Energy News

No Surprise: Colorado Sierra Club Endorses 2018 Ballot Initiative No. 97, Raising Setback to 2,500 Feet

No Surprise: Colorado Sierra Club Endorses 2018 Ballot Initiative No. 97, Raising Setback to 2,500 Feet

From the Boulder Weekly

On April 14, the Colorado chapter of Sierra Club officially endorsed Ballot Initiative 97, which, if passed, would require all new oil and gas operations to be sited at least 2,500 feet away from schools, homes, …

HighPoint Resources Names Chief Financial Officer

HighPoint Resources Names Chief Financial Officer

HighPoint Resources Announces Promotion of William M. Crawford to Chief Financial Officer

May 11, 2018 - 7:54 am Closing Bell Story‎, Energy News, People, Press Releases
McDermott International Closes CB&I Acquisition, Saudi Arabia is Key

McDermott International Closes CB&I Acquisition, Saudi Arabia is Key

From Reuters

HOUSTON (Reuters) – Offshore engineering firm McDermott International Inc. (MDR.N) will close its acquisition of Chicago Bridge and Iron Co NV CBI.N on Thursday, creating an integrated onshore and offshore services group that will expand its presence in …

Washington State Climate Activists Attempting to Put “Pollution Fee” on the 2018 Ballot

Washington State Climate Activists Attempting to Put “Pollution Fee” on the 2018 Ballot

A new name for carbon tax, for which prior initiatives have failed in Washington

Supporters need to obtain 259,622 signatures by the submission deadline of July 6 to get the initiative on the November ballot

From Daily Energy Insider

Activists …

May 11, 2018 - 6:39 am Closing Bell Story‎, Energy News, Regulatory
Equatorial Guinea in LNG Sale Talks as Shell Deal Winds Down

Equatorial Guinea in LNG Sale Talks as Shell Deal Winds Down

From Reuters

Equatorial Guinea is in talks to sell liquefied natural gas (LNG) supply from its Punta Europa project to independent and state-backed oil companies and traders from 2020 as it winds down an exclusive deal with Royal Dutch Shell.…

May 10, 2018 - 7:56 pm Closing Bell Story‎, Energy News, Natural Gas News

Blackstone Promotes New Energy Fund as Oil Prices Rise

From The Wall Street Journal

The world’s biggest listed private-equity firm is marketing its latest energy fund to capitalize on rebounding oil prices and tighter financial discipline among public oil producers.

Blackstone Group BX -0.23% LP is planning a first …

May 10, 2018 - 7:54 pm Closing Bell Story‎, Energy News
Automation and AI Heading into Offshore Vessels

Automation and AI Heading into Offshore Vessels

Delivering more cost savings for the offshore oil and gas industry

From WorkBoat –  Dr. William J. Pike

In recent years, the oil and gas industry has changed rapidly in response to low oil prices.

Among the most significant changes …

May 10, 2018 - 6:44 pm Closing Bell Story‎, Energy News, Transportation
Alberta Ups Kinder Fight With Ad Campaign, Oil Cutoff Law

Alberta Ups Kinder Fight With Ad Campaign, Oil Cutoff Law

From Bloomberg

Alberta is ramping up its fight with British Columbia for Kinder Morgan Inc.’s Trans Mountain project with powers to shut off oil shipments to its coastal neighbor and a campaign to influence public opinion.

The C$1.2 million …

Venezuela’s Brewing Oil Shock May Be Bigger Than Iran’s

Venezuela’s Brewing Oil Shock May Be Bigger Than Iran’s

From The Wall Street Journal

The oil headlines this week have all been about Iran, but the slowly unfolding disaster in Venezuela may be even more significant.

Less than two weeks before a controversial snap presidential election that would almost …

May 10, 2018 - 8:15 am Closing Bell Story‎, Crude Oil News, Energy News
Putin Vows to Boost Russian Economy as He Begins Term No. 4

Putin Vows to Boost Russian Economy as He Begins Term No. 4

From the Associated Press/Sacramento Bee

MOSCOW – Vladimir Putin launched his fourth term as president with an ambitious call to vault Russia into the top five global economies by developing its technological products and agricultural exports.

Putin, who has sought …

May 9, 2018 - 6:39 am Closing Bell Story‎, Energy News
Stalled Oil Job Recovery Leaves Many Knowledge-Based Oil Pros Jobless

Stalled Oil Job Recovery Leaves Many Knowledge-Based Oil Pros Jobless

Labor Department says only 6,000 jobs are back after 60,000 layoffs hit industry starting in 2014

From the Associated Press / Texarkana Gazette

HOUSTON—Skilled workers in Texas are still looking for jobs as U.S. employment in the oil and gas …

Panama Canal Increases Daily Neopanamax Reservations to Eight

Panama Canal Increases Daily Neopanamax Reservations to Eight

From Maritime Executive

The Panama Canal has added an additional reservation slot to its Neopanamax locks, bringing the total available booking slots to eight daily.

Demand has grown since the inauguration of the Expanded Canal nearly two years ago. So …

Shell Selling All 98 Million Shares of Canadian Natural Resources for $3.3 Billion

Shell Selling All 98 Million Shares of Canadian Natural Resources for $3.3 Billion

From CBC

Shell obtained the shares last year when it sold its oil sands properties

Royal Dutch Shell is selling its entire stake in Canadian Natural Resources for $3.3 billion US.

The Dutch oil giant says it will use proceeds …

May 8, 2018 - 5:03 pm Closing Bell Story‎, Energy News
Sendero to Invest $750 Million in Gas Gathering and Processing for New Mexico Side of the Permian

Sendero to Invest $750 Million in Gas Gathering and Processing for New Mexico Side of the Permian

From the Albuquerque Journal

Sendero Midstream Partners LP will invest $750 million in four new natural gas gathering and processing plants in southeast New Mexico over the next five years.

The company announced its plans Monday morning during inauguration ceremonies …

May 8, 2018 - 7:43 am Closing Bell Story‎, Energy News, Midstream
Fat Arbitrage Opportunity Arises for Oil Traders in West Texas

Fat Arbitrage Opportunity Arises for Oil Traders in West Texas

From Bloomberg

Oil producers may be getting in their own way in the race to pump crude from the fertile Permian Basin.

Railcars full of sand have helped producers unlock record amounts of crude in the Permian Basin. The resulting …

May 7, 2018 - 3:15 pm Closing Bell Story‎, Crude Oil News, Energy News
Conoco Moves to Take Over Venezuelan PDVSA’s Caribbean Assets

Conoco Moves to Take Over Venezuelan PDVSA’s Caribbean Assets

From Reuters

U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three sources familiar …

May 7, 2018 - 2:00 pm Closing Bell Story‎, Crude Oil News, Energy News
U.S. Oil Cracks $70, Dollar Near 2018 High

U.S. Oil Cracks $70, Dollar Near 2018 High

From Reuters/Australia

Oil prices have jumped to their highest since late 2014 on a deepening economic crisis in Venezuela and worries that the Unites States could re-impose sanctions on Iran, while stocks firmed and the dollar rose towards its 2018 …

May 7, 2018 - 11:13 am Closing Bell Story‎, Commodity Pricing, Energy News
CME Group Announces WTI Futures Open Interest Hits Record 2.7 Million Contracts

CME Group Announces WTI Futures Open Interest Hits Record 2.7 Million Contracts

CME Group Announces WTI Light Sweet Crude Oil Futures Open Interest Reaches Record 2.7 Million Contracts

More Gas, Renewables in Dominion’s Future

More Gas, Renewables in Dominion’s Future

Building 8 new gas-fired plants, but its 4 nuke plants are backbone of zero-carbon power

From Power Magazine

Dominion Energy plans to build eight new natural gas-fired power plants and speed the pace of its renewable energy efforts, according to …

May 7, 2018 - 7:10 am Closing Bell Story‎, Energy News, Power Generation
Nigeria, China Seal $2.4 Billion Currency-Swap Deal

Nigeria, China Seal $2.4 Billion Currency-Swap Deal

From Vanguard News Nigeria

Nigeria and China have signed a currency-swap agreement worth $2.4 billion to boost commercial ties and reduce the need to use dollar in their bilateral trade. Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, …

May 4, 2018 - 6:24 pm Closing Bell Story‎, Energy News
Cash-Rich Thai Explorer Eyes Assets Worth Up to $1 Billion

Cash-Rich Thai Explorer Eyes Assets Worth Up to $1 Billion

From Bloomberg

Thailand’s PTT Exploration & Production Pcl is ready to shell out as much as $1 billion on an overseas petroleum asset this year, and possibly more, as it tries to prop up growth amid falling reserves.

The upstream …

May 4, 2018 - 5:22 pm Closing Bell Story‎, Energy News
Ukraine

Bakken Shale Getting Back ‘In-the-Money’ With U.S. Oil Nearing $70

From Bloomberg

With breakthroughs in drilling technology reducing costs and crude oil prices near $70 a barrel, wells in North Dakota are turning into cash cows.

The cost of getting oil and gas to the surface in North Dakota’s Bakken …

May 4, 2018 - 5:17 pm Closing Bell Story‎, Crude Oil News, Energy News
Energy Firms Will Build U.S. Gateway for World’s Biggest Crude Oil Tankers

Energy Firms Will Build U.S. Gateway for World’s Biggest Crude Oil Tankers

From the Wall Street Journal

New U.S. crude export facilities on the Gulf Coast may bring the world’s troubled business of operating big tankers a needed new market for transporting oil.

A trio of American energy logistics firms is preparing …

May 4, 2018 - 4:16 pm Closing Bell Story‎, Energy News
What Does the Railroad Commission of Texas Regulate? Not Railroads

What Does the Railroad Commission of Texas Regulate? Not Railroads

From The Wall Street Journal

Ryan Sitton of the Railroad Commission of Texas said there’s a basic frustration with his job: People keep asking him about railroads.

“People don’t know the job, and they think we are the train guys,” …

May 4, 2018 - 3:12 pm Closing Bell Story‎, Energy News
Pemex Seeks to Achieve Global Oil Company Status

Pemex Seeks to Achieve Global Oil Company Status

From the Houston Chronicle

Talos-led GOM discovery putting wind in Pemex sails

Pemex is finalizing a development agreement with a group led by the Houston exploration and production company Talos Energy, which made the discovery last year about 37 miles …

May 4, 2018 - 2:37 pm Closing Bell Story‎, Energy News, Mexico
Strong Oil & Gas Sector Pushes Texas Sales Tax Revenue Up 13% to $2.7 Billion

Strong Oil & Gas Sector Pushes Texas Sales Tax Revenue Up 13% to $2.7 Billion

From the San Antonio Express-News

Strong growth in the state’s oil and gas sector helped sales tax revenue in Texas grow by double-digits in April, Texas Comptroller Glenn Hegar said Wednesday.

Texas collected $2.7 billion in sales tax receipts last …

May 4, 2018 - 2:25 pm Closing Bell Story‎, Energy News
One of Exxon’s Top Women Tests If Big Oil Can Win Big in Shale

One of Exxon’s Top Women Tests If Big Oil Can Win Big in Shale

From Bloomberg

Exxon Mobil Corp.’s Sara Ortwein has delivered some of the energy industry’s biggest engineering feats over a 38-year career. Her newest challenge: Winning in the nimble, fast-moving world of shale.

Ortwein’s task is as much cultural as technical. …

Return of Iran Sanctions Could Take 1 Million Daily Barrels of Crude Off the Market

Return of Iran Sanctions Could Take 1 Million Daily Barrels of Crude Off the Market

Unraveling of Iran nuclear deal could ‘propel’ oil prices skyward: analysts

From CNBC

A dramatic uptick in oil prices in recent weeks has partly been driven by mounting expectations that Donald Trump will soon pull out of the 2015 accord.…

Unemployment Rate Falls to 17-Year Low – U.S. Adds 164,000 Jobs

Unemployment Rate Falls to 17-Year Low – U.S. Adds 164,000 Jobs

From MarketWatch

The numbers: The economy generated a solid 164,000 jobs in April to push the unemployment rate below 4% for the first time since Bill Clinton was president, a sign the surging labor market shows no signs ebbing.

The …

May 4, 2018 - 11:03 am Closing Bell Story‎, Energy News
Canadian Natural Resources, Suncor, Cenovus Face Cutting Oil Output During Transport Crunch

Canadian Natural Resources, Suncor, Cenovus Face Cutting Oil Output During Transport Crunch

From Reuters/Globe and Mail

Canadian Natural Resources Ltd (CNRL) , one of Canada’s biggest oil and gas producers, will produce less than expected this spring, it said on Thursday, as transport bottlenecks pressure prices of Canadian heavy crude.

Tight capacity …

May 3, 2018 - 3:54 pm Closing Bell Story‎, Energy News, Oil Sands