EQT Corp said on Monday it has decided to buy back its former unit Equitrans Midstream in an all-stock deal to create an integrated natural gas firm valued at more than $35 billion. Shares of Equitrans jumped more than 8% in premarket trading, while EQT was down about 1%. The news was first reported by WSJ earlier on Monday. The deal comes at a time when U.S. natural gas producers are curbing their output and spending on drilling activity as an oversupplied market has brought the prices [Read more]
US leads global oil production for sixth straight year – EIA
U.S. crude oil production lead global oil production for a sixth straight year, with a record breaking average production of 12.9 million barrels per day (bpd), the Energy Information Administration (EIA) said in a release on Monday. In December, U.S. crude oil production hit a new monthly record high of over 13.3 million bpd, the agency said. "The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in [Read more]
Alberta’s ban on renewables could hurt C$11 bln in investments, says study
Canadian province Alberta's ban on some renewable projects could hurt C$11.1 billion ($8.24 billion) in investments and stall up to 6.3 gigawatts (GW) of solar and wind power capacity, a study said on Monday. The new rules can potentially impact 42 projects valued at over C$11 billion and several thousand jobs, the Pembina Institute, an Alberta-based clean energy think tank, said in the study. Last month, Canada's main crude oil producing province implemented a ban on renewable power [Read more]
More US energy deals likely in 2024
The U.S. energy sector has entered a new phase of consolidation as the industry went on a $250-billion buying spree in 2023, and experts see more transactions on the horizon. Dealmaking is on the rise as oil and gas producers are looking to improve longevity of inventories at low cost, and focus on cash that can be returned to shareholders. The majority of energy executives polled in December by the Federal Reserve Bank of Dallas expected more oil deals worth $50 billion or higher to pop [Read more]
US carbon pipeline company pledges no oil recovery, but Bakken drillers want it
Summit Carbon Solutions, which is trying to build the biggest carbon dioxide capture pipeline in the United States to transport and bury greenhouse gases, has repeatedly pledged its project will not be used by drillers to boost output from oil fields. But Summit has a different message for prospective clients, including North Dakota’s oil sector, according to a Reuters review of state regulatory filings and recordings of public appearances by company executives: if you want to use our project [Read more]
Oil prices fall on China demand worries
Oil prices extended last week's losses on Monday on concern about slow demand in China, although lingering geopolitical risk surrounding the Middle East and Russia limited the decline. Brent futures fell 55 cents, or 0.7%, to $81.53 a barrel at 0405 GMT, while U.S. West Texas Intermediate (WTI) dropped 57 cents, or 0.7%, to $77.44. Both benchmarks fell last week, with Brent down 1.8% and WTI 2.5% lower on bearish Chinese data which pointed at softer demand in world's no. 1 crude [Read more]
Aramco chief sees healthy Chinese demand, looking at more investments
Saudi Aramco Chief Executive Amin Nasser said on Sunday the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust and growing. "So far we are in the early part of 2024, demand is healthy and growing in China," Nasser said on a media call following the release of Aramco's results that showed net profit falling to $121.3 billion from a record $161.1 billion in 2022 on lower oil prices. "We see that in terms of their offtake from the different [Read more]
Texas challenges US EPA limits on oil and gas industry methane emissions
Texas sued the U.S. government over Environmental Protection Agency rules published on Friday, that crack down on the oil and gas industry's releases of methane, a potent greenhouse gas that contributes to climate change. The lawsuit filed in the U.S. Circuit Court of Appeals for the D.C. Circuit challenges EPA rules first announced last year that seek to reduce methane emissions through measures like bans on routine flaring of natural gas produced at new oil wells. Texas Attorney General [Read more]
Heavy oil trade narrows
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Friday. WCS for April delivery in Hardisty, Alberta, began trading at $15.75 and ended the day at $15.65 per barrel under WTI, according to brokerage CalRock. WCS had traded between $15.75 and $16.30 per barrel below the U.S. benchmark on Thursday. WCS prices have strengthened on optimism about the Trans Mountain pipeline expansion beginning line fill in [Read more]
TC Energy briefly shut Keystone oil pipeline on unfounded leak concern
TC Energy temporarily shut down the Keystone oil pipeline on Thursday to investigate a South Dakota landowner's report about a possible leak that proved unfounded, the Canadian company and a U.S. pipeline regulator said on Friday. TC told the Pipeline and Hazardous Materials Safety Administration (PHMSA) about the reported leak and conducted aerial observation and water analysis that found no evidence of a spill before restarting the line, PHMSA said. A spokesperson for Calgary, [Read more]
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