ConocoPhillips considers selling its Norwegian business and UK Teesside assets
ConocoPhillips, a US oil and natural gas producer, said that it is considering a possible sale of its Norway operations and the Teesside assets in the UK after receiving an unsolicited bid. The company didn't disclose the identity or financial details of the buyer. ConocoPhillips stated that the evaluation is in line with its'strategia of optimizing the portfolio, and it would retain the assets should the offer not meet expectations. ConocoPhillips'?operations? in Norway are managed by subsidiaries.
ADNOC Gas profits fall 52%, but still beat company's guidance
ADNOC Gas announced a 52% drop in its second-quarter profits?on?Monday. The company, owned by the Abu Dhabi government, saw its?sales fall due to the closure of?Hormuz Strait after the?U.S. Israel and the United States launched 'attacks' on Iran. The Iran War has caused oil-rich Gulf Countries to suffer as Tehran has attacked energy infrastructure, oil tankers and blocked shipping in the Strait of Hormuz. This area carried a fifth of world oil and natural gas before the conflict. ADNOC Gas announced on Monday that it intends to increase oil and gas sales.
Norway's gas production lags behind the forecast for May
Norwegian Offshore Directorate (NOD), on Tuesday, reported that Norway's combined oil and gas production in May exceeded an official forecast by?2.9%. Norway is Europe's biggest supplier of natural gases and oil. The output varies month-to-month depending on maintenance needs and other stops at more than 100 offshore fields. The total oil, gas, condensate and natural gas liquids output was?at 0.607 million standard cubic metres per day. This is equivalent to 3.82 millions barrels of oil. It represents a decline of 0.8% on an annual basis.
Phillips 66 will expand its gas processing capabilities in the Permian basin and Gulf Coast
Refiner 'Phillips 66' said on Monday that it will'move forward with the Zeus Gas Plant and a third Coastal Bend -?Fractionator?in?Texas to expand its network and capture the growing volumes of natural gas and liquids coming from the largest U.S. shale fields. In premarket trading, shares of the company rose 2.3%. The company stated that the Zeus Gas Plant would have the capacity to process 300,000,000 cubic feet of gas per day and will include the new Midland Express Pipeline. The approximately 45-mile-long, 20-inch-wide?pipeline?
TGS, a subsidiary of Argentina's TGS, to invest $3 billion in a natural gas liquids project
The Argentine energy company Transportadora de Gaz del Sur (TGS), announced on Wednesday that it 'will invest $3 billion 'in a new natural-gas liquids project within the Vaca Muerta shale. Exports of approximately $1.2 billion per year are expected from the project over a period of almost four years. The company intends to submit 'the project to a large scale investment incentive scheme known as RIGI. This was introduced by the administration of President Javier Milei.
APA exceeds its quarterly profit forecasts as lower costs offset the weak price, output
Oil and 'gas company APA beat the fourth-quarter profit estimate?on Friday. This was helped by lower operational costs that offset the impact of weaker commodity prices & a decrease in?production. The global?crude oil price has been impacted by the growing fears of a glut, and the prospect that Venezuela will add more barrels to supply. WTI crude oil prices fell by about 20% between 2025 and 2026, while they dropped 8% during the quarter of October-December.
ONEOK reports higher third-quarter profits as acquisitions payoff
ONEOK, the U.S. oil and gas pipeline operator, reported a higher profit in the third quarter on Tuesday. This was due to the robust volumes in Rocky Mountain Region as well as the effect of a number of acquisitions. ONEOK has diversified its portfolio over the last two years through acquisitions, including a Gulf Coast NGL pipe system from Easton Energy as well as Medallion Midstream, EnLink Midstream, and Medallion Midstream. ONEOK acquired the remaining 49.9% of NGP XI Midstream Holdings' stake in the Delaware Basin Joint Venture in June for $940 million.
Targa will build a 500-mile NGL pipe in Permian
Targa Resources announced on Tuesday that it will construct a 500-mile natural gas liquids pipeline from its plants located in the Permian basin to its fractionation, storage and distribution complex in Mont Belvieu in Texas. The Speedway NGL Pipeline will cost approximately $1.6 billion, and have a capacity of 500 thousand barrels a day at first. The pipeline with a diameter of 30 inches is expected to enter service in the third quarter 2027. The pipeline…
S&P Global: China's oil stocks help offset global surplus
S&P Global, which spoke at the APPEC Conference on Monday, said that China, as the world's largest oil importer, had been stockpiling the crude at a record pace for several years, helping to balance a global surplus despite the output increases by OPEC+. China has built up crude oil stocks at a rate 530,000 barrels per daily (bpd) this year. This is according to Jim Burkhard of S&P Global Commodity Insights, the global head of crude market research.
Pipeline operator ONEOK greenlights new Delaware Basin gas plant
Midstream company ONEOK announced on Tuesday that it had made a final decision to invest in a new natural-gas processing plant in Delaware Basin. This will expand its footprint in America's top shale gas field, as gas volumes continue to surge. The company has increased its presence in Permian Basin, which includes the Delaware Basin, through strategic moves, such as acquiring NGP XI Midstream Holdings stake in their Delaware Basin Joint Venture, buying a Gulf Coast NGL Pipeline System and taking over Medallion Midstream…
US lifts restrictions Enterprise Product's ethane exports to China
Enterprise Products Partners said that the U.S. cleared the way for them to resume ethane exports to China. The company also revoked a license restriction put in place only a few weeks ago, when the U.S. - China trade war shifted from tariffs to supply chain issues. After accusing Beijing that it was slowing down shipments of rare Earths, vital for automakers and other industries, the U.S. placed new restrictions on ethane and a broad range of other exports to China.
Guyana Searches For Company to Build NGL Facility
Guyana is looking for a company willing to build a natural gas liquids (NGL) facility as part of efforts to monetize its offshore gas reserves, according to a notice published by the South American government on Sunday.The storage and offloading facility would receive about 4,200 barrels per day (bpd) of liquids from a separation plant that is currently under construction. Once operational, that plant will strip the liquids from natural gas piped to…
Guyana invites companies to apply for NGL facilities
According to an announcement published on Sunday by the South American Government, Guyana is seeking a company that will build a facility to produce natural gas liquids as part of its efforts to monetize offshore gas reserves. Storage and offloading facilities would receive liquids at a rate of 4,200 barrels a day from presently under construction separation plants. This plant, once operational, will remove liquids from natural gases piped from offshore fields operated a consortium led Exxon Mobil.
Keyera acquires Plains' Canadian Natural Gas Liquids business for $3.77 Billion
Keyera Corp announced on Tuesday that it had agreed to purchase substantially all of Plains Canada's Canadian natural gas liquids businesses for C$5,15 billion ($3,77 billion) cash. The Canadian-based pipeline operator stated that the purchase expands Keyera’s position by bringing a natural gas liquids (NGL) corridor from Western Canada to Eastern Canada under Canadian ownership and brings key NGL infrastructure. Keyera, a Canadian energy infrastructure company…
US terminal operator warns that its ethane and butane exports could fall
Enterprise Products Partners said on Thursday that the U.S. Department of Commerce's requirement for it to apply for a licence to export to China could hurt its ethane-and-butane exports. Reports on Wednesday said that the United States had ordered a wide range of companies to cease shipping products, such as ethane or butane, without a permit to China and revoked permits already granted to some suppliers. The Bureau of Industry and Security (an agency…
APA reduces US natgas production and NGL production during the first quarter due to low prices
In response to low prices, oil and gas company APA announced on Wednesday that it had curtailed production of natural gas in the United States by about 8 million cubic foot per day and natural gas liquids in the U.S. by 500 barrels per quarter. APA announced in January that it had reduced its production by approximately 23,500 barrels equivalent per day (boepd). The Permian Basin has been experiencing low gas prices for the past three quarters. This led to similar reductions.
Stock prices of US natgas producers soar as gas futures soar
Gas futures prices have risen by 27% in the last seven days, reaching a two-year high. The extreme cold of recent days has pushed U.S. Gas Futures up to $4.42 per million British Thermal Units (mmBtu) at midday on Wednesday. This puts the front-month just a few cents away from the closing high of $2.258, which was reached on January 16 of this year. The increase in gas futures has helped Devon Energy's stock, which announced earnings on February 18th, to reach a three-month high at $38.58 by midday Wednesday.
Exxon to build large-scale gas projects in Guyana, a country dominated by oil
Exxon Mobil, the U.S. oil giant, announced a massive project on Wednesday to increase natural-gas production and supply in Guyana. This follows the government's request for more gas as fuel to power onshore projects and petrochemical ones. Alistair Routledge of Exxon Guyana, the head of Exxon in Guyana, outlined a "Wales Gas Vision" that will provide gas to produce fertilizers via a pipeline worth $1 billion completed last year. Through its Gas-to-Energy Project…
Devon Energy's production increases help it beat the fourth-quarter profit forecast
Devon Energy, a Devon Oil subsidiary, beat the analysts' estimates for its fourth-quarter profits on Tuesday as higher production offset lower prices. The U.S. Energy Information Administration reported that total oil production reached a record of 13.6 millions barrels per day during December. This was due to improved efficiency, which allowed oil producers to pump more. Devon's quarterly production increased by 28% compared to the same period last year, reaching 848,000 barrels equivalent per day (boepd).
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.