Conventional Energy

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Phillips 66 Seeing Tightened Margins Following Trans Mountain Oil Pipeline Start-Up

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, Refineries, US News / By

U.S. refiner Phillips 66 said on Tuesday its margins have tightened after the expanded Trans Mountain pipeline project in Canada started up in May. The $24.84 billion expansion has nearly tripled the flow of crude from landlocked Alberta to Canada’s Pacific coast to 890,000 barrels per day (bpd). “We are still exporting Canadian crude from …

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U.S. Natgas Rises Over 4% on Hot Weather, Higher Demand Forecasts

Conventional Energy, Latest, Natural Gas, US News / By

U.S. natural gas futures rose more than 4% on Tuesday, helped by forecasts for warmer-than-usual weather and higher demand for the next week than previously expected. Meteorologists projected weather across the Lower 48 states would remain hotter than normal through at least July 3. Temperatures are expected to be above normal starting July across more …

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Oil and Corn Groups Team Up Against Biden’s Tailpipe Emissions Rules

Biofuels, Conventional Energy, Emission Reduction, Energy Topics & Technology, Latest, US News / By

The top U.S. oil and corn industry lobby groups said on Tuesday they were suing the administration of President Joe Biden over its plans to slash planet-warming tailpipe emissions from cars and trucks, arguing the regulations will cause economic harm. The U.S. Environmental Protection Agency this spring finalized new rules for models of semi-trucks, buses …

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Oil Funds Temper Bearishness After OPEC+ Reassurance

Conventional Energy, Energy Commentary, Energy Topics & Technology, Latest, Oil, US News / By

By John Kemp (Reuters) – Portfolio investors last week repurchased some of the petroleum they had sold the week before after Saudi Arabia and its OPEC+ allies stressed any future production increases would be contingent on market conditions. Hedge funds and other money managers purchased the equivalent of 80 million barrels in the six most important …

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Some Colonial Pipeline Owners Eye Stake Sales at $10 billlion-Plus Company Valuation, Sources Say

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pipelines / By

Some of Colonial Pipeline’s owners are exploring divesting their stakes, hoping they can fetch prices that would value the largest U.S. fuel transportation system in excess of $10 billion, according to people familiar with the matter. Growing U.S. energy consumption has raised demand for pipeline capacity. Any deal would test the company’s value three years …

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Venezuela Mulls Proposal to Extend PDVSA-Chevron Oil Joint Venture Through 2047

CDN and International News, Conventional Energy, Latest, Oil / By

Venezuela’s National Assembly on Monday began discussing a proposal to extend through 2047 a contract between state oil company PDVSA and U.S. company Chevron to operate a joint venture in the country’s largest producing area. PDVSA and Chevron have four joint ventures in Venezuela that are producing some 200,000 barrels per day (bpd) of crude. …

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Michigan Attorney General’s Bid to Shut Down Enbridge Pipeline Sent Back to State Court

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pipelines, US News / By

A U.S. appeals court on Monday handed Michigan’s attorney general a jurisdictional victory in her bid to force Enbridge to stop operating the Line 5 oil pipeline underneath the Straits of Mackinac in the Great Lakes by allowing her to pursue her case in state rather than federal court. The Cincinnati-based 6th U.S. Circuit Court of …

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Bill Gates Says He’s Ready to Put Billions Into Nuclear Power

Conventional Energy, Latest, Nuclear, US News / By

Bill Gates said he’s prepared to plow billions of dollars into a next-generation nuclear power plant project in Wyoming to meet growing US electricity needs. TerraPower LLC, a startup founded by Gates, broke ground for construction of its first commercial reactor last week in Wyoming, where a coal plant is shutting down, the billionaire co-founder …

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Trump Plans to Restart Oil Drilling in Alaska Arctic Refuge

Conventional Energy, Latest, Oil, US News / By

Trumps tells Senate Republicans he wants drilling in region Biden canceled lease sales last year, increased conservation Donald Trump told Senate Republicans Thursday he would restart oil drilling in Alaska’s Arctic National Wildlife Refuge, reversing a move by the Biden administration to cancel leases in the frozen wilderness. “He said ‘We’ll get back to that,’” Senator …

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OPINION: Vermont is Learning the Hard Way That Renewables Don’t Replicate O&G

Conventional Energy, Energy Commentary, Energy Topics & Technology, Latest, Natural Gas, Oil, Renewable Energy, US News / By

A new presentation from the Legislative Finance Committee reported a revenue of $15.2 billion from the extractive industry to New Mexico in fiscal year 2023. Land income generated $8.6 billion, while taxes generated $6.6 billion. By George Sharpe Vermont just passed a law intended to “fine” oil and gas companies for the damages caused by …

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