Post Tagged with: "Volume"

Source: Plains All American Pipeline, L.P.

Plains Says its Midland Crude Terminal Trades Should be Kept in Key Price Assessment

From Reuters Plains All American Pipeline LP said trades at its own Midland crude terminal should be included in a key price assessment, responding to a proposal by Argus Media to remove it: * Plains’ 670,000 barrel-per-day (bpd) Cactus II pipeline began commercial deliveries earlier this month, sending WTI Midland prices at Plains’ terminal as much as 50 cents per barrel above those at Enterprise’s terminal, market sources said this week. * The disconnect in prices prompted Argus Media to propose a change to its WTI Midland pricing methodology to exclusively reflect prices at Enterprise’s terminal. The proposed change is open for comments until the end of the month. * “Given the volume of physical activity at both the Enterprise and Plains terminals, Plains believes that it would be appropriate to include trades at both locations in order to more accurately capture the market price at Midland for each grade,”[Read More…]

ExxonMobil Plans to Ramp Up Drilling in Permian and Bakken

ExxonMobil Plans to Ramp Up Drilling in Permian and Bakken

Exxon Mobil Corporation (ticker: XOM) reported 2017 earnings of $19.7 billion, compared to $7.8 billion in 2016 – this represents a 151% increase. Non-cash asset impairments of $1.5 billion were recorded during the year, mainly due to upstream assets. Q4 2017 earnings were $8.4 billion. Earnings excluding U.S. tax reform and impairments were $3.7 billion, which is down 2% compared with the prior-year quarter. U.S. tax reform in Q4 led to a non-cash earnings gain of $5.9 billion. “The impact of tax reform on our earnings reflects the magnitude of our historic investment in the U.S. and strengthens our commitment to further grow our business here,” said Darren W. Woods, chairman and CEO. “We’re planning to invest over $50 billion in the U.S. over the next five years to increase production of profitable volumes and enhance our integrated portfolio, which is supported by the improved business climate created by tax reform.”[Read More…]