Business & Markets

TotalEnergies Texas Refinery Operating at Minimal Rates Amid Upsets

TotalEnergies' 238,000-barrel-per-day refinery in Port Arthur, Texas, is operating at minimal production as it contends with multiple upsets, sources said on Wednesday.

U.S. Oilfield Jobs at Risk as Natural Gas Prices Plummet

Oilfield service companies and drillers have put the brakes on hiring and further job cuts could loom as natural gas producers respond to sliding prices by slashing spending on new wells to reduce excess production.

Pioneer Natural Exceeds Production Expectations Amid Pending Exxon Takeover

Pioneer Natural Resources on Thursday reported 2023 production that exceeded its prior forecast, as the U.S. shale producer works to close its about $60 billion purchase by oil major Exxon Mobil later this year.

Venture Global LNG Customers Challenge Permit Extension Request

Three of Venture Global LNG's major customers have asked U.S. energy regulators to address the LNG developer's request for a one-year permit extension to complete a Louisiana export facility, signaling their intention to voice concerns.

Cheniere Energy's Annual LNG Revenue Falls on Lower Natural Gas Prices

U.S. liquefied natural gas (LNG) company Cheniere Energy on Thursday forecast a lower core profit for 2024 as prices of the fuel buckle under excess supply, sending its shares down 1.7% premarket.

Exxon Considers Guyana Offshore Gas Production Post-2029

Exxon, Hess Corp. and CNOOC are under pressure from Guyana to develop untapped natural gas in the South American country, where they have discovered more than 11 billion barrels of oil and gas since 2015.

Chesapeake Plans to Cut Output, Spending Amid Oversupplied Natural Gas Market

Chesapeake Energy said it would cut spending and natural gas output this year as it sees the market being "oversupplied", causing the company's shares to rise more than 7% on Wednesday.

Analysis: Trans Mountain Expansion May Offer Short-Term Relief for Canada's Oil Output, Long-Term Challenges Loom

Canadian oil producers expect the discount on their crude to shrink significantly when the Trans Mountain pipeline expansion starts this year, but the relief may be short-lived as surging supply looks set to exceed the country's pipeline capacity in just a few years.

BP's Tangguh LNG Train 3 Resumes Operations After Week-Long Outage

The third train of BP's Tangguh liquefied natural gas (LNG) facility in West Papua, Indonesia has resumed operations after an outage for about a week, the country's upstream oil and gas regulator SKK Migas said on Wednesday.

Germany's SEFE Weighs Investments in Hydrogen Storage, Pipelines

German nationalized gas trader SEFE is exploring transforming some of its underground storage caverns and pipelines to clean hydrogen, its CEO said, indicating this could involve investments of roughly $541 million.

FOCUS: Tumbling U.S. Natural Gas Prices Prove Unstoppable, Hurting Producers

For nearly a year, U.S. natural gas producers have slammed the brakes on production as prices fall. But relentless output gains including from oil companies that pump gas as an oil byproduct have unleashed record supplies.

Chesapeake Energy Beats Q4 Profit Estimates Amid Lower Expenses, Production Decline

Chesapeake Energy beat Wall Street estimates for fourth-quarter profit on Tuesday as the natural gas producer saw a steep decline in its operating expenses.

Guyana's $1.9 Billion Gas-to-Power Project Pushed to 2025

Guyana will delay until 2025 its biggest effort to capitalize on its energy bounty, a $1.9 billion gas-to-power project that was to start this year, using untapped gas to slash electricity costs, a Ministry of Natural Resources consultant said on Tuesday.

Kyushu Electric to Await U.S. LNG Policy Clarity Before Lake Charles Decision

Japan's Kyushu Electric Power will wait until after the United States resumes issuing export licenses for new LNG projects before deciding on whether to invest in the Lake Charles project, an executive said.

CenterPoint Energy to Sell 12,000-Mile Pipeline Network in Louisiana, Mississippi for $1.2 Billion

CenterPoint Energy said on Tuesday it would sell its natural gas assets in Louisiana and Mississippi for $1.2 billion to Bernhard Capital Partners, as the electric and gas utility plans to focus on its regulated business.

Occidental Considers $18 Billion Sale of Western Midstream, Sources Say

Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of more than $18 billion, including debt, according to people familiar with the matter.

China's CNOOC Receives Approval for Second LNG Berth at Yancheng Port

Chinese state-owned CNOOC has received government approval to build a second berth at its LNG receiving terminal in Yancheng in eastern Jiangsu province, according to a statement from the Shanghai Petroleum and Natural Gas Exchange on Tuesday.

Equitrans Delays Mountain Valley Natural Gas Pipeline Again, Increases Projected Cost

U.S. energy firm Equitrans Midstream has delayed the estimated completion of its Mountain Valley natural gas pipeline from West Virginia to Virginia to the second quarter from the first quarter due in part to adverse weather in January.

EQT Misses Quarterly Profit Estimates on Lower Prices, Plans Moderate Drilling Expansion

EQT Corp., the largest U.S. natural gas producer, missed fourth-quarter profit estimates on Tuesday, as higher sales volumes were offset by lower gas prices.

Cenovus Energy Boosts Production Despite Refinery Challenges, Shares Rise 7%

Cenovus Energy narrowly missed analysts' estimates for quarterly profit, but higher production and refinery throughput volumes pushed shares in the Canadian oil and gas producer as much as 7% higher on Thursday.

ADNOC Executive Emphasizes Gas-Centric Strategy, Eyes Egypt Market Potential

A top executive of state-owned Abu Dhabi National Oil Company (ADNOC) on Monday said the company's strategy was anchored around gas output and that Egypt has been identified as a market with a lot of potential.

Evacuation Technologies to Reduce Methane Releases During Pigging

Due to the strong global warming potential (GWP) of methane (CH4), there is increasing attention on reducing its releases (both unintentional and intentional) into the atmosphere.

Pavilion Energy, Rio Tinto Complete Ship-to-Ship LNG Bunkering Operation

Singapore's Pavilion Energy has completed a ship-to-ship LNG bunkering operation with global mining giant Rio Tinto via the newly built Brassavola bunker vessel, marking the vessel's first ship-to-ship LNG bunkering operation.

EU Sees No Need to Extend Deal on Russian Gas Transit via Ukraine

The European Union sees no need to extend an agreement to transport Russian gas to Europe via Ukraine, ahead of the contract's planned expiry at the end of the year, the bloc's energy policy chief said on Thursday.

U.S. Awards SPR Contracts Worth $229.5 Million to ExxonMobil, BP, Others

The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 2.95 million barrels of oil worth about $229.5 million to four companies, the U.S. Energy Department said on Thursday.

Equinor Signs 15-Year LNG Deal with India's Deepak Fertilizers

Norway's Equinor said on Monday it had signed a 15-year agreement to supply liquefied natural gas (LNG) to India's Deepak Fertilizers from 2026.

El Niño Drives Real U.S. Gas Prices to Multi-Decade Low

Inflation-adjusted U.S. gas prices have fallen to the lowest level for over 30 years as a mild winter and continued production growth leave the market carrying a growing surplus of inventories.

Strike Looms: Marathon Petroleum Workers in Detroit Vote to Authorize Walkout, Union Reports

Workers represented by Teamsters union at Marathon Petroleum's Detroit refinery have voted to authorize a strike, the union said on Thursday.

North Dakota Natural Gas Output Reaches Record High in December, Flaring Eases

Natural gas production in North Dakota in December rose to a record 3.525 billion cubic feet per day (Bcf/d) from the prior all-time high of 3.469 Bcf/d in November, while gas flaring eased.

Occidental Says Crownrock Deal Delayed by FTC Requests of 'Everything'

Occidental Petroleum on Thursday said a U.S. regulator's second request for information on the acquisition of shale producer CrownRock has pushed back the deal's closing date to second half this year.