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360 Articles

The Port Arthur facility (Source: Howard Energy Partners/Business Wire)

Port Arthur, Corpus Christi Terminals Get an Upgrade

By Tyler Losier, Energy Reporter, Oil & Gas 360 Howard Energy Partners completes expansion of Port Arthur and Corpus Christi terminals This week, Howard Energy Partners (HEP) announced the completion of two expansion projects at its Port Arthur and Corpus Christi bulk liquid terminal facilities, increasing HEP’s Gulf Coast storage capacity to 2.6 million barrels. The expansion also upped the[Read More…]

June 13, 2019 - 5:53 pm 360 Articles, Closing Bell Story, LNG, Mexico, Natural Gas News
Source: Islamic Republic News Agency

Oil Spikes After ‘Suspicious’ Tanker Attacks in Middle East

By Tyler Losier, Energy Reporter, Oil & Gas 360 Two vessels seriously damaged after seemingly intentional strike Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as markets opened today. U.S. officials are blaming Iran for the incidents; however the country has vehemently denied any involvement. Source:[Read More…]

Weekly Gas Storage: Inventories Grow by 102 Bcf

Weekly Gas Storage: Inventories Grow by 102 Bcf

Natural Gas Inventories as of June 7, 2019 The EIA has released its natural gas inventory report, showing a build of 102 Bcf as of June 7. Working gas in storage was 2,088 Bcf as of Friday, June 7, 2019, according to EIA estimates. This represents a net increase of 102 Bcf from the previous week. Stocks were 189 Bcf[Read More…]

Source: PBF Energy

PBF Energy Snags Martinez Refinery from Shell

~$1 billion transaction to boost PBF’s production volume by 157,000 BOPD PBF Energy Inc. (stock ticker: PBF) has signed an agreement with Equilon Enterprises LLC d/b/a Shell Oil Products US to purchase the Martinez refinery, located in Martinez, California, for approximately $1 billion. Depending when the deals closes, that figure could vary, perhaps dipping slightly to $900 million. As of[Read More…]

Commonwealth LNG Lays Groundwork for 1.5 Mtpa Deal

Commonwealth LNG Lays Groundwork for 1.5 Mtpa Deal

Signs HOA anticipating the negotiation of a 15-year SPA Commonwealth LNG, a subsidiary of Commonwealth Projects, LLC, has signed a heads of agreement (HOA) with commodities trading house Gunvor Singapore Pte Ltd., a subsidiary of Gunvor Group Ltd. The HOA lays the groundwork for the negotiation of a definitive 15-year, 1.5 Mtpa sale and purchase agreement (SPA), supplied by Commonwealth’s[Read More…]

June 12, 2019 - 5:18 pm 360 Articles, Closing Bell Story, LNG, Natural Gas News
Source: Occidental Petroleum

Occidental Petroleum CFO Cedric Burgher to be Keynote Speaker on Day One of The Oil & Gas Conference® 2019

EnerCom conference presenter schedule is posted By Bevo Beaven, Editor, Oil & Gas 360 EnerCom said that Senior Vice President and Chief Financial Officer of Occidental Petroleum (NYSE: OXY) Cedric Burgher will deliver the luncheon keynote address on Monday, August 12, 2019, at EnerCom’s The Oil & Gas Conference® in downtown Denver’s Westin hotel. Burgher joined Occidental in May 2017 bringing more than 25 years of experience in the energy sector. Prior[Read More…]

Crude Oil Inventories Up 2.2 Million Barrels

Crude Oil Inventories Up 2.2 Million Barrels

Weekly Crude Oil Storage as of June 7, 2019 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.2 million barrels from the previous week. At 485.5 million barrels, U.S. crude oil inventories are about 8% above the five year average for this time of year, according to the EIA crude oil and petroleum weekly[Read More…]

Cheniere Appoints New Board Member

Cheniere Appoints New Board Member

Michele A. Evans joins the company as an independent director Michele A. Evans has been elected to serve on the Cheniere Energy, Inc. (stock ticker: LNG) board of directors as an independent director. She was also appointed to the audit and governance nominating committees as well. Evans is currently serving as the EVP of Lockheed Martin Aeronautics (stock ticker: LMT),[Read More…]

Source: SBM Offshore

Petrobras Gets New Offshore Partner

FPSO Mero 2 expected to produce 180,000 BOPD SBM Offshore N.V., a holding company headquartered in Amsterdam, signed a letter of intent this week with Petróleo Brasileiro S.A. (Petrobras) for a 22.5-year lease to operate its floating production storage and offloading (FPSO) vessel Mero 2. FPSO Mero 2 will be deployed at the Mero field in the Santos Basin, located[Read More…]

More Takeaway on the Way: $4.1 Billion in Pipelines will Deliver Permian, Bakken Oil Production to the Gulf

More Takeaway on the Way: $4.1 Billion in Pipelines will Deliver Permian, Bakken Oil Production to the Gulf

Liberty Pipeline LLC On Monday, Phillips 66 (stock ticker: PSX) and Bridger Pipeline LLC announced the formation of a 50/50 joint venture, Liberty Pipeline LLC, in order to build a 24-inch crude oil pipeline running from the Rocky Mountain and Bakken production areas to Cushing, Oklahoma. Liberty is underpinned with long-term shipper volume commitments, and initial service on the pipeline[Read More…]

June 11, 2019 - 3:32 pm 360 Articles, Closing Bell Story, Crude Oil News, Midstream
Vaca Muerta Basin Gets Green Light from Oil Major

Vaca Muerta Basin Gets Green Light from Oil Major

ExxonMobil to proceed with long-term development, two-phase attack in South American shale play Tuesday morning, ExxonMobil (stock ticker: XOM) announced its plans to proceed with the long-term development of its assets in the Vaca Muerta basin in Argentina’s Bajo del Choique-La Invernada block. The project is to include 90 wells, a central production facility, and export infrastructure connected to the[Read More…]

Source: Arrow Exploration

Two New Discoveries in Colombia

Arrow Exploration Corp. Arrow Exploration Corp. (stock ticker: AXL:CA), operating in Colombia via its 100% owned subsidiary Carrao Energy S.A., announced that the 11-day production test of its Rio Cravo Este-1 (RCE-1) exploration well had concluded June 9. RCE-1 is located on the Tapir block in the Llanos basin. Source: Arrow Exploration The well was originally spud on April 25[Read More…]

50 Bcf of Gas Infrastructure Assets Sell for $215 Million Cash

50 Bcf of Gas Infrastructure Assets Sell for $215 Million Cash

By Bevo Beaven, Editor, Oil & Gas 360 Martin Midstream Partners L.P. (stock ticker: MMLP) has entered into a definitive agreement with Hartree Cardinal Gas, LLC, a subsidiary of Hartree Bulk Storage LLC, to sell its membership interests in Arcadia Gas Storage, LLC, Cadeville Gas Storage LLC, Monroe Gas Storage, LLC and Perryville Gas Storage LLC for $215.0 million in[Read More…]

Executive Shuffleboard at Calfrac

Executive Shuffleboard at Calfrac

By Bevo Beaven, Editor, Oil & Gas 360 Calfrac Well Services Ltd. (stock ticker: CFW) announced a number of executive changes: President and CEO Fernando Aguilar announced his retirement; Calfrac COO Lindsay Link has been promoted to president and chief operating officer and was placed on Calfrac’s board of directors; Board Chairman Ronald P. Mathison, one of Calfrac’s founders, was named[Read More…]

Analysts Dive into Latest Haynesville Deal

Analysts Dive into Latest Haynesville Deal

The Jerry Jones effect: the Comstock-Covey Park acquisition Securities analysts had views about today’s announced acquisition of privately held Covey Park Energy by Comstock Resources (stock ticker: CRK) for $2.2 billion. Size matters (From: EnerCom Inc. Managing Director Aaron Vandeford) This deal checks a few important boxes for the market. Post-merger, Comstock will hold approximately 374,000 net acres, 5.4 Tcf[Read More…]

Serinus Energy Names COO

Serinus Energy Names COO

By Bevo Beaven, Editor, Oil & Gas 360 Tunisia and Romania oil and gas producer Serinus Energy plc (LSE stock ticker: SENX) has named Judicael Tinss as its new chief operating officer. Tinss has eighteen years of experience in reservoir management and business development in international exploration and production in the United States, West Africa, Middle East and Europe. He[Read More…]

June 10, 2019 - 2:18 pm 360 Articles, Closing Bell Story, E&P, People
Source: EIA

U.S. Gulf Coast Crude Oil Imports at Lowest Level Since 1986

Domestic production has reduced imports approximately 83% since peak As of March of this year, the EIA estimates that the United States Gulf Coast imports approximately 1.8 million barrels of crude oil per day (BOPD), the lowest recorded rate since 1986. The highest recorded rate of imports occurred in Mach of 2007 when the average was approximately 6.6 million BOPD.[Read More…]

Source: Federal Reserve Bank of Dallas

Dallas Fed: Oil Companies Need $50 per Barrel to Break Even

Average breakeven fell 4% over the past year With the price of oil in a pretty constant state of volatility as of late, the breakeven point for crude is an important number to keep in mind. According to the Federal Reserve Bank of Dallas’s recent survey of executives, as of late May, the average breakeven price for the U.S. basins[Read More…]

Source: EnerCom Analytics, Baker Hughes

U.S. Rig Count Drops by Nine This Week

Canadian numbers rise by 18 This week’s Baker Hughes rig count shows that U.S. numbers fell by nine, bringing the total down to 975. Compared to this time last year, the decline is even steeper, with yearly numbers down 87 compared to June of 2018. Canada, on the other hand, is up compared to last week with a total count[Read More…]

International Rig Count: Inclusion of Ukrainian Rigs Juices the Total

International Rig Count: Inclusion of Ukrainian Rigs Juices the Total

Baker Hughes (stock ticker: BHGE) released its monthly international rig count today, revealing an increase of 64 compared to April, bringing the total number of rigs to 1,126. The number of offshore rigs, however, fell 11 compared to last month, totaling 240. All regions experienced a net decrease in rigs compared to last month except for Europe, which increased 88[Read More…]

U.S. Restricts Exports of Oil Diluents to Venezuela

U.S. Restricts Exports of Oil Diluents to Venezuela

The Treasury Department placed a notice yesterday on its website announcing that the U.S. is restricting any U.S. firm from exporting diluents to Venezuela. Diluents are used to help enable Venezuela’s heavy oil to flow. The restrictions put international companies on notice of doing any diluent business with PDVSA, the Venezuelan national oil company. From the U.S. Treasury Department –[Read More…]

June 7, 2019 - 2:39 pm 360 Articles, Closing Bell Story, Crude Oil News, Law, Trade
Taking questions after OPEC/non-OPEC joint production cut announcement on Dec. 7, 2018: left to right - Alexander Novak, Minister of Energy for the Russian Federation, Khalid A. Al-Falih, Saudi Arabia’s Minister of Energy, Industry & Mineral Resources, Suhail Mohamed Al Mazrouei, the UAE Minister of Energy & Industry and president of the conference. Far right: OPEC Secretary General Mohammad Sanusi Barkindo of Nigeria.

World’s Daily Crude Oil Production Up to 75.8 Million Barrels in 2018 while OPEC Output Dips 

Largest crude oil demand growth came from Asia, Pacific regions and North America The OPEC oil cartel published its Annual Statistical Bulletin this week. The book highlights some interesting facts from the group’s 14 member countries’ crude oil exploits in 2018: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, Crude oil[Read More…]

June 7, 2019 - 11:52 am 360 Articles, Closing Bell Story, Crude Oil News, E&P, OPEC
Source: Hurricane Exploration

Hurricane Exploration Achieves First Oil at 20,000 BOPD from Two Wells

Combined flow from two wells reached 20,000 BOPD target Hurricane Exploration plc, a U.K.-based oil and gas company focusing on naturally fractured basement reservoirs, achieved first oil this Tuesday, reaching its targeted production rate of 20,000 BOPD from the Lancaster field. The company reported that a 72-hour production test combined flows from two wells, and the company expects that a gradual[Read More…]

NextDecade Names New Chairman

NextDecade Names New Chairman

NextDecade Corporation (stock ticker: NEXT) said that its board has elected company CEO Matthew K. Schatzman to serve as chairman, effective June 4, 2019. Schatzman replaces Matthew W. Bonanno, who served as interim chairman since May 14, 2019, following the untimely death of Kathleen M. Eisbrenner, 58, the company’s founder and chairman. She served jointly as chairman and CEO until[Read More…]

June 6, 2019 - 5:57 pm 360 Articles, Closing Bell Story, LNG
Source: Electrify America

Volkswagen Subsidiary Invests $2 Billion So You Can Charge Your Tesla at Walmart

Plan for a country-wide network of charging stations is underway It’s one of the biggest roadblocks surrounding the widespread adaptation of electric vehicles (EVs); what happens when the battery is depleted? Walmart, in partnership with Electrify America, a wholly owned subsidiary of the Volkswagen Group of America, thinks it may have the solution to that problem. This week, the two[Read More…]

Source: WhiteWater Midstream

Whistler Pipeline Project Reaches FID

Multifaceted partnership will proceed with design and construction A partnership involving several midstream companies and private equity firms has reached a final investment decision for the Whistler pipeline project, expected to run 475 miles and transport approximately 2 billion cubic feet of natural gas per day (Bcf/d). The 42-inch pipeline will run from Waha, Texas to the Agua Dulce region[Read More…]

Weekly Gas Storage: Another Build

Weekly Gas Storage: Another Build

By Tyler Losier, Energy Reporter, Oil & Gas 360 Natural Gas Inventories as of May 31, 2019 The EIA has released its natural gas inventory report, showing a build of 119 Bcf as of May 31. Working gas in storage was 1,986 Bcf as of Friday, May 31, 2019, according to EIA estimates. This represents a net increase of 119[Read More…]

Source: EIA

Germany to Totally Exit Coal

By Tyler Losier, Energy Reporter, Oil & Gas 360 Proposal calls for the transition to occur by 2038 A government-appointed coal commission in Germany has laid the groundwork for a plan to phase out the use of coal completely by 2038. The move is coupled with an effort to eliminate nuclear power as well, with the goal of transitioning Germany[Read More…]

Exxon Initiates New PSA, Seeks to Increase Production from Angola’s Block 15

Exxon Initiates New PSA, Seeks to Increase Production from Angola’s Block 15

By Tyler Losier, Energy Reporter, Oil & Gas 360 Partnership seeks to redevelop offshore asset ExxonMobil (stock ticker: XOM) has entered into a production sharing agreement with Angola’s recently established National Agency for Petroleum, Gas and Biofuels in order to further invest in the country’s offshore Block 15. Exxon’s Angola assets as of year end 2018 (source: Exxon 2018 financial[Read More…]

June 5, 2019 - 5:26 pm 360 Articles, Closing Bell Story, E&P, International, Offshore
Source: Emerson

Former Baker Hughes CEO Martin Craighead Joins Board

By Tyler Losier, Energy Reporter, Oil & Gas 360 Emerson Electric (stock ticker: EMR) named Martin S. Craighead, former chairman, president, and CEO of Baker Hughes, to its board of directors. Most recently, Craighead served as the vice chairman of Baker Hughes, one of the world’s largest oilfield services companies, from April 2013 until July 2017. He also served as[Read More…]