North America

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.

Pipeline Operator Enbridge to Cut 650 Jobs Amid Cost Reduction Efforts

North American energy pipeline operator Enbridge said on Tuesday it will cut its workforce by 650 jobs in a bid to cut costs.

U.S. Awards $242 Million in SPR Contracts to Exxon, Macquarie, Phillips 66, Sunoco

The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 3.1 million barrels of oil worth more than $242 million to Exxon, Macquarie, Phillips 66 and Sunoco, the U.S. Energy Department said in a statement on Monday.

MPLX Exceeds Q4 2023 Expectations with Surge in Pipeline Volumes

Midstream energy company MPLX on Tuesday reported higher fourth-quarter earnings, beating expectations, as its pipelines transported an increased volume of energy products.

Trans Mountain Oil Pipeline Faces New Delay Due to Technical Issues

Canada's Trans Mountain said on Monday that it had run into technical issues and faces new delays as it tries to complete the final part of expanding its oil export pipeline.

Tallgrass Energy, Bridger Commence Open Season for 830-Mile Pony Express Pipeline Expansion

The open season covers the Northwest portion of the Pony Express line, connecting Bridger Pipeline's Guernsey Hub in southeast Wyoming to Pony Express' Guernsey and Sterling origin terminals in Northeast Colorado.

POET's U.S. Midwest Ethanol Plants to Join Summit Carbon Pipeline Project

POET LLC said on Monday the world's largest ethanol producer will partner with Summit Carbon Solutions to capture carbon dioxide emissions at 17 of its U.S. Midwest ethanol plants as part of Summit's multi-state pipeline project.

Trans Mountain Pipeline Expansion Set to Begin in April, Increasing Crude Flow

Canada's Trans Mountain Corp. will begin adding crude oil to its long-delayed pipeline expansion in February and expects it to start operating in early April and will ramp up to full capacity by the end of the year, an executive said on Wednesday.

U.S. Oil Futures Face Squeeze as Cushing Inventories Dwindle

U.S. crude oil inventories have begun to deplete, especially around the NYMEX futures delivery point at Cushing in Oklahoma and across the Midwest, creating conditions for a squeeze on nearby futures prices.

Alberta Pension Fund AIMCo Flags Interest in Buying Trans Mountain Stake

Alberta Investment Management Corporation (AIMCo), a major pension fund in Canada's main oil and gas-producing province, would be interested in buying a stake in Canada's Trans Mountain pipeline if it became available, a spokesperson said on Thursday.

Concerns Mount Among Activist Investors as Exxon Mobil's Lawsuit Sidesteps U.S. Regulator in Shareholder Dispute

Investors that use shareholder resolutions to pressure companies on environmental and social issues said they are worried that an Exxon Mobil lawsuit bypassing the U.S. securities regulator could undermine their influence.