ — Basis for Preparation – Report on Payments to Government for the year 2017 This Report provides a consolidated overview of the payments to governments made by Royal Dutch Shell plc (NYSE: RDS.A) (NYSE: RDS.B) and its subsidiary undertakings (hereinafter refer to as “Shell”) for the year 2017 as required under the … Read more
FALLS CHURCH, Va.–(BUSINESS WIRE)–Global leader ExxonMobil is the first energy company to join The Recycling Partnership, a rapidly growing national nonprofit that leverages corporate investment to transform recycling for good in hundreds of communities across the country. Through support and collaboration, ExxonMobil, along with 34 other companies including Coca-Cola, Target, Amazon, Pepsi, Starbucks and P&G, is … Read more
April 9, 2018, by Jim Polson (Bloomberg) What if the billions of tons of carbon dioxide pumped out by the world’s power plants could be converted into something that’s actually useful? Ten teams will split $5 million to test ways to do just that. The researchers are developing systems that break down the greenhouse gases … Read more
April 9, 2018, by Kelly Gilblom (Bloomberg) Royal Dutch Shell Plc is demonstrating how tough it is for a massive, 100-year-old oil company to become a friend to the climate. Shell’s greenhouse-gas emissions rose last year to the highest since 2014, it said Monday. The increase shows the challenge facing Chief Executive Officer Ben van … Read more
April 9, 2018, by Angelina M. Galiteva and Diane Moss (Renewable Energy World) California is a renowned global leader on climate and clean energy policy, but risks becoming a follower and falling short. To achieve the state’s long-term deep greenhouse gas reduction goals and to continue setting the strong example the rest of the world … Read more
Recent growth in U.S. crude oil production has been primarily light, sweet crude oil, defined as having an API gravity of 35 or higher and sulfur content of 0.3% or less. These light, sweet crudes, which are produced from tight resource formations, accounted for nearly 90% of the 3.1 million barrel per day (b/d) … Read more
CALGARY — Kinder Morgan is open to discussing an investment in its Trans Mountain pipeline expansion by the Alberta government if there’s clear assurance that the project can actually be completed, the company’s chief executive said Monday.
Alberta Pr…
April 9, 2018, by Roberta Lampton and Mitra Taj WASHINGTON/LIMA (Reuters) – U.S. President Donald Trump, who has disparaged Latin American countries over immigration, narcotics and trade, heads to the region this week for a summit that diplomats say is likely to be awkward and tense. Trump will arrive in the Peruvian capital, Lima, on … Read more
April 9, 2018 LONDON (Reuters) – Donald Trump will regret it if he pulls out of the nuclear deal with Iran, President Hassan Rouhani said on Monday, warning the U.S. president that Tehran’s response would be stronger than he thinks. U.S. sanctions that were lifted under the Joint Comprehensive Plan of Action (JCPOA) of 2015 … Read more
HOUSTON, April 09, 2018 (GLOBE NEWSWIRE) — Alta Mesa Resources, Inc. (NASDAQ:AMR) (“Alta Mesa” or the “Company”) today announced that Craig W. Collins has joined the Company as Vice President and Chief Operating Officer-Midstream. Mr. Collins will also be Chief Operating Officer of Kingfisher Midstream, LLC. Mr. Collins joins the Company after 15 years with … Read more
FORT WORTH, Texas, April 9, 2018 /PRNewswire/ — Brazos Midstream Holdings, LLC (“Brazos” or the “Company”) and its financial sponsor, Old Ironsides Energy, today announced they have entered into a definitive agreement to sell its Delaware Basin subsidiary companies to North Haven Infrastructure Partners II (“NHIP II”) and related funds for approximately $1.75 billion in … Read more
April 9, 2018, by Naureen S. Malik (Bloomberg) A cyberattack that U.S. natural gas pipeline owners weren’t required to report has lawmakers taking a closer look at how the industry is handling such threats, raising the prospect of tighter regulation. In website notices to customers this week, at least seven pipeline operators from Energy Transfer … Read more
April 9, 2018, by Lorcan Roche Kelly (Bloomberg) Sewing up Deutsche Bank AG said it has named Christian Sewing chief executive officer after a supervisory board meeting yesterday. Shares in the German lender gained as much as 4.7 percent in Frankfurt trading this morning. The appointment of Sewing ends John Cryan’s term at the helm … Read more
April 9, 2018, by Alexis Akwagyira and Chijoike Ohuocha LAGOS (Reuters) – Nigerian energy company Neconde has launched an arbitration case against Royal Dutch Shell, the West African firm’s chief executive said, alleging the oil major continued to lift crude and failed to remit funds after a lease had been sold. The oilfield in question, … Read more
* GRAPHIC: Spot Asian LNG price vs. Santos share price: tmsnrt.rs/2IzAAUD By Clyde Russell SINGAPORE, April 9 (Reuters) – The revised $10.4 billion bid by Harbour Energy for Australian liquefied natural gas (LNG) producer Santos Ltd looks at first glance like a winning hand, but it’s still probably got the odds stacked against it. The … Read more
NEW YORK, NEW YORK, USA, April 9, 2018 /EINPresswire.com/ — The California Mesothelioma Victims Center is urging an oil refinery worker with confirmed mesothelioma anywhere in the state of California to call them anytime to ensure they have on the spot access to the nation’s leading mesothelioma lawyers for compensation. As the group would like … Read more
April 8, 2018, by Michelle Price and Sarah N. Lynch WASHINGTON (Reuters) – U.S. President Donald Trump predicted on Sunday that China would take down its trade barriers, expressing optimism despite escalating trade tensions between the world’s two largest economies that have roiled global markets in the past week. The two countries have threatened each other … Read more
April 7, 2017, by Erwin Seba HOUSTON (Reuters) – Saudi Aramco took the first steps to integrating a petrochemicals business into the United States’ biggest oil refinery, which is operated by its subsidiary Motiva Enterprises. Aramco’s Chief Executive Amin Nasser signed memoranda of understanding (MoUs) worth $8 billion-$10 billion with Honeywell UOP (HON.N) and Technip … Read more
CALGARY — Kinder Morgan is suspending all non-essential activities and related spending on the Trans Mountain pipeline expansion project. The company says its decision is based on the British Columbia government’s opposition to the project, which has been the focus of sustained protests. Kinder Morgan says it will consult with “various stakeholders” to try and reach an agreement by … Read more
Apr 8, 2018, 11:25:10 AM, by Lucia Kassai and Jack Kaskey (Bloomberg) Saudi Arabia signaled its intent to expand chemical production along the U.S. Gulf Coast and potentially double the size of North America’s biggest oil refinery. The kingdom’s state-owned crude producer is joining with U.K. oilfield-services firm TechnipFMC Plc to assess the potential for producing … Read more
April 8, 2018 by Allison McNeely (Bloomberg) No question, oil above $60 a barrel is a big help to North American energy companies. But even with prices up about 20 percent from a year ago, not everyone will get big boosts in their credit lines during the appraisal season that’s now kicking into high gear. … Read more
April 8, 2018 by Julian Lee (Bloomberg Gadfly) Citigroup Inc., Societe Generale SA, Royal Bank of Canada, Mitsubishi UFJ Financial Group Inc. Analysts at all these banks think the chances of sanctions on Iran snapping back into effect are much greater now that Mike Pompeo has been nominated Secretary of State and John Bolton appointed National … Read more
April 6, 2018 PM Reuters NEW YORK (Reuters) – Oil prices fell more than 1 percent on Friday after U.S. President Donald Trump threatened new tariffs on China, reigniting fears of a trade war between the world’s two largest economies that could hurt global growth. Trump said on Thursday he had ordered U.S. trade officials to consider … Read more
April 6, 2018 Reuters (Reuters) – U.S. energy companies added oil rigs for the third time in four weeks as crude prices drifted from a three-year high hit earlier this year amid concerns of a trade war between U.S. and China. Drillers added 11 oil rigs in the week to April 6, bringing the total count … Read more
April 6, 2018, by Jarrett Renshaw and Chris Prentice NEW YORK (Reuters) – Lawmakers spearheading efforts to reform U.S. biofuels regulations are considering a blanket waiver for all small refineries, according to four sources familiar with their draft legislation. The move would save some refiners a fortune but would outrage the powerful corn lobby. The … Read more
Mexico’s Energy Regulatory Commission publishes regional natural gas prices for the first time As part of the ongoing liberalization of the Mexican natural gas market, on March 22, Mexico’s Energy Regulatory Commission (CRE) published for the first time monthly natural gas prices for six trading regions in the country. The regional prices supplement the national … Read more
HOUSTON, April 06, 2018 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (NYSE:BPL) and Trafigura Trading LLC, (“Trafigura”), a wholly-owned subsidiary of Trafigura Group Pte Ltd, today announced the first shipment of crude oil by Suezmax tanker from the Buckeye Texas Hub terminal located along the ship channel in the Port of Corpus Christi, Texas, U.S. … Read more
HOUSTON, April 05, 2018 (GLOBE NEWSWIRE) — Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”), a subsidiary of Targa Resources Corp. (NYSE:TRGP), and the Partnership’s subsidiary Targa Resources Partners Finance Corporation announced today the pricing of $1.0 billion aggregate principal amount of senior unsecured notes due 2026 (the “Notes”). The aggregate principal amount … Read more
HOUSTON & LONDON–(BUSINESS WIRE)–Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for March 2018 was 972, down 7 from the 979 counted in February 2018, and up 29 from the 943 counted in March 2017. The international offshore rig count for March 2018 was 185, down 9 from … Read more
Apr 6, 2018, by Heesu Lee and Stephen Stapczynski (Bloomberg) China’s tariffs in one corner of the energy market signal U.S. shale fields may follow the nation’s farms as a target if a trade war escalates. Beijing on Wednesday took aim at America’s rural heartland by proposing levies on politically sensitive farm commodities such as … Read more
April 6, 2018, by Ann Koh (Bloomberg) The Middle East is emerging as a potential beneficiary of the brewing trade war between the U.S. and China as the Asian nation strikes back with retaliatory tariffs on American petrochemical products. If China goes ahead with its proposal to slap a 25 percent tariff on polyethylene and … Read more
April 5, 2018, by Ari Natter (Bloomberg) President Donald Trump said his administration is considering taking extraordinary steps to keep some money-losing power plants alive. FirstEnergy Corp.’s FirstEnergy Solutions unit asked Energy Secretary Rick Perry last week to exercise his so-called Section 202 authority to declare a grid emergency and keep nuclear and coal-fired power … Read more
April 5, 2018, by Brian Eckhouse (Bloomberg) There may be an unexpected victim of coal generator FirstEnergy Solutions Corp.’s bankruptcy: a solar farm in Maryland. The 20-megawatt plant in Washington County has a contract to sell its output to FirstEnergy Solutions, but the power-purchase agreement may be terminated because of the bankruptcy, according to a … Read more
April 6, 2018, by Lorcan Roche Kelly (Bloomberg) $100 billion The war of words between the U.S. and China escalated again after President Donald Trump ordered his administration to consider tariffs on an additional $100 billion in Chinese goods, with Beijing saying it would counter the moves “to the end, and at any cost.” The tit-for-tat … Read more
April 5, 2018 (Reuters) – Japan’s SoftBank Group Corp (9984.T) will buy up to 9.9 percent stake in Canada-based Nemaska Lithium Inc (NMX.TO) and invest up to C$99.1 million ($77.7 million) through a private placement as part of the agreement, the lithium miner said on Thursday. The investment, which SoftBank said was its first in … Read more
April 5, 2018, by Devika Krishna Kumar NEW YORK (Reuters) – The Permian basin in Texas is leading the way as U.S. oil production has reached an all-time high, but the prolific output is causing bottlenecks as pipelines transporting the crude have filled up more quickly than expected. That has depressed prices there, posing a threat … Read more
April 5, 2018, by David Livingston (Reuters) The Trump administration has announced a proposal to weaken Obama-era national fuel efficiency standards. This plan is a mistake. Lower standards would undermine U.S. security, lead to a spate of legal battles with states that want to maintain stronger standards, and give other auto-producing countries an advantage. In … Read more
April 5, 2018, by Steve Gorman (Reuters) – Fourteen states filed suit on Thursday accusing the U.S. Environmental Protection Agency of failing to issue regulations for curbing emissions of methane, a potent greenhouse pollutant, from existing oil and gas operations as required under the Clean Air Act. The legal challenge, led by New York state, … Read more
April 5, 2018, by Shadia Narshalla LONDON (Reuters) – Oil prices fell on Friday after U.S. President Donald Trump’s threat of new tariffs on China reignited fears of a trade war between the world’s two biggest economies. Trump said on Thursday he had ordered U.S. trade officials to consider tariffs on an extra $100 billion … Read more
April 6, 2018 MOSCOW (Reuters) – Russian Energy Minister Alexander Novak said that an arrangement under which Moscow cooperates with the OPEC oil group could become indefinite once a current deal to curb oil production expires at the end of the year. The Organization of the Petroleum Exporting Countries and other large oil producers led … Read more
April 6, 2018 MOSCOW (Reuters) – Russian Energy Minister Alexander Novak said he does not expect negative consequences for the domestic energy sector from the poisoning of ex-double agent Sergei Skripal in England. “For today, any actions against the fuel-energy complex have not been taken, and I hope they won’t be taken… from the Skripal … Read more
April 5, 2018, by Arabian Business Shell Overseas Holdings Limited has announced the completion of the sale of Shell Exploration and Production Oman Limited (SEPOL) to IOCL Singapore PTE Ltd (ISPL), a subsidiary of Indian Oil Corporation Limited for $329 million. The acquisition of SEPOL, which which holds a 17 percent participating interest in the … Read more
With a 50-year tradition of connecting industry leaders, Global Petroleum Show is setting the stage for the next 50 years. Take your seat at the table at the inaugural Global Petroleum Show Conference, a comprehensive three-day program featuring business debates, panel discussions, high-level keynotes and technical presentations. Join the emerging Canadian and US conversation to … Read more
DENVER, April 05, 2018 (GLOBE NEWSWIRE) — Bonanza Creek Energy, Inc. (NYSE:BCEI) (“Bonanza Creek” or the “Company”) today announces the hiring of Eric T. Greager as Chief Executive Officer. Mr. Greager’s appointment as President and Chief Executive Officer will take effect on April 11, 2018. He will be assuming the role from R. Seth Bullock, … Read more
HOUSTON, April 05, 2018 (GLOBE NEWSWIRE) — Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”), a subsidiary of Targa Resources Corp. (NYSE:TRGP), and the Partnership’s subsidiary Targa Resources Partners Finance Corporation announced today that, subject to market conditions, they intend to sell in an offering in the United States to qualified institutional buyers … Read more
SAN ANTONIO, April 4, 2018 /PRNewswire/ — Solar energy capacity in San Antonio grew an impressive 37% last year, earning the Alamo City a ranking of 6th highest in the United States, according to Environment Texas Research and Policy Center’s new report Shining Cities 2018: How Smart Local Policies Are Expanding Solar Power in America. … Read more
April 4, 2018, by Naureen S. Malik and Ryan Collins (Bloomberg) A cyberattack that hobbled the operations of at least four natural gas pipeline companies starting late last week also triggered changes within the utility industry. Duke Energy Corp., the second largest U.S. utility by market capitalization, said it first learned about the attack on … Read more
BATAVIA, N.Y.–(BUSINESS WIRE)–Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical, power and defense industries, announced today that it received two orders totaling approximately $4 million, both for the petrochemical industry in U.S. Gulf Coast ethylene plants. Both of the orders are for replacement components … Read more
VERNAL, Utah–(BUSINESS WIRE)–Superior Drilling Products, Inc. (NYSE American:SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, announced today that it has entered into a new, 4-year vendor agreement with Baker Hughes Oilfield Operations, LLC, (“BH”) to provide exclusive drill bit refurbishment services.Troy Meier, Chairman and CEO of Superior Drilling Products, noted, … Read more
April 5, 2018, by Jessica Jaganathan SINGAPORE (Reuters) – ExxonMobil said on Thursday that it has imported a liquefied natural gas (LNG) cargo to keep tanks cold at its Papua New Guinea LNG facilities near the capital Port Moresby, confirming an earlier Reuters report. The imported LNG will help maintain the temperature of the company’s … Read more
April 5, 2018, by Chris Bryant (Bloomberg Gadfly) It’s hard to imagine Soren Skou and President Donald Trump getting along terribly well. The softly-spoken boss of AP Moller-Maersk A/S is an eloquent champion of free trade and globalization. He would be. The world’s biggest container-shipping line has done more than most to ease the flow … Read more
April 5, 2018, by Perry Williams (Bloomberg) BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant saying it’ll reap little benefit from staying on as a member. BHP will cease membership of the association following a review, while … Read more
April 4, 2018, by Jennifer A. Dlouhy, Mario Parker and Laura Blewitt (Bloomberg) The Environmental Protection Agency has given more than two dozen small refiners permission to ignore the nation’s renewable fuel mandate, angering competitors as well as farm-state lawmakers who say the exceptions undermine the program. Roughly 30 refineries are seeking waivers from the … Read more
April 4, 2018, by Dan Murtaugh (Bloomberg) The world’s biggest energy companies are ready for big projects again. They just need to be cheaper this time around. Energy companies will approve spending for about 30 major projects this year, consultancy Wood Mackenzie Ltd. said in an April 5 report. That’s in line with the 32 … Read more
April 4, 2018, by Laura Blewitt (Bloomberg) A proposed 25 percent tariff on China’s imports of American propane probably won’t hurt U.S. companies as much as intended. That’s because U.S. propane exporters got Chinese buyers like China Petroleum and Chemical Corp., known as Sinopec, to sign long-term, binding contracts that include multimillion dollar fees as … Read more
April 5, 2018, by Lorcan Roche Kelly (Bloomberg) Time to talk The White House’s National Economic Council Director Larry Kudlow was on a mission to calm markets yesterday following the global selloff in the wake of China’s response to U.S. proposed tariffs. “Remember, none of the tariffs have been put in place yet,” he said in a … Read more
April 4, 2018, by Wael Mahdi and Mohammed Aly Sergie (Bloomberg) Bahrain will invite international oil companies to help it develop its first major discovery in decades, hoping to begin production within five years. The oldest and smallest energy producer in the Persian Gulf relies on crude exports for most of its revenue, and its … Read more
April 4, 2018 NEW YORK (Reuters) – U.S. crude stocks fell unexpectedly last week as refineries hiked output, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.6 million barrels in the last week, compared with analysts’ expectations for an increase of 246,000 barrels. Oil prices pared losses sharply on the data, recovering … Read more
April 4, 2018, by Clyde Russell HONG KONG (Reuters) – China’s Belt and Road Initiative (BRI) is one of those rare things that virtually everybody seems to have heard about, but equally, very few people can actually claim to have a detailed understanding of what it means. This dichotomy was in evidence at the Belt … Read more
April 4, 2018, by Jarrett Renshaw and Chris Prentice NEW YORK (Reuters) – The U.S. Environmental Protection Agency granted 25 small oil refineries hardship waivers from the nation’s biofuel laws in 2017, according to an agency source, representing an expansion of the waiver program. The EPA’s use of the waivers – meant to help small … Read more
April 4, 2018 DUBAI (Reuters) – Yemen’s armed Houthi movement launched a missile at storage tanks belonging to oil giant Saudi Aramco in Saudi Arabia’s southwestern Jizan province on Wednesday, said Yemeni state news agency Saba, which is controlled by the group. Saudi air defenses shot down a missile in the skies above the province, … Read more
April 4, 2018, by Stephen Kalin and Rania El Gamal RIYADH/DUBAI (Reuters) – An attack on a Saudi tanker by Yemen’s Houthis will not hit oil supplies, Saudi Arabia’s energy minister said on Wednesday, after the Iran-allied group said it had targeted a warship in response to an air strike that killed civilians. The Western-backed, … Read more
Annual average U.S. crude oil production reached 9.3 million barrels per day (b/d) in 2017, an increase of 464,000 b/d from 2016 levels after declining by 551,000 b/d in 2016. In November 2017, monthly U.S. crude oil production reached 10.07 million b/d, the highest monthly level of crude oil production in U.S. history. See graph … Read more
DENVER, April 4, 2018 /PRNewswire/ — SM Energy Company (the “Company”) (NYSE: SM) today announced that it has entered into two definitive agreements, one for the sale of the Company’s remaining assets in the Williston Basin located in Divide County, North Dakota, and one for the sale of its third-party operated assets known as Halff East … Read more
BROOKLYN HEIGHTS, Ohio–(BUSINESS WIRE)–GrafTech International Ltd. (the “Company”) today announced the launch of an initial public offering of 37,777,777 shares of its common stock. The shares are being offered by its sole stockholder, an affiliate of Brookfield Business Partners LP, a publicly listed business services and industrials company of Brookfield Asset Management Inc., at an … Read more
April 4, 2018, by AFP Newly discovered shale oil reserve is estimated at more than 80 billion barrels, says minister. Bahrain on Wednesday announced its newly discovered shale oil reserve was estimated to contain more than 80 billion barrels, making the once-marginal oil producer potentially a major player in the market. The amount of recoverable … Read more
April 3, 2018, by Jessica Resnick-Ault NEW YORK (Reuters) – The Trump administration heralded the government’s sale last month of U.S. drilling leases in the Gulf of Mexico as a bellwether. If that is the case, a Reuters analysis of the sale’s results shows reason to worry about demand in future offshore auctions. The sale brought … Read more
April 3, 2018, by Agnia Grigas (Reuters) Donald Trump has just held his first Baltic Summit with the leaders of Latvia, Lithuania and Estonia. At the media briefing after Tuesday’s meeting, the U.S. president re-affirmed America’s commitment to their “deep and lasting friendship” and praised his Baltic counterparts for doing “terrific jobs.” With tensions rising … Read more
April 3, 2018 WASHINGTON (Reuters) – President Donald Trump expressed support on Tuesday for EPA Administrator Scott Pruitt, as U.S. lawmakers including two fellow Republicans called for Pruitt’s resignation after reports he paid far below market rates to live in a condo owned by a lobbyist. Trump, in an appearance with Baltic leaders at the … Read more
April 3, 2018, by Denis Pinchuk ANKARA (Reuters) – Russian Energy Minister Alexander Novak said on Tuesday a joint organization for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year. Saudi Crown Prince Mohammed bin Salman told Reuters last … Read more
April 3, 2018, by Sami Aboudi and Stephanie Nebehay DUBAI/GENEVA (Reuters) – Yemen’s Houthi group hit a Saudi oil tanker off the main port city of Hodeidah on Tuesday, the Saudi-led coalition said, in an attack that could complicate a new United Nations push to end a war that has killed more than 10,000 people. … Read more
April 4, 2018, by Lorcan Roche Kelly (Bloomberg) China’s list Yesterday, the Office of the U.S. Trade Representative published a (very long) proposed list of products imported from China that would be targeted for additional 25 percent tariffs. This morning, authorities in Beijing retaliated with their own protectionist plans on some $50 billion of U.S. goods. The agricultural … Read more
April 4, 2018, by Naureen S. Malik, Ryan Collins and Meenal Vamburkar (Bloomberg) At least four U.S. pipeline companies have seen their electronic systems for communicating with customers shut down over the last few days, with three confirming it resulted from a cyberattack. On Tuesday, Oneok Inc., which operates natural gas pipelines in the Permian … Read more
April 3, 2018, by Timothy Gardner WASHINGTON (Reuters) – Nearly a dozen U.S. states and Washington D.C. on Tuesday promised to defend federal automobile efficiency standards against a rollback proposed this week by Scott Pruitt, the embattled head of the Environmental Protection Agency. “All Americans … deserve to enjoy fuel-efficient, low-emission cars and light trucks … Read more
April 3, 2018, by Angelina Rascouet (Bloomberg) OPEC crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry. Output from the 14 members of Organization of Petroleum Exporting Countries fell by 170,000 barrels to 32.04 million barrels a day in March, according to a Bloomberg News survey of analysts, oil … Read more
April 3, 2018, by Christopher Martin (Bloomberg) PG&E Corp. has been losing customers in tony Marin County north of San Francisco since 2010 to a new kind of rival, and says their growing popularity is costing the utility’s remaining customers, to the tune of $180 million last year. That could balloon to $500 million in … Read more
April 3, 2018 by Naureen S. Malik and Ryan Collins (Bloomberg) A third U.S. pipeline company reported its electronic system for communicating with customers has stopped working, a day after a cyberattack resulted in a similar shutdown. The Department of Homeland Security, which said Monday it’s gathering information about the potential intrusion, had no immediate … Read more
April 3, 2018, by Jarrett Renshaw and Chris Prentice NEW YORK (Reuters) – The Environmental Protection Agency has exempted one of the nation’s largest oil refining companies, Andeavor (ANDV.N), from complying with U.S. biofuels regulations – a waiver historically reserved for tiny operations in danger of going belly up, two sources familiar with the matter … Read more
April 3, 2018 (Bloomberg) Sources say agreement will be signed in Abu Dhabi after months of negotiations. Austrian oil producer OMV and Abu Dhabi National Oil Company are set to sign a partnership deal to produce oil from offshore fields in the Gulf later this month, according to people with knowledge of the situation. The … Read more
When it comes to the oil and gas industry, there is no concern more paramount than the safety of those who work in it. Making a living in the oil patch isn’t for the faint of heart, and there are plenty of opportunities to run into trouble at any moment if a critical piece of … Read more
SAN FRANCISCO, April 3, 2018 /PRNewswire/ — The global distributed energy generation (DEG) market size is expected to reach USD 573.7 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 15.0% during the forecast period. Owing to their environmental benefits, preference for DEG systems will be higher as compared … Read more
TYLER, Texas, April 3, 2018 /PRNewswire/ — KP Engineering, LP (KPE), an energy industry leader in engineering, procurement and construction (EPC) solutions, today announced the on-schedule, on-budget completion with no recordable safety events, of the Joyce 200 MMSCFD Cryogenic Gas Processing Unit (“Cryo”) for Targa Pipeline Mid-Continent WestTex LLC, a subsidiary of Targa Resources Corp. (NYSE: … Read more
/EIN News/ — N. Las Vegas, NV, April 03, 2018 (GLOBE NEWSWIRE) — Renewable Energy and Power (OTC: RBNW), a U.S.-based lighting innovation company, today announced its filing of a provisional patent for a unique LED Sterilization Panel Light intended as a low cost alternative to free standing and other types. The panel lights combine … Read more
HOUSTON, April 02, 2018 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE American:MCF) announced today that it has sold its operated Eagle Ford Shale assets located in Karnes County, Texas to an independent oil and gas company for $21 million. The divestiture closed on Wednesday, March 28 and included approximately 1,500 gross (1,050 net) acres. … Read more
April 3, 2018 by Eric Martin (Bloomberg) The Trump administration is pushing for a preliminary Nafta deal to announce at a summit in Peru next week, and will host cabinet ministers in Washington to try to achieve a breakthrough, according to three people familiar with the talks. The White House wants leaders from Canada and … Read more
April 3, 2018, by Manus Cranny and Mohammed Aly Sergie (Bloomberg) The global deal to rein in oil output has removed “85 percent of the problem” of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. The world economy … Read more
April 3, 2018, by Ryan Beene, Jennifer A. Dlouhy and John Lippert (Bloomberg) The titans of Detroit’s auto industry met with President Donald Trump four days after he took office and warned that jobs could be lost if the emission limits enacted by his predecessor weren’t made more flexible. On Monday, the Trump administration responded … Read more
April 2, 2018, by David Fickling (Bloomberg Gadfly) It’s barely more than two years since Australian oil and gas producer Santos Ltd. survived a brush with death. With crude prices slumping as low as $28 a barrel and net debt climbing to $6.6 billion, the company seemed on the brink. Its price-book ratio — which … Read more
April 3, 2018, by Lorcan Roche Kelly (Bloomberg) Bad start The worst start to the second quarter for U.S. stocks since the Great Depression is weighing on global indexes. While Asian stocks were spared the worst from yesterday’s tech-led selloff — the MSCI Asia Pacific Index slipped less than 0.1 percent — the risk-off mode … Read more
April 3, 2018, by Arabian Business ABB to build substation that will integrate solar power from Mohammed bin Rashid Al Maktoum Solar Park to electricity grid. Swiss-based ABB has won an order worth more than $90 million from Dubai Electricity and Water Authority (DEWA) to build a substation that will integrate solar power from upcoming … Read more
April 3, 2018, by John Kemp LONDON, April 3 (Reuters) – Hedge fund managers have turned bullish again towards oil prices, casting aside the caution that prevailed during much of February and March. Hedge funds and other money managers increased their net long position in the six most important futures and options contracts linked to … Read more
April 2, 2018, by David French and Harry Brumpton (Reuters) – Baker Hughes (BHGE.N), the oilfield services company controlled by General Electric Co (GE.N), is exploring a sale of its gas detection and metering business that could be worth around $900 million, people familiar with the matter said on Monday. Oilfield services firms are seeking … Read more
April 2, 2018, by Jonathan Barrett and Paulina Duran SYDNEY (Reuters) – Australian gas producer Santos Ltd (STO.AX) said on Tuesday it would “engage with” Harbour Energy after receiving a $10.4 billion takeover offer from the U.S. company, its fourth unsolicited bid since August 2017. The bid, valuing Santos at a 28 percent premium to … Read more
April 3, 2018 JAKARTA (Reuters) – Indonesia has declared a state of emergency around a port on Borneo island, officials said on Tuesday, after a large oil spill and fire killed four people at the weekend. Disaster mitigation officials were able to control the blaze in the port city of Balikpapan but were still working … Read more
April 2, 2018 by Meenal Vamburkar, Naureen S. Malik and Ryan Collins (Bloomberg) A cyber attack that hobbled the electronic communication system used by a major U.S. pipeline network has been overcome. Energy Transfer Partners LP was confident that, after 6 p.m. New York time on Monday, files could safely be exchanged through the EDI … Read more
COLUMBUS, Ohio, April 2, 2018 /PRNewswire/ — American Electric Power (NYSE: AEP) is seeking bids for the supply of coal to one or more of its generating stations. AEP seeks proposals for the following: Up to 360,000 tons of coal, FOB Barge, beginning in July 2018 and ending in December 2018 Up to 1.5 million tons of coal, FOB Barge, beginning … Read more
SAN RAMON, Calif.–(BUSINESS WIRE)–Chevron Products Company, a division of Chevron U.S.A. Inc., maker of technologically advanced engine oils, lubricants and coolants today announced LubeSource is the latest First Source Lubrication Marketer for Chevron Canada Limited. As a Chevron-branded First Source marketer, LubeSource is recognized as one of Chevron’s top-performing Delo, Havoline and Chevron Industrial Lubrication Marketers. The … Read more
HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today provided several updates on disposition activity and early life-cycle acreage acquisition activities. In the first quarter of 2018, the company closed or entered definitive agreements for approximately $250 million of proceeds from the sale of non-core assets. Several small packages in the Permian Basin closed during the quarter. A package … Read more
WASHINGTON–(BUSINESS WIRE)–Institutional investors, portfolio managers, financial analysts, Chief Investment Officers, and other investment community professionals who invest in the oil and natural gas industry should register now for the 24th annual Oil and Gas Investment Symposium (OGIS) New York, hosted by the Independent Petroleum Association of America (IPAA) on April 9-10, 2018 in New York City. OGIS … Read more
April 2, 2018, by Brooke Sutherland (Bloomberg Gadfly) The first significant General Electric Co. divestiture under CEO John Flannery is here, and it’s a bit underwhelming. GE announced on Monday that it was selling a bundle of health-care information-technology businesses to private equity firm Veritas Capital for $1.05 billion in cash. This divestiture makes sense: … Read more
April 2, 2018, by Ayenat Mersie NEW YORK (Reuters) – Prices of renewable fuel credits slumped 35.7 percent in the first three months of 2018, their biggest quarterly loss in a year, on uncertainty over the future of U.S. biofuels policy. This has been the second straight year of uncertainty for the Renewable Fuel Standard … Read more
April 2, 2018, by Vivian Nereim (Bloomberg) The phone call came at 8 p.m. from the Saudi royal court: Come to The Plaza, immediately. We journalists rushed over to the Manhattan hotel, but it was almost three hours before anything happened. And when it did — when Crown Prince Mohammed bin Salman and Masayoshi Son, … Read more
April 2, 2018, by Marianna Parraga HOUSTON (Reuters) – For decades, many Latin America’s oil-producing nations have often shunned investment from foreign firms, instead keeping their vast reserves under the tight control of governments and state-run oil companies. They aimed to protect profits to feed public budgets, but in practice have seen some major breakdowns, … Read more
March 29, 2018, by Liam Denning (Bloomberg Gadfly) There’s a touch of déjà vu about my colleague Dana Hull’s scoop Thursday that Tesla’s vice president of production urged a blitz of Model 3 vehicle production to “prove a bunch of haters wrong.” You, too, may recall CEO Elon Musk’s call in the summer of 2016 for Tesla Inc.’s … Read more
PUNE, India, April 2, 2018 /PRNewswire/ — According to a new market research report “Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region: Global Forecast to 2023“, published by MarketsandMarkets™, the global … Read more
JUNO BEACH, Fla., April 2, 2018 /PRNewswire/ — NextEra Energy Partners, LP (NYSE: NEP) today announced that it has entered into a definitive agreement with Canada Pension Plan Investment Board (CPPIB) for the sale of its portfolio of wind and solar generation assets located in Ontario, Canada, for a total consideration of approximately $582.3 million … Read more
SAN ANTONIO–(BUSINESS WIRE)–Abraxas Petroleum Corporation (“Abraxas” or the “Company”) (NASDAQ: AXAS) today announced that the borrowing base under the Company’s revolving credit facility was increased $40 million to $175 million in connection with the Company’s spring borrowing base redetermination. At quarter end March 31, 2018, Abraxas was $104 million drawn on the credit facility with … Read more
April 2, 2018, by Alex Lawler LONDON (Reuters) – Oil rose towards $70 a barrel on Monday, lifted by a drop in drilling activity in the United States and concerns that Washington could reintroduce sanctions against Iran. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, … Read more
April 1, 2018 RIYADH (Reuters) – Bahrain said on Sunday it had discovered the country’s largest oilfield in decades, located off the west coast of the kingdom, according to state news agency BNA. The new tight oil and deep gas resource is expected to contain many times the amount of oil produced by Bahrain’s existing … Read more
SINGAPORE, April 2 (Reuters) – A liquefied natural gas (LNG) tanker has docked at ExxonMobil’s Papua New Guinea export plant, which has been shut since late February following a powerful earthquake, indicating that the facility is preparing to resume shipments. The 172,000-cubic metre capacity LNG tanker Kumul, custom-built for the ExxonMobil operated PNG LNG project, … Read more
April 2, 2018 BAGHDAD (Reuters) – Iraq signed a contract with Baker Hughes and General Electric to process natural gas extracted alongside crude oil produced from two fields in the south of the country, the oil ministry said in a statement on Monday. Reporting by Maher Chmaytelli; editing by John Stonestreet
April 2, 2018, by Natasha Doff (Bloomberg) Trade tensions The prospect of a trade war intensified after China urged trade talks with the U.S. while saying that previously announced retaliatory measures on American imports took effect on Monday. The U.S. didn’t respond to China’s March 26 request for consultation on Washington’s steel and aluminum duties, … Read more
March 29, 2018, by Arabian Business CEO and president Amin Nasser says exploring other deals in the infrastructure, manufacturing and service industry sectors. Saudi Aramco has announced $10 billion worth of cooperation deals with 14 American companies, the company announced during the Saudi-US CEOs forum in New York City. The 14 American companies with which … Read more
April 1, 2018 NEW YORK (Reuters) – FirstEnergy Corp said late on Saturday its nuclear and coal power plant units filed for bankruptcy court protection as the company looks to restructure, sell assets and win government support to cope with competitors using lower-cost natural gas. The Chapter 11 filing was made by FirstEnergy Solutions and … Read more
WASHINGTON — President Donald Trump has just regaled another audience with a tall tale involving Canada, this one about a conversation involving the Keystone XL pipeline he insists never happened.
Spoiler alert: it did happen, in his office, with came…
Gross natural gas production in the Permian Basin has nearly doubled in the past four years Gross natural gas production in the Permian Basin increased by 86% from March 2014 to March 2018, according to EIA’s most recent Drilling Productivity Report. Production in March 2018 is estimated at 10.0 billion cubic feet per day (Bcf/d), … Read more
March 29, 2018 by Liam Denning (Bloomberg Gadfly) Kinder Morgan Inc. is back in Warren Buffett territory. The pipelines giant’s stock closed below $15 on Wednesday for the first time since February 2016, when anything energy-related had all the appeal — and consistency — of week-old roadkill. Naturally, that’s when Berkshire Hathaway Inc. showed up: News … Read more
March 29, 2018 | Source: Willbros United States Holdings, Inc Q1 2018 Backlog Additions of $212 Million for the Utility T&D Segment Willbros shares are now traded on the OTC under the symbol WGRP Due to the Recent Transaction Announcement with Primoris Services Corporation, No Conference Call will be Held HOUSTON, March 29, 2018 (GLOBE NEWSWIRE) — … Read more
HOUSTON, March 29, 2018 /PRNewswire/ — Five Point Energy (“Five Point”), formerly Five Point Capital Partners LLC, a private equity firm focused exclusively on investments within the midstream and energy infrastructure sector, today announced the final closing of Five Point Energy Fund II L.P. (the “Fund”). The Fund was oversubscribed and closed at its hard cap … Read more
HOUSTON, March 28, 2018 /PRNewswire/ — CenterPoint Energy Resources Corp. (CERC), an indirect, wholly-owned subsidiary of CenterPoint Energy, Inc. (NYSE: CNP), today announced the closing of its offering and sale of $300 million aggregate principal amount of 3.55 percent Senior Notes due 2023 and $300 million aggregate principal amount of 4.00 percent Senior Notes due … Read more
March 29, 2018, by Apeksha Nair (Reuters) – Oil prices are likely to rise this year thanks to supply disruptions and an OPEC-led deal to limit production, but doubts over the future of compliance with the multilateral agreement and rising U.S. production could stem the upward momentum, a Reuters poll showed on Thursday. A survey … Read more
March 28, 2018, by Jessica Resnick-Ault NEW YORK (Reuters) – U.S. crude oil stockpiles rose unexpectedly last week as imports soared, while gasoline and distillate inventories fell more than expected, the Energy Information Administration said on Wednesday. Crude inventories USOILC=ECI rose by 1.6 million barrels in the week to March 23, compared with analysts’ expectations … Read more
March 28, 2018 ALGIERS (Reuters) – Oil majors Anadarko, Total, ENI and Statoil have expressed interest in helping Algeria start offshore drilling, according to state news agency APS which quoted the CEO of the North African country’s state energy firm Sonatrach. “They are interested in joining Sonatrach to develop offshore drilling activity in Algeria,” CEO … Read more
March 28, 2018, by Catherine Ngai NEW YORK (Reuters) – Three firms that bought crude oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to internal Energy Department emails and shipping documents reviewed by Reuters. Problems with crude quality would make the U.S. Strategic … Read more
March 29, 2018 (Bloomberg) Project is 100 times larger than any other proposed in the world. The world’s biggest-ever solar project – a $200 billion venture in Saudi Arabia – comes with a “batteries included” sticker that signals a major shift for the industry. SoftBank Group partnered with the oil-rich Saudis this week to plan … Read more
March 29, 2018, by Nichola Groom (Reuters) – U.S. environmental group the League of Conservation Voters on Thursday launched a $2 million campaign to press this year’s candidates for state and local office to embrace clean energy, citing a lack of leadership on the issue in Washington. The effort seeks to tap into increasing local-level … Read more
March 29, 2018, by Lorcan Roche Kelly (Bloomberg) Calm, so far The last day of trading of the quarter for most Western stocks has gotten off to a relatively quiet start. While yesterday’s U.S. session was once again dominated by tech, there has been no repeat of the global equity weakness of recent sessions. Overnight, … Read more
March 28, 2018 HOUSTON (Reuters) – Oil and gas business activity continued to climb last quarter, driven by an improved oilfield services sector, but costs for goods and labor also rose, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly energy survey. About 65 percent of the 140 energy firms surveyed in … Read more
March 28, 2018, by Kevin Crowley (Bloomberg) An upbeat shale patch, much to OPEC’s dismay, is hiring and ready to drill for more oil as producers are comfortably making a profit. But you have to be big if you’re competing in America’s prime spots. The vast majority of explorers surveyed for a Federal Reserve Bank … Read more
March 28, 2018, by Ryan Collins and Naureen S. Malik (Bloomberg) America’s most prolific oil field is now its worst market for natural gas. A pipeline shortage that’s leaving gas trapped in West Texas’ Permian Basin means prices for the fuel there are the lowest of any major U.S. hub, wresting that distinction from Appalachia’s Marcellus … Read more
March 28, 2018, by Laura Blewitt (Bloomberg) U.S. stockpiles of “unfinished oils” are sitting at the highest levels since 2007, rising 14 percent this quarter alone. This brings up two questions — why is this happening? And more importantly, what exactly are unfinished oils? The Energy Information Administration defines them as such: “All oils requiring … Read more
March 28, 2018, by Alex Nussbaum (Bloomberg) Oil-industry watchers have been predicting a wave of buyouts among U.S. shale drillers for years. Has the starting gun finally fired? Concho Resources Inc.’s $8 billion buyout of rival RSP Permian Inc., announced Wednesday, is being hailed by analysts as a sign the era of consolidation is at … Read more
March 28, 2018, by Liam Denning (Bloomberg Gadfly) Shale’s hot spot finally got the hot deal everyone’s been waiting for. Concho Resources Inc. on Wednesday announced a $9.5 billion acquisition of the subtly named RSP Permian Inc. In some ways, it is a perfect deal. Being all stock, it lets RSP’s shareholders stay in the … Read more
March 28, 2018, by Jeremy Hodges (Bloomberg) The economics of generating electricity from fossil fuels are deteriorating rapidly as renewable energy technology plunges in costs. That’s the conclusion of a Bloomberg New Energy Finance report on the levelized cost of energy, a measure that takes into account the expenses from buying equipment, servicing debt and … Read more
March 28, 2018 | Source: Willbros United States Holdings, Inc. HOUSTON, March 28, 2018 (GLOBE NEWSWIRE) — Willbros Group, Inc. (OTC:WGRP) (“Company”) announced today that the Company has entered into a definitive agreement to be acquired by Primoris Services Corporation (NASDAQ:PRIM) (“Primoris”). Primoris is one of the largest publicly traded specialty construction and infrastructure companies in the … Read more
Announces New Guidance Policy Designed to Provide Investors with More Transparency into Financial Results and Operating Highlights March 28, 2018 07:00 ET | Source: ENSERVCO DENVER, March 28, 2018 (GLOBE NEWSWIRE) — ENSERVCO Corporation (NYSE American:ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today announced a formal … Read more
SUGAR LAND, Texas, March 28, 2018 /PRNewswire/ — Researched by Industrial Info Resources (Sugar Land, Texas)–Burns & McDonnell Incorporated (Kansas City, Missouri) is adding to an already-impressive slate of projects in Texas and Louisiana. Entergy Corporation (New Orleans, Louisiana) recently hired the engineering, procurement and construction (EPC) contractor for a gas-fired power plant, and numerous … Read more
SAN DIEGO, March 28, 2018 /PRNewswire/ — Shareholder rights law firm Johnson & Fistel, LLP has launched an investigation into whether the board members of RSP Permian, Inc. (NYSE: RSPP) (“RSP”) breached their fiduciary duties in connection with the proposed sale of the Company to Concho Resources Inc. (“Concho Resources“). Additional Information: RSP Permian, Inc., … Read more
BETHESDA, Md.–(BUSINESS WIRE)–Centrus Energy Corp. (NYSE American: LEU), an experienced nuclear fuel technology company, has signed a services contract with X Energy, LLC (X-energy) to support the design of a facility to produce advanced nuclear fuel. The contract builds upon a memorandum of understanding the companies signed in September 2017 to collaborate toward production of … Read more
March 28, 2018, by Alex Longley Oil headed for its longest losing streak in almost a month on signs a global glut may persist. Futures in New York fell as much as 1.3 percent after dropping about 1 percent over the previous two sessions. An industry report was said to show a 5.32 million-barrel gain … Read more
March 28, 2018, by Ahmed Rasheed BAGHDAD (Reuters) – OPEC is seeking “very long-term” cooperation with other crude exporters, the secretary general of the oil exporting group said on Wednesday. Mohammad Barkindo was commenting on news that top OPEC producer Saudi Arabia and non-OPEC Russia were working on a long-term pact that could extend controls … Read more
March 28, 2018, by Kelly Gilblom Royal Dutch Shell Plc referred a former vice president for sub-Saharan Africa Peter Robinson to the Dutch authorities, suspecting he may have committed crimes related to an asset sale in Nigeria. The allegations of criminal misconduct by one of its employees come at a difficult time for Shell. Europe’s … Read more
March 28, 2018, by Chris Bryant (Bloomberg Gadfly) Climate change will have some very unpleasant consequences, unless we cut our dependence on fossil power. Generating electricity from the wind is clean and increasingly cheap. So it’s ascent looks assured, whatever ornithologists and President Donald Trump might think. Why then have shares in Germany’s Nordex SE, the sixth-biggest … Read more
March 27, 2018, by John Kemp LONDON, March 27 (Reuters) – Hedge funds had turned more bullish on the outlook for petroleum prices, even before the decision to replace the U.S. president’s national security adviser with an anti-Iran hawk was announced on Thursday. Hedge funds and other money managers increased their net long position in … Read more
March 27, 2018, by David Shepardson NEW YORK (Reuters) – The U.S. National Highway Traffic Safety Administration (NHTSA) said late on Tuesday it was proposing to cancel a planned hike in higher “gas-guzzler” penalties for automakers whose vehicles fail to meet minimum fuel-economy standards. NHTSA in July suspended a 2016 Obama administration regulation that more … Read more
March 27, 2018, by David French NEW YORK (Reuters) – SoftBank Group Corp’s (9984.T) Vision Fund will invest in creating the world’s biggest solar power project in Saudi Arabia, it said on Tuesday, stepping up its involvement in the kingdom and expanding beyond technology. The project is expected to have the capacity to produce up … Read more
MIDLAND, Texas & DALLAS–(BUSINESS WIRE)–Concho Resources Inc. (NYSE: CXO) and RSP Permian, Inc. (NYSE: RSPP) today announced they have entered into a definitive agreement under which Concho will acquire RSP in an all-stock transaction valued at approximately $9.5 billion, inclusive of RSP’s net debt. The consideration will consist of 0.320 shares of Concho common stock … Read more
March 28, 2018 MOSCOW (Reuters) – Lukoil, Russia’s second biggest oil producer by output, became the country’s biggest company by market capitalization on Wednesday, briefly overtaking state-owned Rosneft and Gazprom. Lukoil’s shares hit an intraday all-time high of 3,985 rubles ($69.24) in mid-January on a recovery in oil prices, although its market value was less … Read more
March 28, 2018, by Lorcan Roche Kelly (Bloomberg) Markets fall The stock selloff that began during the second half of yesterday’s U.S. market session has spread across the world. Tech stocks led the drops, with Nvidia Corp. and Facebook Inc. among the hardest hit. Overnight, the MSCI Asia Pacific Index fell 1.3 percent while Japan’s Topix index … Read more
March 27, 2018| Source: Southcross Energy Partners, L.P. DALLAS, Texas, March 27, 2018 (GLOBE NEWSWIRE) — Southcross Energy Partners, L.P. (NYSE:SXE) (“Southcross” or “SXE”) announced today that its unitholders have voted to approve the previously announced proposed merger of Southcross and American Midstream Partners, LP (NYSE:AMID) (“AMID”) and related matters pursuant to the Agreement and Plan of … Read more
March 27, 2018 | Source: Targa Resources Corp. HOUSTON, March 27, 2018 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE:TRGP) (“Targa” or the “Company”) announced today that it has entered into long-term fee-based agreements with an investment grade energy company for natural gas gathering and processing services in the Delaware Basin and for downstream transportation, fractionation and other related … Read more
NEW YORK (Reuters) – Saudi Arabia and Russia are working on a historic long-term pact that could extend controls over world crude supplies by major exporters for many years to come Saudi Arabia’s Crown Prince Mohammed Bin Salman attends the Annual Horse Race ceremony, in Riyadh, Saudi Arabia, December 30, 2017. Bandar Algaloud/Courtesy of Saudi … Read more
March 27, 2018 by Javier Blas (Bloomberg) Saudi Arabia Crown Prince Mohammed bin Salman said the initial public offering of state oil company Aramco could be delayed until early 2019, pushing back a central plank of his plan to modernize the country’s economy. The sale of a 5 percent stake in the company could take … Read more
March 27, 2018 by Kevin Crowley and Kelly Gilblom (Bloomberg) Supermajor oil producers are increasingly promoting female executives to oversee marquee U.S. assets. In the latest turnabout for an industry dominated by men for all of its 159-year history, former Maersk Oil CEO Gretchen Watkins is set to oversee Royal Dutch Shell Plc’s sprawling U.S. … Read more
U.S. exports of liquefied natural gas (LNG) reached 1.94 billion cubic feet per day (Bcf/d) in 2017, up from 0.5 Bcf/d in 2016. As LNG exports increased, shipments went to more destinations. U.S. LNG exports in 2017, all of which originated from Louisiana’s Sabine Pass liquefaction terminal, reached 25 countries. See graph and read more…
March 26, 2018 DENVER, March 26, 2018 /PRNewswire/ — SM Energy Company (the “Company”) (NYSE: SM) today announced that it completed the previously announced sale of the majority of its assets in the Powder River Basin for $500 million ($491.5 million net cash proceeds, subject to final purchase price adjustments). Assets sold include approximately 112,200 predominantly contiguous net acres with … Read more
March 26, 2018 Reuters WILMINGTON, Del. (Reuters) – A U.S. bankruptcy judge approved Philadelphia Energy Solutions’ plan for Chapter 11 bankruptcy in a Delaware court on Monday, clearing the path for the largest and oldest refinery on the U.S. East Coast to begin its latest recovery. The confirmation in the U.S. Bankruptcy Court of Delaware removes … Read more
March 27, 2018 by Alex Longley (Bloomberg) Oil traded above $66 a barrel as global trade tensions showed signs of easing, countering concerns that U.S. crude stockpiles may have resumed their expansion last week. Futures in New York rose 1.1 percent, remaining near the year’s highest close set in January at $66.14. A resurgence in … Read more
March 27, 2018 by Alex Nussbaum (Bloomberg) More than a year after exiting bankruptcy, SandRidge Energy Inc. is stuck in stock-market purgatory. The oil and gas explorer has seen its stock sink 37 percent since October 2016, despite a restructuring that wiped out $4 billion in debt. Activist investor Carl Icahn is threatening a proxy … Read more
March 27, 2018 by Lorcan Roche Kelly (Bloomberg) Trade war fears fade, markets rally, and there’s a raft of corporate news this morning. Here are some of the things people in markets are talking about today. Jaw jaw, not war war Talks between Treasury Secretary Steven Mnuchin and his Chinese counterpart on formulating a deal to resolve trade … Read more
March 27, 2018 DALLAS–(BUSINESS WIRE)–Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that it has signed a purchase and sale agreement with Sundance Energy, Inc. to sell approximately 10,200 net acres in the western portion of Pioneer’s Eagle Ford Shale acreage position for $102 million, subject to normal closing adjustments. The acreage is … Read more
March 26, 2018 | Source: RigNet, Inc. HOUSTON, March 26, 2018 (GLOBE NEWSWIRE) — RigNet, Inc. (NASDAQ:RNET) announced today that it has completed the previously announced acquisition of Intelie. Intelie has developed a technology platform for real-time predictive analytics that is an award-winning, early pioneer in real-time machine learning and planning optimization. The closing was effective March … Read more
March 26, 2018 | Source: Mid-Con Energy Partners, LP TULSA, March 26, 2018 (GLOBE NEWSWIRE) — Mid-Con Energy Partners, LP (NASDAQ:MCEP) (“Mid-Con Energy” or the “Partnership”) is pleased to announce the appointment of Philip R. Houchin as Chief Financial Officer of Mid-Con Energy GP, LLC, the general partner (“General Partner”) of the Partnership, effective March 30, 2018. … Read more
March 26, 2018 by Alex Longley (Bloomberg) Brent held near $70 a barrel after Saudi Arabia intercepted multiple ballistic missiles fired by Houthi forces in Yemen. Futures in London were little changed, after earlier rising as much as 0.9 percent on speculation a worsening of the situation with Yemen will lead to supply disruptions in … Read more
March 26, 2018 by Lorcan Roche Kelly (Bloomberg) Trade war tensions may ease, China oil futures start trading, and Facebook remains under pressure. Here are some of the things people in markets are talking about today. Deal hopes Treasury Secretary Steven Mnuchin said he is optimistic that a deal can be reached with China which would avert … Read more
Mar 25, 2018 by Angelina Rascouet (Bloomberg) Being a top female earner for a major integrated oil company is a rarity, but among the smaller explorers and producers it’s even more of an anomaly. Only 5 percent of people in the top pay quartile at the U.K. operations of Premier Oil Plc were women, according … Read more
March 25, 2018 by Jim Efstathiou Jr. and Kevin Orland (Bloomberg) One of most aggressive campaigns to fight global warming is happening in a Canadian province. There’s just one problem: the same place is also home to some of the dirtiest oil in the world. Alberta is boosting its use of renewable energy, closing power … Read more
March 26, 2018 07:30 ET | Source: Gulfport Energy Corporation OKLAHOMA CITY, March 26, 2018 (GLOBE NEWSWIRE) — Gulfport Energy Corporation (NASDAQ:GPOR) (“Gulfport” or the “Company”) today provided an update on recent SCOOP well results. Key highlights include: North Cheyenne 3-10X3H produced at an average 30-day production rate of 12.1 MMcfe per day, or 1,682 Mcfe per 1,000 foot … Read more
Adds Biox Corporation to growing portfolio of Biomass Based Diesel assets March 26, 2018 | Source: World Energy Solutions BOSTON, March 26, 2018 (GLOBE NEWSWIRE) — Boston based advanced biofuel producer, World Energy, LLC (World Energy) announced today that it has partnered to accelerate growth with an investment group led by Halifax, Nova Scotia based CFFI Ventures … Read more
March 25, 2018 Reuters Marcellus shale gas drilling rig The premium of U.S. natural gas prices at the Gulf Coast over the Marcellus and Utica shale in Appalachia was on track to fall to its lowest since 2013 as more pipelines enter service, boosting takeaway capacity from the Northeast region.The new pipes have enabled producers to … Read more
Reliability Above All Being able to adapt to changing drilling conditions is critical in today’s market. This means measurement while drilling (MWD) tools must be able to accommodate adjustments of drilling parameters to maintain efficiency or react to unplanned changes to fluid or flow rates. With the time to drill a well decreasing every day, … Read more
March 25, 2018 by Bailey Schulz (Bloomberg) Crude explorers boosted drilling activity in U.S. oil fields to levels not seen in three years amid rising confidence that worldwide demand will keep energy prices elevated. U.S. working rigs targeting oil rose by four this week to 804, the highest since late March 2015, according to data … Read more
March 24, 2018 by Stephen Cunningham (Bloomberg) Americans will have a chance to own shares in Saudi Arabia’s oil company, the nation’s energy minister said. Saudi Energy Minister Khalid Al-Falih also said some investors have been slow to sign on to the reform plan proposed by Crown Prince Mohammed bin Salman because they are focused … Read more
March 23, 2018 | Source: GulfMark Offshore, Inc. HOUSTON, March 23, 2018 (GLOBE NEWSWIRE) — GulfMark Offshore, Inc. (NYSE:GLF) announced today that its three months ended December 31, 2017 operating results conference call is scheduled for Thursday, March 29, 2018, at 9:00 a.m. eastern standard time. The conference call will include a discussion by management regarding the … Read more
NEW YORK (Reuters) – Crude prices rose on Friday, with WTI up 4.4 percent after the Saudi energy minister said OPEC and allied producers would need to keep coordinating supply cuts into 2019, and as concerns grew over the future of Iranian crude exports. U.S. West Texas Intermediate (WTI) crude futures were at $65.34 a … Read more
March 23, 2018 | Source: Apache Corporation HOUSTON, March 23, 2018 (GLOBE NEWSWIRE) — Apache Corporation (NYSE:APA) (Nasdaq:APA) today announced a significant oil discovery on Block 9/18a Area-W in the United Kingdom sector of the North Sea. Garten is located 6 kilometers south of the Beryl Alpha Platform. The Garten discovery well targeted a downthrown structural closure … Read more
March 23, 2018 by Sarah Ponczek (Bloomberg) As Wall Street analysts debate what comes next amid heated rhetoric over tariffs and retaliation, investors aren’t sticking around to find out. The S&P 500 Index tumbled in late trading Friday, with the cascading losses wiping almost $1 trillion from global equity markets since President Donald Trump touched … Read more
March 23, 2018 Reuters (Reuters) – U.S. energy companies added oil rigs for a second week in a row as crude prices hover near three year highs, prompting drillers to boost spending plans for this year. Drillers added four oil rigs in the week to March 23, bringing the total count to 804, the highest level … Read more
California Public Utilities Commission directs SoCalGas to maximize storage injections for summer reliability On March 13, the California Public Utilities Commission (CPUC) issued a letter to the Southern California Gas Company (SoCalGas)—owner and operator of Southern California’s four underground storage facilities—directing them to maximize injections into their natural gas storage facilities to avoid possible future … Read more
March 22, 2018 by Oliver Sachgau and Elisabeth Behrmann (Bloomberg) If a green ride-sharing service were to flourish anywhere it would be in Munich, where you can rent no-emission cars on just about any city-center street. And yet Linde AG is about to shut its two-year experiment with hydrogen. It’s another setback for fuel cell-powered … Read more
March 23, 2018 by Naureen S. Malik and Ryan Collins (Bloomberg) America’s first exporter of liquefied natural gas from shale is awaiting a federal ruling on whether it can restart storage tanks it was forced to shut after a leak. Regulators ordered Cheniere Energy Inc. to take two of the five tanks at its Sabine … Read more
March 23, 2018 by Cecile Gutscher (Bloomberg) All-out trade war edges closer, markets are put on notice and government shutdown is averted. Here are some of the things people in markets are talking about today. China retaliates Hours after President Donald Trump ordered tariffs on $50 billion of Chinese imports as recompense for alleged intellectual property abuses, … Read more
March 22, 2018 by Natalie Obiko Pearson and Kevin Orland (Bloomberg) U.S. President Donald Trump may be helping to revive Canada’s dream of a liquefied natural gas export industry to supply growing markets in Asia. The tariffs Trump formally ordered against $50 billion in Chinese goods threaten to raise construction costs for LNG projects in … Read more
March 22, 2018 by Jim Polson and Joe Deaux (Bloomberg) On Thursday, as President Donald Trump ordered tariffs on Chinese goods, he warned, “This is the first of many.” Well, if he’s serious, here’s another potential trade target: uranium. In January, the administration imposed tariffs on solar equipment being shipped into the U.S. A little … Read more
March 23, 2018 by Heesu Lee and Grant Smith (Bloomberg) Oil advanced on concerns that the U.S. president’s choice of a noted hawk as his new security adviser could inflame political tensions in oil-producing regions. President Donald Trump’s plans to appoint hardliner John Bolton as White House national security adviser raises the likelihood the U.S. … Read more
March 22, 2018 by Sarah Ponczek and Luke Kawa (Bloomberg) For a solid year, financial markets loved the Trump Trade. They’re not so enamored of Tariff Thursday. For the second time this month, U.S. equities sold off and investors sought havens after the Trump administration announced plans to impose sweeping levies that threaten to rewrite … Read more
March 22, 2018 by Cecile Gutscher (Bloomberg) Trump hits China on trade directly, Powell keeps market guessing, and Facebook hasn’t silenced critics. Here are some of the things people in markets are talking about today. Battle cry President Donald Trump is set to announce about $50 billion of tariffs against China over intellectual-property violations targeting more than 100 different … Read more
March 22, 2018 by Jeremy Hodges (Bloomberg) Electric cars may be cheaper than their petroleum counterparts by 2025 if the cost of lithium-ion batteries continues to fall. Some models will cost the same as combustion engines as soon as 2024 and become cheaper the following year, according to a report by Bloomberg New Energy Finance. … Read more
March 22, 2018 by Tsuyoshi Inajima and Grant Smith (Bloomberg) Oil traded near $65 a barrel after U.S. crude inventories unexpectedly fell, dropping below their five-year average for the first time since 2014. Futures in New York lost 0.6 percent after jumping to a six-week high on Wednesday. American crude stockpiles fell last week by … Read more
March 21, 2018 by Jennifer A. Dlouhy (Bloomberg) While officials from the U.S., Canada and Mexico try to hammer out a new North American Free Trade Agreement, lobbyists in Washington are using the deal’s rewrite to advance a broad legislative agenda making it easier for U.S. companies to build factories, move cargo and export coal. … Read more
CALGARY — Cenovus Energy Inc. said Thursday it has been running its oilsands operations at reduced production rates and storing excess barrels due to wider-than-normal light-heavy oil price differentials and pipeline capacity constraints.
The company …
March 21, 2018 by Justin Fox (Bloomberg View) The U.S. current account deficit grew a bit at the end of last year, to $128.2 billion in the fourth quarter from $101.5 billion in the third quarter, according to data released March 21st by the Bureau of Economic Analysis. That amounts to 2.6 percent of gross domestic product, which from … Read more
March 21, 2018 by Catherine Traywick (Bloomberg) U.S. refiners are taking less OPEC-produced oil than ever before as the group’s members continue trimming output. Weekly crude imports from seven OPEC members fell 14 percent to 1.86 million barrels a day last week, the lowest level since the Energy Information Administration began collecting weekly data in … Read more
March 21, 2018 by Liam Denning (Bloomberg Gadfly) The latest indignity heaped onto master limited partnerships, courtesy of the FERC, has revived the question of which companies may abandon the model altogether. The Williams Cos. is a prime candidate. We know this because — in the dry dialect reserved for public communications with shareholders — … Read more
March 21, 2018 Reuters NEW YORK (Reuters) – Oil hit a six-week high on Wednesday after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply. Data released by the U.S. Energy Information Administration (EIA) on Wednesday morning showed a surprise 2.6 million barrel draw in crude inventories. Analysts … Read more
March 21, 2018 Reuters (Reuters) – Oil and gas drillers bid modestly on Gulf of Mexico acreage in the largest lease sale in American history on Wednesday, dealing a setback to the Trump administration’s efforts to rapidly pump up investment in the region. The Interior Department had offered up a record 77 million acres (31.2 million … Read more
Paragon Offshore Limited Receives Arbitration Settlement Proceeds, Increases Per Share Purchase Price by $1.60 March 21, 2018 17:01 ET | Source: Paragon Offshore Services LLC Paragon receives arbitration settlement proceeds of $8.8 million, or $1.60 per fully diluted share Proceeds raise total cash consideration for Paragon shares to $43.88 per fully diluted share Tender Offer Period expires 12:01 A.M. … Read more
March 20, 2018 by Jessica Summers (Bloomberg) Crude advanced after an industry report was said to show U.S. crude inventories unexpectedly declined last week. Futures in New York climbed from the settlement Tuesday after the American Petroleum Institute was said to have reported U.S. crude inventories tumbled 2.74 million barrels last week. That would be … Read more
March 20, 2018 by Cristiane Lucchesi, Felipe Marques and Scott Deveau (Bloomberg) Bank of America Corp, Itau Unibanco Holding SA and Banco Bradesco SA are arranging financing for a consortium led by Macquarie Group Ltd. so it can bid for Petroleo Brasileiro SA’s natural gas pipeline network in northeastern Brazil, said three people with knowledge … Read more
March 20, 2018 by Jennifer A. Dlouhy (Bloomberg) The Environmental Protection Agency is preparing to restrict the scientific studies it uses to develop and justify regulations, making it harder to rely on research when its underlying data are shielded from view. The planned policy shift, urged by conservatives and advisers who guided Donald Trump’s presidential … Read more
March 21, 2018 by Anders Melin and Dana Hull (Bloomberg) Is Elon Musk worth a $2.6 billion compensation package? Tesla Inc.’s shareholders will answer that question Wednesday, as the board seeks their approval to give Chief Executive Officer Musk an unprecedented 10-figure award of stock options. The package—arguably the largest-ever of its kind—underscores the company’s … Read more
March 21, 2018 by Bill Lehane (Bloomberg) Ready the cash-printing machines — the world’s most sophisticated refineries are about to enjoy great times thanks to what might seem like a minor tweak in rules for the type of fuel ships consume. From 2020, vessels must buy fuel with less sulfur, or alternatively be fitted with … Read more
March 21, 2018 by Cecile Gutscher (Bloomberg) It’s Fed day, Facebook firestorm rages, and short-term funding costs at crisis levels create headaches. Here are some of the things people in markets are talking about today. Fed day Jerome Powell will grab headlines today with an all but assured rate hike in his first meeting as … Read more
March 20, 2018 by Jennifer Epstein, Margaret Talev and Nick Wadhams (Bloomberg) President Donald Trump welcomed Saudi Crown Prince Mohammed Bin Salman as a friend of the U.S. and “big purchaser” of American armaments and investments. “A lot of people are at work” because of Saudi Arabia’s business, Trump said, adding that the kingdom has … Read more
March 20, 2018 | Source: Greenfields Petroleum Corporation HOUSTON, March 20, 2018 (GLOBE NEWSWIRE) — Greenfields Petroleum Corporation (“Greenfields” or the “Company”) (TSX-VENTURE:GNF) announces the release of the ‘Resource Assessment Report of Gross Contingent and Gross Prospective Resources’ (the “ERCE Report”) a resource assessment report prepared by ERC Equipoise Ltd. (“ERCE”), an independent, qualified reserves evaluator and … Read more
DENVER, March 19, 2018 — Bill Barrett Corporation today announced that it has completed its strategic combination with Fifth Creek Energy Company, LLC. In conjunction with the closing, the Company will change its name to HighPoint Resources Corporation and will begin trading on the New York Stock Exchange under the new symbol “HPR” on March … Read more
AUSTIN & HOUSTON, March 19, 2018 — Venado Oil and Gas, LLC and KKR today announced that they have closed on the acquisition of the operated and non-operated Eagle Ford assets of Cabot Oil & Gas Corporation for a purchase price of $765 million, subject to customary closing adjustments. Venado and KKR acquired interests which … Read more
March 20, 2018 by Matthew Monks and Alex Nussbaum (Bloomberg) Steve Chazen, who transformed Occidental Petroleum Corp. into a heavyweight of the U.S. shale boom, is looking to replicate that success in south Texas with a $2.66 billion deal. TPG Pace Energy Holdings Corp., a blank-check company formed by Chazen and private equity firm TPG, … Read more
March 20, 2018 by Fiona MacDonald, Mohammed Aly Sergie and Yousef Gamal El-Din (Bloomberg) The eldest son of Kuwait’s ruler said the OPEC member is revisiting plans to transform itself into a regional business hub, as authorities aim to overcome past obstacles to join neighbors seeking to overhaul their oil-dependent economies. Sheikh Nasser Sabah Al-Ahmad … Read more
EnerVest and TPG Pace Energy to form Magnolia Oil and Gas Corporation March 20, 2018| Source: EnerVest HOUSTON, March 20, 2018 (GLOBE NEWSWIRE) — EnerVest, Ltd., on behalf of certain institutional partnerships, announced today it has entered into definitive agreements to sell its Eagle Ford and Austin Chalk assets to TPG Pace Energy Holdings (“TPGE”) (NYSE:TPGE) (NYSE:TPGE.U) … Read more
March 19, 2018 by James Stavridis (Bloomberg View) This highly classified memo was provided to the author immediately after election results were announced in Russia. From: Director of State Strategic Planning, Russian Federation To: President Vladimir Vladimirovich Putin Subject: A Strategy for Our Beloved Motherland Party 1) Congratulations on your stunning election victory, Mr. President. … Read more
March 20, 2018 by Margaret Talev and Nick Wadhams (Bloomberg) Longtime U.S. allies like the U.K. and South Korea have seen relations fray since President Donald Trump took office, but at least one nation sees its partnership growing tighter than ever: Saudi Arabia. Saudi Crown Prince Mohammed Bin Salman will meet Trump in Washington on … Read more
March 20, 2018 by Tsuyoshi Inajima (Bloomberg) Oil climbed to a two-week high as investors weighed record compliance to output curbs by OPEC and its allies against expanding U.S. supplies and a broader selloff in risk assets. Futures in New York rose as much as 1.1 percent after dropping for the first time in four … Read more
March 20, 2018 by Matthew Winkler (Bloomberg View) Clean earns more money. That’s the mantra for investors reaping the reward of alternative energy outperforming fossil fuel. They’ve known since 2013 that you don’t have to drive a Tesla or own its shares (they’re up 826 percent) to benefit from green companies lapping the carbon crowd … Read more
March 20, 2018 (Bloomberg) The message from the massive government shakeup completed Tuesday in Beijing is clear: Chinese President Xi Jinping is just getting started. China’s national parliament gave its rubber stamp of approval to a dizzying overhaul that will reverberate through the world’s second-largest economy for years. They restructured almost every cabinet-level ministry, created … Read more
March 20, 2018 by Cecile Gutscher (Bloomberg) China wants to stay out of Trump’s trade war, squabbling over tunnels and borders stalls U.S. spending bill, and tech disasters show human failings. Here are some of the things people in markets are talking about today. China overture Premier Li Keqiang sought to quell a full-blown trade war with the … Read more
BURNABY, B.C. — RCMP say more than a dozen people protesting the expansion of the Trans Mountain pipeline have been arrested at a construction site in Burnaby, B.C.
A B.C. Supreme Court judge granted the company an injunction last week restricting pro…
March 19, 2018 by Jessica Summers (Bloomberg) Crude closed lower for the first time in four sessions as equities declined around the world against the backdrop of surging oil-production growth from U.S. shale drillers. Futures fell 0.4 percent in New York on Monday. Investors dumped stocks as risky holdings fell out of favor across the … Read more
March 19, 2018 Reuters WASHINGTON (Reuters) – The Trump administration is actively exploring options to impose sanctions on Venezuela’s oil sector, a senior U.S. official said on Monday, after the White House issued an executive order barring the use of Venezuelan cryptocurrencies. “We are considering all options, including oil sector sanctions options,” a senior administration official … Read more
March 19, 2018 Reuters A little-known shale oil play in Oklahoma is attracting more drilling and investment as risingout put from newer wells is enticing companies to boost production beyond the giant Permian basin in Texas.The Meramec formation is a part of what is called the STACK region – Sooner Trend Anadarko basin Canadian and Kingfisher … Read more
March 19, 2018 | Source: Willbros United States Holdings, Inc. Files Form 12b-25 with Securities and Exchange Commission Receives Continued Listing Standard Notice from NYSE Announces Customer Contract Extension that adds Significant Backlog in the First Quarter 2018 Announces Preliminary Settlement of Class Action Lawsuit HOUSTON, March 19, 2018 (GLOBE NEWSWIRE) — Willbros Group, Inc. (NYSE:WG) (“Company”) … Read more
March 19, 2018 Reuters LONDON (Reuters) – Hedge funds continue to turn more cautious on the outlook for oil prices, but the liquidation of former bullish positions is very gradual, suggesting most see price risks close to balance. Hedge funds and other money managers cut their net long position in the six most important futures and … Read more
March 19, 2018 Globe Newswire CALGARY, Alberta, March 19, 2018 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”), (TSX:GEI), announced today it has entered into two separate definitive agreements for the divestiture of its U.S. energy services businesses, including U.S. Environmental Services and its U.S. seismic assets, for approximately US$96 million prior to closing … Read more
Monday, March 19, 2018 The United States exported more natural gas than it imported in 2017, marking the first time since 1957 that the United States has been a net natural gas exporter. See graph and read more…
March 16, 2018 U.S. energy companies added oil rigs for the seventh time in the last eight weeks on expectations crude prices in 2018 will top 2017, prompting more drillers to boost spending plans for this year.Drillers added four oil rigs in the week to March 16,bringing the total count to 800, General Electric Co’s … Read more
March 16, 2018 CNW HOUSTON, March 16, 2018 /CNW/ – Spectra Energy Partners, LP (NYSE: SEP) today provided its preliminary assessment of the potential impacts of the Federal Energy Regulatory Commission’s (FERC) recent policy change with respect to the recovery of income tax amounts included in the cost of service pipelines within a master limited partnership (MLP). On March 15, … Read more
Provides Operational Update on its West and East Africa Operations March 15, 2018 06:32 PM Mountain Daylight Time HOUSTON–(BUSINESS WIRE)–Erin Energy Corporation (Erin Energy or the Company) (NYSE American:ERN) (JSE:ERN) announced today unaudited financial and operational results for the year ended December 31, 2017. The Company intends to file its audited financials and Annual Report … Read more
Includes Renewable Diesel / Jet production, refinery assets, and pipelines March 19, 2018 | Source: World Energy Solutions BOSTON, March 19, 2018 (GLOBE NEWSWIRE) — Boston Based Advanced Biofuel producer, World Energy, LLC (World Energy) announced today that it has closed on the purchase from Delek US Holdings, Inc. (NYSE:DK) (“Delek”) of its interests in renewable jet … Read more
March 19, 2018 | Source: TransCanada Corporation HOUSTON, March 19, 2018 (GLOBE NEWSWIRE) — News Release – TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) released the following statement regarding the Federal Energy Regulatory Commission’s (FERC) recent pronouncements on income tax matters with respect to pipeline ratemaking: On March 15, 2018, FERC issued a Notice of Proposed Rulemaking (NOPR) and … Read more
March 19, 2018 by Tsuyoshi Inajima and Grant Smith (Bloomberg) Oil slipped as U.S. explorers resumed their drilling binge, raising concerns over whether output cuts by OPEC and its allies will be enough to clear a glut despite a pledge from Russia that it’s committed to the curbs. Futures in New York fell 0.4 percent … Read more
March 19, 2018 by David Wethe (Bloomberg) A battle for big data is brewing in the oil patch. The service companies that map underground pockets of oil, drill the wells and lift crude from miles below are generating vast new amounts of data they never before realized could be valuable. But their exploration customers are … Read more
March 18, 2018 by Craig Torres (Bloomberg) For Jerome Powell, raising U.S. interest rates this week will likely be the easy part. The tougher job for the Federal Reserve’s new chairman as he presides over his first gathering of the central bank’s policy-setting committee is deciding what to do next. The choice: emphasize continuity with his … Read more
March 19, 2018 by Elena Mazneva and Annmarie Hordern (Bloomberg) Russia is committed to seeing its pact with OPEC through to completion, whether that means starting discussions about a phaseout at the next meeting in June or prolonging output cuts into 2019, Energy Minister Alexander Novak said. “As soon as the ultimate goal of our … Read more
March 19, 2018, by Cecile Gutscher (Bloomberg) China elevates deputy as new central bank chief, Putin wins another landslide, and Apple swipes at Samsung with secret screen-making plans. Here are some of the things people in markets are talking about today. Old hand China named Yi Gang to run its central bank, promoting a long-serving deputy governor with deep … Read more
March 16, 2018 LONDON (Reuters) – If the oil market has felt unusually quiet in recent weeks and months, that probably reflects the almost complete lack of sharp daily price movements. While prices have soared by more than 40 percent since the middle of 2017, day-to-day volatility has fallen to its lowest level since 2014, … Read more
March 16, 2018 Reuters NEW YORK (Reuters) – Oil prices jumped on Friday, with Brent crude futures hitting their highest in more than two weeks as U.S. stock prices rose and investors covered short bets ahead of a weekend in which the U.S. news program “60 Minutes” will air an interview with Saudi Arabia’s crown prince. … Read more
March 16, 2018 by Kelly Gilblom and Laura Blewitt (Bloomberg) When one of the largest oil conferences in the Americas held a networking event to highlight “the prominent role women play” in the industry, the first speaker was a guy named Dan. Dan handed over to Jack, who introduced a speech from Ryan, who then … Read more
March 16, 2018 Reuters Permian Basin Drilling Rig U.S. energy companies added oil rigs for the seventh time in the last eight weeks on expectations crude prices in 2018 will top 2017, prompting more drillers to boost spending plans for this year.Drillers added four oil rigs in the week to March 16,bringing the total count to … Read more
CALGARY — Shares in Canadian pipeline companies Enbridge Inc. and TransCanada Corp. failed to recover fully Friday from a steep sell-off on Thursday after the U.S. said it would eliminate a tax break for owners of certain interstate pipelines.
Both Ca…
VANCOUVER — Canada’s natural resources minister says Ottawa is determined to see the Trans Mountain pipeline expanded, despite an interprovincial dispute on whether the project should go ahead.
Jim Carr said the federal government approved the project…
Nasdaq Ticker Symbol Will Change March 21, 2018 March 16, 2018 06:45 ET | Source: Energy XXI HOUSTON, March 16, 2018 (GLOBE NEWSWIRE) — Energy XXI Gulf Coast, Inc. (“EGC” or the “Company”) (NASDAQ:EXXI) today reported financial and operational results for the fourth quarter and full year 2017, as well as a change to its Nasdaq ticker symbol. Highlights … Read more
March 16, 2018 | Source: Buckeye Partners L.P. HOUSTON, March 16, 2018 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (NYSE:BPL) announced today that, although Buckeye is a Master Limited Partnership (“MLP”), it does not expect the Federal Energy Regulatory Commission’s (“FERC”) revised policy statement issued yesterday holding that pipeline companies organized as MLPs are not entitled to … Read more
March 16, 2018 by Lorcan Roche Kelly (Bloomberg) White House seeks to muffle new talk of departures, border issue looms large in Brexit talks and there may be a problem with the Aramco IPO. Here are some of the things people in markets are talking about today. Next? White House Press Secretary Sarah Huckabee Sanders tweeted that … Read more
March 16, 2018 by Bruce Einhorn and Prudence Ho (Bloomberg) Li Ka-shing, a wartime refugee who used to sweep factory floors in Hong Kong for a living, retired after a career spanning more than half a century amassing one of Asia’s biggest fortunes from building skyscrapers to selling soap bars. The 89-year-old chairman of CK … Read more
March 16, 2018 by Alex Longley (Bloomberg) Oil held above $61 a barrel, paring the weekly loss, as investors weighed surging U.S. crude production against a warning from the International Energy Agency of an impending shortfall in global supplies. Futures in New York rose slightly Friday but headed for a weekly drop of 1.1 percent. … Read more
March 16, 2018 by Yakob Peterseil (Bloomberg) The largest exchange-traded fund tracking America’s energy pipelines incurred its third-largest outflow on record after regulators put a stop to a key tax credit for master limited partnerships. More than $118 million left the Alerian MLP ETF yesterday, the biggest one-day withdrawal since July 2017, according to data … Read more
March 15, 2018 by Jennifer A. Dlouhy (Bloomberg) President Donald Trump disagreed with executives of major oil and gas companies Thursday about the importance of keeping binding dispute settlement procedures in a renegotiated North American Free Trade Agreement, according to a person familiar with the discussion. Trump told roughly a dozen of the oil and … Read more
March 15, 2018 by Mikael Holter (Bloomberg) Oil majors aren’t famed for their pranks, but Statoil ASA had analysts checking it wasn’t April Fool’s Day when it announced a new name that turned out to have been acquired from an Oslo veterinary practice specializing in horses. “We checked the calendar,” SpareBank 1 Markets analyst Teodor … Read more
March 15, 2018 by Javier Blas (Bloomberg) Saudi Arabia’s willingness to delay the initial public offering of state oil company Aramco to 2019 has several motivations, from regulatory risk to competing projects in the government’s crowded agenda. There’s another, perhaps more significant hurdle: it appears some American investors aren’t that interested. Over the past few … Read more
Natural Gas Weekly Update Report – March 15, 2018 Natural gas-fired generation gains market share in Texas In February 2018, natural gas-fired generation gained market share in Texas, according to the most recent demand and energy report from Electric Reliability Council of Texas (ERCOT). The share of generation from natural gas-fired power plants increased by … Read more
March 15, 2018 Reuters LONDON (Reuters) – Global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on Thursday. The IEA raised its forecast for oil demand this year to … Read more
U.S. crude oil exports grew to an average of 1.1 million barrels per day (b/d) in 2017, the second full year since restrictions on crude oil exports were removed. Crude oil exports in 2017 were nearly double the level of exports in 2016. Increased U.S. crude oil exports were supported by increasing U.S. crude oil … Read more
By far the most data intense function in the oil and gas value chain is exploration, but exploration is far from being digital. How might it get its mojo back? Exploration – a digital early adopter The exploration function of oil and gas has always been able to attract funding and technology investments. They’re necessary to help collect and interpret the vast volumes of data that characterize geologic formations and highlight the possible presence of … Read more
March 14, 2018 Globe Newswire Quarterly GAAP cash flow from operating activities of $16.2 million; adjusted EBITDAX(1) of $21.6 million; GAAP net loss of $0.28 per diluted share; adjusted net income(1) of $0.40 per diluted share 2017 all-in finding and development costs of $7.46 per Boe Slick-water completion test is outperforming offset wells and expectations (1) Non-GAAP measure, … Read more
March 15, 2018 by Lorcan Roche Kelly (Bloomberg) Larry Kudlow picked as White House economic adviser, Unilever to abandon U.K. headquarters, and it’s Putin’s move as tensions escalate over poisoning. Here are some of the things people in markets are talking about today. King Dollar Incoming White House economic adviser Larry Kudlow gave a trading recommendation in his first … Read more
March 14, 2018 by Timothy L. O’Brien (Bloomberg View) Rex Tillerson was the former chief executive of energy giant Exxon Mobil Corp. before he was the former secretary of state. Big jobs, both, and Tillerson looked and sounded every bit the corporate titan, with a leonine head framed by thinning white hair, chevron eyebrows, a soothing, basso … Read more
March 14, 2018 by Grant Smith (Bloomberg) OPEC for the first time is forecasting that new oil supplies from its rivals will exceed growth in demand this year as the U.S. industry thrives. The Organization of Petroleum Exporting Countries raised its expectation for supply growth from the U.S. and other producers for a fourth consecutive … Read more
March 15, 2018 by Jonas Cho Walsgard and Mikael Holter (Bloomberg) Statoil ASA, Norway’s biggest petroleum company, will change its name to Equinor as it seeks to broaden its energy reach beyond oil and gas production. “The world is changing, and so is Statoil,” said Chairman Jon Erik Reinhardsen in a statement. “The biggest transition … Read more
March 14, 2018 by Lucia Kassai and Robert Tuttle (Bloomberg) Canadian oil producers found a way to access the growing Asian energy market without the controversial Trans Mountain pipeline. A cargo of heavy crude was sent to China after being railed to a terminal in Portland, Oregon, according to U.S. Census data and people with … Read more
March 15, 2018 by Heesu Lee (Bloomberg) Oil held gains near $61 a barrel on signs of robust fuel consumption in the U.S. and as OPEC’s compliance with its pledged output cuts soared to a new record. Futures added 0.2 percent in New York, after rebounding from two days of declines on Wednesday. American gasoline … Read more
A harder line on Iran may help Saudi Arabia for now, but rising nationalism threatens long-term demand. By Liam Denning PHOTOGRAPHER: DREW ANGERE Secretary of State Rex Tillerson’s firing — delivered via the now-traditional medium of Twitter, apparently — is being linked by some to his comments Monday night echoing the British government’s position that the poison used in an … Read more
March 14, 2018 Reuters LONDON (Reuters) – President Donald Trump’s decision to replace his secretary of state with a more hawkish figure should have been bullish for oil prices since it increases the probability the nuclear deal with Iran will be abandoned in May. Failure to recertify the deal could lead to the re-imposition of secondary … Read more
March 14, 2018 Reuters (Reuters) – After almost three barren years for investors who have poured millions into the U.S. oil sector, producers are finally opening the floodgates to a wave of share buybacks that will return money to shareholders this year. U.S. oil production topped 10 million barrels per day earlier this year, approaching a … Read more
March 14, 2018 Business Wire HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) announced today that ConocoPhillips and its wholly-owned subsidiary, ConocoPhillips Company (“CPCo”) have commenced a cash tender offer (the “Tender Offer”) to purchase up to $400 million in aggregate principal amount (the “Maximum Tender Offer Amount”) of outstanding notes listed in the table below (collectively, the “Notes” and … Read more
Mar 13, 2018 by Lynnley Browning (Bloomberg) It isn’t clear where Rex Tillerson goes from here, but he has 180 million reasons to avoid the oil industry. The freshly ousted secretary of state’s exit package from former employer Exxon Mobil Corp. stipulates that if Tillerson returns to the private sector to work for a competitor, … Read more
March 13, 2018 by Prudence Ho (Bloomberg) Billionaire Li Ka-shing will be holding his annual press conference on Friday. Though his companies are big — flagship CK Hutchison Holdings Ltd. is the largest local non-financial company by market value on the Hang Seng Index — the focus often shifts beyond earnings and veers toward subjects … Read more
March 14, 2018 by Lorcan Roche Kelly (Bloomberg) Trump consolidates power, May looks to punish Russia, and China still growing strong, for now. Here are some of the things people in markets are talking about today. One view With the firing of Secretary of State Rex Tillerson, President Donald Trump continued his policy of surrounding himself with … Read more
March 14, 2018 by Perry Williams (Bloomberg) After a decade planning the world’s largest floating gas export plant, Royal Dutch Shell Plc’s supplies could get tapped by a competitor first. Shell and Japan’s Inpex Corp. are both targeting gas from a connected reservoir in Australia’s remote Browse Basin, about 200 kilometers (125 miles) off its northwest … Read more
March 13, 2018 by David Fickling (Bloomberg Gadfly) What is it with Silicon Valley and flying cars? Perhaps it’s a result of having an economy largely based on Popular Mechanics nerds-turned-billionaires. Perhaps it’s to do with the fact that tech hubs San Francisco, San Jose and Seattle are three of the five most congested U.S. … Read more
Mar 14, 2018 by Heesu Lee and Grant Smith (Bloomberg) Oil halted recent losses as investors weighed a potential increase in geopolitical tensions from the fallout of Rex Tillerson’s ouster as U.S. secretary of state. Futures rose 0.5 percent in New York. Prices seesawed on Tuesday after President Donald Trump fired Tillerson, whom he had … Read more
March 14, 2018 06:26 ET | Source: EV Energy Partners, L.P. HOUSTON, March 14, 2018 (GLOBE NEWSWIRE) — EV Energy Partners, L.P. (NASDAQ:EVEP) and its subsidiaries (collectively, “EVEP” or the “Company”) today announced that the Company entered into a restructuring support agreement (“RSA”) with certain holders of approximately 70% of its 8.0% senior notes due 2019 (the “Senior Notes”) … Read more
March 13, 2018 SAN ANTONIO–(BUSINESS WIRE)–Abraxas Petroleum Corporation (NASDAQ:AXAS) today reported financial and operating results for the three and twelve months ended December 31, 2017. “adjusted net income (loss), excluding certain non-cash items” Financial and Operating Results for the Three Months Ended December 31, 2017 The three months ended December 31, 2017 resulted in: Production of 808 … Read more
March 13, 2018 TULSA, Okla.–(BUSINESS WIRE)–Midstates Petroleum Company, Inc. (“Midstates” or the “Company”) (NYSE: MPO) today announced its fourth quarter and full year 2017 results. Fourth Quarter and Full-Year 2017 Highlights and Recent Key Items Announced a proposed combination with SandRidge Energy, Inc. (“SandRidge”) in an at-market, all-stock transaction with potential annual cost-saving synergies in excess of … Read more
March 13, 2018 DALLAS–(BUSINESS WIRE)–Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that a fire occurred at a compressor station on March 6 in Pioneer’s West Panhandle field in the panhandle region of Texas. There were no injuries associated with the incident and the fire was contained within the compressor station. The fire resulted … Read more
Mar 13, 2018 by Joanna Ossinger (Bloomberg) The U.S. may be closing in on the title of world’s largest oil producer, but shares in the nation’s energy stocks have seen little benefit. From Exxon Mobil to Newfield Exploration and Marathon Oil, America’s biggest energy producers have languished on the stock market. The group is the … Read more
March 13, 2018 Reuters LAUNCESTON, Australia, March 13 (Reuters) – Crude oil is likely to spring to mind if one is asked to name a commodity where the United States is disrupting the market by becoming a swing producer and challenging traditional trade flows, especially in fast-growing Asian markets. But it’s increasingly likely that the United … Read more
March 13, 2018 Globe Newswire HOUSTON, March 13, 2018 (GLOBE NEWSWIRE) — Amplify Energy Corp. (“Amplify Energy” or the “Company”) (OTCQX:AMPY) announced today that it has signed a definitive agreement to sell its interest in properties located in South Texas to an undisclosed buyer for a contract price of $20 million, subject to closing adjustments. The … Read more
Global Petroleum Show (GPS) is the most important energy event in North America attracting more than 50,000 international and domestic oil & gas executives from over 20,000 companies, high-level government officials, National and International Oil Companies (NOC’s & IOC’s), thought leaders and influencers from around the world. GPS provides a unique platform for the North American energy industry to connect … Read more
March 12, 2018 DENVER, CO–(BUSINESS WIRE)–Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty”) announced today fourth quarter and year ended December 31, 2017 financial and operational results. “Over the course of 2017, we nearly doubled our fleet count, expanded our presence in the Permian, entered the Eagle Ford, and added over 1,000 new team members to … Read more
March 12, 2018 by Naureen S. Malik and Bob Van Voris (Bloomberg) A U.S. appeals court ruled against New York’s bid to block a pipeline that will shuttle natural gas to a $900 million power plant under construction there, setting a potential precedent for other battles over gas conduits. The court sided with federal energy … Read more
March 12, 2018 Business Wire Closing follows February 2018 announcement of proposed Alliance Petroleum, CNX Resources acquisitions BIRMINGHAM, Ala.–(BUSINESS WIRE)–#energynews–Diversified Gas & Oil PLC (AIM: DGOC) (“Diversified” and the “Company”), a U.S.-based acquirer and operator of oil and gas producing assets, on March 6, 2018, closed a $95 million cash purchase of Alliance Petroleum (“Alliance”). Diversified’s … Read more
March 13, 2018 Lorcan Roche Kelly (Bloomberg) Trump blocks Broadcom’s attempted Qualcomm takeover, U.K. gets an update on the budget, and a power overhaul in China. Here are some of the things people in markets are talking about today. Not for sale President Donald Trump’s executive order blocking Broadcom Ltd.’s hostile bid for Qualcomm Inc. on national … Read more
March 13, 2018 by Heesu Lee and Grant Smith (Bloomberg) Oil fluctuated in New York amid concern that, while global demand is strong, it might not absorb swelling U.S. supplies. Futures added 0.3 percent after retreating 0.4 percent earlier. The U.S. government expects major shale regions to boost output by 131,000 barrels a day in … Read more
March 12, 2018 Reuters (Reuters) – Breitburn Energy Partners LP (BBEPQ.PK) has reached an agreement with holdout creditors over its $3 billion bankruptcy exit plan and hopes to win court confirmation as soon as this month for a reorganization under new ownership, a lawyer said on Monday. On Friday, U.S. Bankruptcy Judge Stuart Bernstein rejected Breitburn’s … Read more
March 12, 2018 17:39 ET | Source: Resolute Energy Corporation DENVER, March 12, 2018 (GLOBE NEWSWIRE) — Resolute Energy Corporation (“Resolute” or the “Company”) (NYSE:REN) today reported financial and operating results for the quarter and full year ended December 31, 2017. Highlights: Fourth quarter 2017 Company production increased 41 percent year-over-year to 27,595 barrels of oil equivalent (“Boe”) per … Read more
March 12, 2018 Reuters LONDON (Reuters) – Hedge funds have resumed liquidating their bullish long positions in crude oil and refined fuels amid more signs that the earlier rally in prices has fizzled out. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked … Read more
March 12, 2018 Reuters HOUSTON (Reuters) – The Trump administration’s plan to broadly expand drilling in U.S. offshore waters is moving slowly due to opposition from coastal states and indifference from oil companies that have turned their focus to other opportunities. The administration hopes encouraging U.S. energy development outside of shale oilfields will further its goal … Read more
Drilling Productivity Report EIA’s Drilling Productivity Report (DPR) for March has now been released. The DPR takes a fresh look at oil and natural gas production, starting with an assessment of how and where drilling for hydrocarbons is taking place. It uses recent data on the total number of drilling rigs in operation along with estimates of … Read more
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Saudi Energy Minister Khaled alFalih The much heralded public listing for five percent of Saudi Aramco, the state-owned oil company, seems unlikely to proceed in 2018, according to reports in London’s Financial Times. The part-sale was initially planned for late 2018, with a simultaneous listing on Saudi Arabia’s own Tadawul exchange as well as one in … Read more
By Nick Cunningham – Mar 11, 2018 A flurry of recent oil market forecasts have sent a lot of mixed messages about what to expect both in the near-term and over the next several years. Is U.S. shale about to flood the market, setting off another bust? Or is demand so strong that with the oil market … Read more
Reuters Staff (The opinions expressed here are those of the author, a columnist for Reuters) By John Kemp LONDON (Reuters) – Hedge funds have resumed liquidating their bullish long positions in crude oil and refined fuels amid more signs that the earlier rally in prices has fizzled out. Hedge funds and other money managers cut … Read more
Company Also Clarifies that it is not Selling or Issuing Stock March 12, 2018 07:45 ET | Source: Ultra Petroleum Corp. photo-release 2018 Full-Year Cash Costs & EBITDA Guidance 2018 Full-Year Cash Costs & EBITDA Guidance Ultra Petroleum Corp. 2018 Plan: Horizontal Production Profile 2018 Plan: Horizontal Production Profile Ultra Petroleum Corp. 2018 Initial Look vs. 2018 Guidance 2018 … Read more
March 12, 2018 by Jill Ward (Bloomberg) Nafta negotiations are weighing on companies’ investment plans and both Canada and the U.S. are hoping to make rapid progress in talks, according to Canadian Finance Minister Bill Morneau. “There are some businesses that are being cautious in investments because there is an expectation that Nafta could be … Read more
March 12, 2018 by Tsuyoshi Inajima and Grant Smith (Bloomberg) Oil steadied near $62 a barrel in New York after signs of economic strength in the U.S. sent prices higher by the most in seven months on Friday. The U.S. jobs report topped estimates last week, increasing confidence in the world’s biggest economy, giving a … Read more
March 12, 2018 HOUSTON–(BUSINESS WIRE)–Noble Midstream Partners LP (NYSE: NBLX) (“Noble Midstream” or the “Partnership”) today announced the completion of an amendment and extension of its revolving credit facility (the “Credit Facility”) provided by 27 financial institutions. The Credit Facility will be used to provide liquidity for general corporate purposes, including working capital and expansion capital … Read more
Stone Energy Corporation Logo. (PRNewsFoto/Stone Energy Corporation) LAFAYETTE, La., March 12, 2018 /PRNewswire/ — Stone Energy Corporation (NYSE: SGY) (“Stone” or the “Company”) today announced financial and operational results for the fourth quarter of 2017. Some items of note from the fourth quarter of 2017 and early 2018 include: Estimated proved reserves totaled approximately 32.5 million barrels … Read more
American Midstream Partners Logo (PRNewsfoto/American Midstream Partners, LP) HOUSTON, March 12, 2018 /PRNewswire/ — American Midstream Partners, LP (NYSE: AMID) (“American Midstream” or the “Partnership”) today reported financial results for the three and twelve months ended December 31, 2017. During 2017, American Midstream made considerable progress in executing on a capital redeployment strategy of simplifying its businesses while … Read more
Achieves Company-High Production Rate March 12, 2018 07:00 ET | Source: Rosehill Resources Inc. HOUSTON, March 12, 2018 (GLOBE NEWSWIRE) — Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ:ROSE) (NASDAQ:ROSEW) (NASDAQ:ROSEU) provided an operational update focused on production levels and the preliminary 2018 development plan of the White Wolf acquisition acreage. Highlights and Recent Key Items: Strong new well … Read more
March 12, 2018, by Lorcan Roche Kelly (Bloomberg) North Korea wants a peace treaty, a huge day for German corporate news, and OPEC production cuts may be doomed. Here are some of the things people in markets are talking about today. Peace in our time South Korean media is reporting that Kim Jong Un wants to sign … Read more
March 11, 2018 Reuters Higher oil prices and a positive earnings outlook for energy companies are expected to fuel a rebound in North American oil and gas initial public offerings in 2018, with bankers betting investors will remain optimistic about the sector even if the broader stock market remains volatile.IPOs in the United States and Canada … Read more
March 12, 2018 by Pratish Narayanan (Bloomberg) Oil risks sliding back under $60 a barrel as a surge in U.S. shipments to Asia threatens to undermine a deal between OPEC and its allies, according to ING Groep NV. While the producer group complied with a pledge to curb output and ease a glut in 2017, … Read more
March 12, 2018 – Daniel King – EnergyNow.com The U.S. could add around 4 million barrels per day (mb/d) of additional supply in the next 5 years, and most of it will be shipped abroad, turning the U.S. into a major oil exporter. Most of the new supply will come in the form of light sweet … Read more
Mar 11, 2018 by Julian Lee (Bloomberg Gadfly) OPEC has achieved an unprecedented degree of compliance with its current output target, exceeding its agreed production cut by 44 percent, but all is not as rosy as it might seem on the surface. This newfound sense of purpose hides a huge cost borne by two of … Read more
Reuters (Reuters) – U.S. energy companies this week cut oil rigs for the first time in seven weeks even as crude prices hovered near a three-year high, prompting more drillers to boost spending plans for 2018. Drillers cut four oil rigs in the week to March 9, bringing the total count down to 796, General … Read more
Mar 10, 2018 by Brian Eckhouse (Bloomberg) The Golden State is increasingly inhospitable to fossil-fuel power plants. In the latest development, NRG Energy Inc. plans to shutter three old gas-fired power plants in California, according to a Sierra Club statement Friday. The plants are operated by the company’s GenOn unit, which is expected to be spun … Read more
How might an oil company improve netbacks by $3 per barrel using digital innovation? It sounds like a challenge, but is it? Duration: 10m 54s
CALGARY — Alberta Premier Rachel Notley’s threat to reduce oil shipments to other provinces, the latest salvo in a recent pipeline dispute with British Columbia, carries on a provincial tradition of using its natural resources to reinforce its politic…
March 8, 2018, by Jennifer A. Dlouhy (Bloomberg) Three law firms have filed disclosures saying they are advising the Gulf kingdom on the issue. Saudi Arabia is enlisting blue-chip lobbyists in Washington as it prepares for a fight over its ambition to build nuclear power plants. Three law firms have filed disclosures saying they are … Read more
March 8, 2018, by Shadia Nasralla and Libby George LONDON (Reuters) – Crude oil futures rose on Friday after two days of sell-offs amid optimism over a planned meeting between North Korean leader Kim Jong Un and U.S. President Donald Trump. Kim also pledged to refrain from further nuclear or missile tests, lifting Asian stock … Read more
/EIN News/ — STUDIO CITY, CA, March 09, 2018 (GLOBE NEWSWIRE) — Petroteq Energy Inc. (“Petroteq” or the “Company”) (TSXV: PQE; OTCQX: PQEFF; Frankfurt: A2DYWC), a company focused on the development and implementation of proprietary technologies for the energy industry, today announced the opening of its Petrobloq Blockchain Labs. The Company has leased and staffed a purpose-built space solely … Read more
HOUSTON, March 09, 2018 (GLOBE NEWSWIRE) — Eco-Stim Energy Solutions, Inc. (NASDAQ:ESES) (“EcoStim” or the “Company”) announced its financial and operating results for the quarter and year ended December 31, 2017. RECENT DEVELOPMENTS & FOURTH QUARTER 2017 HIGHLIGHTS Generated 4Q17 Revenue of $19.8 million, 51% increase over 3Q17 Generated 2017 Annual Revenue of $44 million, … Read more
SUGAR LAND, Texas, March 9, 2018 /PRNewswire/ — Researched by Industrial Info Resources (Sugar Land, Texas)–Engineering, procurement and construction (EPC) giant KBR Incorporated (Houston, Texas) is involved in more than $108 billion worth of active projects, according to Industrial Info’s project database. The projects are spread across five continents, but are concentrated in the Oil … Read more
NEW ORLEANS, March 8, 2018 /PRNewswire/ — The New Orleans City Council voted today to approve construction of the New Orleans Power Station, a 128-megawatt unit composed of seven natural gas-fired reciprocating engines. This modern, efficient electric generating facility will support reliable service and essential grid stability, and help to support the inclusion of renewables into … Read more
March 9, 2018, by Lorcan Roche Kelly (Bloomberg) Great progress In an unprecedented move, President Donald Trump has agreed to meet with North Korea’s Kim Jong Un, with South Korean National Security Council chief Chung Eui-yong saying the meeting would take place by May. Foreign policy experts are divided on the wisdom of the gathering at this time, … Read more
March 8, 2018, by Aaron Sheldrick TOKYO (Reuters) – Major Asian nations reacted sharply on Friday to U.S. President Donald Trump’s decision to impose tariffs on steel and aluminum imports, warning of damage to relations amid industry calls for retaliation. Japan said the move would have a “big impact” on the countries’ close bilateral ties, … Read more
March 8, 2018, by David Shepardson WASHINGTON/SHANGHAI (Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk took to Twitter on Thursday to call on U.S. President Donald Trump to challenge China’s auto trade rules, which limit foreign ownership of Chinese ventures and impose steep tariffs on imported cars. In a series of tweets aimed at … Read more
March 8, 2018, by Jarrett Renshaw NEW YORK (Reuters) – The White House has made preliminary plans for a meeting on Monday between rivals in the corn and oil industries to discuss potential changes to the nation’s biofuels policy, two sources familiar with the planning told Reuters. Unlike previous meetings on the issue, President Donald … Read more
March 9, 2018, by Henning Gloystein SINGAPORE (Reuters) – Global liquefied natural gas (LNG) prices eased this week as the market digested the impact of the earthquake in Papua New Guinea that in late February knocked out ExxonMobil’s export facility just as extreme cold in Europe spiked heating demand there. The sudden shortages triggered a rush … Read more
March 8, 2018, by Ron Bousso and Ernest Scheyder HOUSTON (Reuters) – Royal Dutch Shell Plc (RDSa.L) is focused on increasing its U.S. shale operation’s oil production while slowing investment in lower-margin natural gas, an executive said on Thursday. The Anglo-Dutch company aims to boost its overall shale production by 200,000 barrels of oil equivalent … Read more
March 8, 2018, by Tina Bellon A federal judge overseeing the litigation over an oil spill in the Gulf of Mexico, ruled that Mexico’s Yucatan state could not bring claims against oil giant BP, which operated the Deepwater Horizon drilling rig that exploded in 2010. U.S. District Judge Carl Barbier in New Orleans, Louisiana, on … Read more
Natural Gas Weekly Update Report – March 8, 2018 Dominion Energy’s Cove Point LNG export facility begins commercial operations The Dominion Energy Cove Point liquefied natural gas (LNG) facility in Maryland exported its first LNG cargo during its final stage of commissioning on March 1, 2018, on Royal Dutch Shell Plc’s LNG carrier, Gemmata, with a … Read more
March 8, 2018, by Justin Fox (Bloomberg View) The U.S. will become the world’s biggest oil producer, surpassing Russia, in the next five years, the International Energy Agency projected earlier this week. For a domestic oil industry that had been in decline for decades until 2009, it’s a spectacular turnaround. In natural gas, the U.S. is already the top producer … Read more
March 8, 20181:25 PM Reuters HOUSTON (Reuters) – Royal Dutch Shell Plc (RDSa.L) and U.S. private equity firm Blackstone Group LP (BX.N) are working on a joint $10 billion bid for BHP Billiton Plc’s (BLT.L) U.S. shale assets, Sky News said on Thursday. Shell and Blackstone’s offer will only be one of several credible proposals that … Read more
We caught up with some of the 2017 GPS Award Winners – here’s where they are now. Since the launch of the Global Petroleum Show Awards in 2014, the program has shined a spotlight on technological advancements and environmental initiatives in the energy industry on a global stage at the annual conference and exhibition. Through … Read more
March 8, 2018, by Liam Denning (Bloomberg Gadfly) Let me tell you about some possibly great presentations I didn’t get to see this week. Truly, they sounded awesome for anyone interested in energy. One was on cloud computing revolutionizing the oil and gas industry, featuring heavy hitters from Alphabet Inc. and Schlumberger Ltd. Another, hosting the chief … Read more
March 8, 2018 LONDON/DUBAI (Reuters) – State oil giant Saudi Aramco signed a preliminary deal to pursue international gas opportunities with Royal Dutch Shell (RDSa.L) on Thursday as part of top crude exporter Saudi Arabia’s diversification drive before the listing of Aramco. The memorandum of understanding (MoU) signed in London between the two companies was … Read more
March 8, 2018, by John Kemp LONDON, March 8 (Reuters) – Despite the overwhelmingly bullish sentiment that still dominates talk about oil prices, the rally that started at the end of June 2017 seems to have run out of momentum. Front-month Brent futures prices peaked in the final week of January and have since been … Read more
OKLAHOMA CITY and SAN JOSE, Calif., March 8, 2018 /PRNewswire/ — OGE Energy Corp. (NYSE: OGE) electric utility subsidiary Oklahoma Gas & Electric (OG&E) and SunPower Corp. (NASDAQ:SPWR) today announced completion of a 10-megawatt (AC) solar photovoltaic power plant in Covington, Okla.Approximately 85 jobs were created during peak construction of the facility. “With Covington online, … Read more
Suzanne West, who worked to reinvent the traditional Canadian oil and gas company by prioritizing the use of environmental and digital technology to slash emissions, has died after being diagnosed with brain cancer. She was 52. Ms. West established Calgary-based Imaginea Energy Corp. in 2013 in a bid to demonstrate that hydrocarbons could be developed … Read more
NEW YORK–(BUSINESS WIRE)–Hess Corporation (NYSE: HES) today announced that its Board of Directors has authorized the purchase of $1.0 billion of Hess common stock by the end of 2018. The newly authorized program is in addition to the $500 million share repurchase program Hess announced in late 2017. Under the new authorization, the Company will … Read more
OKLAHOMA CITY–(BUSINESS WIRE)–Devon Energy Corp. (NYSE: DVN) announced today it has entered into a definitive agreement to sell the southern portion of its Barnett Shale position for $553 million. The transaction is subject to customary terms and conditions and is expected to close in the second quarter of 2018. “Combined with other recent asset sales, … Read more
March 8, 2018, by Anindya Upadhyay and Iain Marlow (Bloomberg) A global coalition aimed at supporting the use of solar power is expected to announce a slew of projects worth about $700 million during its inaugural conference this weekend in New Delhi, according to government officials familiar with the matter. The International Solar Alliance, an initiative … Read more
March 8, 2018, by Lorcan Roche Kelly (Bloomberg) Exceptions The White House appears to be softening its position on trade tariffs already, even before an executive order is signed. President Donald Trump’s adviser Peter Navarro said yesterday that Mexico and Canada would be initially excluded from the tariffs, a decision that would be reversed should the nations … Read more
March 7, 2018, by Nick Carey DETROIT (Reuters) – Higher U.S. tariffs on imported steel will mean more jobs at some American steel mills but raise the risk of layoffs at others, industry executives said on Wednesday. On the winning side of President Donald Trump’s plans to impose a 25 percent tariff on imported steel … Read more
March 7, 2018, by Ron Bousso HOUSTON (Reuters) – The U.S. energy secretary blasted renewable fuels champions on Wednesday while the head of Royal Dutch Shell Plc (RDSa.L) urged the energy sector to focus on global efforts to cut carbon emissions, reflecting a yawning trans-Atlantic gap on climate issues. Speaking at the CERAWeek conference in … Read more
March 7, 2018 (Reuters) – U.S. oil and gas producer Devon Energy Corp said on Wednesday it plans to increase its cash dividend and buy back shares worth $1 billion, the latest energy company to do so, while investors pressure the sector for better returns. Devon’s plans to buy back shares comes a day after … Read more
March 8, 2018, by Ayenat Mersie NEW YORK (Reuters) – Big oil and big corn are touting opposing studies released this week on proposed biofuels policy reforms under consideration by the Trump administration, part of an ongoing clash between the two sides over the future of the program. Valero Energy Corp (VLO.N), a major oil refiner, … Read more
March 8, 2018 LONDON (Reuters) – Demand for oil and gas will continue over the long term despite a shift toward sources of decarbonized energy, Saudi Arabia’s Minister of Energy, Mining & Mineral Resources, Khalid Al-Falih, said on Thursday. “The world is moving to decarbonised energy but oil and gas will continue for as long … Read more
March 7, 2018 (Arabian Business) Oil giant says new facility will triple petrochemicals production to 14.4 million tonnes annually by 2025. The Abu Dhabi National Oil Company (ADNOC) has announced its intention to move further downstream, as the company pivots to take advantage of the rising demand for higher value refined and petrochemical products, particularly … Read more
March 7, 2017, by Jennifer A. Dluhy and Mario Parker (Bloomberg) White House talks about overhauling the U.S. biofuel mandate are buoying the hopes of refinery workers who fanned out across Capitol Hill on Wednesday to press for changes. Thirty United Steelworkers members from more than a dozen independent oil refineries are lobbying lawmakers and … Read more
March 7, 2018, by Joe Ryan (Bloomberg) It keeps getting harder to sell coal in the U.S. U.S. miners are forecast to cut production 4.7 percent in 2018 as electricity generators shift increasingly to natural gas and renewable energy, according to the U.S. Energy Information Administration. The expected total of 736.3 million short tons would … Read more
March 7, 2018, by Kartikay Mehrotra (Bloomberg) A group of 21 youths who accuse the U.S. government of failing for decades to properly address climate change defeated the Trump administration’s attempt to keep the dispute out of court. The U.S. Court of Appeals in San Francisco ruled Wednesday that a novel and sweeping case, which … Read more
March 7, 2018, by Jessica Resnick-Ault HOUSTON (Reuters) – Global miner BHP will consider swapping certain onshore oil and gas assets with competitors’ offshore assets, as part of its effort to exit U.S. shale formations, Steve Pastor, BHP’s president for petroleum operations, said on Wednesday. BHP, facing calls from activist investor Elliott Advisors tomake changes … Read more
March 7, 2018, by Sai Sachin Ravikumar and Ankit Ajmera (Reuters) – General Electric Co (GE.N), which was the most valuable publicly traded U.S. industrial conglomerate at the beginning of the year, could sink to the No. 4 spot after a prolonged selloff that has shaken confidence in the company. Valued at close to $580 … Read more
March 7, 2018, by Makini Brice and Philip Blenkinsop WASHINGTON/LUXEMBOURG (Reuters) – A defiant U.S. President Donald Trump looked set to authorize steep tariffs on imported steel and aluminium this week as he stepped up pressure on China to develop a plan to reduce its trade imbalance with the United States by $1 billion. A … Read more
March 6, 2018 (HOUSTON) – Gardner Denver Petroleum & Industrial Pumps, the only total solutions provider to the drilling, well servicing and frac pumps market, is pleased to announce the opening of a Dubai facility, expanding the organization’s international reach. The facility’s ground breaking took place in late 2017 and construction is expected to be … Read more
MILWAUKEE, March 7, 2018 /PRNewswire/ — EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, a leading developer of innovative distributed energy resources (DERs), today announced an expansion of the photovoltaic system it is installing on the rooftops of the Aloha Tower Marketplace, which is operated by Hawai’i Pacific University (HPU) under a lease with … Read more
NEW YORK–(BUSINESS WIRE)–ExxonMobil today outlined an aggressive growth strategy to more than double earnings and cash flow from operations by 2025 at today’s oil prices. “We’ve got the best portfolio of high-quality, high-return investment opportunities that we’ve seen in two decades,” Darren W. Woods, chairman and chief executive officer, said at the company’s annual meeting … Read more
Great Leadership Begins With …. by Sherri Hilton MAL, CEC, PCC “Knowing yourself is the beginning of all wisdom.” Over 2000 years ago, Greek philosopher Aristotle, who lived between 384–322 BC, spoke those now very famous words. In today’s constantly changing environment, “knowing yourself” remains an essential, if not the most important ingredient, for leaders … Read more
ATLANTA–(BUSINESS WIRE)–With a commitment to deliver cleaner, more reliable power where and when it’s needed most, GE (NYSE: GE) today launched the GE Reservoir – a comprehensive energy storage platform that delivers a suite of customized storage solutions to help customers address new challenges and seek new opportunities in a rapidly transforming power grid that … Read more
HOUSTON & LONDON–(BUSINESS WIRE)–Baker Hughes, a GE company (NYSE:BHGE) announced today that the Baker Hughes international rig count for February 2018 was 979, up 19 from the 960 counted in January 2018, and up 38 from the 941 counted in February 2017. The international offshore rig count for February 2018 was 194, down 2 from … Read more
March 6, 2018, by Tina Davis and Javier Blas (Bloomberg) We’re only two days into CERAWeek by IHS Markit — the week-long gathering in Houston of some of world’s biggest names in energy — and fossil-fuel executives are already dumping on electric cars. To be fair, some say they’re coming, in a big way. Others aren’t … Read more
March 7, 2018, by Lorcan Roche Kelly (Bloomberg) Goin’ Gary Cohn is resigning as President Donald Trump’s top economic adviser, with his announcement coming just hours after he refused to publicly back the president’s tariff plan, according to people familiar with the matter. Trump said he would soon decide on a replacement for Cohn. “Many … Read more
March 6, 2018, by Amanda Cooper LONDON (Reuters) – Oil fell on Wednesday, in line with a broad decline on global financial markets, after a key advocate for free trade in the U.S. government resigned, feeding concern that Washington will go ahead with import tariffs and risk a trade war. U.S. crude oil output is … Read more
March 5, 2018, by Stephen Kalin, William James RIYADH/LONDON (Reuters) – Saudi Arabia’s crown prince wants to persuade his British and U.S. allies that “shock” reforms have made his country a better place to invest and a more tolerant society on his first foreign tour as heir apparent. But it could be a tough sell. … Read more
March 6, 2018, by Clyde Russell LAUNCESTON, Australia (Reuters) – (The opinions expressed here are those of the author, a columnist for Reuters.) Exports of U.S. crude oil to Asia appear to be starting to struggle under the weight of a narrowing discount for its domestic benchmark crude to international grades and efforts by other … Read more
March 6, 2018 NEW YORK (Reuters) – The U.S. government said on Tuesday it expects domestic crude production in 2018 to rise over 120,000 barrels per day (bpd) more than previously expected as shale output surges. Shale production in the U.S. has increased rapidly with improvements in drilling techniques, spurred on by a recovery in … Read more
March 6, 2018, by Ernest Scheyder HOUSTON (Reuters) – Statoil ASA, the Norwegian state-controlled oil producer, has plenty of growth opportunities left in North Dakota’s Bakken shale formation, an executive said on Tuesday. “We have quite a lot of running room” in North Dakota, Torgrim Reitan, head of Statoil’s U.S. operations, said in an interview on … Read more
March 7, 2018, by John Kemp LONDON, March 7 (Reuters) – By restraining production, OPEC and its allies have succeeded in eliminating excess oil stocks and accelerating the recovery in prices, but they are paying an increasingly high price in terms of market share. U.S. producers will capture all the growth in global oil consumption … Read more
March 7, 2018, by Jarrett Renshaw WASHINGTON (Reuters) – A delegation of workers from U.S. oil refining companies that oppose the nation’s biofuels policy will converge on Washington on Wednesday to try to convince lawmakers to find a way to lessen the regulation’s costs without hurting corn farmers.’ The trip, organized by the United Steelworkers union, … Read more
March 6, 2018 HOUSTON (Reuters) – The global oil and gas industry needs to invest more than $20 trillion over the next 25 years to meet expected growth in demand and compensate for the natural decline in developed fields, Saudi Aramco Chief Executive Officer Amin Nasser said on Tuesday. Speaking at the CERAWeek conference in … Read more
March 6, 2018, by Liz Hampton and Jessica Resnick-Ault HOUSTON (Reuters) – Energy executives say the Trump administration’s proposed steel and aluminum tariffs could bump up the cost of big-ticket projects needed for rapidly rising U.S. shale oil and gas output by three to 10 percent. Higher construction costs could slow growth in production and exports … Read more
March 6, 2018, by Ernest Schedyer and Ron Bousso HOUSTON (Reuters) – Around the room at Houston’s The Grove restaurant on Monday, at several tables, sat a group of shale executives, interspersed with energy ministers and officials representing OPEC members, where they dined on fish and steak. They should have had a lot to discuss amid … Read more
WASHINGTON, March 6, 2018 /PRNewswire/ — Venture Global LNG, Inc. (“Venture Global LNG”) is pleased to announce that its subsidiary, Venture Global Calcasieu Pass, LLC (“Venture Global Calcasieu Pass”), has agreed with Shell NA LNG LLC (“Shell”) to increase their existing sales and purchase agreement (“SPA”), under which Shell will now purchase two (2) million tonnes … Read more
TULSA, Okla., March 6, 2018 /PRNewswire/ — Velocity Midstream Partners, LLC (“Velocity”) announced that it has completed the construction of a 45-mile, 12″ crude oil pipeline loop of its existing condensate pipeline through the fairway of the South Central Oklahoma Oil Province (“SCOOP”). The crude oil loop project is supported by expanded commitments from Continental Resources … Read more
DENVER, March 06, 2018 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ:CDEV) today announced the pricing of an underwritten public offering of an aggregate of 25,000,000 shares of Class A common stock by Riverstone VI Centennial QB Holdings, L.P. (14,758,369 shares), REL US Centennial Holdings, LLC (4,362,317 shares), Riverstone Non-ECI USRPI … Read more
HOUSTON, March 05, 2018 (GLOBE NEWSWIRE) — Apache Corporation (NYSE:APA) (Nasdaq:APA) today announced David Pursell has been named senior vice president, Planning and Energy Fundamentals, effective March 12. “I am pleased to welcome Dave to Apache’s executive management team. Dave’s skills, expertise and capabilities will further enhance our robust internal planning processes and assist in … Read more
March 6, 2018, by Laurence Frost and Andreas Kremer GENEVA (Reuters) – The accelerating demise of diesel, long used by carmakers to boost fuel-efficiency, is undermining their plans to meet looming European Union CO2 goals, and avoid big annual fines. Executives gathered on Tuesday at the Geneva auto show are grappling with unpalatable choices: re-engineer … Read more
March 6, 2018 (Bloomberg) How have oil prices changed the IPO’s potential value is one of the pressing questions for Aramco’s CEO Amin Nasser. The chief executive officer of Saudi Aramco will speak to several thousand executives, government officials and journalists at the annual CERAWeek by IHS Markit event in Houston Tuesday. As the state-owned … Read more
March 6, 2018, by Lorcan Roche Kelly (Bloomberg) All talk The European Union has drawn up a list of U.S. goods it intends to target should President Donald Trump go ahead with his proposed tariffs on imported metals. The tit-for-tat levy, which would only target $3.5 billion of U.S. goods, seems aimed at sending a … Read more
March 6, 2018, by Nichola Groom (Reuters) – U.S. deployments of energy storage systems will nearly triple this year thanks to sharply lower costs and state policies that support the case for installing batteries in homes, businesses and along the power grid. That forecasted growth of 186 percent to 1,233 megawatt-hours of storage from 431 … Read more
March 5, 2018, by Susan Cornwell and Ayesha Rascoe WASHINGTON (Reuters) – U.S. President Donald Trump faced growing pressure on Monday from political and diplomatic allies as well as U.S. companies urging him to pull back from proposed steel and aluminum tariffs, although he said he would stick to his guns. Inside the White House, … Read more
March 5, 2018, by Trevor Kincaid Donald Trump’s tough trade talk has the world on edge. With the stroke of a pen, he could unravel the global trading system, raise prices on basic goods, make American businesses less competitive, drive a wedge between the United States and its European allies, and open the door for … Read more
March 5, 2018, by Ernest Scheyder and Liz Hampton HOUSTON (Reuters) – The world’s largest oil producers appealed to U.S. shale producers to join their efforts to hold global prices at their current level at a major energy conference Monday, as the boom in shale is continuing to undermine OPEC’s production curbs. OPEC Secretary General … Read more
March 5, 2018, by John Tilak, Ernest Scheyder and David French TORONTO/HOUSTON (Reuters) – Chevron Corp (CVX.N) is exploring options including the sale of a minority stake in its Canadian liquefied natural gas (LNG) project as it pushes ahead, three people familiar with the matter told Reuters. Among the parties in talks with Chevron for … Read more
March 5, 2018, by Valerie Volcovici WASHINGTON, March 5 (Reuters) – U.S. Interior Secretary Ryan Zinke on Monday announced he has postponed a second federal oil and gas lease sale planned for March in less than a week in response to local opposition to the possibility of drilling near national parks and monuments. Zinke took … Read more
March 5, 2018, by Lauren Silva Laughlin HOUSTON (Reuters Breakingviews) – Policy tensions are curbing spirits that should be soaring in the U.S. energy sector. The Organization of the Petroleum Exporting Countries will break bread with U.S. shale producers at an industry confab in Houston, Texas, this week, a sign of American wildcatters’ influence on … Read more
March 5, 2018, by Christopher Martin (Bloomberg) Investors poured $300 million since the start of the third quarter into applications that will let people buy and sell energy with cryptocurrencies, according to GTM Research. Half that amount came just in January, and there are now 122 companies developing products or services for the energy industry, … Read more
March 5, 2018 ATHENS (Reuters) – Oil majors Exxon Mobil (XOM.N), Total (TOTF.PA) and Repsol (REP.MC) are among members of two consortia that have submitted bids to explore for oil and gas off Greece. Greece’s oil and gas resources management company (HHRM) said on Monday that Exxon and Total, each with 40 percent stakes, and … Read more
March 5, 2018, by Stanley Carvalho ABU DHABI (Reuters) – Emirates Steel, the largest steel producer in the UAE, said a tariff on imports to the United States could hurt its sales, 5 percent of which go to the U.S., the company’s chief executive said on Monday. Last week, President Trump announced that steel imported into … Read more
MAUI, Hawaii, March 5, 2018 /PRNewswire/ — Kokua Aina Energy Partners, LLC (Kokua Aina), a local Maui development team announced today they have entered into an agreement with Texas based project investment company Crescendo Power. The co-development / funding teaming agreement will help support sustainability project development opportunities in Hawaii and the U.S. Mainland. “Our new … Read more
HOUSTON, March 02, 2018 (GLOBE NEWSWIRE) — Oil States International, Inc. (NYSE:OIS) announced today that Lloyd A. Hajdik, Oil States’ Executive Vice President, Chief Financial Officer and Treasurer, and Chris E. Cragg, Oil States’ Executive Vice President, Operations, will present at the Raymond James Institutional Investors Conference on Tuesday, March 6, 2018 at 11:35 a.m. … Read more
AKRON, Ohio, March 5, 2018 /PRNewswire/ — FirstEnergy Nuclear Operating Company (FENOC), a subsidiary of FirstEnergy Corp. (NYSE: FE), announced its Davis-Besse Nuclear Power Station in Oak Harbor, Ohio, shut down at 12:01 a.m. on Saturday, March 3, for scheduled refueling and maintenance. While the unit is offline, about a third of the unit’s 177 … Read more
March 5, 2018 by Grant Smith (Bloomberg) Oil steadied after its steepest weekly loss in a month as Libya resumed production at its biggest oilfield following a brief halt. Futures in New York rose 0.2 percent after a 3.6 percent decline last week. The Sharara field, Libya’s biggest, has started producing again after stopping on Sunday … Read more
HOUSTON, March 5, 2018 /PRNewswire/ — Anadarko Petroleum Corporation (NYSE: APC) today announced it has received official approval from the Government of Mozambique for the Golfinho/Atum Field Development Plan. The Development Plan outlines the integrated onshore project from the reservoir to the LNG market and is a culmination of the substantial progress made to date on … Read more
March 5, 2018, by Erwin Seba HOUSTON (Reuters) – Rising U.S. shale oil production will overwhelm the nation’s refining capacity, with three-quarters of the additional oil produced in the United States by 2023 shipped to Europe and Asia, according to a new study by consultancy Wood Mackenzie. The research points to the continued impact of … Read more
March 5, 2018, by Libby George LONDON (Reuters) – Strong global demand for oil and gas will shift in the next five years toward petrochemicals and away from motor fuels gasoline and diesel, the International Energy Agency (IEA) said on Monday. Demand for products ranging from fertilisers to plastics and beauty products would drive roughly … Read more
March 4, 2018, by Lesley Wroughton and David Ljunggren MEXICO CITY (Reuters) – An influential U.S. lawmaker said on Sunday all fairly traded steel and aluminum, especially from Canada and Mexico, should be excluded from President Donald Trump’s proposed tariffs, as he sought to calm tensions at major trade talks in Mexico. Kevin Brady, chairman … Read more
March 5, 2018, by Lorcan Roche Kelly (Bloomberg) America first The verbal tit-for-tat trade rift across the Atlantic heated up over the weekend when President Donald Trump tweeted that he would target European car imports in response to an EU threat to American products following the president’s announcement of tariffs on steel and aluminum imports. Trump’s … Read more
March 5, 2018 (Bloomberg) Sources say ACWA Power International has hired JPMorgan Chase & Co, Citigroup Inc and Natixis as global coordinators. Saudi Arabian energy producer ACWA Power International has hired JPMorgan Chase & Co, Citigroup Inc and Natixis as global coordinators for an initial public offering that could raise more than $1 billion, according … Read more
March 4, 2018, by Ernest Scheyder HOUSTON (Reuters) – The oil industry’s biggest names gather this week at CERAWeek, the largest energy industry get-together in the Americas, at a time when U.S. shale production is booming, global demand is rising and crude prices are at a sweet spot for both big U.S. producers and OPEC. Last … Read more
March 5, 2018, by Grant Smith (Bloomberg) The U.S. will dominate global oil markets for years to come, satisfying 80 percent of global demand growth to 2020 as the shale boom keeps OPEC under pressure, the International Energy Agency said. “The U.S. is set to put its stamp on global oil markets for the next … Read more
March 5, 2018, by Julian Lee (Bloomberg Gadfly) President Donald Trump’s planned 25 percent import tariff on steel is a gift to OPEC and Russia. His announcement last week will surely play well in steel towns, as its aim is to protect American producers from “unfair” competition from cheaper foreign suppliers. However, it will inevitably drive … Read more
March 4, 2018, by Doina Chiacu, Valerie Volcovici WASHINGTON (Reuters) – A top trade adviser to U.S. President Donald Trump said on Sunday a process will be in place for businesses to get exemptions from the White House plan to place steep tariffs on steel and aluminum, offering the first indication a tariff hike could … Read more
(The opinions expressed here are those of the author, a columnist for Reuters.) By Clyde Russell LAUNCESTON, Australia, March 5 (Reuters) – At times when fear and loathing are amped-up it often pays to take a more dispassionate look at what is likely to happen, as opposed to what is feared will happen. The planned … Read more
March 4, 2018, by Marianna Parraga HOUSTON (Reuters) – The Organization of the Petroleum Exporting Countries has not discussed “at this stage” extending production cuts into next year, the group’s president said on Sunday, adding that reducing global crude supply inventories remained its focus. Suhail Mohamed Al Mazrouei, the United Arab Emirates oil minister and OPEC’s president, … Read more
COLUMBIA, Md.–(BUSINESS WIRE)–SolarWindow Technologies, Inc. (OTC: WNDW) announced today that it has set a new company performance record for power efficiency with a 34% increase in performance over previous generations of its transparent electricity-generating glass. Today’s announcement is based on results of independent testing and certification of SolarWindow™ devices by the U.S. Department of Energy’s … Read more
SUGAR LAND, Texas, March 2, 2018 /PRNewswire/ — Researched by Industrial Info Resources (Sugar Land, Texas)–NRG Energy Incorporated (Princeton, New Jersey) widened its annual net loss as the company prepares for an exit from its renewables business, NRG Yield Incorporated, and significant assets in Louisiana. Industrial Info is tracking $4.7 billion in NRG projects. Within … Read more
HOUSTON, March 02, 2018 (GLOBE NEWSWIRE) — Marathon Oil Corporation (NYSE: MRO) announced today it has signed and closed on the sale of its subsidiary, Marathon Oil Libya Limited, which holds the Company’s 16.33 percent non-operated interest in the Waha concessions in Libya, to a subsidiary of Total S.A. (Elf Aquitaine SAS) for cash consideration … Read more
March 2, 2018, by Elena Mazneva (Bloomberg) The bitter cold from Italy to Scandinavia has given Europe’s biggest natural gas supplier an opportunity to highlight its importance. “The deep freeze has shown once again that only Gazprom is capable of increasing gas supplies to European customers to maximum levels at a breakneck speed,” Alexey Miller, … Read more
March 2, 2018, by Leonid Bershidsky (Bloomberg View) Russia and Ukraine may be practically at war with each other, but they are joined at the hip by Ukraine’s gas transit system, business partners in one of the world’s biggest energy export channels. On Wednesday, the company that owns the Ukrainian system, Naftogaz Ukrainy, won a … Read more
March 2, 2018, by Lorcan Roche Kelly (Bloomberg) Unpopular President Donald Trump’s announcement of a 25 percent tariff on steel imports and 10 percent on aluminum imports has been roundly condemned by the international community. Canada, the largest supplier of foreign steel to the U.S., said the measures were unacceptable, while the European Union vowed a … Read more
March 1, 2018 (Reuters) – A U.S. manufacturing trade group on Thursday urged the U.S. Department of Energy not to approve further liquefied natural gas (LNG) export applications, citing concerns that the country was consuming and exporting the fuel at a faster clip than it was finding new resources. The agency’s approval of LNG export … Read more
March 1, 2018 (Reuters) – A proposed expansion of an Exxon Mobil Corp oil refinery could be impacted by the Trump administration’s plan to place a 25 percent tariff on imported steel, a source familiar with the matter said on Thursday. Exxon has been considering increasing its North American crude refining capacity since at least … Read more
March 1, 2018 (Reuters) – Chevron Corp said on Thursday its business is resilient to a wide variety of possible climate change scenarios as the U.S. oil company and other producers come under pressure to invest less in oil projects and more in renewable energy. The climate report summarizes Chevron’s work to test the competitiveness … Read more
March 1, 2018, by Erwin Seba and Timothy Gardner HOUSTON/WASHINGTON (Reuters) – The U.S. oil and gas industry on Thursday slammed President Donald Trump’s plan to impose tariffs on imported steel, saying the move would kill energy jobs by raising costs for big infrastructure projects. Officials at the nation’s top energy industry trade groups issued statements … Read more
March 1, 2018, by Rod Nickel and Nia Williams CALGARY, Alberta (Reuters) – Canada’s First Nations are boosting investments and leveraging their clout with regulators to gain stakes in oil and gas projects as they seek greater returns on energy produced or transported across their territory. Aboriginal groups in Canada have traditionally played a more … Read more
March 2, 2018, by Ron Bousso and Marianna Parraga LONDON/HOUSTON (Reuters) – The gasps in the audience were clearly audible at the auction of Mexico’s oil blocks a month ago as Royal Dutch Shell’s hefty bids were announced one by one. The size of Shell’s cash payments – $343 million out of the total of … Read more
March 1, 2018, by Timothy Gardner WASHINGTON (Reuters) – Russian operatives attempting to discourage U.S. energy production posted thousands of messages on social media supporting environmental activists in their campaign to limit oil and gas projects, a report by Republican lawmakers said on Thursday. On Facebook and Instagram, for example, a picture of a real … Read more
March 1, 2018, by Jennifer A. Dlouhy and Mario Parker (Bloomberg) President Donald Trump witnessed just how difficult it is to bridge the competing interests of ethanol producers and oil refiners Thursday, as a third White House summit this week ended with no agreement to change U.S. biofuel policy. Trump has been trying to resolve the … Read more
March 1, 2018, by Geert De Clercq PARIS (Reuters) – General Electric plans to invest more than $400 million over the next three to five years to develop the world’s biggest offshore wind turbine, which will have a capacity of 12 megawatts and stand 260 meters (853 feet) tall. With 107-metre blades, longer than a … Read more
March 1, 2018 BRUSSELS (Reuters) – The falling cost of wind and solar power puts higher renewable energy targets within reach, according to a European Commission study seen by Reuters, pressuring EU legislators to set more ambitious climate goals. Tough talks are now underway between EU nations and the European Parliament to set new targets … Read more
March 1, 2018 SAO PAULO (Reuters) – A U.S. federal court preliminarily approved on Wednesday the terms of a $3 billion class action settlement Brazilian state oil company Petroleo Brasileiro SA reached with U.S. shareholders in January, the firm said in a Thursday securities filing. The company said a judge will assess potential objections to … Read more
BISMARCK, N.D., March 1, 2018 /PRNewswire/ — Montana-Dakota Utilities Co., a division of MDU Resources Group (NYSE: MDU), announced today that it has signed an agreement to purchase a North Dakota wind farm expansion to be developed by ALLETE Clean Energy (ACE), a subsidiary of ALLETE, Inc. (NYSE: ALE). The expansion of Thunder Spirit Wind, located … Read more
ARLINGTON, Va.–(BUSINESS WIRE)–The AES Corporation (NYSE: AES) announced today the commencement of tender offers to purchase (the “Tender Offers” and each, a “Tender Offer”) for cash, subject to certain terms and conditions, up to $700,000,000 aggregate principal amount of its 5.500% senior notes due 2024 (the “2024 Notes”) and its 5.500% senior notes due 2025 … Read more
HOUSTON–(BUSINESS WIRE)–EPIC Offshore Specialty, LLC (EPIC) is pleased to announce it has agreed to acquire the entire Offshore Services division of TETRA Technologies, Inc. (NYSE: TTI) (TETRA). Specifically, the businesses to be acquired are the diving (EPIC Diving and Marine Services), heavy lift, specialized cutting (EOT Cutting Services), rigless well P&A, and consulting (TSB Offshore) … Read more
TULSA, Okla.–(BUSINESS WIRE)–NGL Energy Partners LP (NYSE:NGL) and Magnum Liquids, LLC, a portfolio company of Haddington Ventures LLC (“Haddington”), along with Magnum Development, LLC and other Haddington-sponsored investment entities (collectively “Magnum”) have announced the formation of a joint venture to focus on the storage of natural gas liquids and refined products by combining NGL’s Sawtooth Storage Facility … Read more
March 1, 2018, by Justin Fox (Bloomberg View) Economic growth picked up a little in the U.S. in 2017. But electricity use fell, according to data released Tuesday by the Energy Information Administration. It’s now been basically flat for more than a decade: Measured on a per-capita basis, electricity use is in clear decline, and is already back … Read more
February 28, 2018, by Laura Blewitt (Bloomberg) America’s role in the global oil market was flipped on its head in 2017. As shale producers cranked out more and more crude, the U.S. relied less and less on some of its traditional sources of oil. At the same time, exports of crude, gasoline and other refined … Read more
March 1, 2018, by Lorcan Roche Kelly (Bloomberg) Further falls The S&P 500 Index’s dispiriting close to February, after it slid 2.4 percent on Tuesday and Wednesday, continues to set the tone for global markets. Overnight, the MSCI Asia Pacific Index dropped 0.7 percent, while Japan’s Topix index closed 1.6 percent lower as the strengthening dollar and … Read more
February 28, 2018 SINGAPORE (Reuters) – Microsoft Corp said on Thursday it will buy solar power from the Sunseap Group in Singapore, the technology company’s first renewable energy deal in Asia. Microsoft will purchase 100 percent of the electricity generated from Sunseap’s 60 megawatt-peak solar power project for 20 years for its Singapore data operations, … Read more
February 28, 2018, by Ernest Scheyder and Olesya Astakhova HOUSTON/MOSCOW (Reuters) – Exxon Mobil Corp (XOM.N) will exit some joint ventures with Russia’s Rosneft (ROSN.MM), citing Western sanctions first imposed in 2014, while the Russian company said the pullout will result in serious losses for its U.S. partner. The move is an about-face for Exxon, which … Read more
February 28, 2018, by Liz Hampton HOUSTON (Reuters) – A judge in Louisiana who halted development of a section of Energy Transfer Partners’ Bayou Bridge oil pipeline last week said on Tuesday that her decision was designed to prevent “further irreparable harm” to wetlands. U.S. district judge Shelly Dick on Friday issued a temporary injunction … Read more
February 28, 2018, by Timothy Gardner WASHINGTON (Reuters) – Green energy technology development projects suffered staffing and investment problems last year due to a Trump administration review of Energy Department funding for companies and universities, a federal government report said on Wednesday. The Department of Energy implemented a program to review and approve aid on … Read more
February 28, 2018, by Jarrett Renshaw NEW YORK (Reuters) – U.S. President Donald Trump on Thursday will gather rivals from the oil and corn industries for the second time this week as the administration seeks elusive common ground on reforms to the nation’s controversial biofuels law. The meetings come amid rising concern in the White … Read more
February 28, 2018, by Jessica Summers (Bloomberg) U.S. oil production reached a record high in November as the shale boom puts the nation among the world’s biggest suppliers and upends global markets. Once the world’s largest importer of crude, the U.S. is passing Saudi Arabia and closing in on Russia to become the world’s largest … Read more
February 28, 2018, by Brian Eckhouse (Bloomberg) The biggest clean-energy advocate in the U.S. power industry is selling almost all of its wind and solar assets. So what’s next for NRG Energy Inc.? Wall Street will be looking for some hints Thursday when NRG reports fourth-quarter results, and is expecting more details a few weeks … Read more
February 28, 2018, by Christopher Martin (Bloomberg) Enphase Energy Inc. doesn’t make solar panels, but it’s still seeking an exemption from tariffs imposed by President Donald Trump. That’s because the Petaluma, California-based company makes components in the U.S. called microinverters that convert energy produced by photovoltaic panels from direct to alternating current. The problem is Enphase ships … Read more
February 28, 2018, by Greg Quinn (Bloomberg) Canadian business investment is being weighed down for a fourth straight year by weakness in Alberta’s energy industry. Spending plans for oil and gas capital projects this year are down 12 percent to C$33.2 billion ($26 billion) from 2017, according to a Statistics Canada survey published Wednesday in … Read more
February 28, 2018, by Alex Lawler and Rania El Gamal LONDON/DUBAI (Reuters) – OPEC oil output fell in February to a 10-month low as the United Arab Emirates joined other Gulf members in over-delivering on a supply reduction pact, a Reuters survey found, pushing compliance with the deal to its highest yet. The Organization of … Read more
February 28, 2018 (Reuters) – U.S. crude stocks rose last week even as refineries hiked output, while gasoline inventories posted a surprisingly large increase, the Energy Information Administration said on Wednesday. Crude inventories rose by 3 million barrels in the week to Feb. 23, compared with expectations for an increase of 2.1 million barrels. The … Read more
CALGARY — Canada’s competitive disadvantage with the United States is being reflected in lower spending plans by oil and gas producers, and Tuesday’s budget does nothing to change that trend, oilpatch observers say.
In a report released Wednesday, Sta…
IRVING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM) announced today its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well. ExxonMobil encountered approximately 65 feet (20 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,363 feet (5,597 meters) depth in 6,781 feet (2,067 meters) of water. Drilling commenced on Jan. … Read more
Houston, Feb. 28, 2018 (GLOBE NEWSWIRE) — Shell Midstream Partners, L.P. (NYSE: SHLX) today announced that its Annual Report on Form 10-K for the fiscal year ended December 31, 2017 was filed with the U.S. Securities and Exchange Commission and can be viewed on the Partnership’s website at www.shellmidstreampartners.com. The filing can be accessed by … Read more
SUGAR LAND, Texas, Feb. 28, 2018 /PRNewswire/ — Researched by Industrial Info Resources (Sugar Land, Texas)–Sempra Energy (San Diego, California) reported an uptick in revenues for full-year 2017, as it prepares to acquire a majority ownership of Oncor Electric Delivery Company LLC, the largest transmission and distribution utility in Texas. Industrial Info is tracking more … Read more
MAUI, Hawaii, Feb. 28, 2018 /PRNewswire/ — EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, a leading developer of innovative distributed energy resources (DERs), announced the sale of a 20-year power purchase agreement (PPA) it arranged on behalf of J. Walter Cameron Center (JWCC) to an undisclosed investor. The PPA will bring the nonprofit … Read more
BELOIT, Wis., Feb. 28, 2018 /PRNewswire/ — Regal Beloit Corporation (NYSE: RBC) today announced it has entered into an agreement to acquire Nicotra Gebhardt S.p.A. (NG) for approximately €125 million ($154 million). “This will be a strategic acquisition for Regal as we continue to expand our energy efficiency system solutions for customers. Nicotra Gebhardt will … Read more
February 28, 2018, by AFP UAE energy minister Suhail al-Mazrouei said cuts in January exceeded the percentage required in the deal. OPEC chief Suhail al-Mazrouei said Tuesday he expected the global oil market to be balanced this year, as producers continue to trim production following a 2014 market crash. “I am optimistic that this year, … Read more
February 28, 2018, by Lorcan Roche Kelly (Bloomberg) Equities drop The S&P 500 Index finished yesterday’s session 1.3 percent lower, its biggest decline in more than two weeks, after testimony from Federal Reserve Chair Jerome Powell in Congress was viewed as hawkish by markets. Overnight, the MSCI Asia Pacific Index retreated 1.1 percent, while Japan’s … Read more
February 27, 2018, by Valerie Volcovici WASHINGTON (Reuters) – Uranium miner Energy Fuels said on Tuesday it has won federal approvals to expand operations at two mines in southeastern Utah, after years of challenges from conservation groups worried about radon gas emissions. The Bureau of Land Management and the U.S. Forest Service last week approved … Read more
February 27, 2018, by John Kemp LONDON, Feb 27 (Reuters) – Hedge funds continued to take profits on their bullish positions in crude and especially refined fuels in the most recently reported week but supportive comments from OPEC helped steady oil prices. Hedge funds and other money managers cut their combined net long position in … Read more
February 28, 2018, by Vijaykumar Vedala (Reuters) – Oil analysts expect the price of crude to rise steadily this year but remain in a tight band dictated by U.S. shale output growth on one side and OPEC supply restraint on the other, a Reuters poll showed on Wednesday. The survey of 37 economists and analysts … Read more
February 27, 2018, by Liz Hampton HOUSTON (Reuters) – Oklahoma’s oil and gas regulator on Tuesday released new requirements aimed at reducing the risk of earthquakes from hydraulic fracturing in shale regions in central and southern areas of the state. The new protocol, issued by the Oklahoma Corporation Commission (OCC), comes in addition to existing … Read more
February 27, 2018, by Valerie Volcovici WASHINGTON (Reuters) – Top Democrats on the Senate and House natural resources committees urged the Interior Department on Tuesday to drop a proposed cut to offshore oil and gas royalties, warning such a reduction would shortchange U.S. taxpayers. The Interior Department’s Royalty Policy Committee is due to evaluate a … Read more
February 25, 2018, by Daniel King (EnergyNow) Nearly all of the estimated 1.2 million barrels produced per day in North Dakota comes from one shale reservoir. Net production from the Bakken shale reservoir in North Dakota set an all-time high for the company in the fourth quarter, Continental Resources said. Continental is one of the … Read more
February 27, 2018, by Brian Eckhouse (Bloomberg) The biggest buyer of solar farms in America is a company you’ve probably never heard of. Meet Capital Dynamics, an asset manager that handles $15 billion. The firm’s been snapping up clean-power plants for years, but it wasn’t until this month — when the company agreed to spend … Read more
February 27, 2018, by Alex Lawler and Ernest Scheyder LONDON/HOUSTON, Feb 27 (Reuters) – OPEC will hold a dinner on Monday in Houston with U.S. shale firms, two industry sources said, the latest sign of the producer group widening talks about how best to tame a global oil glut. OPEC Secretary General Mohammad Barkindo plus … Read more
February 27, 2018, by Jarrett Renshaw (Reuters) – U.S. President Donald Trump has asked for more talks between representatives of the oil and corn industries after a meeting on Tuesday failed to yield an agreement on how to help refiners cope with the country’s biofuels policy. Trump has called the talks between Big Corn and … Read more
February 26, 2018, by Kevin Crowley and Ryan Collins (Bloomberg) – The world’s hottest oil field, the Permian Basin of West Texas and New Mexico, isn’t without its risks. Drillers are pumping billions of dollars into the region, plumbing reserves that rival Saudi Arabia’s biggest field. And with production expected to almost double by 2022, the … Read more
February 26, 2018, by Ari Natter, Jennifer Jacobs and Jennifer A Dlouhy (Bloomberg) Saudi Arabia plans to construct 16 nuclear power reactors over the next 20 to 25 years. Energy Secretary Rick Perry will travel to London to discuss nuclear energy with officials from Saudi Arabia on Friday as the Trump administration pursues a deal … Read more
HOUSTON–(BUSINESS WIRE)–Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE American:ERN) (JSE:ERN) today refers to the news release of its joint venture partner, FAR Limited (FAR), dated February 26, 2018 reporting that a subsidiary of Petroliam Nasional Berhad (PETRONAS) has signed a Farm-out Agreement (FOA) with FAR. The FOA, expected to be completed March 31, … Read more
Houston, Texas, USA, Feb. 26, 2018 (GLOBE NEWSWIRE) — Texas LNG Brownsville LLC (“Texas LNG”) is pleased to announce that the United States Coast Guard has issued a Letter of Recommendation to the Federal Energy Regulatory Commission (FERC) confirming the suitability of the Brownsville Ship Channel for Texas LNG’s marine traffic as it relates to … Read more
THE WOODLANDS, Texas, Feb. 27, 2018 /PRNewswire/ — Newpark Resources, Inc. (NYSE: NR) today announced that in accordance with the Company’s retirement policy, David C. Anderson, Chairman of the Board, will retire following the Annual Meeting of Stockholders on May 17, 2018 after 12 years of service. Paul L. Howes, President and Chief Executive Officer, stated, … Read more
February 26, 2017, by Jarrett Renshaw (Reuters) – U.S. farm groups urged President Donald Trump in a letter on Monday not to weaken the nation’s biofuels policy requiring corn-based ethanol to be blended into gasoline, calling it a critical engine of rural American jobs. Trump is due to meet with senators and cabinet members on … Read more
February 26, 2018, by Osamu Tsukimori TOKYO (Reuters) – The United States will overtake Russia as the world’s biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) said on Tuesday, as the country’s shale oil boom continues to upend global markets. IEA Executive Director Fatih Birol said at an event in … Read more
February 27, 2018, by Jarrett Renshaw (Reuters) – U.S. President Donald Trump will meet with senators and Cabinet officials on Tuesday to discuss ways to lower the cost of the nation’s biofuels policy to oil refiners, according to sources familiar with the matter. The meeting reflects rising concern in the White House over the current … Read more
February 27, 2018 by Mahmoud Habboush (Bloomberg) OPEC, Russia and other oil producers participating in output cuts have beaten market expectations in meeting their commitments, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. The 24 countries that agreed to cut 1.8 million barrels of output a day beginning last year are committed to … Read more
February 27, 2018 by Lorcan Roche Kelly (Bloomberg) Bond market awaits Powell testimony, Comcast enters battle for Sky, and stock rally comes to a halt. Here are some of the things people in markets are talking about today. Fed up Federal Reserve Chairman Jerome Powell is due to testify before the House Financial Services Committee at … Read more
February 27, 2018 by Sharon Cho and Angelina Rascouet (Bloomberg) Oil traded near a three-week high after a supply disruption in Libya and as investors await U.S. inventory data. Futures in New York slid 0.3 percent after closing at the highest since Feb. 5 on Monday as crude exports from a key Libyan terminal were disrupted. … Read more
DENVER, Feb. 26, 2018 /PRNewswire/ — Jagged Peak Energy Inc. (NYSE: JAG) (“Jagged Peak” or the “Company”) Chairman, President and CEO Joseph N. Jaggers today announced plans to retire at the end of March 2018 for health and personal reasons. Following an orderly transition, current independent director James J. Kleckner will become the Company’s President and CEO. Also as part of the succession … Read more
February 26, 2018, by Laura Hurst (Bloomberg) For all the talk of aging oil fields and shrinking production, the U.K. is about to achieve a surprising feat: it’s on the brink of becoming a net crude oil exporter for the first time in 14 years. To put the milestone into context, it’s one of the key … Read more
February 26, 2018, by Ron Bousso LONDON (Reuters) – More than $200 billion of investment in liquefied natural gas is needed to meet a boom in demand by 2030, Royal Dutch Shell, the world’s top LNG trader, said on Monday. The LNG market is set to continue its rapid expansion into 2020 as facilities approved … Read more
February 26, 2018, by Liz Hampton HOUSTON, Feb 26 (Reuters) – An Energy Transfer Partners subsidiary on Monday appealed a ruling by a federal judge in Louisiana that halted construction on a portion of its Bayou Bridge crude oil pipeline, according to court documents. The motion came after U.S. District Judge Shelly Dick on Friday … Read more
February 26, 2018, by Alexandra Ulmer WASHINGTON (Reuters) – A group of U.S. investors is seeking Washington’s approval to acquire the nearly 50 percent collateral in U.S. refiner Citgo held by Russia’s largest state-owned energy firm Rosneft, one of the investors said. The move would prevent Moscow from seizing a large part of the U.S. … Read more
OTTAWA — The head of the group that represents Canada’s oil and gas industry is calling on the federal government to cut taxes and ease regulatory burdens to restore the energy sector’s competitiveness with the United States and other global producers. Tim McMillan, CEO of the Canadian Association of Petroleum Producers, says Canada is “falling behind” and must act … Read more
EDMONTON — Alberta is investing $1 billion in oilsands bitumen upgrading to get a bigger bang for the buck on its oil.
Premier Rachel Notley announced Monday that the money will be used for loan guarantees and grants to attract anywhere from two to fi…
AUSTIN, Texas–(BUSINESS WIRE)–Emerson (NYSE: EMR), a global technology and engineering company, has completed its multi-year, $90 million (£64 million) automation project for BP’s Glen Lyon floating production, storage and offloading (FPSO) vessel west of Shetland. Emerson is now providing ongoing operational support services to help BP achieve its goal of producing 200,000 barrels a day … Read more
SUGAR LAND, Texas, Feb. 26, 2018 /PRNewswire/ — Written by John Egan for Industrial Info Resources (Sugar Land, Texas)–The decision earlier this month by AT&T Incorporated (Dallas, Texas) to ink contracts for 520 megawatts (MW) of wind power with a unit of NextEra Energy Incorporated (Juno Beach, Florida) is only the latest move by Corporate … Read more
February 26, 2018, by Lorcan Roche Kelly (Bloomberg) Stocks rise The recovery in global stocks endures, with markets taking their cue from Friday’s strong U.S. performance. Overnight, the MSCI Asia Pacific Index advanced 0.8 percent, while Japan’s Topix index closed 0.8 percent higher with telecoms and drugmakers leading the gains. In Europe, the Stoxx 600 Index … Read more
February 26, 2018, by Sophie Hares MEXICO CITY (Thomson Reuters Foundation) – The United Nations remains hopeful that U.S. President Donald Trump will change his mind on withdrawing the United States from the Paris Agreement to tackle climate change, and will stay in the 2015 global deal, the U.N. climate chief said. Trump announced last … Read more
February 26, 2018, by Valerie Volcovici WASHINGTON (Reuters) – Cleaning up the tens of thousands oil and gas wells on U.S. federal land after they stop producing could cost over $6 billion, and taxpayers may need to pitch in, according to an analysis of state and federal data commissioned by a conservation watchdog group. The … Read more
February 25, 2018 by Milana Vinn and Laura Blewitt (Bloomberg) Every day, dozens of oil tankers — some as long as five football fields — set sail for ports around the world carrying millions of barrels of crude and a piece of paper that generations of sea captains have held as dear as their cargo. … Read more
February 25, 2018 by Debjit Chakraborty (Bloomberg) OPEC and its allies including Russia may next year ease the crude-output curbs that have helped prices recover from the worst crash in a generation, according to Saudi Arabia’s oil minister. With the market moving toward equilibrium and bloated inventories shrinking, the next step for global producers will … Read more
February 23, 2018, by Daniel King (EnergyNow) Just how clean is natural gas? Natural gas is the bridge fuel source of the future that will carry the world until renewables take front stage. It is much cleaner than coal and oil, and it’s cheap. Natural gas is the best of the fossil fuels. Amid all … Read more
February 23, 2018, by Liz Hampton (Reuters) – A federal judge in Louisiana on Friday revoked a permit for Energy Transfer Partners’ Bayou Bridge crude oil pipeline, halting work on a portion of the project following protests by local and environmental groups. The decision by U.S. District Judge Shelly Dick in Baton Rouge underscores the … Read more
February 23, 2018, by Matt Spetalnick, Phil Stewart, David Brunnstrom WASHINGTON (Reuters) – The Trump administration and key Asian allies are preparing to expand interceptions of ships suspected of violating sanctions on North Korea, a plan that could include deploying U.S. Coast Guard forces to stop and search vessels in Asia-Pacific waters, senior U.S. officials … Read more
February 25, 2018, by Andrew Torchia DUBAI (Reuters) – Saudi Arabia’s annual consumer price inflation jumped to 3.0 percent in January after the government introduced a 5 percent value-added tax and hiked domestic gasoline prices at the start of the year, official data showed on Sunday. The figures suggested the new tax and more expensive … Read more
February 24, 2018, by Daniel King (EnergyNow) U.S. oil and gas companies have seen multi-million-dollar benefits from changes made to the U.S. tax code. U.S. shale oil and gas player Cabot said Friday it recognized a quarter-billion-dollar benefit from changes made to the federal tax code. Cabot Oil & Gas Corp. reported full-year net income … Read more
February 22, 2018, by Alex Nussbaum (Bloomberg) In the scrublands of West Texas there’s an oil-drilling operation like few that have come before. Encana Corp.’s RAB Davidson well pad is so mammoth, the explorer speaks of it in military terms, describing its efforts here as an occupation. More than 1 million pounds of drilling rigs, … Read more
February 23, 2018 by Kevin Crowley (Bloomberg) Flexible working hours and maternity leave are all well and good, but what women really want is a fair chance to climb the corporate ladder. So says Vicki Hollub, and she would know: In her 35-year career she moved up the ranks at Occidental Petroleum Corp. to become … Read more
/EIN News/ — HOUSTON, Feb. 22, 2018 (GLOBE NEWSWIRE) — GulfMark Offshore, Inc. (NYSE American:GLF) (“GulfMark” or the “Company”) today announced that Samuel (Sam) R. Rubio will be promoted to the position of Chief Financial Officer upon completion of the filing of the Company’s Form 10-K. Sam will replace James (Jay) M. Mitchell, who will … Read more
SUGAR LAND, Texas, Feb. 23, 2018 /PRNewswire/ — Researched by Industrial Info Resources (Sugar Land, Texas)–The North American Natural Gas Midstream Industry is poised to see its best year since 2014, and is well positioned to take advantage of recovering prices and production declines in other parts of the globe, Industrial Info’s vice president of … Read more
Natural Gas Weekly Update Report – February 22, 2018 Two liquefied natural gas storage tanks are removed from service at the Sabine Pass Liquefaction Terminal Cheniere Energy, operator of the Sabine Pass Liquefaction terminal in Louisiana, does not expect the removal of two storage tanks from service to affect the export levels of liquefied natural … Read more
February 23, 2018, by Joanna Ossinger (Bloomberg) Mnuchin isn’t worried Treasury Secretary Steven Mnuchin brushed aside signs that investors are nervous about the prospect of rising prices and growing public debt in an interview with Bloomberg. “There are a lot of ways to have the economy grow,” he said Thursday. “You can have wage inflation and not necessarily have … Read more
February 22, 2018, by Ernest Scheider HOUSTON (Reuters) – U.S. oil production has topped 10 million barrels per day, approaching a record set in 1970, but many investors in the companies driving the shale oil revolution are still waiting for their payday. Shale producers have raised and spent billions of dollars to produce more oil … Read more
February 22, 2018, by Osamu Tsukimori TOKYO (Reuters) – Oil that reached islands in southern Japan earlier this month is highly likely to have come from the sunken Iranian tanker Sanchi, the Japan Coast Guard said on Thursday. Samples of oily matter that washed up on Feb. 8 on the shores of the Okinoerabu and … Read more
February 22, 2018 (Reuters) – First Solar Inc (FSLR.O) said on Thursday it would restart some production at its Ohio factory that was stopped late last year and hire new employees due to robust demand for its solar panels both in the United States and overseas. The U.S. solar company, which makes products both overseas … Read more
February 22, 2018, by Jarrett Renshaw NEW YORK (Reuters) – U.S. President Donald Trump has called a meeting early next week with key senators and Cabinet officials to discuss potential changes to biofuels policy, which is coming under increasing pressure after a Pennsylvania refiner blamed the regulation for its bankruptcy, according to four sources familiar … Read more
February 22, 2018, by Dena Aubin (Reuters) A NextEra Energy Resources subsidiary that built a $1 billion solar power plant in Nevada has sued the U.S. Treasury, saying it improperly withheld about half of a $289 million cash grant the project was eligible for under a federal subsidy program. Filed on Wednesday in the U.S. … Read more
February 22, 2018, by Dana Hull and Mark Chediak (Bloomberg) Tesla Inc. wants to help more electric-car owners charge up at work. As part of a new program, the Palo Alto, California-based electric-car maker is offering free charging stations to “qualified” employers and commercial property owners. The cost of the actual energy would be the property’s … Read more
February 22, 2018 (Reuters) – The Aruba government said on Thursday it started talks with the United States after Houston-based firm Citgo Petroleum slowed work on an overhaul of the Caribbean island’s 235,000-barrel-per-day refinery due to a lack of credit. Sanctions imposed last year by President Donald Trump’s administration on Venezuela and its state-run oil … Read more
February 22, 2018 LONDON, Feb 22 (Reuters) – United Arab Emirates Energy Minister Suhail al-Mazrouei said on Thursday that the current oil price level was not encouraging the flow of investments yet that the oil industry needs. Speaking at an energy conference in London, Mazrouei, who holds the OPEC presidency this year, said the exporting … Read more
February 22, 2018, by Devika Krishna Kumar (Reuters) – U.S. crude oil stockpiles fell unexpectedly last week as net imports dropped to a record low due to a surge in exports, while inventories at the key storage hub in Cushing, Oklahoma continued to slide, the Energy Information Administration said on Thursday. Crude inventories fell 1.6 … Read more
February 22, 2018 NEW YORK (Reuters) – Energy Transfer Partners LP is considering constructing a new crude oil pipeline from the Permian basin in Texas to Nederland, Texas, a company executive said on a fourth-quarter earnings call on Thursday. The company said it was “aggressively pursuing a larger project” without giving specific details. “We’re listening to … Read more
Global Petroleum Show (GPS) is the most important energy event in North America attracting thousands of global thought leaders and influencers from countries around the world this year GPS celebrates its 50th anniversary. Over the past 50 years, learnings, new advancements, and technologies have been driving the evolution of the industry and in 2018, GPS has … Read more
Unconventional oil and gas operators can imagine a bold digital strategy. One that continuously links decisions, actions and results. One that places real-time analytics at the center of operations. And one that treats every well not as an asset to be managed, but as a digital customer wanting to be heard, served and satisfied.
HOUSTON, Feb. 22, 2018 (GLOBE NEWSWIRE) — Apache Corporation (NYSE:APA) (Nasdaq:APA) today announced fourth-quarter and full-year 2017 financial and operational results on its website at www.apachecorp.com or investor.apachecorp.com as well as on Twitter (@ApacheCorp). There will be a conference call to discuss the results at 1 p.m. Central time. The conference call will be webcast from the website, … Read more
OKLAHOMA CITY, Feb. 22, 2018 /PRNewswire/ — Chesapeake Energy Corporation (NYSE:CHK) today reported financial and operational results for the 2017 full year and fourth quarter plus other recent developments. Highlights include: Average 2017 production of approximately 547,800 barrels of oil equivalent (boe) per day, up 3 percent compared to 2016 levels, adjusted for asset sales; oil … Read more
LONDON, February 22, 2018 /PRNewswire/ — Big Oil is due for a disruption. The world’s most important industry has been carrying on without any significant changes in its day to day routine for far too long. But now, the new tech on the block has its sights set on the multi-trillion-dollar oil and gas sector. … Read more
February 22, 2018, by Serene Cheong (Bloomberg) Even Saudi Arabia wants in on the U.S. oil boom. The kingdom’s state oil firm considered the possibility of sending American crude to Asia in February via a U.S. unit before determining it wasn’t economically viable, according to a person with knowledge of the matter. It also asked potential … Read more
February 21, 2018, by Meenal Vamburkar (Bloomberg) Kelcy Warren’s pipeline business had a massive profit last year, thanks largely to President Donald Trump. Approval of the controversial Dakota Access pipeline and gains from the U.S. tax overhaul helped the billionaire’s Energy Transfer Partners LP more than quadruple net income to $2.5 billion last year, according to … Read more
February 22, 2018, by Joanna Ossinger (Bloomberg) Quarles won’t quarrel with this economy Federal Reserve Governor Randal Quarles delivered an upbeat assessment of the U.S. economy and endorsed a “gradual” path for raising interest rates in his first public speech on monetary policy since joining the central bank in October. “The U.S. economy appears to be performing very well … Read more
February 21, 2018, by Sebastien Malo NEW YORK (Thomson Reuters Foundation) – The U.S. state of California and two Canadian provinces kicked off a cross-border auction of greenhouse gas emission credits on Wednesday, their first joint effort to buy and sell in the “cap and trade” market to fight global warming, experts said. The auction … Read more
February 22, 2018, by Clyde Russell LAUNCESTON, Australia, Feb 22 (Reuters) – If you were looking for signs that the liquefied natural gas (LNG) merry-go-round is starting to spin a little faster, the announcement of a planned massive expansion in Papua New Guinea is ample evidence. Global majors Exxon Mobil and Total are considering plans … Read more
February 21, 2018 LONDON/MOSCOW, Feb 21 (Reuters) – Shipments of oil products from a Russian Black Sea port, hit by a managerial conflict, have “collapsed”, Russian oil pipeline monopoly Transneft said on Wednesday. A Transneft spokesman said as many as six tankers have been held up at the port of Novorossiisk and 2,400 railcars have … Read more
February 21, 2018, by Jarrett Renshaw Philadelphia (Reuters) – Republican Senator Ted Cruz of Texas on Wednesday urged President Donald Trump’s administration to push for an overhaul of the nation’s biofuels policy, during a rally at a Pennsylvania oil refinery that blames its bankruptcy on the controversial regulation. “We need a federal government that stands … Read more
February 21, 2018, by Alwyn Scott NEW YORK (Reuters) – Last March, executives at General Electric Co’s power-plant business gave Wall Street a surprisingly bullish forecast for the year. Despite flat demand for new natural gas power plants, they said, GE Power’s revenue and profit would rise. Showing data from financial firm Lazard and other … Read more
February 21, 2018, by EnergyNow Staff Expanding your business in the U.S. can be an exciting endeavour. When you enter a new market, it is essential to build an international marketing strategy. You should retain your company’s values and purpose, but it is crucial to focus on your prospective clients and target regimes so that … Read more
February 20, 2018, by Charlotte Greenfield and Colin Packham WELLINGTON/SYDNEY (Reuters) – The final version of a landmark deal aimed at cutting trade barriers in some of the Asia-Pacific’s fastest-growing economies was released on Wednesday, signaling the pact was a step closer to reality even without its star member the United States. More than 20 … Read more
PITTSBURGH–(BUSINESS WIRE)–EQT Corporation (NYSE: EQT) today announced that its Board of Directors has unanimously approved a plan to separate its upstream and midstream businesses, creating a standalone publicly traded corporation (NewCo) that will focus on midstream operations. The separation is intended to qualify as tax-free to EQT shareholders for U.S. federal income tax purposes; and … Read more
HOUSTON, Feb. 21, 2018 /PRNewswire/ — Replacing fossil fuels with Neste’s renewable fuels reduced global climate emissions altogether by a staggering 8.3 million metric tons or 8.3 billion kilograms in 2017. This is equal to removing 3 million passenger cars from the roads for a full year – almost half the amount of cars in the … Read more
VERO BEACH, Fla., Feb. 21, 2018 /PRNewswire/ — A consortium of investors and project developers led by Frankens Energy has recently acquired the Indian River Bio-Refinery in Vero Beach, and is currently initiating plans to convert the site into an innovative Eco-District. Once completed, the project aims to become one of Florida’s largest integrated eco-districts, harmoniously … Read more
February 21, 2018, by Rakteem Katakey and Heesu Lee (Bloomberg) Oil dropped as U.S. stockpiles were forecast to have expanded for a fourth week, raising questions about OPEC’s success in draining a global oversupply. Crude in New York lost as much as 1.4 percent. Inventories in America rose by 3 million barrels last week, according … Read more
February 20, 2018, by David Wethe (Bloomberg) Hilcorp Energy Co. announced that its billionaire owner Jeff Hildebrand has stepped down as chief executive officer of the largest closely held U.S. oil explorer. “The organizational change comes as the company, a longtime producer in Alaska, Texas and Louisiana, continues to see substantial growth in other legacy … Read more
February 21, 2018, by Tracy Alloway (Bloomberg) No Mr. Bond, I expect you to die The benchmark 10-year Treasury yield continues to flirt with the 3 percent mark, which may or may not be a line in the sand for investors. Debt prices fell after yesterday’s auction saw the Treasury sell $179 billion of fresh debt at yields not seen … Read more
February 20, 2018, by Bloomberg Saudis are expected to narrow the field to two or three bidders in the next few months. At a meeting of the International Atomic Energy Agency in Vienna last September, word spread that Saudi Arabia had identified a handful of countries that could build two nuclear reactors in the kingdom. … Read more
February 20, 2018, by Ron Bousso and Dmitry Zhdannikov LONDON (Reuters) – Royal Dutch Shell will expand deepwater output and turn a profit from its shale production in coming years as both together will help the oil major cope with a world of low crude prices, the head of its oil and gas production said … Read more
February 20, 2018, by Ron Bousso LONDON (Reuters) – The emergence of self-driving electric cars and travel sharing are set to dent oil consumption by 2040, oil and gas giant BP (BP.L) said, forecasting a peak in demand for the first time. In its benchmark annual Energy Outlook, BP forecast a 100-fold growth in electric … Read more
OKLAHOMA CITY–(BUSINESS WIRE)– Devon Energy Corp. (NYSE: DVN) today announced a three-year business outlook through the year 2020 and its detailed capital and production outlook for 2018. Additionally, the company reported operational and financial results for the fourth quarter and full-year 2017. Three-Year Outlook Highlights More detailed commentary regarding Devon’s three-year business outlook is available … Read more
February 20, 2018, by John Kemp LONDON, Feb 20 (Reuters) – U.S. gasoline consumption has levelled off as the stimulus provided by low and falling oil prices between 2014 and 2016 has faded, so refiners are increasingly turning to diesel and customers in emerging markets. U.S. gasoline consumption is forecast to rise by just 40,000 … Read more
February 20, 2018, by Liz Hampton and Ernest Scheyder HOUSTON (Reuters) – An oil and gas worker on a Talos Energy platform in the U.S. Gulf of Mexico was killed on Saturday while replacing piping, the Bureau of Safety and Environmental Enforcement (BSEE) said on Tuesday. The worker was injured while removing out-of-service fire suppression equipment … Read more
February 21, 2018 LONDON/MOSCOW, Feb 21 (Reuters) – Shipments of oil products from a Russian Black Sea outlet have been disrupted since early February due to a row over the port’s control, four industry sources told Reuters on Wednesday. Three sources said oil products shipments from the IPP terminal at the port of Novorossiisk have … Read more
Drilling can be a complicated business. Oftentimes, it seems like there’s no end to the number of hands and companies involved in setting up a drill site and getting to work. Someone provides the heavy trucks and transport, another business handles the cementing, and yet an additional company needs to come in and do the … Read more
HOUSTON, Feb. 20, 2018 /PRNewswire/ — Anadarko Petroleum Corporation (NYSE: APC) today announced Mozambique LNG1 Company Pte. Ltd., the jointly owned sales entity of the Mozambique Area 1 co-venturers, has entered into a long-term LNG Sale and Purchase Agreement (SPA) with Électricité de France, S.A., (EDF). The off-take agreement calls for the supply of 1.2 million tonnes … Read more
LAFAYETTE, La., Feb. 20, 2018 (GLOBE NEWSWIRE) — PetroQuest Energy, Inc. (NYSE:PQ) announced today its latest results from its horizontal Cotton Valley drilling program in East Texas. The Company recently completed two wells (PQ #29 – 52% NRI and PQ #30 – 59% NRI) which established a cumulative maximum 24-hour gross daily rate of 18,385 … Read more
February 20, 2018, by Clyde Russell LAUNCESTON, Australia, Feb 20 (Reuters) – If China does seek a way to retaliate against U.S. proposals to impose import curbs on steel and aluminium, then targeting President Donald Trump’s favoured coal would be tempting. One of Trump’s key campaign promises in the 2016 election victory was to end … Read more
February 20, 2018, by John McCormick (Bloomberg) A federal gas tax increase to help pay for upgrading U.S. roads and bridges would fall hardest on states won by Donald Trump in 2016, according to a report released Tuesday by two groups tied to the billionaire Koch brothers and opposed to increasing the levy. The impact … Read more
February 20, 2018, by Tracy Alloway (Bloomberg) Parsing markets As the dust settles on the selloff that roiled markets two weeks ago, analysts and investors are thinking about what comes next. Morgan Stanley reckons the slide in stocks was just a taste of the future. A former Tudor Investment Corp. trader who’s been betting on ructions in fixed income thinks … Read more
February 20, 2018, by Rania El Gamal and Dmitry Zhdannikov LONDON (Reuters) – OPEC and non-OPEC oil producers, including Russia, will discuss extending their cooperation for many more years when they meet in June as they seek to avoid major market shocks, the United Arab Emirates’ energy minister told Reuters. Suhail al-Mazroui, who holds OPEC’s … Read more
HOUSTON, Feb. 20, 2018 (GLOBE NEWSWIRE) — Noble Energy, Inc. (NYSE:NBL) (“Noble Energy” or the “Company”) today announced fourth quarter and full-year 2017 financial and operating results. Highlights include: Strengthened the balance sheet through non-core asset divestitures and retired approximately $570 million of Noble Energy debt in the fourth quarter. Delivered record quarterly U.S. onshore … Read more
February 19, 2018, by Liz Hampton HOUSTON (Reuters) – Some publicly-traded U.S. energy pipeline and oil-storage partnerships are restructuring into simpler business models to help attract new investors and spur growth. Rising oil and gas production has spawned billions of dollars of new transport, gathering and storage projects. But the companies most responsible for these … Read more
February 19, 2018, by Jarrett Renshaw NEW YORK (Reuters) – Throughout 2016 and 2017, a rail terminal built to accept crude oil for the largest East Coast refinery often sat idle, with few trains showing up to unload. Although little oil flowed, plenty of money did. Under a deal Philadelphia Energy Solutions (PES) signed in … Read more
Houston, Feb. 19, 2018 (GLOBE NEWSWIRE) — Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or the “Company”) announced today that it has signed agreements to sell significant quantities of natural gas from the Leviathan and Tamar fields to Dolphinus Holdings Limited to supply gas in Egypt. These agreements, one for natural gas from Leviathan and … Read more
February 18, 2018, by Julian Lee (Bloomberg Gadfly) There is no doubt that the output cuts made by OPEC and its friends, aided by a collapse in production from group member and historic quota cheat Venezuela, have drained a lot of excess oil out of the supply chain. Tankers floating full of crude off the … Read more
February 19, 2018, by Jonathan Tirone (Bloomberg) The climate rulebook being drafted to keep a lid on Earth’s rising temperatures should be finished by the end of the year — with or without the U.S. government’s help. Countries that ratified the Paris climate agreement meet in Poland in December, where they’re expected to put the … Read more
February 19, 2018, by Javier Blas and David Marino (Bloomberg) The flood of U.S. oil exports stepped up a gear on Monday after the first fully laden supertanker sailed from an American port, alleviating a bottleneck that’s limited overseas shipments. The Louisiana Offshore Oil Port, or LOOP, the only deep water port in the U.S. … Read more
February 19, 2018, by Alessandra Prentice KIEV (Reuters) – For the first time in Ukraine’s history, U.S. anthracite is helping to keep the lights on and the heating going this winter following a deal that has also helped to warm Kiev’s relations with President Donald Trump. The Ukrainian state-owned company that imported the coal told … Read more
February 19, 2018 BAKU (Reuters) – U.S. oil major ExxonMobil (XOM.N) has acquired 2.5 percent stake in the Azeri Baku-Tbilisi-Ceyhan (BTC) pipeline from CIECO, a subsidary of Itochu (8001.T), an ExxonMobil official said on Monday. “ExxonMobil became an owner of 2.5 percent stake in the BTC project in November 2017,” Aygun Tanriverdiyeva, an ExxonMobil official … Read more
February 19, 2018, by Alex Lawler LONDON (Reuters) – Oil pricing agency S&P Global Platts said production from the Johan Sverdrup oilfield would be suitable for its North Sea basket, making it potentially a sixth crude underpinning the Brent benchmark that prices most of the world’s oil. A steady decline in crude supply from the … Read more
February 19, 2018 (Reuters) – A cleanup is underway after oil spilled into a pond from a pipeline that burst near a neighborhood in Yukon, Oklahoma, early on Sunday, media website news9.com reported. The crude oil reportedly came from a pipeline owned by Centurion Pipeline, a wholly owned subsidiary of Occidental Petroleum Corp. Centurion said … Read more
February 18, 2018 by Heesu Lee (Bloomberg) Oil traded near $62 a barrel on concerns an increase in American drilling may undermine OPEC’s efforts to drain a global glut. Futures were little changed in New York after rising 4.2 percent last week as equity markets rebounded and a weakening dollar boosted demand for commodities. U.S. … Read more
February 19, 2018 by Grant Smith (Bloomberg) For decades, Saudi Arabia was the voice of moderation within OPEC, pushing back against the urging of members like Venezuela and Iran for higher oil prices. That role seems to be shifting. Thanks to OPEC-led production cuts, crude prices are double their level two years ago and bloated … Read more
February 16, 2018, by Joe Ryan and Tim Loh (Bloomberg) To understand the big challenge facing U.S. coal miners, look no further than Cloud Peak Energy Inc. The company, which plunged the most in 15 months on Friday, extracts all of its coal from the Powder River Basin of Wyoming and Montana. Unlike some rivals, … Read more
February 16, 2018, by Christopher Martin (Bloomberg) Chinese suppliers flooded the U.S. solar market with panels at the end of last year, as customers sought to avoid paying President Donald Trump’s 30 percent import tariff. Fourth-quarter deliveries from China were almost 11 times higher than in the first nine months of 2017, according to a … Read more
February 16, 2018, by Richard J. Carroll (Bloomberg View) No president is responsible for the economy, whether good or bad, in his first year in office. So when commentators this year leap to judge Donald Trump’s economic record, whether based on market gyrations or the federal debt or inflation or unemployment, they should use the … Read more
DETROIT, Feb. 16, 2018 /PRNewswire/ — DTE Energy (NYSE: DTE) today reported 2017 earnings of $1.1 billion, or $6.32 per diluted share, compared with $868 million, or $4.83 per diluted share in 2016. Reported 2017 earnings were higher primarily driven by results in the non-utility businesses. 2017 operating earnings were $1.0 billion or $5.59 per … Read more
ST. LOUIS, Feb. 16, 2018 /PRNewswire/ — Ameren Corporation (NYSE: AEE) today announced 2017 net income attributable to common shareholders in accordance with Generally Accepted Accounting Principles (GAAP) of $523 million, or $2.14 per diluted share, compared to $653 million, or $2.68 per diluted share, for 2016. The 2017 GAAP earnings included non-cash charges, primarily … Read more
February 16, 2018, by Mikael Holter (Bloomberg) Three of the world’s biggest oil companies called on Norway to help maintain funding for carbon capture and storage technology that is stagnating amid concerns about whether it can ever be cost-effective. The chief executive officers of Royal Dutch Shell Plc, Total SA and Norway’s state-controlled Statoil ASA gathered … Read more
February 15, 2018, by Erik Larson (Bloomberg) The Trump administration was ordered to begin using new national energy efficiency standards that the federal government had refused to implement, the attorneys general of New York and California said in a statement. U.S. District Judge Vince Chhabria in San Francisco ordered the Department of Energy Thursday to publish … Read more
February 15, 2018, by Justin Fox (Bloomberg View) As has been widely noted, the infrastructure spending plan unveiled by the White House this week doesn’t include a lot of federal spending on infrastructure. This is not just a matter of ideology or timidity on the administration’s part. It’s also a reflection of the fact that the biggest … Read more
February 14, 2018, by William Steel (Renewable Energy World) As we enter 2018, here’s a high-level overview of which wind energy trends to keep your eye on in the coming year. By almost all estimates, 2018 should mark continued steady rise of onshore wind in mature markets coupled with a strong progression in emerging markets … Read more
February 16, 2018, by Lorcan Roche Kelly (Bloomberg) Still gaining The strengthening recovery across U.S. equities — the S&P 500 Index capped its best five-day run since 2011 yesterday — continues to set the tone for global benchmarks. Overnight, the MSCI Asia Pacific Index rose 0.7 percent in a fairly quiet session as the Chinese New Year holiday began, while … Read more
February 15, 2018 WASHINGTON (Reuters) – U.S. President Donald Trump’s nominee for a top State Department energy position said on Thursday he would oppose Russia’s proposed natural gas pipeline under the Baltic Sea to Germany – the Nord Stream 2. “The United States’ position, it is my understanding, is to strongly oppose that pipeline,” Francis … Read more
February 15, 2018, by Valerie Volcovici WASHINGTON (Reuters) – In a boost for electric storage technology, the Federal Energy Regulatory Commission (FERC) on Thursday approved a new rule to remove barriers to batteries and other storage resources in U.S. power markets. The FERC order will “enhance competition and promote greater efficiency in the nation’s electric … Read more
February 15, 2018 DUBAI (Reuters) – Oil producers led by Saudi Arabia and Russia aim to draft an agreement on a long-term alliance by the end of this year, United Arab Emirates energy minister Suhail al-Mazroui told the local National newspaper on Thursday. The newspaper also quoted him as saying OPEC was urging its members … Read more
February 15, 2018, by Valerie Volcovici WASHINGTON (Reuters) – The Environmental Protection Agency levied around half the average number of penalties against polluters in the first year of the Trump administration as in the same period of the past three presidential administrations, according to a report released Thursday. The decline was due to staff and … Read more
February 15, 2018, by Laila Kearney NEW YORK (Reuters) – Washington state is preparing to reject land leases and easements to stymie the Trump administration’s plan to allow oil drilling off its shores, an official of the Pacific northwest state said on Thursday. State Commissioner of Public Lands Hilary Franz, in a letter to U.S. … Read more
February 15, 2018, by Julie Gordon VANCOUVER (Reuters) – Pipeline operator TransCanada Corp (TRP.TO) (TRP.N) said on Thursday that it would go ahead with the C$2.4 billion ($1.9 billion) expansion of its NGTL natural gas system, boosting pipeline access for producers in Western Canada’s gas-rich basins. The Calgary-based company also reported a strong fourth quarter … Read more
February 16, 2018, by Elena Fabrichnaya MOSCOW (Reuters) – A global deal on output cuts between OPEC and non-OPEC countries to shore up oil prices may hit Russia’s economy in 2018, the central bank said in statement on Friday. The Organization of the Petroleum Exporting Countries, along with other large exporters including Russia, have agreed … Read more
CALGARY — The National Energy Board has issued three decisions for the Trans Mountain pipeline expansion approving the tunnel route through Burnaby, B.C., and allowing construction to begin on a tunnel entrance.
The energy board said in a news release…
CALGARY — Imperial Oil Ltd. is warning regulators and customers that aviation gasoline shipped from its Edmonton-area refinery could cause interference with aircraft fuel gauge sensors.
The company says in a release that a product quality problem was …
February 15, 2018, by Gregory Remec (Renewable Energy World) The Trump administration is not likely to stop the growth of the renewables market in the U.S. The tax incentives rolled out during the Obama administration have served their purpose and the lion is now out of its cage. Renewables are here to stay. Renewables have … Read more
February 15, 2018, by Katia Dmitrieva (Bloomberg) Three measures of price pressures for American businesses showed they’re facing higher production costs, adding to evidence that inflation is creeping up in the U.S. economy. The Empire State Manufacturing prices-paid index increased 12.4 points to 48.6 in February, the highest level since 2012, according to the survey published … Read more
HOUSTON, Feb. 15, 2018 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE:TRGP) (“TRC”, the “Company” or “Targa”) today reported fourth quarter and full year 2017 results. Fourth Quarter and Full Year 2017 Financial Results Fourth quarter 2017 net income (loss) attributable to Targa Resources Corp. was $283.1 million compared to ($150.8) million for the fourth quarter of … Read more
Houston, Feb. 15, 2018 (GLOBE NEWSWIRE) — Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “the Company”) today announced that its Board of Directors has authorized a $750 million share repurchase program. In addition, the Company has executed an agreement to sell its deepwater Gulf of Mexico assets to Fieldwood Energy LLC (“Fieldwood”) for a … Read more
February 15, 2018, by Grant Smith (Bloomberg) Oil in New York traded near a one-week high as improving sentiment in equities spilled over into crude and American stockpiles increased slower than forecast. Futures slipped 0.2 percent after gaining 2.4 percent on Wednesday. Global equities recovered from the recent risk-asset rout, while a weaker dollar burnished the … Read more
February 14, 2018, by John Kemp LONDON (Reuters) – “The lexicon of exit is not found in our vocabulary”, OPEC Secretary-General Mohammad Barkindo told reporters on the sidelines of a conference in Cairo on Monday. Ministers from the Organization of the Petroleum Exporting Countries have been anxious to counter speculation about an early end to … Read more
February 15, 2018, by Lorcan Roche Kelly (Bloomberg) Stocks rise The recovery in the S&P 500 Index, which closed higher for a fourth day of gains yesterday, continues to set the tone for global stocks. Overnight, the MSCI Asia Pacific Index rose 1.5 percent in a broad rally, while Japan’s Topix index ended the session 1 percent higher … Read more
February 15, 2018, by Jamie Freed SINGAPORE (Reuters) – Electric airplane start-up Eviation Aircraft Ltd is aiming for its 9-seat commuter aircraft to be flying passengers by 2021 after signing up South Korea’s Kokam as its battery supplier, the Israeli company’s chief executive said on Thursday. Venture capital-backed Eviation is one of a number of … Read more
February 14, 2018, by David Shepardson WASHINGTON (Reuters) – U.S. President Donald Trump endorsed hiking the federal gasoline tax by 25 cents a gallon in a meeting with lawmakers on Wednesday about funding his infrastructure spending proposal, a Democratic lawmaker said. Senator Tom Carper, who attended the meeting, confirmed a report by online publication Axios that … Read more
February 14, 2018, by Ron Bousso LONDON (Reuters) – Penguins, Royal Dutch Shell’s (RDSa.L) latest oil and gas development in a remote corner of the British North Sea, epitomizes the new doctrine for deepwater projects — keep it cheap and simple. Hunned during the oil price crash of 2014-2016, deepwater projects are being embraced again, … Read more
February 14, 2018, by Tatiana Bautzer, Carolina Mandl SAO PAULO (Reuters) – Brazilian state-controlled oil company Petroleo Brasileiro SA has set a late-March deadline to receive binding proposals for a controlling stake in gas pipeline network Transportadora Associada de Gás (TAG), three people with knowledge of the matter said. Consortia led by Australia’s Macquarie Group … Read more
February 14, 2018, by Henning Gloystein SINGAPORE (Reuters) – Just over a year into production cuts lead by OPEC and Russia, oil markets in Asia have tightened noticeably as significant amounts of excess crude have been taken off tankers used for storage and delivered to customers across the region. Shipping data shows about 15 super-tankers are … Read more
February 14, 2018, by Jennifer A. Dlouhy and Ari Natter (Bloomberg) A top White House energy adviser said he resigned after being told he wouldn’t receive a permanent security clearance, amid intensifying scrutiny of administration officials only temporarily authorized to review classified information. George David Banks served on the National Economic Council as a special … Read more
February 14, 2018, by Mark Chediak (Bloomberg) The market for grid-scale batteries may be growing, but it still needs training wheels. Developers deployed a record 1.17 gigawatts of energy storage in 2017, up 4.6 percent from the previous year as growth in Asia was offset by a slight decline in the Americas, according to a … Read more
February 14, 2018, by Brian Eckhouse and Kelly Gilblom (Bloomberg) Royal Dutch Shell Plc, the world’s second-biggest oil company, is expanding its bet on renewable energy. Shell’s North American unit agreed to provide a credit line for trading and a revolving loan facility to Inspire Energy Holdings LLC, according to a statement Wednesday. The Santa Monica, … Read more
February 14, 2018, by Wael Mahdi (Bloomberg) OPEC will soon discuss with Russia a new way to measure oil inventories as producers meet to review their supply-cuts agreement that expires at the end of 2018. Oil producers involved in the supply reductions, which have helped lift crude prices to three-year highs, will discuss which inventory … Read more
February 14, 2018, by Liam Denning (Bloomberg Gadfly) I know it’s Valentine’s Day, but you shale investors sure are some cheap dates. Diamondback Energy Inc. is a darling of the Permian basin, which is itself the darling of the shale world. On Wednesday, it reported its 11th set of quarterly earnings in a row beating the … Read more
HOUSTON, Feb. 14, 2018 /PRNewswire/ — The Company today announced year-end reserves, an operational update and the ringing of the opening bell at the New York Stock Exchange. RESERVES The Company announced that its proved oil and natural gas reserves as of December 31, 2017increased by 41% to 428 billion cubic feet equivalent (“Bcfe”) versus 303 … Read more
HOUSTON & OMAHA, Neb.–(BUSINESS WIRE)–Phillips 66 (NYSE: PSX) announces it has agreed to repurchase 35 million shares of Phillips 66 common stock from a wholly-owned subsidiary of Berkshire Hathaway Inc. (NYSE: BRK.A; BRK.B) for $93.725 per share. This $3.3 billion repurchase is expected to close on Feb. 14, 2018. “We are excited to have this … Read more
HOUSTON, Feb. 13, 2018 (GLOBE NEWSWIRE) — Occidental Petroleum Corporation (NYSE:OXY) today announced its 2017 results and 2018 guidance. The announcement, financial schedules and accompanying slides can be accessed via the Investor Relations section of the company’s website, www.oxy.com. The earnings release is also available on the Securities and Exchange Commission’s website at www.sec.gov. The … Read more
WASHINGTON, Feb 13 (Reuters) – The United States is investigating whether manufacturers in Canada, China, Greece, India, Korea and Turkey are dumping large-diameter welded pipe into U.S. markets or are being unfairly subsidized by their governments, the Commerce Department said on Tuesday. If the government makes a preliminary finding by March 5 that dumping or … Read more
February 13, 2018, by Liz Hampton HOUSTON (Reuters) – Vallourec Drilling Products, a subsidiary of Paris, France-based steel pipe maker Vallourec, will lay off roughly 150 employees in Texas, according to a regulatory filing. Vallourec specializes in making tubular products for the energy and other industrial sectors. It has about 19,000 employees worldwide, while its … Read more
February 14, 2018, by Jim Efstathiou Jr. (Bloomberg) With state officials eyeing $56 billion of wind farm projects off the American coastline, developers are worried the turbines will need to be stamped with a big “Made in the U.S.A.” Each structure is enormous — almost half the height of the Empire State Building. Most all of … Read more
February 14, 2018, by Tracy Alloway (Bloomberg) Markets are up U.S. stock futures are higher and European equities are gaining after a mixed session in Asia. But there are a couple things that could knock risk appetite this Wednesday. It could be a huge day for the VIX as options are set to expire (the Cboe Volatility Index … Read more
OTTAWA, February 13, 2018 (Reuters) – Trade challenges from U.S. firms will continue to cause turbulence for Canada even if talks to modernize NAFTA are successful, a senior Canadian government official said on Tuesday. Canada sends 75 percent of its goods exports to the United States and is vulnerable to what Ottawa complains is increasing … Read more
February 13, 2018, by Nichola Groom LOS ANGELES (Reuters) – The United States government doubled its financial support for solar power projects overseas last year under a climate-friendly investment policy written in the last days of the Obama administration, according to a Reuters review of government documents. The growing U.S. support for foreign solar projects … Read more
By Jason Walsh Feb 13 (Reuters) – It was always obvious that Donald Trump would never be able to keep his promise – made both as candidate and president – that he would bring coal jobs back to battered mining communities. Despite a long-standing campaign by the coal industry to blame the industry’s decline on … Read more
February 13, 2018, by Valerie Volcovici WASHINGTON (Reuters) – Lawmakers in coal-producing Utah and Wyoming, faced by a shrinking market for the fuel, this week introduced laws to fund legal challenges in California and Washington of policies that they believe hurt coal sales. A Utah lawmaker on Monday proposed allocating $2 million to cover legal … Read more
February 13, 2018, by Jessica Jaganathan and Henning Gloystein NUSA DUA, Indonesia/SINGAPORE (Reuters) – Soaring gas demand from China, India and Southeast Asia is sucking up an LNG supply glut previously expected to last for years, opening opportunity for new production from East Africa to North America that had been deemed part of the overhang. Trade … Read more
February 13, 2018, by Devika Krishna Kumar NEW YORK (Reuters) – The Louisiana Offshore Oil Port (LOOP), the largest privately owned crude terminal in the United States, said on Tuesday it had started to test loading and unloading of a supertanker, bringing it closer to being able to export crude oil. LOOP said last year … Read more
February 13, 2018, by Rania El Gamal RIYADH (Reuters) – Saudi Arabia will restrain its oil exports in March despite lower domestic need for crude as OPEC’s leader is pushing to eliminate fully the global oil glut and combat worries about a new cycle of oil price weakness. The Saudi energy ministry said production by … Read more
February 13, 2018, by Dmitry Zhdannikov, Olga Yagova, Ron Bousso LONDON (Reuters) – As OPEC watches a near 15 percent drop in the oil price in three weeks, important indicators in the physical crude market are flashing signals that the decline might be far from over. The warnings come not from the heavily traded futures … Read more
WASHINGTON — It’s the latest incoming trade salvo from the United States: the U.S. is considering punitive duties on pipeline material from a half-dozen countries including Canada.
The duties being sought for large-diameter welded pipe from Canada are…
Feb 12 (Reuters) – Unusually low U.S. natural gas inventories and delays in new cross-border pipeline capacity could slow exports this year to Mexico, which is heavily dependent on its northern neighbor for the fuel, analysts said on Monday. Frigid temperatures led to a record withdrawal of 359 billion cubic feet (bcf) in the week … Read more
MILWAUKEE, Feb. 13, 2018 /PRNewswire/ — EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems (“EnSync Energy”), a leading developer of innovative distributed energy resources (DERs), today announced a partnership with licensed agent, broker and consultant (ABC) Lower Electric to offer solar energy-based electricity solutions to its nearly 4,000 clients in Illinois. The Illinois clean … Read more
AUSTIN, Texas, Feb. 12, 2018 (GLOBE NEWSWIRE) — Jones Energy Holdings, LLC (“JEH”) and Jones Energy Finance Corp. (“JEFC” and, together with JEH, the “Issuers”), both subsidiaries of Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or the “Company”), announced today that they have priced an offering of $450 million in aggregate principal amount of 9.25% senior … Read more
February 13, 2018, by Javier Blas and Dan Murtaugh (Bloomberg) The flood of crude leaving the U.S. could be about to get a major boost: the nation’s top imports terminal is testing one of the industry’s biggest tankers to load an export cargo for the first time. If the trial run signals the start of regular … Read more
Blockchain looks like it will have lots of potential in oil and gas but what risks and barriers need to be surmounted to move from hype to reality? This article is a collaboration with my good friend and colleague Arthur Kramer, a specialist in oil and gas risk management. We recently spent a week meeting with some of Europe’s leading oil and gas companies on blockchain applications in the industry. What can possibly go wrong? Oil … Read more
February 12, 2018 FRANKFURT (Reuters) – Spending on new wind capacity in Europe hit a three-year low in 2017, according to industry group WindEurope, in a sign that the sector is slashing costs and becoming more efficient as governments phase out lavish subsidies. Investments into new onshore and offshore wind projects fell to 22.3 billion … Read more
February 13, 2018, by Tracy Alloway (Bloomberg) Markets still seeking stability U.S. stocks may struggle to hold onto yesterday’s momentum, which saw the S&P 500 Index spend the entire session in positive territory for the first time since its last all-time closing high on Jan. 26. S&P 500 futures are declining and European stocks are fluctuating following a … Read more
February 12, 2018, by Timothy Gardner WASHINGTON (Reuters) – U.S. President Donald Trump’s proposed budget cuts spending by more than 65 percent for a research office on renewable energy and efficiency, reductions a Department of Energy official said reflected the success the bureau has had with electric vehicle batteries and wind and solar technologies. The … Read more
February 13, 2018 BENGALURU (Reuters) – A blast caused by a fire on a ship under repair at India’s Cochin Shipyard Ltd killed five people on Tuesday, and injured around 11, a company spokeswoman said, prompting the government to call for a quick enquiry. The spokeswoman said smoke hampered rescue operations initially and that an … Read more
February 12, 2018, by Valerie Volcovici WASHINGTON (Reuters) – The Trump administration’s infrastructure proposal released on Monday would speed up the permitting of U.S. natural gas pipelines, including by cutting Congress out of the process for allowing them to cross national parks. The proposal fits into President Donald Trump’s broader plan to boost U.S. oil … Read more
February 13, 2018, by Dmitry Zhdannikov LONDON (Reuters) – OPEC Secretary-General Mohammad Barkindo told CNBC on Tuesday he has President Vladimir Putin’s word that Russia will not flood the oil markets. ** Barkindo told CNBC: “I have had and received assurances both from (Energy Minister) Alexander Novak and President Putin that they would remain committed to … Read more
EL DORADO, Ark.–(BUSINESS WIRE)–Feb. 12, 2018– Murphy Oil Corporation (NYSE: MUR) announced today that John W. Eckart, Executive Vice President and Chief Financial Officer, has informed the company of his intention to retire during 2018, after nearly 28 years of service. Currently, Murphy has a search process underway to identify Mr. Eckart’s successor. Mr. Eckart … Read more
LONDON, Feb 13 (Reuters) – The rise in global oil production, led by the United States, is likely to outpace growth in demand this year, the International Energy Agency said on Tuesday. The Paris-based IEA raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous forecast of … Read more
February 12, 2018, by Daniel King (EnergyNow) “Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now – overwhelmingly – a smart economic one” Renewable energy will be cheaper than fossil fuels in two years, according to a new report. Experts predict that investment in green infrastructure projects … Read more
February 12, 2018, by Christopher Martin and Mark Chediak (Bloomberg) Natural gas is getting edged out of power markets across the U.S. by two energy sources that, together, are proving to be an unbeatable mix: solar and batteries. In just the latest example, First Solar Inc. won a power contract to supply Arizona’s biggest utility when … Read more
February 12, 2018, by Thin Lei Win ROME (Thomson Reuters Foundation) – Armed with smartphones, thousands of smallholder farmers across Latin America are set to benefit from a technology boost that will help them deal better with the effects of climate change. A three-year agreement will see farmers receive vital information such as weather forecasts and … Read more
MOSCOW, Feb 12 (Reuters) – Russian energy giant Gazprom said on Monday it planned to reorganise its export operations to create an integrated international distribution unit responsible for all of its export deliveries, trading and marketing. Gazprom said in a statement the reorganisation would take place in two stages over two years. It said the … Read more
/EINPresswire.com/ — HOUSTON, TX–(Marketwired – February 12, 2018) – GulfSlope Energy, Inc. (OTCQB: GSPE) (the “Company”) announces the execution of a drilling services contract with Atlantic Maritime Services LLC, a wholly-owned subsidiary of Rowan Companies plc, to secure and utilize the Ralph Coffman jackup rig for the Company’s 2018 Gulf of Mexico drilling program. GulfSlope anticipates spudding the first … Read more
OTTAWA — Natural Resources Minister Jim Carr says the government will not entertain any attempts by British Columbia to stall or stop the expansion of the Trans Mountain pipeline.
“If that is the goal of any province, we will take the necessary action…
Press Release February 6, 2017 – Houston, Texas and Calgary, Alberta Evolution Engineering Inc. (“Evolution” or “the Company”) today announced the release of electromagnetic (EM) downlink capabilities for its flagship product EvoOne™, the first Unified Telemetry™ measurement while drilling (MWD) system. EM Downlink joins an already extensive feature set for this best-in-class MWD system which … Read more
February 12, 2018, by Grant Smith (Bloomberg) While oil is rebounding from its biggest weekly decline in two years, a surge in U.S. shale still looms over the market. Futures in New York were up 1.8 percent after tumbling 9.6 percent last week, advancing in tandem with a rebound in global equities. OPEC boosted estimates … Read more
February 12, 2018, by John Kemp (John Kemp is a Reuters market analyst. The views expressed are his own) * Chartbook: tmsnrt.rs/2BTkJRs LONDON, Feb 12 (Reuters) – Hedge funds have started to liquidate some of their record bullish positions in crude oil and refined fuels as the rally has gone into reverse and amid … Read more
NEW YORK, Feb. 12, 2018 /PRNewswire/ — WallStEquities.com strives to bring the best free research to the investment community. Today we are offering reports on AR, BBG, CEI, and CVE which can be accessed for free by signing up to www.wallstequities.com/registration. On Friday, February 09, 2018, the NASDAQ Composite, the Dow Jones Industrial Average, and … Read more
MILL VALLEY, Calif.–(BUSINESS WIRE)–SunLink Corporation, a leading manufacturer of enterprise-grade solar mounting systems and intelligent solutions for large-scale utility and commercial markets, today announced the company surpassed more than two gigawatts (GW) of total installed solar projects by the end of 2017. With more than 150 percent year-over-year growth in total megawatts shipped, SunLink exceeded … Read more
HOUSTON, Feb. 12, 2018 (GLOBE NEWSWIRE) — The board of directors of Apache Corporation (NYSE:APA) (Nasdaq:APA) has declared the regular cash dividend on the company’s common shares. The dividend on common shares is payable May 22, 2018, to stockholders of record on April 23, 2018, at a rate of 25 cents per share. About Apache … Read more
February 12, 2018, by Mahmoud Habboush (Bloomberg) Surging output of U.S. shale oil won’t be a “huge distorter” of efforts by global crude producers to clear a glut, according to OPEC’s president. The market should re-balance this year, given robust demand and producers’ compliance with their pledges to curtail supply, United Arab Emirates Energy Minister … Read more
February 11, 2018, by Jessica Summers (Bloomberg) Oil enthusiasts are retreating as volatility takes hold of global markets and American gushers rival Saudi Arabia’s. Hedge funds scaled back bets on rising West Texas Intermediate crude prices by the most since August as shock waves rattled everything from stocks to commodities. The rout intensified fears that … Read more
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