Petrobras Sending Nearly Half of Oil Exports to China
Conflict in the Middle East has enabled Brazil’s state-owned Petrobras to change the flow of its oil exports, with China being the primary beneficiary, followed by Europe.
FTC Strikes Again: Diamondback’s $26B Endeavor Merger Delayed
Diamondback Energy, which was nearing the end of a regulatory review period of its merger with Endeavor Energy Resources, is the latest E&P to see a deal postponed by the Federal Trade Commission.
Electrifying Permian Could Threaten West Texas Power Grid—Enverus
Emissions reduction targets and cryptocurrency mining could double power demand and threaten the grid in West Texas by 2040, according to a report by Enverus Intelligence Research.
Archaea to Convert Landfill Gas to RNG in New Kansas Plant
Archaea Energy’s plant in Shawnee, Kansas, will capture gas from a nearby landfill and convert it to renewable natural gas.
Equitrans Boosts Cost Estimate for Mountain Valley Natgas Pipe
Equitrans Midstream Corp said on Tuesday it expects to complete the construction and final commissioning activities on its Mountain Valley natural gas pipeline by the end of May at an estimated cost of $7.85 billion. That is higher than the $7.57 billion to $7.63 billion cost estimate the company gave in February. Equitrans is the …
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NOG Lenders Expand Revolving Credit Facility to $1.5B
Northern Oil and Gas’ semi-annual borrowing-base redetermination left its reserved-based lending unchanged at $1.8 billion.
U.S. Oil Output Rose by the Most in Feb Since Oct 2021, EIA Says
U.S. field production of crude oil rose in February by 578,000 barrels per day to 13.15 million bpd, the biggest monthly increase since October 2021, data from the U.S. Energy Information Administration showed on Tuesday. The increase came as output in North Dakota and Texas recovered from massive production outages in January from extremely cold …
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Traders Scramble for U.S. Storage as Distillates Demand Disappoints
Traders are rushing to fill up storage tanks along the U.S. East Coast with distillate fuels, like diesel and heating oil, data from storage broker The Tank Tiger showed on Monday, a sign of deepening oversupply that is weighing on refiners’ profits. Largely warmer-than-expected winter weather in U.S. Northeast and Europe has cut distillates demand …
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Equinor Says EQT Asset Swap Upgrades International Portfolio
Equinor CFO Torgrim Reitan says the company’s recent U.S. asset swap with EQT Corp. was an example of the European company “high-grading” its international E&P portfolio.
Imperial Oil Names Exxon’s Gomez-Smith as Upstream Senior VP
Cheryl Gomez-Smith, currently director of safety and risk at Exxon Mobil’s global operations and sustainability business, will join Imperial Oil in May.