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Portfolio investors abandoned hope for an early rally in crude prices after a site-wide electricity failure caused an unexpected shutdown in production at BP’s refinery at Whiting in Indiana on Feb. 1. The refinery is the largest in the U.S. Midwest and processes more than 400,000 barrels per day, so the extended closure for safety …
Investors Dump Oil After U.S. Refinery Shutdown: John Kemp Read More »
(Reuters) – Shale producer Diamondback Energy said on Monday it would buy the largest privately held oil and gas producer in the Permian Basin, Endeavor Energy Partners, in a cash-and-stock deal valued at about $26 billion, including debt. The combined company would be the third largest oil and gas producer in the region behind Exxon and …
Diamondback to Buy Endeavor Energy in $26 Billion Mega Shale Deal Read More »
The U.S. Environmental Protection Agency (EPA) and the Department of Energy (DOE) released a notice of intent on Friday to help fund projects aimed at reducing methane emissions from the oil and gas sectors. The notice was issued to give applicants enough time to prepare their proposals and form partnerships if needed in anticipation of …
U.S. Government Announces Intent to Fund Methane Reduction Projects Read More »
U.S. energy firms this week added oil and natural gas rigs for the third time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by 4 to 623 in the week to Feb. 9, its …
U.S. Drillers Add Oil and Gas Rigs for Third Time in Four Weeks – Baker Hughes Read More »
The surge in energy industry mergers and acquisitions — marked by a series of megadeals among oil producers last year — is set to ramp up further in 2024 as interest rates decline, Enbridge Inc. Chief Executive Officer Greg Ebel said. “As interest rates start to peak and perhaps come down — who knows exactly when that’s going to …
Energy M&A Boom Is Just Getting Started, Enbridge CEO Ebel Says Read More »
Export-Import Bank loan would finance more than 400 wells Plan runs counter to Biden’s pledge on fossil-fuel projects US Export-Import Bank leaders are moving forward with plans to underwrite the drilling of more than 400 oil and gas wells in Bahrain, even as President Joe Biden halts new liquefied natural gas export licenses over climate concerns. The …
U.S. Trade Bank Defies Biden to Expand Oil Drilling in Bahrain Read More »
Pipeline operator Plains All American Pipeline LP is looking to make more deals as merger and acquisition activity heats up across the oil and gas industry. “We’re hopeful that we’ll be successful on some bolt-on acquisitions,” Chief Financial Officer Al Swanson said on a quarterly earnings call Friday. Small acquisitions of Permian Basin crude gathering lines have helped boost …
Oil Pipeline Owner Plains Searches for Deals as Shale M&A Heats Up Read More »
Bloomberg Texas passed two laws in 2021 that restrict government contracts with companies that take what state officials regard as punitive stances toward the fossil fuels and firearm industries. They’re among the many new laws pushed by Republicans in states across the US to oppose ESG investing and financing, which they’ve made into a culture …
Why Texas Is Banning Banks Over Their ESG Policies Read More »
(Reuters) – Pipeline operator Enbridge missed fourth-quarter profit estimates on Friday, hurt by lower tolls related to its Mainline crude pipeline system and a decrease in earnings from the company’s gas segment. Enbridge reached a toll agreement for Mainline with oil shippers last year, which was lower than the previous one, after scrapping earlier plans for …
Enbridge Misses Fourth-Quarter Profit Estimates on Lower Mainline Tolls Read More »
BP Plc is acting to restore its 435,000 barrel-per-day (bpd) Whiting, Indiana, refinery to normal operations following a full shutdown because of a Feb. 1 plant-wide power outage, a company spokesperson said on Thursday. “BP is making progress on the work to restore the refinery to normal operations,” company spokesperson Christina Audisho said in an …
BP Sees Progress on Restoring Indiana Refinery Operations Read More »
