Post Tagged with: "USA"

Mexico Becomes First Country to Approve USMCA

Mexico Becomes First Country to Approve USMCA

From the Washington Examiner

Mexico’s Senate voted overwhelmingly in favor of approving the U.S.-Mexico-Canada Agreement on trade, a deal that would replace the North American Free Trade Agreement.

The measure passed with a 114-4 vote, bringing the agreement one …

June 20, 2019 - 6:53 am Closing Bell Story‎, Mexico, Trade
Russian Oil Sales to U.S. ‘On Steroids’, May Triple Soon

Russian Oil Sales to U.S. ‘On Steroids’, May Triple Soon

From Bloomberg

Petroleum exports from Russia to the U.S. are growing rapidly as the supplier takes advantage of lost deliveries from sanctions-hit Venezuela and supply cuts by OPEC members.

In the first half of May, 13 ships from Russia delivered …

May 22, 2019 - 8:37 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Novatek

Russia Outpaced The U.S. In Supplying Europe with LNG In 2018

From Caspian News

While the United States is ramping up pressure on Europe to buy more American liquefied natural gas (LNG) instead of Russian natural gas, Russian deliveries of LNG to Europe are reportedly outstripping those from the United States …

April 4, 2019 - 9:01 am Closing Bell Story‎, Energy News, LNG
How the U.S. Will Handle the OPEC-Russia Spigot

How the U.S. Will Handle the OPEC-Russia Spigot

Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered …

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported today that it has agreed to provide its primary customer in the STACK with additional dedicated horsepower and equipment, including natural gas-powered pumping units. The company refers to this collaborative plan as a …

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Closes $1.4 Billion Acquisition

Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt.

Vermilion acquired all of the …

U.S. Rig Count Heads Up to 1,059

U.S. Rig Count Heads Up to 1,059

Baker Hughes released its weekly rig count today. The total U.S. number of rigs went up 13, ending the week of May 25, 2018 at 1,059. A year ago at this time there were 881 U.S. rigs at work.

Texas …

The U.S. Sanctions Venezuela

The U.S. Sanctions Venezuela

On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government.

According to law firm Akin Gump, the new prohibitions …

Iran’s Short-Lived Oil and Gas Boom

Iran’s Short-Lived Oil and Gas Boom

Iran’s energy sector will feel the repercussions of renewed sanctions

Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment.

Iran’s Short-Lived Oil and Gas Boom

Although …

Courtesy of RSP Permian

OECD Inventories Lowest in Three Years: IEA

Inventory declines have brought prices to three-year highs

The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market.

In March 2018, OECD stocks declined by 27 million barrels to …

API Names New President and CEO

API Names New President and CEO

Mike Sommers will be the new president and CEO of the American Petroleum Institute, following an election this afternoon by API’s board. Sommers brings two decades of political experience to API, including his current role as president and CEO of …

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Produces 1,224 MBOEPD, Nets $0.9 Billion

ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share.

First quarter production, excluding Libya, was 1,224 MBOEPD. Production from …

Shell rendering of its Vito deep-water development in the U.S. Gulf of Mexico. Vito will feature a new, simplified host design and associated infrastructure. (PRNewsfoto/Shell Offshore Inc.)

Shell Expects its Deepwater GOM Project Vito will Break Even at Sub-$35 Oil

Royal Dutch Shell’s (ticker: RDS.A) Shell Offshore Inc. finalized its investment decision for the deep-water development, Vito, located in the U.S. Gulf of Mexico.

The company said it estimates a forward-looking, breakeven price to be less than $35 per barrel.…

Grieve CO2 EOR Project

Elk Petroleum’s Grieve CO2 Project Starts Production

Elk Petroleum Limited (ticker: ELK) has commenced production on its Grieve CO2 EOR Project. The company said it expects initial gross oil production of 1,100-1,200 BOPD.

CEO Brad Lingo commented, “I’m exceedingly pleased to announce the start-up of oil production …

Crescent Point Energy Grows USA Operations

Crescent Point Energy Grows USA Operations

Crescent Point Energy Corp. (ticker: CPG) said its Q1 2018 production and cash flow from its U.S. assets have grown year-over-year by approximately 60% and 175%, respectively. Additionally, the company said its land position in the east shale Duvernay light …

Canada Needs Higher Takeaway Capacity and Lower Oil Price Differential

Canada Needs Higher Takeaway Capacity and Lower Oil Price Differential

Canada is hurting for takeaway capacity—the industry needs pipelines to take its oil and gas production to market, or more locomotive hauling capacity—or both.

Cenovus Energy Inc. (ticker: CVE) said it has reduced production rates due to pipeline constraints and …

Trade Shift: United States Exports More Energy Products to Mexico

Trade Shift: United States Exports More Energy Products to Mexico

In the past three years, the U.S. has exported more energy products to Mexico than it imports. That’s a reversal from just a few years ago.

Historically, energy trading between Mexico and the U.S. was characterized by Mexican sales of …

Johan Sverdrup

Source: Total

Totally Bought: Maersk Oil/Total Deal Closed – Makes Total 2nd Largest North Sea Operator

Total S.A. (ticker: TOT) closed the acquisition signed on August 21, 2017, adding around one billion BOE 2P reserves, mainly in OECD countries. The acquisition also increases Total’s production by 160 MBOEPD in 2018, and the company expects to ramp …

Vermilion Energy Increases Dividend, Reduces Debt

Vermilion Energy Increases Dividend, Reduces Debt

International producer Vermilion Energy Inc. (ticker: VET) increased production by 8% from Q3 2017, reaching an average of 72,821 BOEPD in Q4 2017.

For Q4 2017, Vermilion Energy reported net earnings of $8.645 million, or $0.07 per share. This compares …

Image: Oil & Gas 360

100 Million Barrels of Strategic Oil Reserves to be Sold

Recent U.S. legislation has directed the sale of more than 100 million barrels of oil from the Strategic Petroleum Reserve (SPR) in government fiscal years 2022 through 2027.

Based on legislated sales established in multiple acts of Congress, the SPR …

February 26, 2018 - 2:05 pm Closing Bell Story‎, Finance, Law, Oil and Gas 360 Articles
IEA World Oil Demand (mb/d = Millions of Barrels per Day), Feb. 2018

World Hungers for Oil: IEA

The International Energy Agency (IEA) released a new Oil Market Report (OMR) today.

In its OMR, the IEA said countries across the globe have been steadily consuming more and more oil over the past few years.

The IEA said that …

U.S. NatGas Reserves Went Up, but Oil Stands Pat in 2016: EIA

U.S. NatGas Reserves Went Up, but Oil Stands Pat in 2016: EIA

U.S. proved reserves of natural gas increased 5% in 2016, compared with a 17% decline in 2015

The United States had 341.1 trillion cubic feet (Tcf) of natural gas proved reserves as of December 31, 2016, according to U.S. Crude

US Net Energy Trade (1990-2050)

United States Powers Up Commodities Exports in 2022

The United States will become a net energy exporter in 2022, according to the newly released Annual Energy Outlook 2018 (AEO2018) Reference case from the EIA.

The cause? EIA says changes in the petroleum and natural gas market are driving …

Cheniere's Corpus Christie Plant

More U.S. Gas Earmarked for China: Cheniere, CNPC Go Long-Term

Cheniere Energy, Inc. (ticker: LNG) has entered into two LNG sale and purchase agreements (SPA) with China National Petroleum Corporation (CNPC).

Under the SPAs with Cheniere’s subsidiaries, Corpus Christi Liquefaction, LLC and Cheniere Marketing International LLP, CNPC subsidiary PetroChina International …

February 9, 2018 - 2:51 pm China, Closing Bell Story‎, LNG, Oil and Gas 360 Articles
ExxonMobil Stacks 2.7 Billion More Barrels into Reserves, Bringing 2017 Total to 21.2 Billion Barrels

ExxonMobil Stacks 2.7 Billion More Barrels into Reserves, Bringing 2017 Total to 21.2 Billion Barrels

Exxon Mobil Corporation (ticker: XOM) added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of 2017 production. ExxonMobil’s proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57% of the …

Asia takes 35% of U.S. exported crude oil Jan.-Aug. 2017; snags 40% of U.S. exports in Sept.-Oct.

U.S. Crude Exports Jump to Record Level After Harvey Disrupts Refining

Hurricane Harvey disrupted U.S. Gulf Coast refining operations from late August to September in 2017, and pausing operations led to record-high U.S. crude oil exports when facilities reopened after the storm, the EIA reported today.

In October 2017, crude oil …

The North Sea Will Have Legs in 2018: Halliburton CEO Miller

The North Sea Will Have Legs in 2018: Halliburton CEO Miller

Halliburton Company (ticker: HAL) announced a loss from continuing operations of $805 million, or ($0.92) per diluted share, for the fourth quarter of 2017. Adjusted income from continuing operations for the fourth quarter of 2017, excluding charges related to United …

More PetroChem Plants: PetroLogistics II Formed with $500 Million Initial Commitment

More PetroChem Plants: PetroLogistics II Formed with $500 Million Initial Commitment

Quantum Energy Partners and Stonecourt Capital LP have announced the formation of PetroLogistics II LLC, with founders David Lumpkins and Nathan Ticatch.

PetroLogistics II, headquartered in Houston, Texas, plans to continue the strategy of its predecessor, PetroLogistics Company LLC. The …

Fraser Institute Releases 2017 Global Petroleum Survey Results

Fraser Institute Releases 2017 Global Petroleum Survey Results

The shackles are being taken off the U.S. energy sector, which spells trouble for Canadian jurisdictions trying to attract oil and gas investment dollars – Fraser Institute

What is the Global Petroleum Survey?

The annual survey, published by the Fraser …

Energy Providers to Combine in US$5.3 Billion Cross-Border Cash Deal

Energy Providers to Combine in US$5.3 Billion Cross-Border Cash Deal

Hydro One to acquire Avista in Canada-U.S. energy transmission combo

Ontario’s largest electricity transmission and distribution provider, Hydro One Limited (TSX:H) and Northwest U.S. energy provider Avista Corporation (NYSE:AVA) announced a definitive merger agreement under which Hydro One will acquire …