Hess reports a quarterly profit increase as Guyana's oil production remains strong
Hess Corp, a leading oil producer in Guyana, beat expectations for the third quarter profit on Wednesday. The Guyana assets have been at the heart of a dispute between Exxon and Chevron that has delayed Chevron’s $53 billion purchase of Hess. Hess agreed on the buyout in October last year, but Exxon has challenged the deal. They claim a right over the company's Guyana-based assets. Exxon will be able to exercise its right of first refusal in May next year after the deal has been approved by the U.S. Federal Trade Commission.
ONEOK's Q3 profit rises on the back of strong demand and a narrower annual forecast
Pipeline operator ONEOK announced a 52.6% increase in its third-quarter profits on Tuesday. This was largely due to higher demand for natural gas in the Rocky Mountain Region, as well as higher volumes of natural gases and natural gas liquids. The company reported that raw feed volumes of natural gas liquids in the Rocky Mountain Region (NGLs) increased by 7%, and natural gas volumes in the Rocky Mountain Region processed by 5%. The petrochemical industry uses NGLs like ethane or propane as feedstock.
Phillips 66, the refiner, reports a Q3 profit increase on the strength of midstream and chemicals
Phillips 66 surpassed quarterly profit expectations on Tuesday, as its chemical and midstream segments were able to more than compensate for a decline in refinery margins due to a lackluster fuel demand. This year, the company has increased its market share for natural gas liquids by expanding its pipelines. It owns more than 72,000 miles in U.S. The super-chilled fuel volumes that passed through the pipelines in the first nine month of 2024 increased to 2,79 million barrels a day, up from 2.70 million bpd.
Nigeria approves Exxon Seplat after two years
Nigeria has approved the sale to Seplat Energy of Exxon Mobil Corp.'s onshore assets, said the chief executive of the country's Upstream regulator on Monday. This comes more than two years since the original $1.28 billion agreement.Since it was announced in February 20, 2022, the sale has been scrutinized as it awaits regulatory approval.Bola Tinubu, the President of Nigeria, said that the ministerial approval would be granted within a few days following the clearance by the regulator.Gbenga Komolafe…
Occidental Petroleum reports lower oil and gas prices in Q3
Occidental Petroleum, a U.S.-based oil producer, announced on Wednesday that its oil and natural gas production prices were lower in the third quarter compared with the previous period. The company reported that the realized prices or the prices it received for its production during the third quarter were about 6% lower in total for its oil output, and 26% lower in its U.S. Natural Gas output. Concerns about the growth of global oil demand led to a decline in oil prices during the quarter July-September. U.S. Natural Gas prices fell to multi-year lows.
Guyana announces tender for new power plant and natural gas liquids facility
Guyana issued on Friday a request for proposal to build a natural gas liquids processing facility and a gas-fired electricity plant, both projects that will feed industrial clients from the country's mostly untapped offshore reserves of gas. A nation of 800,000.000 people is dependent on fuel imports for power generation. Consumers are subject to frequent blackouts due to faulty grids and production shortfalls. The government set a deadline of Nov.
Sources say that the owner of energy producer Maverick is interested in selling it for $3 billion.
According to sources familiar with the situation, the private equity owner of Maverick Natural Resources has been exploring the possibility of selling the U.S. oil-and-gas producer for a price that would be around $3 billion including debt. Sources said that the Houston-based exploration company, owned by the energy-focused investment group EIG, was working with Jefferies investment bankers on the sale process. They requested anonymity because the discussions were confidential.
Survival of the fittest: petrochemical manufacturers battle global glut
The survival mode of petrochemical producers is on in Europe and Asia. Years of capacity building in China, the top market for petrochemicals, and high energy prices in Europe have pushed margins down two years in a row. The weakness of the sector is concerning for an oil industry that looks to petrochemicals as a way to maintain profits in future years when transportation fuel demand will fall with the energy shift. Industry executives and analysts report that major producers in Asia…
Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh
Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed.Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January, and swelled further to 63 million barrels in June, according to FGE Energy.Market intelligence firm Kpler estimated Iranian…
If OPEC+ Oil Cuts Go as Planned, Norway Could Cut Output, Too
Norway, Western Europe's largest oil producer, signaled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.Norway's Minister of Petroleum and Energy Tina Bru is taking part in Friday's G20 video conference to discuss the situation in the energy market after demand and prices were hammered by the coronavirus crisis.Non-OPEC Norway's crude output stood at 1.75 million bpd in February, up 26% from a year earlier.
Equinor Eyes Brazil Natural Gas Infrastructure
Norway's Equinor ASA is scouting locations on Brazil's coast to install new natural gas infrastructure, the company's Brazil chief said, as the firm's gas-heavy offshore fields come on-line in the coming years.Natural gas is considered both a promising opportunity and a vexing problem in Brazil. The Latin American oil powerhouse is rapidly developing a prolific oil area off the nation's southeastern coast known as the pre-salt.Many of the region's assets have significant amounts of natural gas…
ExxonMobil Looks to Sell Australian Assets
Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait as part of a broader review of its global portfolio of assets.The sale could fetch up to $3 billion, however decommissioning costs for the ageing fields could dent the price tag, analysts and bankers said.The Gippsland Basin joint venture, off the state of Victoria, has long been the mainstay oil and gas supplier for southeastern Australia…
Energy Transfer to Buy SemGroup
Oil and gas pipeline company Energy Transfer LP said on Monday it would buy smaller rival SemGroup Corp for $1.35 billion and build a 75-mile oil pipeline to strengthen its oil transportation, terminalling and export operations.Energy Transfer will gain control of SemGroup's crude oil terminal on the Houston Ship Channel, and to connect it with its Nederland, Texas terminal, Energy Transfer said it will construct a pipeline between the two terminals.Energy Transfer will also add SemGroup's crude oil gathering assets in the DJ Basin in Colorado and the Anadark
Canadian Natural Resources eyes Rail Contracts
Canadian Natural Resources, the country's biggest oil and gas producer, is looking at taking on the Alberta provincial government's contracts to move crude by rail, a senior company executive said on Thursday.Shipping more crude by rail is seen as critical for Canadian oil producers due to congested pipelines that forced Alberta to order mandatory oil curtailments this year.Alberta's United Conservative Party government said in June that it would divest rail contracts amounting to 120,000 barrels of crude per day (bpd) to the private sector this fall.
Anadarko Beats Profit Estimates
Anadarko Petroleum Corp, in its last earnings report before shareholders vote on its sale to Occidental Petroleum, on Friday reported a quarterly profit that topped analysts' estimates, as higher production offset lower prices for its oil.It reported a net loss on a $1 billion breakup fee paid to Chevron Corp. Anadarko accepted a $38 billion offer from Occidental after having initially agreed to a deal with Chevron. The deal would make Occidental the largest oil producer in the Permian Basin, the top U.S.
Permian Midstream Bottlenecks May Choke Output
Rapidly rising production in the Permian basin has led to soaring levels of associated gas, outpacing pipeline infrastructure and placing increasing slowdown pressure on other production streams like crude oil and natural gas liquids (NGLs), Dr. Eugene Kim, Wood Mackenzie Research Director, Americas Gas, told delegates at the Unconventional Resources Technology Conference (URTeC) in Denver.Natural gas pipelines hit a takeaway pipeline capacity wall in late March 2019, triggered by reduced shoulder season gas demand and pipeline maintenance.
US Leads World Oil Reserves
The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially reported proven reserves as published in the BP Statistical Review of World Energy 2019.Tight oil plays in the Permian Basin in Texas and New Mexico now hold 100 billion barrels of recoverable oil resources, according to Rystad Energy’s analysis.
Natural Gas Liquid Market to Cross 14 mbl/day by 2025
Global Natural Gas Liquid Market is poised to cross 14 million barrels per day by 2025, said a study.Japan natural gas liquid market is projected to surpass an annual consumption of 0.2 mbl/day said the latest study by Global Market Insights.Accelerating funding’s toward chemical industry along with the manufacturing of high value-added petrochemicals will augment the industry growth.In addition, up-surge in investments toward automotive sector coupled with expansion of various industrial base including manufacturing…
BP Boosts Saudi, U.S. Oil Reserves Estimates
BP raised its estimates of Saudi and U.S.
Norway's April Oil Output Lags Forecast
Norway's oil production fell 8.8 percent year-on-year in April to 1.38 million barrels per day, lagging the official forecast for the month by 0.6 percent, Norway's Petroleum Directorate (NPD) said on Wednesday.Including condensate and natural gas liquids (NGL), the overall liquids production stood at 1.729 million barrels of oil equivalents per day, lagging the NPD prediction by 1.3 percent.Technical problems at some fields were among the main reasons why production came in below forecast…
