Oil

USD Partners Increase Connectivity at Stroud Terminal at the Cushing Hub

The expansion is being pursued by an affiliate of US Development Group and when completed will add a pipeline connection to a second 300,000-barrel storage tank at the Cushing, Oklahoma, crude oil hub.

U.S. Oil Refiner Citgo Petroleum Posts First Profit in Seven Quarters

Citgo Petroleum reported a slim, second-quarter profit, its first in seven quarters, as higher fuel exports helped offset weak margins and the impact of a fuel pipeline shutdown.

Oil Industry Sues Biden Administration Over Drilling Auction Pause

Major U.S. oil industry groups sued the Biden administration for halting drilling auctions on federal lands and waters this year, arguing the government is required by law to hold regular sales.

U.S. Gulf of Mexico Oil Producers Consolidation Accelerates

Oil and gas producers in U.S. Gulf of Mexico have consolidated at a faster rate during the pandemic, new government data shows, as crashing prices squeezed out smaller drillers who had been seen as the industry's future.

U.S. Drillers Add Most Oil Rigs in a Week Since April - Baker Hughes

U.S. energy firms added the most oil rigs in a week since April as the total rig count more than doubled from a record low a year ago amid a recovery in crude prices.

New York's Pension Fund to Review Oil Holdings, Axes More Coal Investments

Major investors have re-evaluated holdings in fossil fuel producers and prodded energy executives to reduce emissions. After completing its shale review, the New York fund plans to turn next to oil and gas pipeline and processing investments.

EIA Reports: Gulf of Mexico Projects, Production to Grow in 2022

The U.S. Energy Information Administration (EIA) forecasts that U.S. crude oil production in the U.S. Federal Gulf of Mexico will increase in the next two years, according to the latest Short-Term Energy Outlook.

EIA Reports: US Oil Imports from OPEC Down; Canada Imports Remain High

Voluntary OPEC production cuts have been contributing to reduced U.S. crude oil imports from OPEC so far in 2021. Comparatively stable U.S. crude oil imports from Canada, however, have been mostly the result of longer-term trends.

China to Fund Myanmar Projects in Agreement with Junta

China will transfer over $6 million to Myanmar's government to fund 21 development projects, Myanmar's foreign ministry said, in a sign of cooperation resuming under the junta that overthrew an elected government on Feb. 1.

Libyan Oil Output Down 60,000-70,000 BPD on Leak

A pipeline leak reduced oil output in Libya by 60,000-70,000 barrels per day on Tuesday, National Oil Corporation said.

China's Crude Oil, Gas Imports Rebound in July

China's crude oil imports rebounded in July from a six-month low as state-backed refiners ramped up output after returning from maintenance. LNG and pipeline gas imports also showed big gains.

Oil Falls in Biggest Weekly Decline in Months

Global benchmark Brent shed more than 6% and WTI nearly 7% in their biggest weekly declines in months last week on concerns that Covid-related travel restrictions could derail the global recovery in energy demand.

Energy Transfer Completes DAPL Expansion, Updates Pipeline Projects

Energy Transfer said it has completed a phased expansion of Dakota Access Pipeline that boosted capacity to 750,000 bpd from 570,000 bpd even as it waged a legal battle for survival.

Canadian Natural Sets New Emission Goals After Profit Beat

Canadian Natural said it is now targeting 50% reduction in methane emissions from its North America exploration and production business by 2030, from baseline of 2016.

Making Digital Transformation a Reality

Unlocking the value of process data through digital transformation not only offers oil and gas operators huge benefits, but it is also an essential step for businesses to remain efficient and competitive in the future.

Pioneer Natural Resources Warns of Tepid Shale Growth in Coming Years

Pioneer Natural Resources Co.'s top executive said that U.S. shale growth was "not going to grow that much" in the coming years, as oil and gas companies continue to focus on capital discipline and shareholder returns.

Plains All American Boosts Earnings Outlook as Fuel Demand Recovers

Plains All American Pipeline LP raised its forecast for 2021 adjusted core income, as the oil and gas sector benefits from easing travel curbs and a recovering economy firing up fuel demand.

Pipeline Operator Enbridge Posts Drop in Quarterly Profit

Enbridge Inc. said its quarterly profit fell sequentially, as the Canadian pipeline operator transported lower volumes of fuel on its Mainline system.

Riding the Oil Price Rebound: Gulf States to Accelerate Asset Sales

Saudi Aramco and other Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalizing on a rebound in crude prices to attract foreign investors.

Neptune Energy Installs World’s Longest ETH Production Pipeline

Neptune Energy announced the installation and testing of the world’s longest trace-heated subsea production pipeline at its operated Fenja field in the Norwegian sea. The 37-kilometre (23-mile) electrically trace-heated pipe-in-pipe solution will transport oil from the field to the Njord A platform, operated by Equinor.

HollyFrontier, Pipeline Unit to Buy Sinclair Oil in $2.6 Billion Deal

HollyFrontier Corp and its pipeline partner will buy almost all of Sinclair Oil's assets in two deals totaling around $2.6 billion, the companies said, adding new refining, pipeline and storage assets to their portfolio.

Perspective: IEA’s Roadmap Shows Difficult Journey to Net Zero

Polarized responses to the International Energy Agency report on achieving net zero emissions by 2050 reveal the enormous challenges of the goal and differences about whether it is realistic in the timeframe.

U.S. Oil & Gas Rig Count Falls for First Week in Eight -Baker Hughes

U.S. energy firms cut the number of oil and natural gas rigs operating for the first time in eight weeks amid an industry stampede to reward investors with share buybacks instead of boosting production.

Pipeline Operator Enbridge Beats Profit Estimates as Oil Volumes Rebound

Canadian pipeline operator Enbridge Inc reported second-quarter profit which beat expectations on Friday, as oil volumes transported on its Mainline system rose from a year ago due to a rebound in fuel demand.

TC Energy to Switch to Green Power to Run N. American Energy Pipelines

Canadian pipeline operator TC Energy Corp could spend billions of dollars on its plans to lower emissions by switching to renewable energy to run its huge network of U.S. and Canadian oil and gas pipelines.

Mexican Methane Leak Rate 'Alarming' for Climate Change, Report Says

To blame for Mexico's poor record are mostly high emissions at midstream facilities that gather, compress, and process the gas, the report says. Other culprits are venting and flaring.

Enterprise Products Oil Pipeline Volume Rises on Demand Recovery

Enterprise Products Partners said on Wednesday volume across its crude oil pipelines rose 5% in the second quarter on the back of a recovery in demand as the global economy continues to reopen following COVID-19 lockdowns.

Inter Pipeline Walks Away from Pembina Deal in Favor of Brookfield Bid

Canadian pipeline operator Inter Pipeline on Monday decided against recommending a C$8.5 billion ($6.77 billion) deal with rival Pembina Pipeline Corp to shareholders and instead chose to pursue a higher bid from Brookfield Infrastructure Partners.

U.S. Drillers Add Oil and Gas Rigs for Fourth Week in a Row

U.S. energy firms added oil and natural gas rigs for a fourth week in a row for the first time since May, spurred by higher oil prices although growth in drilling has been modest as producers favor spending austerity.

Republic of Panama, Energy Transfer Studying Potential Trans-Panama Gateway Pipeline

The Republic of Panama and Dallas-based Energy Transfer LP announced that the parties have signed a Memorandum of Understanding (MOU) to study the feasibility of joint participation in a proposed Trans-Panama Gateway Pipeline project.