Despite recent statements to the contrary, Marathon Petroleum Corp. has announced plans to “spin off its Speedway gas-station business,” according to The Columbus Dispatch. It will also be replacing CEO Gary Heminger, who will retire next year. Buckling under pressure from investors, Findlay-based Marathon confirmed its new direction at the end of October, along with
Read More...The U.S. Third Circuit Court of Appeals delivered a major setback to the PennEast pipeline project, refusing the company’s bid to rehear a case involving eminent domain of state-owned lands, according to Kallanish Energy. The decision means PennEast Pipeline LLC is running out of options to build the $1.2 billion pipeline to move Marcellus Shale
Read More...The Federal Energy Regulatory Commission plans to release an environmental assessment in early February for two pipeline projects that will extend and expand Transcontinental Gas Pipe Line’s Atlantic Sunrise Pipeline to connect Marcellus and Utica shale gas with customers in the Northeast and mid-Atlantic, according to S&P Global Platts. If the FERC stays on track
Read More...After pushing U.S. oil and natural gas production to record numbers, producers are beginning to pull back production amid low prices, according to The Wall Street Journal. Some of the country’s largest natural gas drillers, including EQT Corp. and Chesapeake Energy, plan to make the sharpest production cuts. Simultaneously, oil-focused companies are promising to rein
Read More...Big River Steel has inked a long-term steel supply agreement with solar power equipment company Array Technologies, Kallanish learns from a company release. The terms of the deal – both in dollars and in tons – were not disclosed. Big River’s Leadership in Energy and Environmental Design (LEED) certification was a major deciding factor for
Read More...Well-funded, out-of-state activists are threatening Oklahoma’s oil and gas resources and pipeline network, a consumer energy group warned in a recent report, CNHI News Service reported. Consumer Energy Alliance officials said the Sierra Club, Earthjustice and Food & Water Watch have operations in Oklahoma or members who are working to halt production in the state.
Read More...Occidental Petroleum Corp is soliciting bids for oil and gas properties in Wyoming and Colorado acquired when it purchased Anadarko Petroleum, hoping the assets will bring up to $700 million, people familiar with the matter told Reuters. Occidental offered roughly 200,000 acres in the Denver-Julesburg Basin of Wyoming and Colorado that produce $66 million a
Read More...The amount of stored working natural gas at Oct. 31, was 37 billion cubic feet higher than the previous five-year end-of-October average, according to Energy Information Administration data. Natural gas in storage in 2019 went from a relatively low volume of 1.16 trillion cubic feet at April 1, to 3.72 Tcf at Oct. 31, due
Read More...The volume of working gas injected into underground storage slowed to the smallest amount in seven months in the latest weekly survey by the Energy Information Administration, Kallanish Energy calculates. For the week ended Nov. 1, just 34 billion cubic feet of working gas was placed into storage — the smallest amount since 25 Bcf
Read More...Saudi Aramco will sell up to 0.5% of its shares to individual investors in what could be the largest initial public offering in history, Kallanish Energy reports. The process begins Nov. 17, and closes on Dec. 4, the company said in its IPO prospectus, released last Saturday. The 658-page document comes almost four years after
Read More...Antero Resources saw a 24% increase in production during the third quarter over the same period a year earlier, despite capital spending cutbacks, according to Kallanish Energy. Antero’s net daily natural gas-equivalent production averaged 3.37 billion cubic feet equivalent per day in the third quarter. Its production was composed of 32% liquids. The company’s drilling
Read More...CNX remains optimistic about 2020 despite low natural gas prices, according to Trib Live. The company has continued to adjust to the weak market, cutting 14% of its workforce and laying off 70 employees in August. It expects to realize $25 million in savings from “reconfiguring” workflows and combining functions during the third quarter. CNX
Read More...During the first half of 2019, U.S. net natural gas exports averaged 4.1 billion cubic feet per day (Bcf/d), which was more than double the average net exports in 2018 at 2.0 Bcf/d, according to the Energy Information Administration. The U.S. became a net natural gas exporter on an annual basis for the first time
Read More...Joint venture partners WhiteWater Midstream, MPLX LP, along with lead investor in the Agua Blanca pipeline system First Infrastructure Capital, this morning announced a positive final investment decision to expand the Delaware Basin Agua Blanca system. The expansion includes a 42-inch trunkline that more than doubles system capacity to over 3 billion cubic feet per day
Read More...Crude oil prices rose more than 1% Tuesday on hopes for a U.S.-China trade agreement and optimism Washington could roll back some of the tariffs it has imposed on Chinese imports, Kallanish Energy learns. Brent crude futures gained 84 cents, or 1.4%, to settle at $62.94 a barrel, while West Texas Intermediate crude futures gained
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