HOUSTON (Reuters) - Exxon Mobil Corp Chief Executive Darren Woods is reorganizing the company’s refining operations, part of a push to boost profits amid volatile oil and natural gas prices, the company said on Monday. The changes at the world’s largest publicly traded oil producer are the most sweeping to date by Woods, who became chief executive in January after former chief Rex Tillerson resigned to become U.S. secretary of state. Woods has moved first to reshape the parts of the [Read more]
Transcanada asks Nebraska to reconsider approval of alternate Keystone pipeline route
TransCanada has asked the Nebraska Public Service Commission to reconsider its order approving an alternate route for the Canada-U.S. Keystone XL pipeline, according to a filing posted on the commission's website on Monday. The Canadian pipeline company is seeking a "clarification" on the PSC's Nov. 20 decision to approve an alternative route for the Keystone XL pipeline, a TransCanada spokesman said. The approved line was not the company's preferred route. "Keystone requests the [Read more]
Oil prices fall on higher U.S. supply, doubts about Russia’s resolve
NEW YORK (Reuters) - Oil prices fell 1 percent on Monday, with U.S. crude easing from two-year highs on prospects of higher supply, and uncertainty about Russia’s resolve to join in extending output cuts ahead of this week’s OPEC meeting. U.S. light crude was down 80 cents or 1.3 percent to $58.15 a barrel by 1:47 p.m. (18:47 GMT) Brent crude was down 10 cents or 0.2 percent to $63.76 a barrel. Oil prices have surged in recent months due to output cuts by the Organization of the Petroleum [Read more]
TransCanada excavates damaged part of leaked pipeline -S. Dakota official
TransCanada Corp is making progress on cleaning up a 5,000-barrel oil spill from its Keystone pipeline in South Dakota, where a state official said on Monday the company has excavated the damaged section of pipeline. Calgary-based TransCanada shut down the 590,000 barrel-per-day pipeline, one of Canada's main crude export routes, on Nov. 16, due to the leak. Keystone carries crude from Alberta's oil sands to U.S. refineries. Brian Walsh, environmental scientist manager with the [Read more]
Keystone’s existing pipeline spills far more than predicted to regulators
TransCanada Corp's existing Keystone pipeline has leaked substantially more oil, and more often, in the United States than indicated in risk assessments the company provided to regulators before the project began operating in 2010, according to documents reviewed by Reuters. The Canadian company is now seeking to expand the pipeline system linking Alberta's oil fields to U.S. refineries with its proposed Keystone XL project, which has U.S. President Donald Trump's backing. [Read more]
TransCanada recovers 44,400 gallons of oil from Keystone pipeline spill site
TransCanada Corp said on Friday it has recovered 44,400 gallons, or 1,057 barrels, of oil from the Keystone pipeline spill site at Amherst, South Dakota. The company had shut down its 590,000 barrel-per-day Keystone pipeline, which links Alberta's oil sands to U.S. refineries, on Nov. 16 after a 5,000-barrel spill. It has not yet set an expected restart date for the pipeline, which is one of Canada's main crude export pipelines. Additional excavation will be conducted beyond Sunday [Read more]
U.S. crude tops two-year high as Keystone outage hits supply
NEW YORK (Reuters) - U.S. oil prices hit their highest levels in more than two years on Friday after the continued shutdown of a key pipeline running from Canada to the United States was expected to reduce supply into a major storage facility. U.S. West Texas Intermediate crude futures (WTI) hit $58.92 a barrel, their highest since July 2015, before easing to trade up 79 cents on the day at $58.81 by 11:50 a.m. EST (1650 GMT). Trading activity and volumes were fairly low on Friday due to [Read more]
U.S. oil prices rise to two-year high on pipeline outage
LONDON (Reuters) - U.S. oil prices jumped to a two-year high on Friday as North American markets tightened on the partial closure of the Keystone pipeline connecting Canadian oilfields with the United States. U.S. light crude hit highs not seen since July 1, 2015 on Friday, trading at $58.70 a barrel, before easing to $58.53 by 0952 GMT but still 51 cents up on the day. Trading activity was expected to be low on Friday due to the U.S. Thanksgiving holiday. Benchmark Brent crude was [Read more]
WTI flips into big backwardation after pipeline spill: Kemp
U.S. crude futures prices have swung into substantial backwardation after a spillage on the Keystone pipeline severely reduced crude deliveries from Canada into the U.S. Midwest. U.S. crude futures, also known as West Texas Intermediate (WTI), are based on crude delivered into the tank and pipeline system around Cushing, Oklahoma. Futures prices are therefore very sensitive to anything that affects the regional supply-demand balance in the Midwest. After the spill on Nov. 16, the [Read more]
Canada’s first LNG export to China on its way by container
British Columbia has sent its first shipment of liquefied natural gas to China, part of a pilot project to test the feasibility of small-scale LNG exports by container ship from the Pacific Coast province to global markets, FortisBC said on Wednesday. The relatively small shipment of 950 gigajoules of gas, roughly 17 tonnes of LNG, is from FortisBC's Tilbury plant in the Vancouver suburb of Delta. It was marketed and shipped by Vancouver's True North Energy Corporation and [Read more]