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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 …
Oil Funds Temper Bearishness After OPEC+ Reassurance Read More »
(Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum , a regulatory filing showed, bringing his stake in the U.S. oil producer’s common stock to nearly 29%. Berkshire disclosed in a U.S. Securities and Exchange Commission filing on Monday that it paid about $176 million in three separate purchases of …
Berkshire Hathaway Boosts Stake in Occidental Petroleum to Nearly 29% Read More »
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 …
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 …
Michigan Attorney General’s Bid to Shut Down Enbridge Pipeline Sent Back to State Court Read More »
Phillips 66 reached a deal to sell its 25% interest in one of the largest US natural gas pipelines to the system’s majority owner, Tallgrass Energy LP, for about $1.3 billion. The sale of the Rockies Express Pipeline stake is part of Phillips 66’s push to divest more than $3 billion in assets, the Houston-based oil refiner …
Phillips 66 to Sell Pipeline Stake to Tallgrass for $1.3 Billion Read More »
Texas, Louisiana and Mississippi on Monday sued the U.S. government to block the Biden administration’s proposed rule that would require the offshore oil and gas industry to provide nearly $7 billion in financial assurances to cover costs of dismantling old infrastructure. The rule, which would take effect later this year, will predominantly affect smaller companies …
States Sue U.S. to Block Rule That Oil Firms Guarantee Payment to Dismantle Old wells Read More »
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 …
OPINION: Vermont is Learning the Hard Way That Renewables Don’t Replicate O&G Read More »
The Biden administration is ready to release more oil from the U.S. strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday. Senior Biden adviser Amos Hochstein told the newspaper that oil prices are “still too high for many Americans” and he would like to see them “cut …
U.S. Ready to Re-open Oil Stockpile if Petrol Prices Surge Again, FT Reports Read More »
Marathon Petroleum’s 68,000 barrel per day crude oil refinery went under maintenance earlier this month, putting downward pressure on Bakken oil prices, a state regulator said during a press conference on Friday. All units at the Mandan refinery are currently under maintenance, according to Justin J. Kringstad, director of the North Dakota pipeline authority. Marathon …
Marathon’s North Dakota Refinery Undergoing Maintenance, State Regulator Says Read More »
The Biden administration’s draining of the Northeast Gasoline Supply Reserve is another cynical ploy to disguise that its real goal is to raise gas prices. By Alex Epstein The Biden administration claims that draining the Northeast Gasoline Supply Reserve shows its commitment to low gas prices. In fact, this is yet another cynical ploy to …
