Oil
Citgo's Quarterly Net Profit Plummets 81% on Plant Outages, Margin Decline
Venezuela-owned oil refiner Citgo Petroleum on Thursday reported fourth quarter net profit fell 81% to $154 million, from $806 million a year ago, on plant outages and weaker margins.
TC Energy's Keystone Oil Pipeline Offline Due to Operational Issues
TC Energy's Keystone oil pipeline went offline due to operational issues, sources said on Thursday, cutting off a major conduit of Canadian oil to the United States and sending oil prices higher.
U.S. Democrats Urge Antitrust Probe into Oil, Gas Mergers
Nearly 50 Democrats in the U.S. Congress on Wednesday urged the Federal Trade Commission to probe oil and gas company deals and expand current investigations to protect consumers and industry competition.
Hess Reassesses Chevron's $53 Billion Merger Timeline Amid Exxon's Bid
U.S. oil producer Hess said on Thursday it was reviewing the timeline for closing its merger with Chevron, after oil major Exxon Mobil signaled a potential counter offer for Hess's Guyana assets.
Turkey Inks Oil and Gas Cooperation Pact with Somalia
Turkey signed an offshore oil and natural gas cooperation deal with Somalia on Thursday, the Turkish Energy Ministry said, further strengthening bilateral ties after agreeing a defense deal last month.
IEA Forecasts Well-Supplied Oil Market in 2024 Despite Demand Slowdown
The global oil market is relatively well supplied with demand growth slowing, while supply is increasing from the Americas, the head of the International Energy Agency's (IEA) oil markets and industry division told Reuters on Thursday.
U.S. to Acquire 3 Million Barrels of Oil for Emergency Reserve in September
The U.S. is seeking to buy about 3 million barrels of oil for the Strategic Petroleum Reserve for delivery in September, the Energy Department said on Wednesday, as it slowly replenishes the emergency stash after selling a record amount in 2022.
Exxon Challenges Hess's Guyana Asset Sale, Signals Potential Bid
Exxon Mobil Corp. on Wednesday said it filed a contract arbitration disputing Hess Corp.'s proposed sale of its Guyana oil properties and suggested it may counter Chevron Corp.'s pending deal for the assets.
Montfort in Talks to Sell UAE Fuel Oil Facility to Sinopec
Geneva-based trading house Montfort Group is in discussion to sell part or all of its refining facility in the United Arab Emirates to the fuel oil arm of Chinese state giant Sinopec Corp., at least five industry sources told Reuters.
Tullow Oil Reports Loss in 2023, Aims for Operational Improvements Beyond 2025
Tullow Oil swung into a loss in 2023 after cutting the value of reserves in one of its West African oilfields, as its chief executive said the company would consider shareholder returns after 2025.
Turkish Oil Terminal Stops Accepting Russian Imports Amid U.S. Sanctions Pressure
One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States.
Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
Pipeline operator Enbridge raised its short-term profit growth forecast on Wednesday and said it will invest about $500 million in expanding its pipeline and storage assets to improve its U.S. Gulf Coast presence.
Canadian Oil Producer Cenovus Plans 19% Production Increase Over Five Years
Cenovus Energy, Canada’s third-largest oil producer, said on Tuesday it plans to boost energy production by 19% during the next five years as the country's pipeline capacity expands.
HVO: Fuel for the Future
The advancement of the energy transition is leading to a growing imperative to reduce carbon emissions in challenging-to-transform sectors. Various industries are adopting alternative fuels and embracing increased electrification to promote sustainable practices within the construction and extraction sectors. In this regard, hydrated vegetable oil (HVO) represents a pioneering alternative fuel source.
Canada Energy Regulator Approves Enbridge Mainline Toll Settlement
The Canada Energy Regulator said on Monday it has approved a toll settlement between pipeline operator Enbridge and shippers for moving oil along the Canadian mainline.
Exxon to Complete Beaumont, Texas, Hydrocracker Overhaul by End of March, Sources Say
Exxon Mobil Corp. plans to finish an overhaul of the hydrocracker at its 619,024 barrel-per-day Beaumont, Texas refinery by the end of March, said people familiar with plant operations on Monday.
Projects March 2024
FERC approves MVP’s Southgate gas pipeline extension; Regulator clears Trans Mountain, completion back on; Santos’ subsea pipeline clears construction hurdle; and more!
MEG Energy Confirms Trans Mountain Pipeline Expansion to Begin Line Fill in April
Oil producer MEG Energy said on Friday that line fill on Canada's long-delayed Trans Mountain oil pipeline expansion would start from April.
Helix Energy and Talos Energy Strike Deal for Gulf of Mexico Decommissioning
Helix Energy Solutions Group Inc. has announced a five-year joint framework agreement with Talos Energy Inc. in which Talos has agreed to provide Helix the first right of refusal regarding specific annual work scopes for Talos’s decommissioning requirements in the U.S. Gulf of Mexico.
Global News March 2024
Latest industry developments from around the world!
Biden Nominates Two Democrats, One Republican to FERC; INGAA Applauds Nominations
President Joe Biden on Thursday nominated two Democrats and one Republican to the Federal Energy Regulatory Commission (FERC), an independent panel that rules on energy transmission and liquefied natural gas projects.
ADNOC Completes Acquisition of 24.9% Stake in Austria's OMV
Abu Dhabi National Oil Company said on Thursday it formally closed the acquisition of a 24.9% stake in Austria's Austrian oil and gas group OMV from Abu Dhabi sovereign wealth fund Mubadala Investment Company.
Saipem Expects 20% Drop in Aramco Orders Following Capacity Target Cut
Italian energy contractor Saipem's CEO said on Thursday it expects a 20% drop in average annual orders from Saudi Aramco to 2027 as a result of the state oil company's decision to drop its capacity expansion plans.
Trans Mountain Successfully Removes Pipe from Final Expansion Section
Trans Mountain Corp., the Canadian government-owned oil pipeline company, said on Wednesday it successfully removed a pipe from the final section of an expansion project that will nearly triple the flow of crude from Alberta to the Pacific Coast.
Oil and Gas Upstream M&A Deal Value Hits Highest Q1 Levels Since 2017
An ongoing consolidation in the U.S. shale industry has driven up global M&A deal value in the oil and gas exploration sector to its highest first-quarter level in seven years, industry experts said.
U.S. Takes Lead as Top Supplier to Europe for Crude, Diesel and LNG
The United States has taken the top spot as Europe's supplier of crude oil, diesel, and liquefied natural gas (LNG) in recent months, capitalizing on reduced imports from east of Suez caused by shipping disruptions in the Red Sea.
Canadian Oil and Gas Producers Bump Up Spending, Industry Group Says
Canadian oil and natural gas producers will spend an estimated $30.07 billion on capital projects this year, up slightly from $28.89 billion last year, the Canadian Association of Petroleum Producers (CAPP) said on Tuesday.
Marathon Oil Beats Profit Estimates on Higher Production
Marathon reported a rise in its oil and gas output to 404,000 barrels of oil equivalent per day (boepd) from 333,000 boepd in the previous year.
ExxonMobil Weighs Offers for Argentina Shale Assets, Source Says
U.S. energy giant ExxonMobil Corp. is weighing offers for its oil and gas assets in Argentina's Vaca Muerta shale region, a source familiar with the plan said on Friday, adding there was no time frame for a decision and the sale may not move forward.
Exxon, EnLink Midstream to Expand CCS Pipeline Transportation Along Gulf Coast
ExxonMobil and EnLink Midstream are exploring opportunities for EnLink to support ExxonMobil's carbon capture and sequestration (CCS) efforts beyond the southeast Louisiana Mississippi River Corridor into several additional Gulf Coast areas.
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- Four Petroleum Liquids Pipelines Completed in U.S. Since 2023
- Lighter U.S. Permian Crude Risks Losing Favor with Refiners Due to Processing Challenges
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger