Three refinery projects in Texas by ExxonMobil, Marathon and Valero are expected to boost U.S. refinery capacity in the next annual report by U.S. Energy Information Administration. ExxonMobil announced in March the completion of a major refinery capacity addition in Beaumont to boost that facility’s total crude oil distillation capacity by 250,000 barrels per day […]
U.S. refinery capacity increases after two years of declines
U.S. refinery capacity increased slightly for the first time since the global pandemic to reverse two years of declines, according to U.S. Energy Information Administration in its annual Refinery Capacity Report published July 25. As of Jan. 1, 2023, the operable atmospheric crude oil distillation capacity – the EIA’s primary measure of refinery capacity in […]
EIA: Record crude oil production of 5.494 million b/d in Texas in May
U.S. Energy Information Administration reported Monday record crude oil field production of 5.494 million barrels in Texas in May. Production has been more than 5.4 million b/d the last three months (5.454 million b/d in March, 5.446 million b/d in April) for the first time since a five-month period November 2019 through March 2020 (with […]
Permian adds rig for only 3rd week since April, U.S. count down 13% in year
Permian Basin added a drilling rig in the past week for only the third time since April, according to Baker Hughes. As of July 28, there were 334 rigs in Permian Basin (333 previous week, 351 year ago), 322 in Texas (322 previous week, 371 year ago), 111 in New Mexico (113 previous week, 110 […]
Tree Grant Program Opens Applications
Apache Corporation announced in June the opening of the Apache Corporation Tree Grant Program application for the 2023-2024 planting season. Last year, the program reached a significant milestone with the donation of its 5 millionth tree since the program’s launch in 2005. Over the last 18 years, the program has partnered with over 900 nonprofit […]
Big Oil is Back Buying Upstream Assets
by Simon Flowers, Greig Aitken, and Scott Walker, of Wood Mackenzie Upstream M&A activity is inversely correlated to commodity price volatility. The extreme movements in gas and oil prices killed dealmaking last year, with buyers and sellers unable to align on price. This year, prices are more settled and M&A activity, while still at relatively […]
The $100/bbl Clock is Ticking
Enverus Intelligence Research (EIR), a subsidiary of Enverus, an energy-dedicated SaaS platform, continues to point to all-time high global oil demand, insufficient North American supply growth, and OPEC intervention as key drivers that will push Brent prices to $100/bbl in 4Q23. “We believe that oil markets are largely balanced and that we’re headed for material crude […]
North America to Lead Small-Scale LNG Liquefaction Capacity Additions
North America is expected to witness the highest small-scale LNG liquefaction capacity additions globally during 2023-2027, contributing about 32 percent of the total global small-scale LNG liquefaction capacity additions by 2027, forecasts GlobalData, a data and analytics company. GlobalData’s latest report, “Small-Scale LNG Liquefaction Capacity and Capital Expenditure (CapEx) Forecast by Region, Key Countries, Companies, and […]
Purchase of Spinnaker Oilwell Services Expands RPC’s Cementing Service
RPC, Inc., announced the acquisition, effective July 1, of Spinnaker Oilwell Services, LLC, a provider of oilfield cementing services in the Permian and Mid-Continent basins. Spinnaker, headquartered in Oklahoma City, Okla., operates facilities located in El Reno, Okla., and Hobbs, N.M., and maintains 18 full-service cementing spreads. The purchase price was $79.5 million in exchange for 100 percent of Spinnaker’s equity. The transaction […]
Express Your Opinion on the Dunes Sagebrush Lizard
The U.S. Fish and Wildlife Service recently announced that they are seeking public input on a proposal to list the dunes sagebrush lizard as endangered under the Endangered Species Act. The Service encourages any interested parties to provide input and substantive comments during the 60-day public comment period that closes September 1, 2023. The notice […]
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