Corpus Christi Crude Exports Boom
U.S. crude exports from Corpus Christi, Texas, have surged to a record in recent weeks, often surpassing hubs such as Houston and Beaumont, Texas, thanks to faster-than-expected infrastructure additions.The infrastructure boom at Corpus Christi helped push crude exports there to a weekly record of 1.59 million barrels per day (bpd) in late December, more than doubling levels that held for the first eight months of last year, and above Houston's 2019 peak of 1.36 million bpd…
Trafigura Started Crude Shipments via U.S. Pipeline Cactus II
Global commodities trader Trafigura has started shipments of Permian basin crude to the Corpus Christi oil hub in Texas via the newly operational Cactus II pipeline system, the company said in a statement on Monday.Trafigura signed a long-term agreement with pipeline operator Plains All American Pipeline LP last year to transport a total of 300,000 barrels per day (bpd) of crude and condensate on the pipeline.The Cactus II Pipeline system will have the ability to transport 670,000 bpd. (Reporting By Julia Payne; editing by David Evans)
Exxon Green Lights Mega Refinery Expansion
Exxon Mobil Corp has given final approval to an expansion that would nearly double the size of its 365,000 barrel-per-day (bpd) Beaumont, Texas, refinery, making it the largest in the United States, said two people familiar with the company's plans.The largest U.S. oil producer, which has been considering a third processing unit at the plant since at least 2014, has authorized financing for equipment needed to convert shale crude from its West Texas oilfields into precursors for gasoline…
U.S. Pipeline Operators Reap Hefty Profits from Bottlenecks in Texas
Some of the biggest pipeline operators in the United States have supercharged earnings this year by buying deeply discounted shale in West Texas oilfields and selling it at a premium at Gulf Coast ports.These companies are taking advantage of extraordinary markdowns in West Texas where surging production and a lack of pipeline space sent the regional price for oil in late August $23 per barrel below the coastal price in Houston.Record profits illustrate the divide between the haves - those with guaranteed pipeline space - and the have nots…
Fire Breaks Out at Plains All American Crude Tank in Texas
A fire broke out on Tuesday morning on a roof seal of a Plains All American Pipeline crude storage tank east of Wichita Falls, Texas, the company said.The fire was limited to a single storage tank at its facility, the company said, adding that all personnel were personnel and contractors were accounting for. The company also said it was working with first responders on site.Reporting by Liz Hampton
US Oil Pipeline Companies, Producers Seek Relief from Steel Tariffs
Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21,000 requests overall for exclusions submitted to the U.S. Commerce Department since the Trump administration imposed levies this year. Of those, more than 500 petitions involve pipes and related materials.Initial decisions are expected this month…
Trafigura to Ship Oil from Permian to Corpus Christi
Commodities trading house Trafigura said on Tuesday it signed a new agreement with Plains All American Pipeline to transport 300,000 barrels of crude oil per day from the Permian basin to the port of Corpus Christi, in a move aimed at boosting exports. Trafigura said it would transport the oil via the Cactus II Pipeline, which is targeted for service in the third-quarter of 2019. (Reporting by Devika Krishna Kumar in New York Editing by Chizu Nomiyama)
Commodities Trader Trammo Shedding East Coast LPG assets
Commodities trader Trammo Inc is continuing to shed its liquefied petroleum gas (LPG) assets, putting its Newington, New Hampshire, propane terminal on the block and selling a Tampa, Florida, facility, the company told Reuters on Friday. The shakeup comes as the large energy and fertilizer trader is winding down its LPG trading desk following steep losses last year, sources familiar with the matter have said. The New-York based firm in November said it would seek to maximize the value of its waterborne propane terminals across the United States…
Pipeline Fight Moves from Dakotas to Louisiana
When Hope Rosinski's father gave her a six-acre plot in Louisiana more than a decade ago, she was surprised to find oil and gas pipelines crisscrossing the property. Pipeline companies later secured her permission for two more lines, one of which has since caused flooding and consistently leaves her land saturated. Now she's had enough. Rosinski is fighting the latest request for a right-of-way, this time from Energy Transfer Partners - the company behind the controversial Dakota Access Pipeline.
Energy pipelines back in investor favor after Trump orders
Investors have rushed back into North American pipelines after U.S. President Donald Trump revived growth prospects in a sector that struggled to cope with a two-year oil price slump and strident opposition from environmental and Native American activists. Investor confidence in the industry was shaken last year when the administration of former President Barack Obama halted the $3.8 billion Dakota Access Pipeline, just as Energy Transfer Partners had nearly finished building it.
Traders Eye Export Markets as U.S. Crude Futures Pummeled
Brent/WTI spread presents window of opportunity; Vitol said to have secured two vessels. A ballooning spread between the price of U.S. and European oil, coupled with lower shipping costs, has traders scrambling to take advantage of what may be a brief window of opportunity to ship crude to higher priced markets. The premium for Brent futures relative to U.S. West Texas Intermediate (WTI) crude rose above $1.50 barrel on Thursday, its largest level since April, up 50 cents from the start of the week.
Private Equity Warms up to Oil
Nearly half of PE funds expect a deal by mid 2017; North America remains focal point of deals. The world's private equity funds, with a cash pile of around $1 trillion, are stepping up their interest in the oil and gas industry, with almost a half expecting to buy assets in the sector over the next year, a survey showed on Tuesday. Funds' appetite for investments in the sector fell sharply after the start of the oil price route two years ago. But recent signs of a rebound…
Plains Pipeline Cited in Santa Barbara Spill
Numerous lapses in safety measures, judgment and planning by Plains All American Pipeline LP led to and worsened a major oil spill last year that fouled miles of shoreline and ocean near Santa Barbara, California, the U.S. Transportation Department said on Thursday. The agency said it would focus next on "enforcement options" against the Houston-based company for the rupture of an underground petroleum pipeline that federal inspectors have found was severely worn by corrosion.
Pipeline Company Indicted on Charges in Santa Barbara Oil Spill
Plains All American Pipeline Company and one of its employees have been indicted in California on criminal charges stemming from a petroleum spill last year near Santa Barbara, the company said on Tuesday. The indictment includes a total of 46 counts, 10 related to the actual release of crude oil or the reporting of the pipeline rupture, and 36 related to wildlife losses blamed on the spill, the company said. (Reporting by Steve Gorman and Dan Whitcomb; Editing by Chris Reese)
PBF Logistics to Buy U.S. Product Terminals
PBF Logistics LP said on Tuesday a subsidiary would buy four refined product terminals located on the U.S. East Coast from an affiliate of Plains All American Pipeline LP for $100 million, doubling its capacity. The terminals are near PBF Energy Inc's refineries in Delaware City, Delaware and Paulsboro, New Jersey. The acquisition includes 57 product tanks with total capacity of about 4.2 million shell barrels, connections to several pipeline systems, 26 truck-loading lanes and marine facilities capable of handling barges and ships.
Regulators tell Plains to Purge Shut California Oil Pipeline
U.S. pipeline regulators have ordered Plains All American Pipeline LP to purge a California pipeline system of crude to prevent corrosion after a separate pipeline ruptured and fouled Santa Barbara County shores last May. The U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) said Plains must purge oil from Line 903, a 130-mile (209 km), pipeline that runs from Gaviota, California inland to Kern County.
Plains All American to Shut Basin Pipeline Section in November
Plains All American Pipeline LP will shut a segment of its Basin Pipeline for 10 days in November for hydro-testing, according to a shipper notice. The pipeline operator will shut the line between Midland, Texas and Colorado City, Texas, cutting all shipments of crude during that time. The Basin Pipeline has capacity to ship between 240,000 to 450,000 barrels per day of crude, depending on the line segment. It stretches from Jal, New Mexico to Odessa and Midland, Texas and on to the crude storage hub in Cushing, Oklahoma.
Portion of Basin Pipeline to Shut in November
Plains All American Pipeline LP will shut a segment of its Basin Pipeline for 10 days in November for hydro-testing, according to a shipper notice. The pipeline operator will shut the line between Midland, Texas and Colorado City, Texas, cutting all shipments of crude during that time. The Basin Pipeline has capacity to ship between 240,000 to 450,000 barrels per day of crude, depending on the line segment. It stretches from Jal, New Mexico to Odessa and Midland, Texas and on to the crude storage hub in Cushing, Oklahoma.
Plains: Calif. Oil Spill Could be Larger than Estimated
Plains All American Pipeline LP's ruptured California oil pipeline may have spilled 41 percent more crude than currently estimated, the company said on Wednesday. In a presentation accompanying Plains' quarterly earnings call with analysts, the company said the May rupture may have released up to 3,400 barrels of crude, about 1,000 barrels more than current estimates. The line, which can move up to 48,000 barrels per day of offshore California crude to onshore refineries…
Feds Asked to Inspect Offshore SoCal Pipelines
An environmental group petitioned the federal government on Thursday to immediately inspect more than 200 miles of undersea oil pipelines off California's coast. The Center for Biological Diversity cited extensive corrosion that is believed to have caused an onshore pipeline to burst in May west of Santa Barbara, unleashing the biggest oil spill to hit that region in more than four decades. The failed pipeline, which had been inspected by its owner…
