Oil

Brookfield Stays Committed to Hostile Inter Pipeline Takeover

Brookfield Infrastructure Partners said it is committed to its C$7.1 billion ($5.65 billion) hostile takeover offer for Inter Pipeline Ltd despite the pipeline company's board turning down the bid.

EnerMech Secures Five-Year Deal with Chevron Australia

Chevron Australia awarded global integrated solutions specialist EnerMech a five-year contract to provide a range of integrated services to its Western Australian oil and gas facilities.

Russia's Rosneft to Sell Southern Assets, Focus on Vostok Oil

Rosneft is selling its three southern oil assets and could complete deals for all three by the end of May as Russia's top oil company shifts focus to the giant northern Vostok Oil project.

Canada's Secure Energy to Buy Tervita as Oil Deals Speed Up

Canada's Secure Energy Services Inc said it would buy waste management services firm Tervita Corp in an all-stock deal valued at C$478 million ($379.5 million), the latest consolidation in the country's oil sector.

EIA Expects Crude to Average Near $50 Per Barrel Through 2022

The U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids to be greater than global supply in 2021, especially during the first quarter, leading to inventory draws.

Canada’s Inter Pipeline Urges Shareholders to Reject Brookfield's Hostile Bid

Inter Pipeline Ltd asked shareholders to reject Brookfield Infrastructure Partners' hostile bid, saying the offer "significantly undervalues" the Canadian oil and gas transportation company.

Canadian Natural Resources Beats Profit Estimates

Canadian Natural Resources Ltd, Canada's biggest oil producer, beat analysts' estimates for fourth-quarter profit and forecast much stronger cash flow this year, as crude prices staged a steady recovery from pandemic-driven lows.

Oil Optimism Unwinding Market's Mad Dash for Storage

When the world economy slammed on the brakes last year, there was a rush to store a wave of unwanted crude and products, but rising prices and optimism about demand is spurring a swift unwinding of storage contracts.

Nigeria's Seplat Cutting Costs, Keeping Acquisitions on the Radar

Nigerian oil and gas company Seplat aims to cut costs and is looking out for acquisitions even after the crash in crude prices eroded its 2020 revenue.

Canada's Alberta Sees Budget Deficit Narrowing as Oil Prices Recover

The Canadian oil-producing province of Alberta estimated its 2021/22 budget deficit will shrink to C$18.2 billion ($14.5 billion), as its economy starts to recover from the damage caused by the coronavirus pandemic.

Max Midstream Launches Open Season on Seahawk Pipeline

Seahawk Pipeline, a subsidiary of Max Midstream, is developing a crude oil pipeline in the Eagle Ford area from its Edna Terminal to the Seahawk Terminal in the Port of Calhoun, Texas, and wants to gauge shipper interest, the company announced.

Uganda Expects Work on Oil Pipeline with Total to Soon Start

Uganda said the construction of a $3.5 billion oil pipeline with France's Total due to run through neighboring Tanzania was expected to begin shortly.

EIA: U.S. Crude Output Falls 10%, Refinery Runs Drop to 2008 Low

U.S. crude oil production dropped by more than 1 million barrels per day last week during Texas's deep freeze, equaling the largest weekly fall ever, and refining runs tumbled to levels not seen since 2008.

An Alberta Petrochemical Complex is at the Heart of Brookfield's Inter Pipeline Bid

Inter Pipeline Ltd's ambitious petrochemical plant was meant to unlock new markets, instead it has left the Canadian company battling cost overruns and vulnerable to a hostile C$7.08 billion ($5.64 billion) takeover from Brookfield Infrastructure Partners.

Brookfield Launches Hostile Bid to Buy Canada's Inter Pipeline

Brookfield Infrastructure Partners said on Monday it formally launched its hostile bid to buy Inter Pipeline Ltd, weeks after the Canadian oil and gas transportation company rejected its unsolicited offer as inadequate.

Oil Producers Eye Long Road to Recovery as Texas Thaws

Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said.

Texas Oil Refiners Will Take Weeks to Recover, Boosting U.S. Gas Prices

Texas oil refineries shut by cold-weather disruptions may take several weeks to resume normal operations, industry experts said on Friday, helping to push up fuel prices.

As Power Returns, Texas Energy Firms Slowly Emerge from Deep Freeze

Texas energy companies on Friday began preparing to resume oil and gas production after days of frozen shutdowns as electric power and water service slowly resumed at darkened oilfields and refineries.

Energy Transfer Upping NGL Investments as Oil Pipeline in Doubt

Energy Transfer LP executives said the company is deepening its investments in natural gas liquids (NGLs) as crude oil pipeline shipments decline and as the company faces the possible closure of its Dakota Access line.

TC Energy Profit Rises 13% on Earnings from U.S. Gas Pipelines

TC Energy Corp reported a 13.4% rise in fourth-quarter comparable profit on Thursday, partly helped by lower operating costs for its U.S. natural gas pipelines.

Texas Oil Producers Still Shut; Governor Bans Natural Gas Exports

The Texas governor ordered a ban on natural gas exports from the state to try to speed the restoration of power, which could heavily impact Mexico.

Energy Transfer to Acquire Enable Midstream for $7 billion

Dallas-based Energy Transfer and Oklahoma City’s Enable Midstream Partners are merging after agreeing that Energy Transfer will acquire Enable for an all-equity $7.2 billion deal.

Texas Energy Sector Struggles to Thaw After Deep Freeze

Texas produces more oil and natural gas than any other U.S. state, and its operators, unlike those in North Dakota or Alaska, are not used to dealing with frigid temperatures.

Norway Oil Firms Raise 2021 Investment Plans

Oil and gas firms in Norway have increased their 2021 investment plans in recent months, but still plan to spend less than last year and to reduce spending in 2022.

Magellan Midstream Launches Open Season for Potential New Mexico Pipeline Expansion

The nearly 250-mile pipeline segment currently transports various grades of gasoline and diesel fuel from Magellan's terminal in El Paso, Texas to terminals in Albuquerque, New Mexico.

Texas Deep Freeze Hits Energy Sector

A deep freeze in Texas that started over the weekend continued to wreak havoc on the U.S. energy sector on Tuesday, grounding operations at the Houston Ship channel and curbing output in the nation's largest oil field in the Permian, while several of the biggest oil refineries remained offline.

Oil Prices Close to 13-month Highs, Supported by Texas Cold Snap

Oil prices hovered near 13-month highs on Tuesday, supported by a U.S. cold snap that shut wells in Texas, though gains were capped by a Norwegian wage deal that averted supply disruptions in Europe.

Argentina's Shale Oil Drives Rebound

Oil output from the Vaca Muerta region in Patagonia, which holds the fourth-largest shale oil reserves in the world, stalled during the coronavirus pandemic but hit a record high in December as producers revved up wells with an eye on rebounding prices and a new export market.

Russell: Australian Refinery Closure Adds to Litany of Energy, Climate Failures

The closure of one of Australia's last remaining oil refineries, carbon border taxes in Europe and a proposal for the world's biggest battery storage plant all show a failure to produce a coherent climate change policy.

Unsolicited, Brookfield Offers $5.6 billion for Canada's Inter Pipeline

Brookfield Infrastructure Partners L.P. made an unsolicited C$7.08 billion ($5.6 billion) offer on Wednesday to buy Canada's Inter Pipeline Ltd as it seeks to benefit from rebounding oil and gas demand, after an approach last year was rebuffed.