Sources say that Northern Oil and Gas is in the process of acquiring Granite Ridge, a smaller rival.
According to sources familiar with the situation, Northern Oil and Gas made a purchase offer for Granite Ridge Resources. Granite Ridge Resources is a small U.S. oil and gas producer that operates in the Permian and Eagle Ford basins. Sources said that Northern, based in Minneapolis, Minnesota, has made at least two bids for Granite Ridge. The latest offer, which was made within the last few weeks, came at roughly a 20% premium over the target's stock price. Sources said that while Granite Ridge management has rejected the overtures to date, Northern is still interested in the deal and may sweeten it next year.
US House Bill Seeks $8 Bln for Abandoned Oil and Gas Well Cleanup
A U.S House of Representatives Democrat introduced a bill on Thursday authorizing $8 billion to plug and clean up abandoned oil wells nationwide, a measure aimed at creating jobs for oil and gas workers and reducing climate-warming emissions.More than a century of oil and gas drilling has left behind millions of abandoned wells, many of which are emitting methane, a potent greenhouse gas, into the atmosphere. Oil and gas companies are likely to abandon many more wells as demand for clean energy replaces that for fossil fuels.The bill, sponsored by Representative Teresa Leger Fernandez…
ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus
Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT, and U.S. West Texas Intermediate (WTI) crude jumped 62 cents or 1% to $62.12 a barrel. Both contracts finished February 18% higher."The three major supportive factors are the prevalent vaccine rollouts, the optimism about economic growth and the view that the oil balance will get tighter as a result of the first two points…
US Extends Offshore Wind Tax Credit
The American Wind Energy Association (AWEA) issued a statement in support of two bills introduced in the U.S. Senate this week, which would both extend the federal Investment Tax Credit (ITC) for offshore wind energy.The legislation comes at a critical time for offshore wind in America, as energy developers prepare to start construction on the first wave of large-scale projects.The Offshore Wind Incentives for New Development Act introduced by Senators Markey (D-MA), Whitehouse (D-RI), and Congressman Jim Langevin (RI-02), as well as the Incentivizing…
Bill Allowing US to Sue OPEC Drawing Renewed Interest
With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action.The bill would change U.S. antitrust law to allow OPEC producers to be sued for collusion; it would make it illegal to restrain oil or gas production or set those prices - removing sovereign immunity that U.S.
US Energy Companies Fume over Rejected Steel Tariff Exemptions
The U.S. Commerce Department recently granted a tariff exemption to oil major Chevron for its imports of 4.5-inch Japanese steel tubes for oil exploration.But the department rejected a similar request from Borusan Mannesmann Pipe to exclude 4.5-inch steel pipes imported from Turkey for casing used to line new oil wells.The reason: multiple U.S. steelmakers objected to Borusan's application, arguing they could supply the product, according to the department. Chevron drew no such objections.When U.S. President Donald Trump slapped a 25 percent tariff on imported steel this spring…
EU Divided On New US Sanctions against Russia
European Commission preparations to retaliate against proposed new U.S. sanctions on Russia that could affect European firms are likely to face resistance within a bloc divided on how to deal with Moscow, diplomats, officials and experts say. A bill agreed by U.S. Senate and House leaders foresees fines for companies aiding Russia to build energy export pipelines. EU firms involved in Nord Stream 2, a 9.5 billion euro ($11.1 billion) project to carry Russian gas across the Baltic, are likely to be affected. Both the European Union and the United States imposed broad economic sanctions on Russia's financial…
House Repeals Obama Rule on Methane Emissions on Federal Lands
The U.S. House of Representatives on Friday repealed a rule put forth in the final days of the Obama administration that limited emissions of the potent greenhouse gas methane from oil and gas drilling on federal lands, in the latest move by Republican lawmakers to overturn regulation on the energy industry. The Senate is expected to vote next on repealing the rule, which was part of former President Barack Obama's efforts to curb climate change. Congress this week repealed pollution and anti-corruption rules on energy companies. (Reporting by Timothy Gardner)
Ahead of EIA Data, Oil Slips on Rising U.S. Inventories
API data shows higher U.S. crude and products inventories; market looks for confirmation from U.S. government data. Oil prices fell on Wednesday after builds in U.S. inventories reinforced expectations that increasing shale output this year would reduce the impact of production cuts by OPEC and other major exporters. Benchmark Brent crude was down 1 percent or 54 cents a barrel at $54.90 by 1024 GMT. U.S. light crude was down 52 cents at $52.66. Weekly inventory data from the American Petroleum Institute (API) late on Tuesday showed U.S. crude, gasoline and diesel stocks rose more than expected last week. The U.S.
U.S. States Sought to Keep Exxon Climate Probe Secret
A pact that 15 U.S. states signed to jointly investigate Exxon Mobil Corp for allegedly misleading the public about climate change sought to keep prosecutors' deliberations confidential and was broadly written so they could probe other fossil fuel companies. The "Climate Change Coalition Common Interest Agreement" was signed by state attorneys general in May, two months after they held a press conference to say they would go after Exxon, the world's largest publicly-traded oil and gas company, and possibly other companies. The signed agreement has not been made public until now, and Reuters reviewed a copy of it on Thursday.
Bankrupt Wyoming Coal Giant Turns to Grass
A squad of about ten Peabody Energy Corp. miners clad in steel-toed boots and hard hats climbed into massive bulldozers on a recent morning, ready to create rolling hills of grass over former pits at the Rawhide coal mine in Wyoming. In the midst of a deep coal downturn and widespread layoffs, the staff that remains at Rawhide is spending more time in 2016 on landscaping than mining. "We're probably going to do four times the amount this year than we would normally do," said Mary DeRudder, a 30-year veteran coal miner at Rawhide, which saw its workforce cut by more than half to 95 since jobs peaked at 225 in 2012.
US House Opposes Carbon and Oil Taxes in Symbolic Votes
The Republican-controlled U.S. House of Representatives voted largely along party lines on Friday to reject any new taxes on carbon emissions and oil production. The two non-binding actions were intended to get Republicans on the record opposing higher taxes on fossil fuels amid industry concerns that they could become part of a new tax reform debate in 2017, according to aides and lobbyists. One resolution opposing a carbon tax as detrimental to the U.S. economy, which was led by House Majority Whip Steve Scalise of Louisiana and backed by the privately owned Koch Industries Inc…
U.S. House Passes Bill to Fund Government, Export Crude Oil
The U.S. House of Representatives on Friday overwhelmingly passed a $1.1 trillion spending bill to keep government agencies open and funded through September 2016 and lift the 40-year-old ban on U.S. crude oil exports. The bipartisan vote sends the bill to the Senate, where Republican and Democratic leaders have agreed to combine it with a package of tax breaks passed on Thursday. The Senate will then take up the combined package in a series of procedural and a final vote expected by early Friday afternoon. (Reporting by Susan Cornwell, David Lawder and Richard Cowan)
US Congress Negotiators Struggle Over Oil, Solar, Wind Breaks
U.S. Congress negotiators on Tuesday continued to tussle over Republican demands that a 40-year-old oil export ban be repealed and Democratic calls that any such repeal be coupled with incentives for clean energy projects, a senior Senate Democratic aide said. The talks are part of an end-of-year, must-pass bill to fund the government through September 2016 and extend a series of tax breaks. Earlier on Tuesday, U.S. House of Representatives Speaker Paul Ryan said details of such legislation would be unveiled later in the day with House votes likely on Thursday. (Reporting by Richard Cowan)
The American Energy Story Obama Won't Tell the World
(Note: Kevin McCarthy is the majority leader in the U.S. House of Representatives. President Barack Obama is poised to repeat his history of weak-handed negotiations on the world stage when nearly 200 countries gather in Paris on Monday to consider an international response to climate change. According to the president, rejecting the Keystone XL oil pipeline and piling regulations on the fossil fuel and power industries in the United States are necessary to preserving America's credibility as a leader on the world stage. But by doing this…
House Passes Bill to Repeal US Oil Export Ban, Veto Looms
The U.S. House of Representatives passed a bill on Friday to overturn the 40-year-old ban on oil exports, but the measure did not get enough support to overturn any veto by President Barack Obama, and similar legislation in the Senate faces an uphill battle. The House bill sponsored by Representative Joe Barton, a Texas Republican, passed the House 261 to 159, failing to reach the 280 votes necessary to overturn a presidential veto. The White House this week threatened to veto the House bill, saying Congress should work to move the country to cleaner sources of energy. (Reporting by Timothy Gardner and Emily Stephenson; Editing by Doina Chiacu)
White House Issues Veto Threat for US House Oil Export Bill
The White House issued a veto threat on Wednesday for a U.S. House of Representatives bill that would lift a ban on crude oil exports, saying the legislation was "not needed at this time." Congress should instead cut subsidies for oil companies and invest in wind, solar and other renewable energy projects, the White House said in a statement about the bill, which is expected to face a vote in the House on Friday. (Reporting by Roberta Rampton; Editing by Sandra Maler)
White House Does Not Back US House Bill to Repeal Oil Export Ban
The White House said on Tuesday it does not support a bill in the U.S. House of Representatives to repeal the 40-year-old ban on exports of crude oil. "This is a policy decision that is made over at the Commerce Department, and for that reason, we wouldn't support legislation like the one that's been put forward by Republicans," White House spokesman Josh Earnest told reporters at a briefing. "The administration believes that the American people are better served by making sure that we pursue the kind of approach that also invests in renewable energy," he said.
U.S. House Defeats Iran Deal Approval Resolution
The U.S. House of Representatives defeated a resolution backing the nuclear agreement with Iran on Friday, in a symbolic vote engineered by congressional Republicans who object to the deal. House members voted 269 to 162 to defeat the resolution in a strongly partisan vote, part of an effort by congressional Republicans to underscore their objection to the accord despite a vote on Thursday in the Senate that blocked a Republican-led effort to kill the international pact. (Reporting by Patricia Zengerle)
US House Panel Passes Bill to Repeal Oil Export Ban
A U.S. House of Representatives subcommittee passed a bill on Thursday to repeal the U.S. ban on oil exports, providing momentum in the chamber for overturning the 40-year old trade restriction. The House Energy and Power subcommittee passed the bill by a voice count. The legislation, sponsored by Republican Representative Joe Barton of Texas, is expected to be voted on by the full Energy and Commerce committee next week. Passage by the full panel would set it up for a wider vote by the Republican-led House, where it is expected to pass. The measure, however, still faces an uphill battle in the U.S. Senate.
