Oil
Plains All American Sees Record Permian Crude Output in 2024
Plains All American said on Friday it expects crude production in the Permian basin, the top U.S. oilfield, to grow between 200,000 and 300,000 barrels a day (bpd) to a record by the end of this year.
Enbridge Warns of Continued Oil Pipeline Congestion Despite Trans Mountain Expansion
Growing Canadian oil production means shipper volumes may still be rationed on the Enbridge Inc. Mainline pipeline system even once the Trans Mountain Expansion (TMX) project is operating, an Enbridge executive said on Friday.
Biden Appoints Democrat Willie Phillips as Head of FERC
President Joe Biden has promoted Willie Phillips to head the Federal Energy Regulatory Commission, the White House said on Friday, as the panel gears up to issue rules to help the power grid distribute more electricity from wind and solar power.
Conoco Emerges as Surprise Bidder in Historic Citgo Share Auction
A U.S. court auction weighing the fate of Venezuela-owned oil refiner Citgo Petroleum has received bids using claims in lieu of cash, according to people familiar with the process and documents, part of a historic case to settle Venezuelan debts.
Enbridge Falls Short of Fourth-Quarter Profit Estimates Due to Lower Mainline Toll Revenues
Enbridge missed fourth-quarter profit estimates on Friday, hurt by lower tolls related to its Mainline crude pipeline system and a decrease in earnings from the company's gas segment.
Regulator Orders Trans Mountain Expansion Project to Address Deficiencies After B.C. Flooding
The Canada Energy Regulator (CER) has ordered the Trans Mountain pipeline expansion project to address environmental deficiencies and noncompliances found following flooding near Abbotsford, British Columbia, the regulator said on Thursday.
Shale Producer Devon Energy in Talks to Acquire Enerplus
U.S. oil and gas producer Devon Energy has approached Enerplus, a peer with a market value of $3 billion, with an acquisition offer, people familiar with the matter said on Thursday.
Case Study: Identification, Sizing Accuracy for UTCD In-Line Inspection
One of the most pressing concerns for operators of liquid buried pipelines is the management of stress corrosion cracking (SCC). Detecting and sizing SCC in liquid pipelines is usually accomplished through ultrasonic crack detection (UTCD) in-line inspection tools.
ConocoPhillips Beats Quarterly Profit Estimates with Higher Production
U.S. oil and gas producer ConocoPhillips beat Wall Street estimates for fourth-quarter profit on Thursday, helped by higher production in the Permian Basin and from a recent acquisition.
Woodside, Santos End $52 Billion Merger Talks Over Valuation Dispute
Australia's Woodside Energy and Santos said on Wednesday they had ended talks to create a possible $52 billion global oil and gas giant, and Santos flagged it would look for other ways to bolster its value.
Saudi Aramco Explores Investment Opportunities with Indian Firms
State oil giant Saudi Aramco is in investment discussions with companies in India, a senior executive said on Wednesday.
Permian Deal Frenzy Dampens 2024 U.S. Oil Growth Prospects
Oil production in the prodigious Permian shale basin in Texas and New Mexico this year will see the slowest annual growth since 2021, according to market participants, as a slew of acquisitions reduces activity among private drillers.
California Resources Boosts Production with $2.1 Billion Deal for Aera Energy
U.S. oil and gas firm California Resources said on Wednesday it would buy Aera Energy in a deal valuing the California-based company at $2.1 billion, including debt, to gain more acreage in the most populous U.S. state.
Brent, U.S. Crude Futures Give Up Some Gains on Talk of Gaza Ceasefire
Brent and U.S. crude futures initially climbed over $1 a barrel on Tuesday after the U.S. Energy Department said crude oil production would grow less than forecast but then gave up some of the gains on talk of a possible lengthy cease-fire in the Gaza War.
Saudi Arabia Keeps Arab Light Crude Price to Asia Unchanged in Surprise Move
Top oil exporter Saudi Arabia unexpectedly kept March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the OPEC leader strives to maintain its market share.
Court Debates Fate of Biden's Approval for Willow Oil Project in Alaska
In Juneau, Alaska, a panel of appellate judges is deliberating on whether to uphold the Biden administration's green light for ConocoPhillips' Willow oil project within Alaska's federal petroleum reserve on the North Slope.
Oil India in Talks to Resume Drilling Operations in Libya After 13-Year Hiatus
Oil India is talks with stakeholders to restart drilling in Libya, thirteen years after the company exited the country due to political instability, a top company official told Reuters.
Kazakhstan Doubles Amount of Oil Circumventing Russia
Kazakhstan almost doubled oil exports circumventing Russia's ports in 2023 to 3.73 million metric tons (74,600 barrels per day) from 1.91 million tons in 2022, according to industry sources and Reuters calculations.
Guest Perspective: Aramco’s Best of Both Worlds
Saudi Aramco’s energy strategy should teach The West a lesson: invest in hydrocarbons now. Not only is oil and gas crucial for near- and medium-term energy security and affordability, but there is also a huge amount of money to be made that can be put toward the transition.
Projects February 2024
East African Crude Pipeline delivers first shipment; Pembina acquires Enbridge’s stake in Alliance Pipeline; KM boosts Permian Highway pipeline capacity by 550 MMcf/d; and more!
Chevron Exceeds Permian Production Estimates, Signals Growth Potential
After a year marked by oil and gas production setbacks, Chevron Corp. on Friday delivered a better-than-expected 10.7% annual gain from the Permian Basin, its top shale-producing region.
Enterprise Products Records 15% Growth in Q4 Crude Pipeline Volumes
U.S. pipeline operator Enterprise Products Partners said on Thursday its crude oil volumes last quarter grew 15% to a record 2.6 million barrels per day, as more oil flowed through its lines despite lower prices.
Exxon Beats Estimates, Closes 2023 with $36 Billion Profit
Exxon Mobil on Friday posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production.
Phillips 66 Beats Profit Estimates on Strong Refining, Midstream Performance
Refiner Phillips 66 beat quarterly profit estimates on Wednesday, helped by strong refining margins and gains from its midstream unit, sending its shares up 2.6% to an all-time high of $146.11.
Canada Regulator Clears Latest Trans Mountain Pipeline Delay of Environmental or Safety Concerns
The Canada Energy Regulator (CER) said on Wednesday that it has not noted any environmental or safety concerns with the latest construction challenges to plague the Trans Mountain pipeline expansion.
Woodside Urged to Abandon $57 Billion Santos Merger by Major Shareholder
Woodside should walk away from its proposed $57 billion merger with Santos rather than pay a premium for its smaller rival, a large shareholder said on Thursday, a sign of the deep divide between both sides over fair value.
Silver Hill Energy Partners to Buy Liberty Resources' Bakken Assets
Silver Hill Energy Partners said on Wednesday it would acquire Liberty Resources II's interests in oil and gas properties and all of Liberty Midstream Solutions in North Dakota for an undisclosed amount.
Business News February 2024
Association news, personnel changes and mergers and acquisitions in February 2024!
Global News February 2024
Latest industry developments from around the world!
Methane Standards Hit Pipelines More Gently Than Proposed
The Environmental Protection Agency (EPA) issued final methane performance standards for natural gas controllers and compressors, which will require midstream and interstate pipelines to take a new look at their emission controls.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
- Evacuation Technologies to Reduce Methane Releases During Pigging
- Editor’s Notebook: Nord Stream’s $20 Billion Question
- Enbridge Receives Approval to Begin Service on Louisiana Venice Gas Pipeline Project
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Russian LNG Unfazed By U.S. Sanctions
