ConocoPhillips has reported a third quarter 2020 net loss of $450 million or 42 cents per share, Kallanish Energy reports. That compares to 3Q 2019 net earnings of $3.1 billion or $2.74 per share. Third quarter 2020 adjusted earnings were a loss of $300 million or 31 cents a share, compared with 3Q 2019 adjusted
Read More...The U.S. Bureau of Land Management has opened a public comment period for a proposed conveyor system on public lands to move sand for hydraulic fracturing (fracking) in the Permian Basin of West Texas and New Mexico, Kallanish Energy reports. The Kermit Overland Conveyor Project is being developed by Texas-based OLC Kermit LLC, a subsidiary of
Read More...The need for new infrastructure and the importance of American energy were the key messages during President Donald Trump’s speech during his visit to Midland-Odessa, the de facto capital of the Permian Basin. The president was in the world’s largest oilfield to tour an oil rig and speak to constituents about the importance of the
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...Enterprise Products Partners has announced it has long-term agreements that support additional expansion of the Midland to Echo crude oil pipeline system. The midstreaming giant will build a pipeline that connects the partnership’s 6-million-barrel (Mmbbl) Midland, Texas, storage facility to its Echo Terminal through its Eagle Ford system in South Texas. This line will have
Read More...Energy industry experts who comprise the Potential Gas Committee announced Wednesday the volume of producible natural gas in the U.S. has jumped roughly 20% since their last assessment two years ago. The increase of 557 trillion cubic feet (Tcf) reported by the Pgc is the highest assessment in its 54-year history. The organization estimates total
Read More...U.S. pipeline operator Plains All American has abandoned a plan to institute a surcharge to offset Section 232 steel tariffs for its new Cactus II Pipeline, following objections by ConocoPhillips and Encana, according to regulatory documents secured by Kallanish, sister publication of Kallanish Energy. The proposed tariff would have been $0.05/barrel on its 670,000 barrels
Read More...Houston pipeline operator Kinder Morgan has sued a suburb of the Texas capital city of Austin over passage of an ordinance the company alleges is designed to keep its proposed Permian Highway natural gas pipeline out of town — despite the route being approved by state regulators. In a lawsuit filed last week in U.S. District
Read More...On the heels of news in April that Texas and New Mexico’s Permian Basin is the highest producing oilfield in the word, we now know that the United States hit another record that same month, thanks in large part to production in that region. U.S. crude oil production reached 12.2 million barrels per day in
Read More...Experimental development has helped Encana increase its productivity in the Permian, contrary to WSJ narrative The story of the Permian Basin in West Texas and Southeast New Mexico in recent years is nothing short of incredible. We’ve known for a century that there’s good rock there, but did anyone ten years ago – or even
Read More...The United States has long been a top global producer of natural gas, but the shale revolution has solidified U.S. energy dominance in recent years. And, as EID’s latest video shows, it’s being led by growth in the Appalachian and Permian basins. [embedded content] Booming shale production in the Permian and Appalachian Basins has ushered
Read More...Prolific oil and natural gas production – particularly in Eddy and Lea counties that sit atop the Permian Basin – is driving a record-breaking revenue year for New Mexico, according to a recent New Mexico Legislative Finance Committee report. As New Mexico Oil and Gas Association Executive Director Ryan Flynn told EID: “A historic expansion
Read More...Occidental Petroleum, continues to tinker with its offer to buy Anadarko Petroleum, late Sunday putting a revised bid in front of the independent producer, offering mostly cash as it looks to wrest its prey from Chevron, Kallanish Energy reports. Oxy is still offering to buy Anadarko for $76 a share, but would now pay 78% in
Read More...Increased natural gas consumption has generated a truly incredible story for the environment as U.S. greenhouse gas emissions have fallen to their lowest levels since 1992. But the air quality improvements go even further, as a new Energy In Depth analysis shows: The U.S. oil and gas industry is also making incredible progress in reducing
Read More...Houston-based independent producer Callon Petroleum said Monday it’s entered into a deal to sell certain non-core assets in the Midland Basin to an unnamed buyer for $260 million in cash. The agreement also provides for potential incremental cash payments of up to $60 million based upon future commodity prices with upside participation starting at the $60/Bbl West Texas Intermediate level,
Read More...