Records 3Q production of 3.8 million boe/d, $2.7 billion earnings The world’s largest publicly-traded oil company gave its 3Q 2016 earnings call this morning. Jeff Woodbury, Vice President of Investor Relations, was on the call while CEO Rex Tillerson was not present. The company logged earnings of $2.7 billion, a 38% decline from 3Q 2015, as well as capital and
Total: “positioned to be the most profitable European major oil company” French oil major Total (ticker: TOT) reported its third quarter earnings today. The company has continued to send the same message every quarter, focusing on increasing production and declining operational costs and capital spending. “We expect the environment to remain volatile but based on our 2015 and first half
Haynes and Boone looks at new EPA guidelines The U.S. Environmental Protection Agency has published new final Control Techniques Guidelines (CTGs) targeting volatile organic compound emissions from existing oil and natural gas equipment and processes in certain states and nonattainment areas. The agency looked at all the points where it found that emissions can occur throughout the oil and natural
Ethane’s domino effect in Pennsylvania The shale energy revolution is famous for jump-starting natural gas production in Appalachia, with Pennsylvania and Ohio at the center of a drilling boom during the past decade from which thousands of people flourished from good jobs related to natural gas extraction. But putting people to work drilling and producing natural gas and building pipelines to transport it
From Stratfor China is reportedly planning to merge the Sinochem Group and the China National Chemical Corp. (ChemChina) into a giant chemical company worth more than $100 billion. Both state-owned enterprises, however, have officially denied the merger talk. If China does, in fact, combine the two, it would create a downstream giant with a refining capacity of about 1 million
Marathon Sells CO2 and Waterflood Assets in West Texas and New Mexico Marathon Oil Corp (ticker: MRO) announced on Monday that it has signed an agreement to sell certain non-operated CO2 and waterflood Permian assets in West Texas and New Mexico for $235 million, excluding closing adjustments. The effective date for the transaction is September 1, and the deal is
Wells Fargo NGL Snapshot Examines U.S. Supply, Demand, and Fractionation Capacity With the arrival in Norway of the first ethane shipment from Enterprise Products Partners’ terminal in Morgan’s Point, Texas on September 22, Oil & Gas 360® took a look into the current state of the U.S. natural gas liquids market, as outlined in Wells Fargo’s September NGL Snapshot. May
From The New York Times Saudi Arabia has offered to buy the LyondellBasell oil refinery on the ship channel in Houston. Valero and two Canadian companies are also interested. HOUSTON — The Saudi national oil company is making a bid to significantly expand its operations in the United States at a critical moment in the always uneasy relations between the
Iraq relaunches investment plan to expand its downstream capacity Iraq’s oil ministry is revisiting a program announced four years ago to build four new refineries. Iraqi Oil Minister Jabbar al-Luaibi has invited international oil companies to invest in the construction of new facilities as the country looks to expand its downstream capacity. The ministry also plans to double Iraq’s crude
Loan Terms: 40 Years at 2% From Iraqi News (IraqiNews.com) Basra – Basra Provincial Council announced that the Japanese government has agreed to lend 2.1 billion US dollars to Iraq for developing Basra refinery and added that the loan will be repaid in 40 years with an interest rate of 2 per cent. Head of Oil and Gas committee in the council
BISMARCK, ND–(Marketwired – June 28, 2016) – MDU Resources Group, Inc. (NYSE: MDU) announced today that its subsidiary, WBI Energy, Inc., has sold Dakota Prairie Refining LLC to Tesoro Refining & Marketing Company LLC, an affiliate of Tesoro Corporation. WBI Energy had been equal partners in building and operating the refinery with Calumet North Dakota LLC, a subsidiary of Calumet
RFS Specifies Increasing Amounts of Renewable Fuels to be Added to Nation’s Gasoline and Diesel Supply – Committee Seeks Update on Implementation The Subcommittee on Energy and Power, chaired by Rep. Ed Whitfield (R-KY), has scheduled a hearing for Wednesday, June 22, 2016, at 10:00 a.m. in room 2123 of the Rayburn House Office Building. The hearing is entitled, “The
