Oil
Occidental Explores Sale of Permian Assets Worth Over $1 Billion, Sources Say
Occidental Petroleum is exploring a sale of a part of its operations in the Permian Basin that could fetch more than $1 billion for the energy producer, according to people familiar with the matter.
ExxonMobil Completes Pioneer Acquisition, Doubling Permian Footprint
The acquisition, finalized on May 3, sees ExxonMobil more than doubling its footprint in the Permian Basin, combining Pioneer's substantial acreage and industry expertise with ExxonMobil's technological prowess and financial strength.
Energy Transfer Subsidiary Sunoco and NuStar Energy Merger Receives Green Light from Unitholders
The acquisition grants Sunoco access to NuStar's extensive transportation and storage infrastructure, encompassing approximately 9,500 miles of pipeline and 63 terminals.
U.S. Oil Executive Censure Puts Spotlight on Shale-OPEC Meetings
A U.S. regulator's censure of a top U.S. oil executive over private meetings with the Organization of the Petroleum Exporting Countries (OPEC) group of oil producers has put a spotlight on dinners attended by dozens of shale executives.
Exxon's $60 Billion Deal with Pioneer Gets FTC Approval, Former Pioneer Exec Barred from Board
U.S. regulators on Thursday gave the go-ahead to Exxon Mobil's $60 billion purchase of Pioneer Natural Resources, but barred Pioneer's former CEO from Exxon's board on allegations he attempted to collude with OPEC to raise oil prices.
Oil Prices Rise on Prospect of U.S. Replenishing Strategic Reserve
Oil prices rose on Thursday on the prospect the U.S. may start buying crude for its petroleum reserve, after prices sank to a seven-week low on hopes for an Israel-Gaza ceasefire, doubts about U.S. interest rate cuts and swelling oil inventories.
Exxon's $60 Billion Pioneer Merger Deal Poised for FTC Approval, Pending Key Condition
The FTC is likely to approve ExxonMobil's $60 billion buyout of Pioneer Natural Resources, but former Pioneer CEO Scott Sheffield's exclusion from the merged board may be crucial for finalizing the deal.
Cenovus Energy Surpasses Profit Estimates, Eyes New Markets with Trans Mountain Pipeline Expansion
Cenovus Energy beat first-quarter profit estimates on Wednesday due to higher production and refinery throughput, and executives said the start-up of the Trans Mountain pipeline expansion would open up new markets.
U.S. State Dept. Clears Oil Service Firm SLB of Russia Sanction Violations
The U.S. State Department believes oil services firm SLB has not violated sanctions against Russia and the company has been told what Washington is willing to accept, Assistant Secretary of State Geoffrey Pyatt told Reuters in an interview on Wednesday.
Trans Mountain Pipeline Begins Operations After Years of Delays and $25 Billion Investment
After 12 years and $25 billion, Canada's Trans Mountain pipeline expansion project began commercial oil shipments on Wednesday, a major milestone expected to transform access to global markets for the country's producers.
Enterprise Products Targets Year-End Approval for Deepwater Oil Port
Enterprise Products Partners on Tuesday said it expects to have two contracts for its proposed deepwater oil export terminal by May 31 and reach a final investment decision before year-end.
INGAA Foundation Names Hebe Shaw as New Executive Director
The INGAA Foundation announced at the 2024 INGAA and INGAA Foundation Spring Meeting that Hebe Shaw has been promoted to the role of Executive Director, effective April 1, 2024.
Enterprise Products Partners Plans 10-Day Downtime for Wink-to-Webster Pipeline in June
Energy pipeline operator Enterprise Products Partners on Tuesday said it notified shippers of downtime for about 10 days in June on the Wink-to-Webster shale oil pipeline.
Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route
Enbridge has chosen contractors for its Great Lakes Tunnel Project, a move designed to secure the pathway for its Line 5 pipeline. The project aims to enhance safety by placing the pipeline deep below the Straits of Mackinac, mitigating environmental risks.
Colorado Oil Producers Face New Production Fee in Compromise Deal
Colorado's oil producers are bracing for a new fee associated with their production as part of a compromise the industry reached with environmental groups that were pushing for more stringent regulations on drilling.
NAMCOR Partners with Chevron for Offshore Block Development in Namibia
Namibia's national oil company has signed a development deal with Chevron that will see the U.S. oil major take an 80% operating working interest in an offshore block in the Walvis Basin, NAMCOR said on Monday.
Diamondback Energy, Endeavor Face FTC Scrutiny with Second Request on $26 Billion Merger
Oil and gas firm Diamondback Energy said on Monday it had received a second request from the U.S. Federal Trade Commission (FTC) in connection with the $26 billion deal to buy privately-held Endeavor.
Report: Global Upstream Sector Eyes $150 Billion in Deals for Rest of 2024
The global upstream industry could see dealmaking worth another $150 billion throughout the remainder of the year, with focus shifting to shale plays in U.S. other than the Permian Basin, analysts said.
Reliance Makes First Canadian Crude Purchase from Trans Mountain Pipeline, Sources Say
Reliance Industries has bought 2 million barrels of Canadian crude from Shell for July delivery, marking the Indian refiner's first oil purchase from Canada's new Trans Mountain pipeline, trade sources said.
Trans Mountain Pipeline Expansion Set to Commence Partial Operation: What Lies Ahead?
Canada's Trans Mountain pipeline expansion (TMX) is set to enter partial operation on May 1, years behind schedule and at more than four times the original cost - but with the potential to affect oil flows even outside North America.
Tivoli Midstream Acquires Strategic Texas Gulf Coast Terminal Assets
Tivoli Midstream LLC has announced the closing of an acquisition of strategic terminal and infrastructure assets located in the Gulf Coast of Texas in Brazoria County (the Chocolate Bayou Assets) from affiliates of Ascend Performance Materials LLC.
Shell Earns $1 Billion a Year from U.S. Crude Trading, Court Filing Shows
Financial details of Shell's vast oil and gas trading business are some of the company's closest-held secrets. Documents in a lawsuit filed by a former employee, however, revealed its U.S. crude trading regularly earns around $1 billion every year.
Cenovus Subsidiary Husky Oil Operations Fined $1.83 Million for 2018 Canada Oil Spill
The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) had laid three charges against Husky Oil Operations Ltd. for the spill — the largest in the province's history — in October 2021.
OPEC Secretary General: 'End of Oil Not in Sight', Urges Focus on Emissions Reduction
The end of oil is not in sight, OPEC's top official said, as the pace of energy demand growth means that alternatives cannot replace it at the needed scale, and the focus should be on cutting emissions not oil use.
Pipeline Projects Seen as Unlikely to Involve Western-Based Companies
(P&GJ) – Inside China, there are numerous large-scale oil and gas pipeline projects that are being built, are currently in the planning stages or have been proposed. Some of these have huge potential significance, and the situation has certainly caught the attention of Western-based companies, which hope to supply equipment, technology or services to one or more of the projects.
Exxon Misses Q1 Profit Estimates Despite Guyana Gains
Exxon Mobil Corp. on Friday missed analysts' estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains.
Trans Mountain Expansion Requires Six More Leave-to-Open Permits, Says Regulator
The Canada Energy Regulator has six leave-to-open applications left to consider for the 590,000 barrel-per-day Trans Mountain pipeline expansion project, a CER spokesperson said on Friday.
Natural Gas Price Plunge Hits Big Oil Earnings Hard
U.S. and European oil companies reported weaker first quarter results on Friday due to a sharp drop in natural gas prices compared with a year ago.
Valero Beats Profit Expectations Amidst Strong Demand and Supply Constraints
Refiner Valero Energy beat first-quarter profit estimates on Thursday, benefiting from sustained demand supplies remained tight due to disruptions in Russia and maintenance work at U.S. refineries.
Hess Profit Soars on Increased Guyana Output, Positive Sign for Exxon
Hess Corp. on Thursday reported first-quarter earnings well above analysts' forecasts, driven by a 28% increase in Guyana oil output, a sign Exxon Mobil's results out Friday could also top forecasts.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
- Venezuela Proposes Alternative Payment Plan as Weak Bids Surface in Citgo Auction
- Baker Hughes Wins Contract for Huge Aramco Gas Expansion Project
- Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route
- Russia's Gazprom Sees Worst Loss in Decades as European Gas Sales Collapse
