Oil
Suncor Leases Aframax Vessels, Directly Sells Trans Mountain Crude
Canada's Suncor Energy is leasing Aframax vessels in the Pacific and selling direct to customers, seeking to maximize profits on oil being shipped on the newly completed Trans Mountain pipeline expansion.
Occidental Petroleum Aims to Close CrownRock Deal by August
Occidental Petroleum hopes to close its acquisition of shale oil producer CrownRock before its second-quarter earnings call, CEO Vicki Hollub said on Wednesday, a date that typically falls in August.
Exxon's Liza Unity FPSO in Guyana Hits Peak Output of 252,000 bpd, Executive Says
An ExxonMobil led oil consortium has achieved peak production of 252,000 barrels per day from its Liza Unity production vessel, Exxon Guyana Country Manager Alistair Routledge said on Wednesday.
U.S. Looks to Rebuild Strategic Petroleum Reserve as Oil Prices Drop
A drop in crude oil prices has put the U.S. back in the market for replenishing the Strategic Petroleum Reserve after selling off a record amount of crude from the stockpile in 2022.
TC Energy's Oil Pipeline Spin-off Faces Challenges in Gulf Expansion
TC Energy's planned oil pipeline spin-off is a bet that it can supply more Canadian crude to U.S. Gulf of Mexico refiners, but the venture faces stiff competition and will carry high debt when it starts up.
Crescent Point Unloads Assets in $600 Million Deal with Saturn Oil & Gas
Crescent Point Energy Corp. has finalized an agreement with Saturn Oil & Gas Inc. to offload specific non-core assets in Saskatchewan, Canada, for $600 million in cash.
Vinland Energy Sells Appalachia Assets to Dara Energy in Production Expansion Deal
Dara Energy, a production focused company, announced it has closed an agreement to acquire oil and gas assets in Kentucky, Tennessee, and Texas from Vinland Energy.
Exxon, Chevron CEOs Call for Clarity on U.S. Clean Energy Subsidies
Top executives at U.S. oil giants ExxonMobil and Chevron Corp. said on Monday that the U.S. needs to clarify rules on energy subsidies to drive the rapid, large-scale investments needed to fight climate change.
U.S. Plans to Buy 3.3 Million Barrels of Oil for SPR Replenishment
The U.S. Energy Department is seeking to purchase up to 3.3 million barrels of oil to replenish the Strategic Petroleum Reserve (SPR), it said in a statement on Tuesday.
Pipeline Operator Williams Beats First-Quarter Profit Estimates on Favorable Acquisitions
Williams Companies beat first-quarter profit estimates on Monday, as the pipeline operator benefited from increased rates and favorable contributions from acquisitions.
Pipeline Safety Improves Over Five Years, Focuses on Community Engagement and Low-Carbon Solutions
Despite increases in pipeline mileage and the volume of barrels transported, the American Petroleum Institute's recent report reveals that pipeline safety has seen improvement across various key metrics over the past five years.
Antero Midstream Acquires Summit Midstream's Marcellus Assets for $70 Million
Antero Midstream Corp. has made a strategic move with the acquisition of gathering and compression assets in the Marcellus Shale region for $70 million from Summit Midstream Partners.
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.
- 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
- Kinder Morgan Declares Force Majeure on West Texas Gas Pipeline After Fire
- Williams Delays Louisiana Pipeline Project Amid Dispute with Competitor Energy Transfer
- 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
- Shell Nigeria Inks $100 Million Gas Pipeline Deal with Oyo State
