Oil

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.

Enhancing Safety with Integrated Rupture Disk Assemblies

For decades, rupture disks have served the oil and gas industry as an effective, passive safety mechanism to protect against overpressure or potentially damaging vacuum conditions.

Brazil's Petrobras Reopens Bidding for Golfinho Oilfields

Brazilian state-run oil company Petrobras has reopened bidding for its Golfinho offshore oilfield cluster following a rise in crude prices over the last several months.

Saudi Aramco Seeks $7.5 Billion Loan for Pipeline Investors

In late 2019, struggling Saudi Aramco (Aramco), the world’s largest oil company, completed the biggest initial public offering of shares to raise $25.6 billion, with additional shares sold, bringing the total raised to a hefty $29.4 billion.

Plains Raises Pipeline Transportation Earnings Forecast as Costs Decline

Plains All American Pipeline LP raised its forecast for 2021 transportation segment earnings, as lower operating costs helped offset a decline in volumes shipped on its pipelines.

EXPLAINER: The Dakota Access Pipeline Faces Possible Closure

A U.S. court could order the Dakota Access Pipeline (DAPL) shut in coming weeks, disrupting deliveries of crude oil, and making nearby rail traffic more congested.

US Federal Land Policy Still Leaves Room for Winning Hands

State energy officials have been laser-focused on the Biden administration’s suspension of new oil and gas leasing on federal lands because it could eventually curtail Bakken production by more than 100,000 bpd.

Enterprise Products Oil Pipeline Volumes Drop Amid Winter Storms

Enterprise Products Partners LP said volumes across its pipelines dropped by 13% in the first quarter as producers and refiners were hit by winter storms, causing damage to facilities and disrupting shipments.

Winter Storms Hit Phillips 66 Partners' Q1 Pipeline Volumes

The amount of oil and gas shipped on Phillips 66 Partners LP pipelines fell about 6% in the first quarter as winter storms disrupted service and the COVID-19 health crisis continued to hamper fuel demand.

BNSF Can Handle More Crude-by-Rail Shipments if Dakota Pipeline is Shut, Railroad Says

BNSF, the railroad unit of Warren Buffett's Berkshire Hathaway Inc, is prepared to handle any increase in rail traffic if the Dakota Access oil pipeline (DAPL) is shut due to an ongoing legal dispute, the company told Reuters.

Forties Oil Work to Drive Drop in June Brent Benchmark Supply

The North Sea Forties crude oil stream will load only two cargoes in June, a copy of the shipment schedule showed, reducing supply of the crude that underpins the global Brent benchmark.

Dakota Access Pipeline Seeking Supreme Court Review in Fight to Keep Line Open

Dakota Access oil pipeline's operators plan to ask the U.S. Supreme Court to intervene in its ongoing legal battle to keep the 570,000 barrel-per-day line open, according to a court filing on Thursday.

Continental Resources Ramping Up Bakken Operations, Adds Rigs to Powder River Basin

Shale oil producer Continental Resources on Thursday said it will ramp up activity in North Dakota's Bakken shale field this year as it shifts more of its production operations to crude oil from natural gas.

Marcellus, Utica Ready to Pick Up Where They Left Off

Cautious optimism appears to be the name of the game for operators and others associated with the Marcellus and Utica Shales, according to representatives of key coalitions in the regions.

Texas February Freeze Cost About $1.6 Billion, Vistra Says

U.S. energy company Vistra Corp boosted the negative impact of winter storm Uri in Texas in February to about $1.6 billion from its prior estimate of $900 million to $1.3 billion.

Frustrated Canada Presses White House to Keep Great Lakes Oil Pipeline Open

Enbridge said shutting Line 5 would cause fuel shortages and gas price spikes, and require 15,000 trucks and 800 rail cars a day to replace deliveries to Ontario.

Oil and Gas Pipeline Market Could Grow 6% by 2026, Study Shows

The global oil and gas pipeline market is expected to grow at a compound annual growth rate of more than 6% from 2021 to 2026 despite the economic impact of COVID-19, according to a Research and Markets study.

U.S. Appeals Court Denies Dakota Access Pipeline Rehearing Request

A U.S. Appeals Court on Friday denied Dakota Access LLC's petition for a rehearing on an earlier court decision to cancel a key permit for the DAPL oil pipeline, court documents show.

Saudi Aramco to Refinance $10 billion Revolving Loans

Saudi Aramco is expected to refinance a $10 billion debt facility raised in 2015, two sources said, in what would be the oil giant's third major foray into the loan market this year.

Kinder Morgan Raises Outlook as Profit Surges on Winter Storm Demand

Kinder Morgan posted a quarterly profit that breezed past estimates, helping the U.S. pipeline operator raise its annual earnings forecast, on a demand surge for natural gas and electricity during the February winter storm.

Dakota Access Argues Pipeline Closure Would Cause 'Economic Shock'

The operators of the DAPL argued to a federal court that the system's shutdown would be even more harmful than previously anticipated, in their final plea to keep the line open after a key permit was scrapped.

Gulf of Mexico Crude Oil Production Will Increase with New Projects in 2021 and 2022

By the end of 2022, the EIA projects 13 new projects could account for about 12% of total Gulf of Mexico crude oil production, or about 200,000 bpd.

Med Red Land Bridge Inaugurates Operations Through EAPC Pipeline Network

The crude carrier contracted with Med-Red Land Bridge Company represents the first tanker to utilize the recently recommissioned 242 km (150 mi) pipeline owned by Europe Asia Pipeline Company.

Feds Critical of GOM Pipeline Abandonment Policy

The U.S. Government Accountability Office released a report that found the Department of Energy does not have “a robust oversight process” for ensuring the integrity of about 8,600 miles of active offshore oil and gas pipelines on the sea floor of the Gulf of Mexico.