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MarketsSee More
WTI Crude Oil Hits Highest Since 2019 as Refineries Restart
Analysts said WTI crude increased late in the day as more Texas oil refineries started to return to service, including Valero Energy’s Port Arthur plant and Citgo Petroleum’s Corpus Christi plant.
US, Canadian Crude Exports to India Surge
In January, oil from the US and Canada accounted for 11% of India’s imports.
Texas Oil Refiners Will Take Weeks to Recover From Winter Storm
The refinery shutdowns will depress prices for U.S. crude oil and widen the spread between U.S. and Brent crude, Paul Sankey of independent energy researcher Sankey Research said.
Oil ‘Supercycle’ Predictions Divide Veteran Traders
Bullish Wall Street banks expect crude oil prices to rise as high as $100 as the world economy rebounds.
BusinessSee More
Oil and Gas Investor At Closing: Writing a New Script
After the traumas of 2020, we see some positive signs in traditional oil and gas, although we are not naïve enough to think the industry will have smooth sailing from here on.
Chevron Launches $300 Million Fund for Energy Transition Technology
Chevron said Future Energy Fund II will focus on innovation in industrial decarbonization, emerging mobility, energy decentralization and the growing circular carbon economy.
ConocoPhillips COO Matt Fox to Retire after 35 Years with Houston Company
Matt Fox, who served in several leadership roles at ConocoPhillips before becoming COO in 2018, helped guide the company’s “successful transformation” into an independent E&P, says CEO Ryan Lance.
Apache Posts Lower Fourth-quarter Loss as Oil Prices Recover
U.S. oil producer Apache raised its project spending forecast to $1.1 billion for this year as oil prices have improved since its previous outlook of keeping upstream expenses below a billion dollars.
TechnologySee More
Exxon Mobil R&D VP Talks ‘Technology Gap’ in Energy
Collaboration and innovation are crucial to advancing technologies needed to meet the growing push for sustainability and cleaner forms of energy, Exxon Mobil executive says.
Petrobras to Hire FPSO Platform from SBM Offshore for Búzios Field
Brazilian oil company Petrobras said it signed a letter of intent on Feb. 24 with Holland’s SBM Offshore to hire a FPSO for the Búzios field in the Santos Basin pre-salt.
Lamprell Lands Aramco Contract for Giant Offshore Oil Field
Lamprell has been awarded an engineering, procurement, construction and installation (EPCI) contract on Feb. 24 by Saudi Aramco as part of their long-term agreement program (LTA) with Lamprell.
Oil States Executive Officer Chris Cragg Steps Down
Oil States International Inc. has revealed on Feb. 23 that Chris Cragg, executive vice president of operations will depart the company effective March 1, 2021 to pursue other opportunities.
Exploration & ProductionSee More
U.S. Energy Development Continues Permian Basin Expansion with Recent Acquisitions
U.S. Energy Development acquired interests in oil development projects that the company’s CEO described as “instrumental” in U.S. Energy’s continued growth and expansion in the Permian Basin.
Israel to Link Leviathan Gas Field to Egypt LNG Plants, Minister Says
Israel and Egypt have agreed to build a pipeline to connect Israel’s offshore Leviathan natural gas field to LNG terminals in northern Egypt, the Israeli minister said on Feb. 21.
Yergin: US Shale Will Grow under Biden’s Rule
“There are a lot of economic advantages from shale production and some foreign policy advantages,” says IHS Markit Vice-Chairman and energy guru Daniel Yergin. “And Joe Biden is a foreign policy person.”
E&P Deep Dive: Dead DUCs?
RED President Steve Hendrickson discusses reasons for “dead” DUCs, including why some of the drilled but uncompleted oil and gas wells may never actually be completed.
TransactionsSee More
Industry of Debt: Oil and Gas M&A Looks for 2021 Reset
As more debt is restructured or discharged, the drag on M&A should lessen, which could lead to the return of dealmaking in the oil and gas sector to pre-pandemic levels, Deloitte says.
A&D Advisory Firm EnergyNet Celebrates 22 Years in Business
EnergyNet has successfully closed $5 billion in oil and gas assets in the past two years, according to the A&D advisory firm’s release.
Energy A&D Transactions from the Week of Feb. 24, 2021
Here’s a snapshot of recent energy deals including a series of transactions in the Duvernay Shale as both Shell and Ovintiv exit the play plus Continental Resources reveals itself as the buyer of Samson Resources’ Powder River Basin position.
On the Market Oil and Gas Quicklist (Week of Feb. 24, 2021)
Here’s a quicklist of oil and gas assets on the market including certain Ageron Energy properties located in the dry gas window of the Eagle Ford Shale in South Texas plus a Caney and Woodford Shale opportunity from Falcon E&P Royalty Holdings.
Policy & RegulationsSee More
Senate Weighs Interior Nominee Haaland
Republicans on the Energy and Natural Resources Committee are expected to grill her on fossil fuels.
Russia, Saudi Arabia At Odds over Oil Cuts Ahead of OPEC+ Meeting: Reports
Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group.
Texas RRC Notifies Producers of Governor Abbott’s Mandate to Keep Gas in State
The Texas Railroad Commission, though, likely does not have the authority to interfere with contracts between companies to sell gas out of state, says Commissioner Jim Wright.
Texas Governor Bans Natgas Exports Amid Freeze; Oil Producers Still Shut
Governor Greg Abbott directed Texas natural gas providers not to ship outside the state until Feb. 21 and asked the state energy regulator to enforce his export ban.
MidstreamSee More
Enbridge Subsidiary Launches Green Hydrogen Injection Project
Gazifère, an Enbridge subsidiary, and Evolugen, the Canadian operations arm of Brookfield Renewable, revealed plans on Feb. 25 to build and operate one of Canada’s largest green hydrogen injection projects in Quebec.
ArcLight Buys Stake in Kinder Morgan, Brookfield JV for $830 Million
The value of the sale to ArcLight implies an enterprise value of about $5.2 billion for NGPL, jointly owned by Kinder Morgan and Brookfield Infrastructure Partners, which represents 11.2 times its 2020 EBITDA.
Brookfield Formally Launches Hostile Bid to Buy Inter Pipeline for Nearly $6 Billion
Brookfield, which acquires and manages infrastructure assets, is offering CA$16.50 per share for Inter Pipeline, valuing the company at CA$7.08 billion (US$5.62 billion).
Inter Pipeline Launches Review after Rejecting Brookfield’s $6 Billion Bid
Inter Pipeline said on Feb. 18 it has launched a review of options, including a possible ‘corporate transaction,’ just a week after it rejected an unsolicited bid from its largest shareholder.
