Occidental Petroleum Corp. said April 2 that it opposes Texas oil and gas regulators imposing production limits.
Texas regulators are set to consider curtailing output for the first time in nearly 50 years at an April 14 meeting—part of an attempt to curb an oil oversupply as the coronavirus pandemic keeps much of the world from driving and flying.
It is rare for Texas officials to seek production cuts, but top shale oil producers Pioneer Natural Resources Co. and Parsley Energy Inc. have urged the state to mandate 20% production cuts at larger oil and gas firms. Pioneer's CEO also called for regulators to consider blocking higher foreign oil imports.
In a letter to regulators, Occidental called the curtailment idea a "short-sighted" one that would disadvantage Texas producers against other states.
China's Sinopec to Take Stake in Qatar's North Field East
2023-04-12 - The deal marks first shareholding for an Asian customer.
Enbridge to Acquire Natural Gas Storage for $295 Million
2023-05-01 - For Enbridge, the purchase of the Montney storage mirrors a deal the midstream company made in March to buy gas storage on the U.S. Gulf Coast.
NGL Energy Partners Closes Marine Fleet Sale, Reduces Debt
2023-04-06 - In two agreements, NGL sold its fleet to NGL Marine LLC and Campbell Transportation Co. Inc. and NGL Marine LLC and Magnolia Marine Transport Co.
USD Partners Sells Wyoming Crude Storage, Rail Terminal
2023-04-06 - USD Partners divested a crude oil storage, blending and railcar-loading terminal in Casper, Wyoming, and plans to use the proceeds to pay down debt.