July 2015 – Page 2 – Oil & Gas 360

Refiners Ask EPA to Adjust Renewable Fuel Standards

July 30, 2015

Refiners say making them the obligated party for fuel blending is “misguided” Independent refiners are asking the Environmental Protection Agency (EPA) to shift responsibility for complying with biofuel programs from refiners to fuel blenders. Delta Airlines’ (ticker: DAL) Monroe Energy LLC, Carlyle Group’s (ticker: CG) Philadelphia Energy Solutions, Valero Energy Corp (ticker: VLO) and Ronald E Minsk, who recently served

US judge rules Greenpeace in contempt for Oregon protest

July 30, 2015

Judge rules Greenpeace will be fined $2,500 an hour if protest blocking Shell ship continues A federal judge on Thursday ordered Greenpeace USA to pay a fine of $2,500 for every hour that protesters dangling from a bridge in Oregon continue to block a Royal Dutch Shell icebreaker from leaving for oil drilling in the Arctic. There was no sign

Exxon moves toward Beaumont, Texas refinery expansion

July 30, 2015

Story by Reuters Exxon Mobil Corp has pulled together a group of experts at its sprawling Beaumont, Texas, refinery to do more detailed studies to add a third crude distillation unit that could make it the top fuel-making plant in the United States, sources familiar with the matter said on Thursday. The formation of the group indicates Exxon is moving

ONEOK Partners to Further Expand Permian Basin Capacity to Serve Natural Gas Markets in Mexico

July 30, 2015

ONEOK Partners, L.P. (OKS) today announced plans to invest $70 million to $100 million to expand its ONEOK WesTex Transmission (ONEOK WesTex) intrastate natural gas pipeline system by increasing its throughput capacity by 260 million cubic feet per day (MMcf/d) of natural gas by the first quarter 2017. “This expansion project is complementary to our recently announced Roadrunner Gas Transmission

B.C. First Nation Postpones Vote on $1.6 Billion LNG Plant

July 30, 2015

Squamish First Nation conditions can be met, just need time to work out the details The Squamish First Nation has postponed a vote over a proposed $1.6 billion liquefied natural gas (LNG) plant in its traditional territory while it negotiates with the project’s backers during an environmental review. The Squamish Nation is undertaking an independent environmental assessment, which will be

Post Sanctions Iran: a 5 MMBOPD Reality Check

July 30, 2015

P5+1 used financial isolation to force Iran to nuclear negotiation table A sanctions regime was put in place against Iran starting in 2005 when the international community found that the Middle Eastern country was not in compliance with its obligations regarding its nuclear program. The sanctions, which were spearheaded by the United States, United Nations and the European Union, sought

EQT Releases Seven-Day Data for Utica Well

July 30, 2015

EQT Corporation (EQT) today announced completion of the flow-back operation on its Scotts Run 591340 dry Utica well located in Greene County, Pennsylvania. Last week, EQT Corporation announced the well’s 24-hour deliverability test of 72.9 MMcf per day, with an average flowing wellhead pressure of 8,641 psi. Following the 24-hour deliverability test, the well produced an average of 27.0 MMcf

Norwegian Government Faces Fluctuating Dividend Following Statoil’s Dollar Decision

July 30, 2015

Story by The Wall Street Journal Statoil ASA, the Norwegian oil company, has justified its decision to report quarterly earnings in dollars instead of local kroner from next year by the need to make its results more predictable in an industry dominated by dollar transactions. One Statoil shareholder, however, stands to face more unpredictable yields from the oil firm: the

VAALCO Energy: Credit Facility Re-Determination Unchanged at $65 Million

July 30, 2015

VAALCO Energy, Inc. (EGY) announced today that the borrowing base under its revolving credit facility was reaffirmed at the full $65 million level, the maximum capacity provided for under the facility. The redetermination was a result of the regular semi-annual review conducted by the International Finance Corporation (IFC), the lender under the facility. The covenants under the facility remain unchanged,

Enbridge Energy Partners Announces Actions to Strengthen Midcoast Energy Partners and Planning Next Drop-Down to Midcoast in 2016

July 29, 2015

Enbridge Energy Partners, L.P. (NYSE: EEP) (“Enbridge Partners”) has entered into an amendment to the Midcoast Operating, L.P. (“Midcoast Operating”) limited partnership agreement to allow for increased allocations of distributable cash flow to Midcoast Energy Partners, L.P. (NYSE: MEP) (“Midcoast Partners”) for a period of time. These actions will enhance both MEP’s ability to deliver distribution growth through 2017 and maintain

WTI Prices Up as DOE Reports Crude Draw

July 29, 2015

WTI closed higher for the first time in five sessions yesterday The front month West Texas Intermediate contract is up $1.25 from yesterday’s close of $47.98 per barrel. The 2.3% increase in WTI front month contracts marked the first time in five sessions that the price of the U.S. crude benchmark finished the day strong than when it started. The

Hatch, Barrasso and Enzi Introduce Senate Bill to Stop Frac Regulation Duplicity

Murkowski/Cantwell’s Energy Modernization Bill Would Accelerate FERC’s LNG Decisions to 45 Days

July 29, 2015

Bipartisan bill hopes to renovate U.S. energy policy, facilitate infrastructure updates, protect the grid from attack, modernize SPR, identify “critical mineral supply”, fix national park maintenance backlog Earlier this week, U.S. Senate Committee on Energy and Natural Resources (ENR) Chairman Lisa Murkowski (R-AK) and Ranking Member Maria Cantwell (D-WA) released a proposed energy bill that hopes to modernize energy policy

Premium Content