Energy News

Source: Citgo

Citgo Gets U.S. Subpoena Related to Venezuela Bribery Probe

From Bloomberg


American unit of PDVSA has pledged full cooperation with probe, Businessman last week admitted to bribery for contracts

Citgo Petroleum Corp. received a subpoena from the Department of Justice stemming from an investigation into bribery in Venezuela, indicating …

Source: Glencore

Glencore’s Executive Departures Hasten as Oil Chief Leaves

From Bloomberg


Alex Beard will retire as oil chief at the end of June, has held that job since 2007 and led Glencore through its IPO

The generational change at the top of Glencore Plc gained speed on Monday, after …

Oil Teeters on Edge of Bear Market

Oil Teeters on Edge of Bear Market

From Bloomberg


Supply and demand both falling quickly, says BofA’s Blanch, Energy investors beat sector ‘to death’: RBC Capital Markets

Oil flirted with bear-market territory as Saudi Arabia insisted OPEC will avert a global supply glut after international trade brinkmanship …

Driverless Trucks Will Reduce Labor Costs, Move toward Cure for Driver Shortage

Driverless Trucks Will Reduce Labor Costs, Move toward Cure for Driver Shortage

 

USPS Testing Series of 1,000-Mile Mail Hauling Trips

From CCJ

The United States Postal Service (USPS) has contracted with autonomous truck startup TuSimple on a series of 1,000-plus mile trips, hauling mail between the Postal Service’s Phoenix, Ariz. and …

May 31, 2019 - 4:06 pm Closing Bell Story‎, Energy News, Transportation
U.S. Gas Heads to Eastern Europe: Bulgaria Makes First U.S. Buy with Two LNG Cargoes

U.S. Gas Heads to Eastern Europe: Bulgaria Makes First U.S. Buy with Two LNG Cargoes

Cheniere, BP are the sellers

From Reuters

SOFIA, May 31 (Reuters) – Bulgaria has agreed to buy U.S. natural gas for the first time, signing a deal for a delivery in the second quarter and another in the third, the …

May 31, 2019 - 3:26 pm Closing Bell Story‎, Energy News, LNG
Pioneer Keeps on Drilling Despite Layoffs

Pioneer Keeps on Drilling Despite Layoffs

Down 230 people after layoffs

From The Houston Chronicle

Pioneer Natural Resources recently laid off a quarter of its workforce but continues to drill in the Permian Basin of West Texas.

The Irving-based oil company is seeking permission from the …

ExxonMobil backs LNG imports to world’s biggest exporter

ExxonMobil backs LNG imports to world’s biggest exporter

From Reuters


BRISBANE (Reuters) – Imports of liquefied natural gas (LNG) to Australia – the world’s biggest LNG exporter – now appear “highly realistic” as the country struggles to fill a looming gas shortage, U.S. energy giant Exxon Mobil Corp …

Waste to Water: Oil and Gas Industry Looks to Mitigate Water Waste During Boom

Waste to Water: Oil and Gas Industry Looks to Mitigate Water Waste During Boom

Special Report From the Carlsbad Current-Argus

In New Mexico, hydraulic fracturing taxes a resource perpetually scarce in the desert region: water.

Hydraulic fracturing, or fracking as it is commonly called, blasts vast amounts of water, sand and chemicals through underground …

May 30, 2019 - 4:39 pm Closing Bell Story‎, Energy News, Fracing
Port of Corpus Christi Begins $380 Million Channel Dig to Add 7 More Feet

Port of Corpus Christi Begins $380 Million Channel Dig to Add 7 More Feet

Port of Corpus Christi Begins $380 Million Channel Dig to Add 7 More Feet

From the Houston Chronicle

The Port of Corpus Christi has started work on $380 million project to deepen and widen its ship channel to allow for …

Energy Exports Push Laredo, Texas Ahead of Port of Los Angeles as Top U.S. Trade Hub

Energy Exports Push Laredo, Texas Ahead of Port of Los Angeles as Top U.S. Trade Hub

From the Houston Chronicle

Rapidly growing energy exports helped the Port of Laredo to overtake the Port of Los Angeles as the number one trade hub in the United States.

Booming energy exports and shifting patterns in international commerce have …

May 30, 2019 - 7:41 am Closing Bell Story‎, Energy News, Trade
Big Oil is Investing Billions in Potentially Worthless Projects

Big Oil is Investing Billions in Potentially Worthless Projects

From Bloomberg Businessweek

By Mathew Carr


The top 10 energy companies are planning investments approaching $1 trillion by 2030, in everything from finding and tapping new fields to equipment ranging from drones to drilling rigs. If the oil and gas …

Texas Money Reaches the Corner of Canada’s Oil Patch as Majors Leave

Texas Money Reaches the Corner of Canada’s Oil Patch as Majors Leave

From Bloomberg/Houston Chronicle

Texas money is flowing into a small corner of Canada’s oil sands at a time when big international companies are pulling out.

Rangeland Energy, based in the Houston suburb of Sugar Land, is building a 50,000-barrel-a-day, 53-mile …

May 29, 2019 - 7:45 am Canada, Closing Bell Story‎, Energy News
Oil Sector’s ‘Existential Crisis’ Set Precedent: Cenovus CEO

Oil Sector’s ‘Existential Crisis’ Set Precedent: Cenovus CEO

From The Globe and Mail

Canadian oil producers faced an “existential crisis” that required emergency intervention last fall, and Alberta Premier Jason Kenney now has a precedent to order companies to ratchet back output again should heavy oil prices crash, …

May 29, 2019 - 7:37 am Canada, Closing Bell Story‎, Energy News
Buffett’s Betting on Oil, and He’s Rarely Wrong

Buffett’s Betting on Oil, and He’s Rarely Wrong

From ForbesGeorge Schultze

I’ve long been a believer that there’s always opportunity in the energy field, if you know where to look for it. With his recent commitment of $10 BN to help Occidental acquire Anadarko, Warren Buffett …

U.S. Warns Hong Kong to Avoid Tanker in Breach of Iran Sanctions | Hong Kong Rejects Warning

U.S. Warns Hong Kong to Avoid Tanker in Breach of Iran Sanctions | Hong Kong Rejects Warning

From Bloomberg


Pacific Bravo en route Hong Kong, senior U.S. official says accepting the ship would expose city to sanctions

The U.S. warned Hong Kong that it could face penalties if it does business with an oil tanker headed for …

May 29, 2019 - 6:35 am China, Closing Bell Story‎, Energy News, Trade
Oil Trims Loss as Key U.S. Midwest Pipeline Seen Nearing Restart

Oil Trims Loss as Key U.S. Midwest Pipeline Seen Nearing Restart

From Bloomberg


Ozark pipeline out of Cushing storage hub was shut last week, futures still down on talk of China rare-earths restrictions

Oil pared losses after hitting the lowest level since March as a pipeline that drains crude from the …

Colorado Oil Regulator Urged to Stop Drilling at First New COGCC Meeting

Colorado Oil Regulator Urged to Stop Drilling at First New COGCC Meeting

From the Denver Business Journal

 

Some sections of SRC Energy’s Comprehensive Drilling Plan gain approval; PetroShare settlement for year-late integrity test unanimously rejected by commission

Anti-fracking activists and neighborhood residents urged Colorado’s oil regulatory agency Tuesday to stop new …

Longhorn Oil & Gas Owner Says He Received Negative Pricing for His Oil

Longhorn Oil & Gas Owner Says He Received Negative Pricing for His Oil

From Pipeline News

Longhorn Oil & Gas owner tells Senate committee how he received negative pricing for his oil

Regina – Kindersley double-teamed their presentation to the Senate Transport and Communications Committee, when it held hearings in Regina on May …

U.S. Proposes Tariffs on Nations with Undervalued Currencies

U.S. Proposes Tariffs on Nations with Undervalued Currencies

From AJOT/Bloomberg

The Trump administration is proposing tariffs on goods from countries found to have undervalued currencies, in a move that would further escalate its assault on global trading rules.

The proposal, laid out in a Federal Register notice released …

May 28, 2019 - 5:18 pm Closing Bell Story‎, Energy News, Trade
American President’s Japanese Carrier Visit: Both Ironic and Symbolic

American President’s Japanese Carrier Visit: Both Ironic and Symbolic

Upbeat state visit overweight on optics, but visit to potent warship signals upgraded trajectory for Japan-US alliance

From Asia Times

US President Donald Trump’s state visit to the Land of the Rising Sun started on Saturday.

With Japanese Prime Minister …

B.C.’s Top Appeals Court Rules: Province Can’t Restrict Alberta Oilsands Crude Shipments Across B.C. to Vancouver for Export

B.C.’s Top Appeals Court Rules: Province Can’t Restrict Alberta Oilsands Crude Shipments Across B.C. to Vancouver for Export

Trans Mountain Expansion gets boost from British Columbia top appeals court ruling; could go to Supreme Court of Canada next

Trudeau government pledged to buy Trans Mountain Expansion project from Kinder Morgan for $4.2 billion – has to make decision

Operator of Venezuelan PDVSA’s Fleet Seeks to Detain Tankers to Collect on Late Payments: Reuters

Operator of Venezuelan PDVSA’s Fleet Seeks to Detain Tankers to Collect on Late Payments: Reuters

From  gCaptain/Reuters

German shipping firm Bernhard Schulte Shipmanagement (BSM) has moved to legally detain three of Venezuelan PDVSA’s oil tankers to collect on late payments owed to it by the state-run oil company, according to a document seen by …

May 24, 2019 - 11:54 am Closing Bell Story‎, Energy News, Transportation
Talos CEO says ‘Interested’ in Anadarko’s Gulf of Mexico Assets

Talos CEO says ‘Interested’ in Anadarko’s Gulf of Mexico Assets

From S&P Global Platts

Houston — Gulf of Mexico operator Talos Energy may be interested in buying some of Anadarko Petroleum’s deepwater Gulf of Mexico assets that Occidental Petroleum will acquire in its pending $57 billion purchase of that company, …

How Techstars’ Founder Turned a $50-Thousand Ubercab investment into $250 Million

How Techstars’ Founder Turned a $50-Thousand Ubercab investment into $250 Million

From BusinessDen

Boulder’s David Cohen invested $50,000 in 2009 in what was then called “Ubercab.” This month, Uber went public at $45 per share, making that initial investment worth $248.3 million, according to analysis by The Wall Street Journal.

Why

May 24, 2019 - 11:06 am Closing Bell Story‎, Energy News, Transportation
Obscure Investor Readies $10 Billion Bet on East Med Gas

Obscure Investor Readies $10 Billion Bet on East Med Gas

From Bloomberg

A little-known investor group is planning a major shakeup of the Eastern Mediterranean natural gas industry with a bid to unlock hundreds of billions of dollars of sales stymied by the political and industrial complexities of the region.…

Rough Day for Oil: Crude Plunge Approaches 6%

Rough Day for Oil: Crude Plunge Approaches 6%

U.S. Crude at its Cheapest Since March

Rough Day for Oil: Crude Plunge Approaches 6%- Oil & Gas 360

From Reuters

NEW YORK (Reuters) – Oil prices plunged about 5% on Thursday, with U.S. crude at its lowest since March, as trade tensions dampened the demand outlook, putting the crude benchmarks on …

U.S. Lawmaker Wants EPA Refinery Biofuel Waivers Investigated

U.S. Lawmaker Wants EPA Refinery Biofuel Waivers Investigated

From Reuters

Democratic Senator Tammy Duckworth on Wednesday asked the U.S. Environmental Protection Agency’s Office of Inspector General to investigate why the agency vastly expanded its use of waivers to exempt small refineries from the nation’s biofuel law.

The request, …

May 23, 2019 - 12:41 pm Closing Bell Story‎, Energy News, Law, Politics & Opinions
U.S. Asks Supreme Court for More Time to Appeal Circuit Court Nix of Dominion’s Atlantic Coast Pipeline

U.S. Asks Supreme Court for More Time to Appeal Circuit Court Nix of Dominion’s Atlantic Coast Pipeline

From Reuters

The U.S. Solicitor General asked the Supreme Court on Wednesday to extend the time the government has to file a petition in an appeal of a circuit court decision preventing Dominion Energy Inc from building the Atlantic Coast …

May 23, 2019 - 12:34 pm Closing Bell Story‎, Energy News, Law, Midstream
Alaska in Talks to Purchase ConocoPhillips’ Nikiski Kenai LNG Facility

Marathon Flips LNG Export Model Around

From the Alaska Journal of Commerce

After buying a mothballed liquefied natural gas export plant in Nikiski, Marathon Petroleum is planning to flip it around to become an import terminal.

Marathon Petroleum, the newly-merged oil and gas giant formerly known …

May 23, 2019 - 7:53 am Closing Bell Story‎, Energy News, LNG
How a Sleepy Texas Trust Turned into a Permian Oil Proxy War

How a Sleepy Texas Trust Turned into a Permian Oil Proxy War

The Texas Pacific Land Trust, which was formed in the late 19th century to hold and manage millions of acres, has become the focal point of what is arguably the fiercest shareholder battle in the energy sector

From the Houston

May 23, 2019 - 6:26 am Closing Bell Story‎, Energy News, Law