The Port of Corpus Christi next month will complete a dredging project that deepens the draft to an Ingleside, Texas, terminal, lifting overall export capacity by as much as 600,000 bbl/d, the port's chief executive said on March 7.
The deepening of the Ingleside channel draft, to 54 ft from 47 ft, allows larger vessels to load and expands export capacity by 400,000 bbl/d to 600,000 bbl/d, said Sean Strawbridge, the port's CEO, in remarks at the CERAWeek energy conference.
The port, located along the south Texas coast, sends some 2 MMbbl/d of oil to global markets. Its expansion will complete the second phase of a larger port improvement and expansion project.
Corpus Christi accounted for about 60% of U.S. crude oil exports last year.
Recommended Reading
Midstream Builds in a Bearish Market
2024-03-11 - Midstream companies are sticking to long term plans for an expanded customer base, despite low gas prices, high storage levels and an uncertain political LNG future.
Permian NatGas Hits 15-month Low as Negative Prices Linger
2024-04-16 - Prices at the Waha Hub in West Texas closed at negative $2.99/MMBtu on April 15, its lowest since December 2022.
Turning Down the Volumes: EQT Latest E&P to Retreat from Painful NatGas Prices
2024-03-05 - Despite moves by EQT, Chesapeake and other gassy E&Ps, natural gas prices will likely remain in a funk for at least the next quarter, analysts said.
US Natgas Prices Hit 5-week High on Rising Feedgas to Freeport LNG, Output Drop
2024-04-10 - U.S. natural gas futures climbed to a five-week high on April 10 on an increase in feedgas to the Freeport LNG export plant and a drop in output as pipeline maintenance trapped gas in Texas.
CNX Joins Crowd of Companies Cutting Back NatGas Production
2024-03-12 - Appalachian gas producer CNX Resources is reducing natural gas production in 2024 and announced delays for well completions on three shale pads.