North America

GAIL India Responds to Red Sea Crisis, Buys Spot LNG and Redirects U.S. Supply to Europe

India's state-run GAIL (India) Ltd. is selling more U.S. LNG in European markets and making spot purchases to avert delays due to the Red Sea crisis, head of marketing Sanjay Kumar told a press conference.

Permian Deal Frenzy Dampens 2024 U.S. Oil Growth Prospects

Oil production in the prodigious Permian shale basin in Texas and New Mexico this year will see the slowest annual growth since 2021, according to market participants, as a slew of acquisitions reduces activity among private drillers.

California Resources Boosts Production with $2.1 Billion Deal for Aera Energy

U.S. oil and gas firm California Resources said on Wednesday it would buy Aera Energy in a deal valuing the California-based company at $2.1 billion, including debt, to gain more acreage in the most populous U.S. state.

Court Debates Fate of Biden's Approval for Willow Oil Project in Alaska

In Juneau, Alaska, a panel of appellate judges is deliberating on whether to uphold the Biden administration's green light for ConocoPhillips' Willow oil project within Alaska's federal petroleum reserve on the North Slope.

Tellurian Explores Sale of Haynesville Upstream Business to Finance Driftwood LNG

Tellurian is exploring the sale of its Haynesville upstream business, the LNG firm said on Tuesday, as it looks to raise capital for its Driftwood LNG project.

U.S. Lawmakers Hold First of Two Hearings on Biden's LNG Pause

As Republican and some Democratic U.S. lawmakers slam President Joe Biden's pause on approvals of exports of LNG a House subcommittee held a hearing on the issue on Tuesday, the first of two in Congress this week.

Venture Global and Grain LNG Ink 16-Year Deal for LNG Supply to UK

Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum of LNG storage and regasification capacity at the Isle of Grain LNG receiving terminal for sixteen years beginning in 2029-equivalent of up to 5% of average U.K. gas demand.

U.S. Says Allies 'Reassured' LNG Pause Does Not Affect Current Exports

U.S. allies concerned about steady supplies of LNG are reassured when they understand President Joe Biden's pause on LNG export approvals does not affect currently permitted shipments, a U.S. State Department official said on Monday.

Projects February 2024

East African Crude Pipeline delivers first shipment; Pembina acquires Enbridge’s stake in Alliance Pipeline; KM boosts Permian Highway pipeline capacity by 550 MMcf/d; and more!

Delek's Big Spring Refinery Chosen for $95 Million DOE Carbon Capture Pilot Project

Delek US Holdings said on Friday the U.S. Department of Energy has selected its Big Spring refinery for a pilot carbon capture project and would provide up to $95 million of federal funding to support its development.

Chevron Exceeds Permian Production Estimates, Signals Growth Potential

After a year marked by oil and gas production setbacks, Chevron Corp. on Friday delivered a better-than-expected 10.7% annual gain from the Permian Basin, its top shale-producing region.

Enterprise Products Records 15% Growth in Q4 Crude Pipeline Volumes

U.S. pipeline operator Enterprise Products Partners said on Thursday its crude oil volumes last quarter grew 15% to a record 2.6 million barrels per day, as more oil flowed through its lines despite lower prices.

Exxon Beats Estimates, Closes 2023 with $36 Billion Profit

Exxon Mobil on Friday posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production.

Phillips 66 Beats Profit Estimates on Strong Refining, Midstream Performance

Refiner Phillips 66 beat quarterly profit estimates on Wednesday, helped by strong refining margins and gains from its midstream unit, sending its shares up 2.6% to an all-time high of $146.11.

Canada Regulator Clears Latest Trans Mountain Pipeline Delay of Environmental or Safety Concerns

The Canada Energy Regulator (CER) said on Wednesday that it has not noted any environmental or safety concerns with the latest construction challenges to plague the Trans Mountain pipeline expansion.

Remote Alarm Notification Helps Fuel Increased Gas Production

Accurate, real-time data is essential to succeeding in the oil and gas industry. Engineers need operational data from the field to calibrate equipment, schedule maintenance activities and coordinate with third-party logistics, to keep the flow of product moving.

Using Dry Gas Sealing Solutions to Drive Energy Efficiency

Natural gas serves as the transitional fuel between hydrocarbons and renewables. Centrifugal compressors are crucial for efficiently transporting large volumes of natural gas, utilized across various industries from oil and gas to petrochemicals and LNG.

U.S. Official to Testify on Biden's LNG Export Pause at Senate Hearing

A top U.S. Energy Department official will testify at Feb. 8 Senate Energy Committee hearing looking into President Joe Biden's pause on new approvals for LNG exports, the Energy Department said on Thursday.

Silver Hill Energy Partners to Buy Liberty Resources' Bakken Assets

Silver Hill Energy Partners said on Wednesday it would acquire Liberty Resources II's interests in oil and gas properties and all of Liberty Midstream Solutions in North Dakota for an undisclosed amount.

U.S. LNG Exports Decline in January Due to Arctic Freeze, Plant Outages; Europe Dominates Despite Challenges

Cold weather and outages at second-largest exporter Freeport LNG cut U.S. LNG exports last month below the December record, LSEG ship tracking data showed.

Business News February 2024

Association news, personnel changes and mergers and acquisitions in February 2024!

Global News February 2024

Latest industry developments from around the world!

Methane Standards Hit Pipelines More Gently Than Proposed

The Environmental Protection Agency (EPA) issued final methane performance standards for natural gas controllers and compressors, which will require midstream and interstate pipelines to take a new look at their emission controls.

U.S. House to Vote on Reversing Biden's LNG Exports Pause

The U.S. House of Representatives will vote next month on a measure to overturn the Biden administration's moratorium on approvals of new liquefied natural gas exports, Bloomberg reported, citing a Republican lawmaker.

Marathon Petroleum Beats Profit Estimates, Plans Maintenance Slowdown in Q1 2024

Marathon Petroleum beat quarterly profit estimates on Tuesday, supported by strong refined product margins and high refinery utilization rates, but expects to cut back plant activity sharply at the start of this year for maintenance.

Permian Resources Continues Expansion in New Mexico with $175 Million Deals

The company has acquired about 11,500 net leasehold acres and 4,000 net royalty acres located in Eddy County from undisclosed third-parties.

Former Sempra Energy Chief Behind Efforts to Salvage Driftwood LNG Project

U.S. LNG developer Tellurian chose a Lazard Inc. investment banker to right its struggling Driftwood LNG export project, the company's chairman told investors this week.

Phillips 66 Shuts Section of Oklahoma Panhandle Pipeline After Fire

Phillips 66 said it has shut a section of a natural gas pipeline it operates in the Oklahoma Panhandle after fire and rupture that occurred on Tuesday morning.

Oil Producer Hess Tops Profit Estimates on Higher Bakken, Guyana Output

U.S. oil and gas firm Hess beat Wall Street estimates for fourth-quarter profit on Wednesday, helped by higher production in its Bakken shale and Guyana operations.

Environmental Group Unlikely to Challenge Venture Global’s CP2 Construction Permit Approval

Environmentalists are unlikely to challenge in court regulators' expected approval of Venture Global LNG's CP2 export terminal, activist Bill McKibben told Reuters on Tuesday.