Pipeline operator Kinder Morgan said on Friday a fire that erupted on a west Texas natural gas pipeline it operates was extinguished after burning for most of the day. The Houston company declared force majeure on a segment of the pipeline in Ward County, Texas, following the fire, according to a notice filed on a company website on Friday. The force majeure affects the Lockridge Lateral segment of the Natural Gas Pipeline of America system. The outage will disrupt flows to 10 locations in [Read more]
Hess sets May 28 shareholder vote on Chevron buyout
Hess Corp set May 28 for a special meeting of shareholders to vote on Chevron Corp 's $53 billion buyout offer, the company said in a securities filing on Friday. Chevron last October offered to acquire Hess Corp in a move to gain a foothold in oil-rich Guyana's lucrative offshore fields. The deal has been stalled by a regulatory review and challenged by Exxon Mobil, which has filed an arbitration claim that could block the deal. The CEO of the no. 2 U.S. oil producer said on Friday said [Read more]
Mexico’s Pemex reverses proposed crude export cuts for May, sources say
Mexican state oil company Pemex is reversing crude exports cuts of at least 330,000 barrels per day (bpd) planned for May amid a smaller-than-expected oil demand by the company's domestic refineries, two sources close to the decision said on Friday. Pemex's international trading unit in April began enforcing exports cuts over supply crude contracts to customers in the United States, Asia and Europe to increase its availability of crude for domestic refining. Its new Olmeca Refinery in the [Read more]
Trans Mountain expansion requires six more leave-to-open permits, regulator says
The Canada Energy Regulator (CER) has six leave-to-open applications left to consider for the 590,000 barrel-per-day Trans Mountain pipeline expansion project, a CER spokesperson said on Friday. The Canadian government-owned pipeline expansion will nearly triple the flow of crude from Alberta to Canada's Pacific Coast and open up access to Asia and the U.S. West Coast. So-called leave-to-open orders signal permission from the regulator that a section of pipeline can start operating. After [Read more]
US drillers cut most oil rigs in a week since November – Baker Hughes
U.S. energy firms this week cut five oil rigs, the biggest weekly drop since November, energy services firm Baker Hughes said in its closely followed report on Friday. Meanwhile, the oil and gas rig count, an early indicator of future output, fell by six to 613 in the week to April 26, the lowest since February 2022. Baker Hughes said that puts the total rig count down 142 rigs, or 18.8%, below this time last year. The number of oil rigs fell by five to 506 this week, while gas rigs [Read more]
Earnings for Big Oil backpaddle as natgas prices tumble
U.S. and European oil companies reported weaker first quarter results on Friday due to a sharp drop in natural gas prices compared with a year ago. Results at oil and gas firms are still retreating from record levels in 2022 that were boosted by a surge in demand after the COVID-19 pandemic and then when prices spiked after Russia invaded Ukraine. In the U.S., Exxon Mobil missed Wall Street earnings targets on fuel derivatives and Chevron beat tempered expectations with [Read more]
US natgas drops on lower feedgas to Freeport LNG, storage surplus
U.S. natural gas futures slipped on Friday ahead of the expiration of the May contract, weighed down by a drop in feedgas to Freeport LNG's Texas export terminal and a huge surplus of gas in storage. On its last day as the front-month, gas futures for May delivery on the New York Mercantile Exchange traded 1.5 cents lower, or 0.9%, to $1.62 per million British thermal units (mmBtu) at 10:53 a.m. EDT, after drooping to its lowest since March 26 earlier in the session. Prices are down over 7% [Read more]
TotalEnergies looking at primary listing in New York, says CEO
French oil major TotalEnergies is "seriously" looking at a possible listing in New York, Chief Executive Patrick Pouyanne told analysts on Friday, to move closer to a majority of U.S.-based shareholders. The Paris-based company says it has 47% of institutional shareholders in the United States, and 39% of all global shareholders are located there. "We had a discussion of the board on the matter of U.S. listing and we all agreed that we have to seriously look at it," said Pouyanne. The [Read more]
US oil refiners’ weekly capacity seen up 340,000 bpd, IIR says
U.S. oil refiners are expected to have about 1.2 million barrels per day (bpd) of capacity offline in the week ending April 26, increasing available refining capacity by 340,000 bpd, research company IIR Energy said on Friday. Offline capacity is expected to fall to 865,000 bpd in the week ending May 3 and to 759,000 bpd in the subsequent week, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday April 26 April 24 April [Read more]
Oil prices on track to snap two-week losing streak
Oil prices rose on Friday, on track to end higher this week after two straight weeks of losses, after a top U.S. official expressed optimism over economic growth and as supply concerns lingered due to conflicts in the Middle East. Brent crude futures gained 31 cents, or 0.4%, to $89.32 a barrel at 0347 GMT, and U.S. West Texas Intermediate crude futures rose by 23 cents, or 0.3%, to $83.80 a barrel. For the week, Brent has gained 2.3% so far, while WTI is up 0.8%. Treasury Secretary [Read more]
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