By Shane Randolph and Josh Schulte While energy markets continue to be volatile, fewer oil and gas producers have hedges in place than in prior years. In addition, a number of producers hedged with strategies containing sold puts on large portions of their production. This essentially creates a trap door where a company doesn’t have […]
GlobalData: Coronavirus Creates Supply Chain Upsets
Following the coronavirus (COVID-19) outbreak, China—the world’s biggest importer of crude oil—has been forced to cut down on consumption. The resulting oil price crash is having a cascading effect on forward and backward industrial supply chains, as well as oil and gas projects across the value chain. These are likely to result in changes in […]
Nowhere to Go: Oil Cuts Loom
IHS Markit expects up to 10 MMb/d of world oil production will be cut or shut-in from April to June 2020 as oil storage fills up and output from financially strapped companies begins to fall. If oil cannot be sold or stored, it cannot be produced. Transportation constraints and lack of access to every available […]
Service Company Rewards Employees’ Safety Consciousness
Nine Energy Service, Inc., announced in March that Matthew Vick of Marietta, Ohio, and Osbaldo Alcaraz Arana of Enid, Okla., each won a 2019 Ford F-150 XLT truck in Nine’s Truck Giveaway, which celebrates and recognizes employees’ commitment to safety. Thirty employees, each of whom demonstrated outstanding safety track records, qualified for a chance to […]
Oklahoma agency approves emergency order, Christian backs “free market”
Oklahoma Corporation Commission approved an emergency order April 22 to allow crude operators to shut in money-losing wells. According to Oil & Gas Journal, the regulatory agency said operators and producers “may shut in or curtail production from wells where they determine such action is necessary and warranted to prevent economic waste” for 90 days […]
Moda Midstream adds storage capacity for oil from Permian, Eagle Ford
Houston-based Moda Midstream said this week it activated the final 495,000-barrel storage tank in its 10 million-barrel crude oil expansions at Moda Ingleside Energy Center and Moda Taft terminal. The completion of these expansions brings total capacity at MIEC and Taft to about 12 million barrels. President and CEO Bo McCall called the addition of […]
Marathon Petroleum idles refinery in Gallup, N.M.
Findlay, Ohio-based Marathon Petroleum said it idled its refinery in Gallup, N.M., April 15. Bloomberg said it’s the first U.S. facility to close because of the coronavirus pandemic. Bloomberg added, “It’s not likely to be the last.” Jamal Kheiry of Marathon said the refinery will maintain regular staffing levels while it is down and will […]
Texas Petro Index declines for 12th straight month to 188.5 in February
Texas Petro Index by petroleum economist Karr Ingham declined in February for the 12th consecutive month to 188.5 from 191.9 a month ago in January 2020 and 213.2 a year ago in February 2019 (down 11.8 percent in past year). The index is based on a comprehensive set of economic indicators in the industry (base […]
Enterprise to offer northbound crude oil service on Seaway pipeline
Houston-based pipeline operator Enterprise Products Partners will offer two-way shipping starting May 1 on its crude oil pipeline connecting Texas coast and storage terminals in Cushing, Oklahoma. Houston Chronicle said the move “may give oil companies more storage options.” Seaway pipeline was designed to move crude from Oklahoma to markets near Houston, but in a […]
Pin Oak Corpus Christi loads first vessel at new oil dock
Pin Oak Corpus Christi received the first vessel April 15 at its newly commissioned oil dock at Port of Corpus Christi. The new dock can accommodate fully-laden bulk liquid tankers up to Suez-max class with loading rates of more than 40,000 barrels per hour. Construction of the new dock was a joint effort of Port […]
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