Oil supermajor Chevron’s Chevron U.S.A. unit said it’s completed the $350 million buy from Petrobras America of all outstanding shares and equity interests of Pasadena Refining System (Prsi) and Prsi Trading, Kallanish Energy reports. Prsi’s 466-acre complex in Pasadena, Texas (near Houston), adds a second refinery to Chevron USA’s Gulf Coast downstream business, which also
Read More...Tallgrass Energy Wednesday announced the Hereford Project, roughly 30 miles of new pipeline, plus expanded capacity on the Pony Express system, Kallanish Energy reports. The new project is designed to support crude oil production in northern Weld County, Colorado, near the Wyoming-Colorado border. Sufficient interest arose during Pony Express’ existing open season for expansion capacity from
Read More...Oilfield services firm Baker Hughes, a GE company, delivered what chairman and CEO Lorenzo Simonelli called a “solid” first quarter, due to stabilizing global oil and natural gas markets, Kallanish Energy reports. “The U.S. rig count dropped slightly less than expected, and international activity remained steady; the LNG market is very active,” Simonelli said. During
Read More...Crude oil prices slipped Wednesday after U.S. crude inventories soared to their highest point in 19 months, as production set a record, Kallanish Energy reports. The declines were somewhat tempered by the intensifying crisis in Venezuela and Washington’s stopping Iranian oil sanction waivers as of Wednesday, with the fall in the global Brent benchmark more
Read More...Rangeland Energy III’s Rangeland Midstream Canada unit Tuesday announced plans to design, construct and operate new crude oil and condensate pipelines in the Marten Hills region of north central Alberta, Kallanish Energy reports. The Marten Hills Pipeline System will extend roughly 52.8 miles and include crude oil and condensate pipelines and related facilities. The system
Read More...A battle between Chevron and Occidental Petroleum, which now includes billionaire investor extraordinaire Warren Buffett, to take control of U.S. independent producer Anadarko Petroleum, is fueling speculation about more deals to come. But oil supermajor BP Plc CEO Bob Dudley Tuesday said his employer will not get involved. BP acquired BHP Billiton’s U.S. shale assets for
Read More...United Conservative Party leader Jason Kenney was sworn in Tuesday as the 18th premier of Canada’s largest crude-producing province, Alberta, and named a cabinet he says will go to bat for the energy sector, Kallanish Energy reports. Kenney, a former conservative federal cabinet minister, won the election in a landslide victory against Rachel Notley’s New
Read More...Murphy Oil Corp. announced its Murphy Exploration & Production Company – USA unit is acquiring deepwater Gulf of Mexico assets from LLOG Exploration Offshore and LLOG Bluewater Holdings for $1.38 billion in cash, Kallanish Energy reports. Additional contingent consideration payments are based on the following: up to $200 million in the event revenue from certain
Read More...Goldman Sachs expects the U.S.’s decision to end exemptions from sanctions for eight countries still buying oil from Iran to have a limited impact on crude prices — even though the timing is likely to have caught energy market participants by surprise. “While we acknowledge the near-term upside price risks, we reiterate our fundamentally derived
Read More...Welcome to this week’s edition of The Buzz, a weekly feature where Kallanish Energy editors select the quartet of stories this past week we feel were the most important – have the chance to make the biggest impact on the oil and gas industry — and energy as a whole. This week’s selections include: Venezuela bypasses U.S. sanctions
Read More...Crude oil prices were slightly higher Thursday, as a drop in crude exports from Saudi Arabia and a drawdown in U.S. oil inventories supported prices, Kallanish Energy reports. U.S. West Texas Intermediate crude futures settled 24 cents higher at $64 per barrel. Brent crude futures rose 35 cents, or 0.5%, to $71.97/Bbl, near Wednesday’s five-month high of $72.27/Bbl.
Read More...Venezuelan President Nicolas Maduro is moving cash from Venezuelan oil sales through Russian state energy giant Rosneft, as he looks to evade U.S. sanctions designed to oust him from power, according to sources and documents reviewed by Reuters. The sales are the latest sign of Venezuela’s growing dependence on Russia, as the U.S. tightens sanctions on Maduro,
Read More...Crude oil markets are tightening, the International Energy Agency said Thursday, Kallanish Energy reports. The agency warned, however, an “extraordinarily” wide range of views about the health of the global economy was making it difficult to forecast oil prices. It comes at a time when the energy industry is concerned surging U.S. crude inventories and an economic
Read More...President Trump today will sign an executive order designed to prevent states from blocking pipelines and other energy infrastructure by using authority they feel is afforded them under the federal Clean Water Act, Kallanish Energy reports. Under Section 401 of the Clean Water Act, companies must obtain certifications from a state before they can build federally-approved
Read More...Crude oil prices fell Tuesday from five-month highs as Russian comments signaled the possible easing of the Opec+ supply-cutting deal overcame concern violence in Libya could tighten global markets, Kallanish Energy reports. A U.S. threat to place tariffs on hundreds of European goods and a downgrade by the International Monetary Fund in its global economic
Read More...