Oil

U.S. Drivers to Get Hit by Soaring Pump Prices Over Memorial Day Holiday

U.S. motorists will see the highest gasoline prices in seven years when they hit the roads this Memorial Day weekend, the traditional start of the summer driving season, as fuel demand surges alongside coronavirus vaccination rates.

Ecopetrol Operations Impacted by Colombia’s Protests

Colombia’s Ecopetrol has accumulated high levels of inventories in wholesale plants and the pipelines network due to protests that “have resulted in blockades of the country's main roads and isolated incidents against certain of the Ecopetrol Group's infrastructure."

Cabot Oil & Gas, Cimarex to Create $17 Billion Firm in 'Surprise' Merger

Cabot Oil & Gas Corp and Cimarex Energy Co agreed a merger on Monday to form a U.S.-wide oil and gas firm with an enterprise value of some $17 billion, a deal analysts termed surprising in a sector recently focused on "pure-play" models.

U.S. Energy Development Completes Midstream Infrastructure Project in Eagle Ford Shale

U.S. Energy Development Corporation announced the completion of a $607,000 pipeline project involving the LLM South B, LLM South C, LLM North A, Sola Vaca Norte A (SVNA), Hideaway Ranch A and Hideaway Ranch E midstream infrastructure development projects in the Eagle Ford Shale.

Value of Kenya’s Lamu Port Remains an Open Question

In its early ambition, the Lamu port figured as connecting the landlocked East African economies to global trade routes. More specifically, it was envisioned as an alternative outlet for South Sudan’s oil, which is currently pumped via the Greater Nile Oil Pipeline to Port Sudan.

Medallion Pipeline Launches Open Season for Capacity on EPIC Pipeline

Medallion Pipeline Company announced today that it has launched a non-binding open season for its capacity that is leased on EPIC Crude Pipeline, LP’s crude oil pipeline system.

Taproot Expanding Midstream Infrastructure in DJ Basin

Taproot Rockies Midstream has been awarded an acreage dedication for crude gathering by Confluence Resources for its Platte River position. The in-service date for the pipeline is expected to be July 1.

U.S. District Court Orders Dakota Access Oil Pipeline Can Remain Open

The 570,000-bpd pipeline out of North Dakota that travels under a Missouri River reservoir is likely to stay running at least until an environmental review of the line is completed next year.

Oil Drillers and Bitcoin Miners Bond Over Natural Gas

On U.S. oil patches stretching along the Rockies and Great Plains, trailers hitched to trucks back up toward well pads to capture natural gas and convert it on the spot into electricity.

Iran Starts Pumping Oil into Goreh-Jask Pipeline

The National Iranian Oil Company (NIOC) will soon begin transferring oil through the Goreh-Jask pipeline, which runs from the Goreh oil terminal in the Bushehr Province to Jask oil terminal along the Gulf of Oman.

Shell in Talks with Nigeria to Divest Onshore Oil Stakes

Shell, the operator of the West African country's onshore oil and gas joint venture SPDC, has struggled for years with spills in the Niger Delta as a result of pipeline theft and sabotage as well as operational issues.

Perspective: Oil Prices Capped by Hedge Fund Profit-Taking

Hedge funds cut their petroleum positions last week as oil prices neared the top of recent trading ranges and the cyberattack on the Colonial fuel pipeline looked set to cut crude processing and diesel output.

Some U.S. Gas Stations Still Without Fuel After Colonial Pipeline Reopens

More than half of the gas stations in some areas of the U.S. southeast remained without fuel and prices at the pump were at seven-year highs on Monday, even as the flow on the nation's largest fuel pipeline resumed after a cyberattack resulted in a six-day system outage and mass panic-buying.

Max Midstream Has First Loading of Texas Oil at the Port of Calhoun Terminal

The Calhoun Port Authority and Max Midstream, a Texas-based energy company, announced the first successful loading of Texas oil at the Port of Calhoun Terminal in Point Comfort, Texas, last week.

U.S. Gasoline Shortage Eases, But Pumps Dry in Some Areas

Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as the country's largest fuel pipeline network recovered from a crippling cyberattack.

Citgo Secures U.S. Government's Maritime Waiver Amid Fuel Crunch

The Biden administration granted oil refiner Citgo Petroleum a maritime shipping waiver allowing it to move fuel between U.S. ports on a foreign flagged vessel, two sources told Reuters on Friday, making it the second company to secure one this week.

Colonial Pipeline Recovering; Paid Almost $5 Million Ransom

After a six-day outage, the top U.S. fuel pipeline on Thursday moved some of the first millions of gallons of motor fuels after a crippling cyberattack led to fuel shortages across East Coast states.

U.S. Denies Dakota Access Oil Pipeline Stay Request

U.S. Court of Appeals for the District of Columbia Circuit on Thursday denied a request from operators of the Dakota Access oil pipeline for a stay, while they seek a Supreme Court review in the company's battle to keep the line open.

U.S. Waives Shipping Restrictions to Ease Fuel Crunch After Pipeline Hack

The U.S. government relaxed a long-standing maritime law protecting domestic shipping commerce to allow an undisclosed company to transport gasoline and diesel to ports in the East Coast after a cyberattack crippled the nation's largest fuel pipeline network.

Pipeline Operator Energy Transfer Mulls Chemicals Acquisition

Energy Transfer is weighing acquisitions in the booming chemicals business, co-founder and executive chairman Kelcy Warren said on Wednesday at a conference in North Dakota, where he also expressed confidence DAPL will continue to operate.

Panicked Drivers in Southeast U.S. Swarm Pumps, Ignore Pleas to Stop Hoarding

Drivers in the U.S. Southeast formed lines on Wednesday to fill up tanks from the dwindling number of retail gas stations with fuel to sell, disregarding government pleas for people not to hoard supplies as the shutdown of the main regional fuel pipeline entered its sixth day.

Occidental Petroleum Says Federal Leasing Ban Would Hurt U.S. Oil Growth

U.S. oil and gas producer Occidental Petroleum Corp said federal drilling permits are moving forward in the Permian Basin shale field following a federal pause this year, but a longer-term ban could hurt U.S. oil output.

Fuel Shortages Worsen on Sixth Day of Top U.S. Fuel Pipeline Outage

Fuel shortages worsened in the southeastern United States on Wednesday, as the shutdown of the largest U.S. fuel pipeline network entered its sixth day and gasoline stations ran out of supply in some cities.

U.S. Energy Secretary: No Need to Hoard Fuel After Pipeline Outage

U.S. Energy Secretary Jennifer Granholm said on Tuesday there are no gasoline shortages in the wake of the Colonial Pipeline shutdown and that consumers should report any instances of price gouging of motor fuel.

U.S. Fuel Supplies Tighten as Pipeline Outage Enters Fifth Day

Supplies of gasoline tightened further in parts of the United States on Tuesday as the shutdown of the nation’s biggest fuel pipeline by hackers entered its fifth day, raising concern about price spikes at the pumps ahead of the summer driving season.

Venezuela Needs $58 Billion to Restore Crude Output to 1998 Levels

PDVSA estimated that $7.65 billion is needed for reviving pipelines, projects for gas injection to oilfields, terminals and refineries that are idled or underperforming due to lack of maintenance.

Energy Transfer Expects $2.4 Billion Boost from Winter Storm

Energy Transfer LP expects to gain roughly $2.4 billion from Winter Storm Uri, which knocked out power and halted the distribution of natural gas in Texas to homes and businesses, company executives said.

Enbridge to Keep Great Lakes Pipeline Running, Defy Looming Michigan Shutdown Order

Canada's Enbridge Inc will continue to operate its Line 5 despite an order from the U.S. state of Michigan to shut down the crude oil pipeline next week, Chief Executive Al Monaco said.

TC Energy Posts C$1 Billion Quarterly Loss on Keystone XL Suspension

Canadian pipeline operator TC Energy on Friday swung to a loss in the first quarter, hit by C$2.2 billion ($1.81 billion) impairment charges related to the suspension of its Keystone XL pipeline project.

EQT Announces $2.9 Billion Acquisition of Alta Resources' Upstream, Midstream Subsidiaries

EQT Corporation announced Thursday it entered into a purchase agreement with Alta Resources Development for EQT to acquire all of the membership interests in Alta's upstream and midstream subsidiaries for about $2.925 billion.