Oil

Russell: Australian Refinery Closure Adds to Litany of Energy, Climate Failures

The closure of one of Australia's last remaining oil refineries, carbon border taxes in Europe and a proposal for the world's biggest battery storage plant all show a failure to produce a coherent climate change policy.

Unsolicited, Brookfield Offers $5.6 billion for Canada's Inter Pipeline

Brookfield Infrastructure Partners L.P. made an unsolicited C$7.08 billion ($5.6 billion) offer on Wednesday to buy Canada's Inter Pipeline Ltd as it seeks to benefit from rebounding oil and gas demand, after an approach last year was rebuffed.

CorEnergy Acquires Crimson’s California Pipeline Assets

CorEnergy Infrastructure Trust announced the acquisition of Crimson Midstream Holdings, a California Public Utilities Commission regulated crude oil pipeline owner and operator, for consideration valued at approximately $350 million.

EIA: U.S. Crude Output to Fall More than Previously Forecast This Year

The U.S. government on Tuesday lowered its outlook for crude oil production in 2021 to 11.02 million barrels per day from 11.1 million bpd previously forecast, while oil prices rose on Tuesday for their seventh straight session of gains.

Saudi Aramco Prepares $10 billion Financing for Pipeline Business Buyers

Saudi Aramco is preparing a financing package of up to $10 billion that it could offer to buyers of its pipeline business unit, three sources said, as the oil giant seeks to extract value from its assets in an era of lower oil prices.

Chevron Offers to Buy Out Noble Midstream

Now Noble Midstream's largest customer, Chevron said taking full ownership of the assets will help it streamline their governance and is in line with the producer's long-term interests.

Enterprise Products Misses Profit Estimates as Costs Surge

The COVID-19 pandemic has crushed global fuel demand and ended a boom in U.S. shale production, forcing pipeline companies that run oil from fields to refineries and export terminals to slash fees to ensure customers keep using their networks.

Phillips 66 Announces Midstream Growth Along with Fourth Quarter Loss

Phillips 66 announced an adjusted loss of $507 million in the fourth quarter of 2020, compared to an adjusted third-quarter loss of $1 million.

Russia's Litasco to Financially Help Iraq's Nassiriya Oilfield Double Output

The deal which was approved by the cabinet on Tuesday includes building a 100,000 bpd oil production facility and a 42 km oil pipeline.

Magellan Midstream, Enterprise Combine to Develop Houston Oil Futures Contract

The midstream infrastructure companies said the project is in response to market interest for a Houston-based index with greater scale and price transparency.

Big U.S. Oil Drillers Have Federal Permits to Last Years

The seven companies that control half the federal supply onshore in the Lower 48 states have leases and permits in hand that could last years, despite any ban on new federal drilling like the 60-day halt Biden's administration instituted.

U.S. Set for Record Canadian Oil Imports Even Without Keystone XL

Even without Keystone, the United States now relies on Canada for more than half of its imported oil. Several of the lines carrying that crude are in the midst of expansions.

Oil Steadies After Unexpected Increase in U.S. Crude Stockpiles

Oil prices steadied on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices.

TC Energy Cutting Jobs after Biden Revoked Keystone Permit

TC Energy Corp will eliminate more than 1,000 construction jobs in coming weeks and halt work on the Keystone XL oil pipeline after U.S. President Joe Biden revoked the project's presidential permit.

World Petroleum Congress on Track One Year Out

With slightly less than one year to go until the opening day, momentum continues to build behind the 23rd World Petroleum Congress (WPC), which looks set to continue into 2021.

Oil Rises Amid U.S. Stimulus Hopes, Anticipated Changes Under Biden

Oil edged higher on Wednesday on expectations that U.S. President Joe Biden's administration will deliver hefty pandemic-related economic stimulus that will lift fuel demand and enact policies that will tighten crude supply.

China’s 2020 Crude Oil Imports Surged 7.3%

Customs data also showed imports of natural gas, including fuel supplied as liquefied natural gas and via pipeline, reached a record 11.23 million tons in December.

Noble Midstream, Chevron Agree on Oil Transmission from Wells Ranch

With this agreement, Noble Midstream will now be responsible for substantially all crude oil gathering and intermediate oil transportation services from the Wells Ranch development area.

Crude Oil Prices Mostly Flat After Trading Below $0 in Spring 2020

Demand for petroleum products in the United States fell sharply in mid-March, which led refiners to curtail operations. It later recovered but remained largely flat for the remainder of 2020.

Phillips 66 Budget Down 43% From 2020’s Forecast

Phillips 66 said its 2021 budget includes capital expenditures of $776 million on the refining segment and $610 million on midstream as the energy industry struggles to recover from the blow of the COVID-19 pandemic.

Despite a Late Surge, Oil Ends 2020 Down 20%

Brent and U.S. crude benchmarks have more than doubled from April's nadir as producers cut output to match weaker demand. News of coronavirus vaccine distributions also bolstered prices in the fourth quarter, helping futures recover to the highest in about 10 months.

Energy Sector Could Get Reprieve from ‘Golden Cross’ Chart Signal

Energy could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday. The bullish development in S&P 500 energy sector is called a “golden cross,” which is conventionally defined by technical analysts as the 50-day moving price average rising above the 200-day moving average.

Natixis Sees Deals from Gulf States Monetizing Oil Assets

Natixis expects oil-rich Gulf states to accelerate privatizations, including by extracting revenue from oil assets, with Saudi Arabia and possibly Oman as likely candidates for similar deals next year, the French bank’s regional head said.

Oil Settles Up, Marking 7th Straight Weekly Gain

Oil settled up at a nine-month high on Friday, rounding out seven straight weeks of gains as investors focused on vaccine rollouts and a decline in the U.S. dollar.

Hilcorp Unit Completes BP Alaska Acquisition

Privately held Hilcorp Energy's unit completed a $5.6 billion acquisition of BP's business in Alaska, taking over the region the British oil major had operated in for 60 years.

As Biden Cabinet Takes Shape, API Seeks Voice in Energy, Climate Policy

The American Petroleum Institute on Thursday reached out to the incoming Biden administration to collaborate on climate and energy policy, calling energy a non-partisan issue that modern life depends on.

Oil Prices Hit 9-Month High after Inventory Draw

il climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices.

Lloyd's Steps Back from Oil Sands, Coal in First Climate Change Policy

Lloyd's of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report, in a reversal of its traditional hands-off approach to climate change strategy.

Eni Lifts Force Majeure on Nigeria's Brass River Crude Exports

taly's oil major Eni said it was lifting force majeure on Nigeria's Brass River crude oil exports on Wednesday after pipelines had been repaired following sabotage.

Russia's Druzhba Pipeline Exports Set to Slide Amid Price Row

Exports of Russian Urals oil via the Druzhba pipeline are likely to fall in the first quarter as sellers have been pressing for higher crude prices that margin-strapped refiners say they can't afford.