Demand for transportation fuel has taken a huge hit on oil refineries since late March 2020 amid COVID-19 lockdowns, according to researchers at GlobalData. Being ill prepared to tackle such sudden demand erosion at such a short notice, these refiners had no choice but to limit production, revisit business portfolios, slash capital expenditure, and stall […]
LNG Exports Decline, But…
Following the continued cancellation of U.S. LNG cargos, Adrian Lara, senior oil and gas analyst at GlobalData, suggested that a longer-term positive may reside among the negatives of the situation. Said Lara: “One of the reasons why the United States is experiencing a high number of cargo cancellations has to do with the flexibility embedded […]
Industry leaders set goal to lower emissions to address climate change
The CEOs of 12 leading energy companies have agreed to lower emissions of the companies’ crude oil and natural gas production to address climate change. The international consortium, Oil and Gas Climate Initiative, includes CEOs of BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total. OGCI, established in 2014, said […]
Baker Hughes: Permian Basin adds rigs for first time since March
Permian Basin added rigs last week for the first time since March to break a streak of 18 consecutive weeks with declining rig counts. Permian added 2 rigs for a new total of 126 (443 year ago). According to Baker Hughes, as of July 24, Texas idled 1 rig for a new total of 103 […]
Rystad Energy: Permian leads increased hydraulic fracturing activity
Oslo-based Rystad Energy said July 23 its analysis shows that new hydraulic fracturing operations in the U.S., which fell to a low of 325 wells in June during the coronavirus pandemic, are expected to return to above 400 in July. “Recovery will be especially evident in the Permian Basin,” Rystad said, “where activity has nearly […]
Pilot LNG files permits for Galveston LNG Bunker Port
Houston-based Pilot LNG said July 16 it has filed regulatory applications for Galveston LNG Bunker Port, the region’s first dedicated LNG bunker terminal. U.S. Army Corps of Engineers is the lead permitting agency. Pilot CEO Jonathan Cook said the port on Pelican Island “will provide clean-burning LNG to one of the U.S.’s largest port complexes.” […]
Midland’s Endeavor Energy files first permits since June 29
Midland-based Endeavor Energy Resources filed its first drilling permits last week since June 29 with Railroad Commission of Texas. Houston Chronicle said Endeavor filed 11 permits for horizontal wells on two leases in Midland County targeting Spraberry to depths of 10,290 to 11,000 feet. Endeavor, which ranked fifth in Texas last year for permits, had […]
Chevron acquires Noble Energy, including 92,000 acres in Permian Basin
San Ramon, Calif.-based Chevron increased its presence in Permian Basin and Denver-Julesburg Basin in Colorado with its acquisition of Houston-based Noble Energy. Chevron said July 20 the all-stock transaction is valued at $5 billion ($10.38 per share). Total enterprise value, including debt, is $13 billion. It will increase Chevron’s proved reserves by about 18 percent […]
“Buy American”
Well, at the writing of this article things are looking much better than over the last two months, as many states are “opening up” and the Covid-19 statistics are not changing dramatically. It appears the worst of the pandemic is behind us. We’ve survived a lot. We’ve survived weeks of full quarantine. We’ve survived negative […]
Texas Petro Index falls for 15th straight month to 163.5 in May
Falling rig count combined with steep declines in drilling permits, industry employment and crude oil production pushed the Texas Petro Index down again in May to 163.5 – down 22.5 percent from 210.7 of a year ago May 2019. It was the 15th consecutive month of decline for the index developed by petroleum economist Karr […]
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