Oil
Revisiting the Biggest Midstream Stories of 2024
(P&GJ) – In this final issue of P&GJ for 2024, the staff – with more than a little help from our readers – takes a look back at the sometimes-frenzied year for pipeline construction that was 2024.
EIA Forecasts Oil Price Declines in 2025 and 2026 Amid Global Oversupply
Oil prices will be under pressure over the next two years as global production growth outpaces demand, the U.S. Energy Information Administration said on Tuesday in its Short-Term Energy Outlook report.
Peru’s Bretaña Crude Gains Traction Among U.S. Refiners Amid Mexican Supply Decline
Peru's niche Bretaña crude oil is gaining popularity in the United States, with the first cargo discharging in the U.S. Gulf Coast this month as U.S. refiners seek alternatives for declining Mexican heavy crude.
Guyana Exports 225 Crude Cargoes in 2024, Boosted by Exxon’s Ramp-Up
Guyana exported 225 cargoes of crude oil in 2024, its energy minister said on Tuesday, as a consortium led by U.S. major Exxon Mobil continued ramping up production and completed an update at its facilities.
Diamondback Energy Warns of Lower Q4 Oil Prices
U.S. shale producer Diamondback Energy on Monday flagged lower prices for its oil production in the fourth quarter, compared to the preceding three months.
Pipeline Upgrade Ends Czech Republic's Reliance on Russian Oil
Upgrades to boost the capacity for oil deliveries to the Czech Republic via the TAL pipeline are complete, ending the country's need to import Russian crude, Prime Minister Petr Fiala said on Tuesday.
Dozens of Oil Tankers Drop Anchor After U.S. Sanctions Tighten
At least 65 oil tankers have dropped anchor at multiple locations, including off the coasts of China and Russia, since the United States announced a new sanctions package on Jan. 10, ship tracking data showed on Monday.
Plains All American Launches Year's First M&A Bond with $1 Billion Offering
U.S. integrated midstream infrastructure company Plains All American Pipeline on Monday priced a $1 billion investment-grade bond offering, the year's first to finance an acquisition.
Tougher U.S. Sanctions to Limit Russian Oil to China, India, Boost Middle East Demand
Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs, as new U.S. sanctions on Russian producers and ships curb supplies to Moscow's top customers, traders and analysts said.
U.S. Oil Imports from Canada Hit Record High Amid Tariff Threat, EIA Data Shows
U.S. crude oil imports from Canada rose last week to the highest on record, data from the U.S. Energy Information Administration (EIA) showed on Wednesday, ahead of incoming U.S. president Donald Trump's plans to levy a 25% tariff on Canadian imports.
U.S. Senate Panel to Hear Trump Energy Nominees Next Week
The U.S. Senate energy committee will hold nomination hearings for President-elect Donald Trump's picks for energy roles on Tuesday and Wednesday next week, the panel's chairman said on Thursday.
Howard Energy Acquires 120-Mile Bidirectional Ethylene Pipeline from EPIC Midstream
Howard Energy Partners (HEP) has acquired EPIC Midstream Holdings’ 120-mile ethylene pipeline, strengthening its presence in the Gulf Coast region.
U.S. Oil Inventories at Cushing Storage Hub Drop to Lowest in a Decade
U.S. crude inventories at the country's flagship storage hub in Cushing, Oklahoma, fell to their lowest in over a decade amid strong refining activity and a year-end tax measure, data from the government's energy statistics arm showed on Wednesday.
Caspian Pipeline Consortium Lowers 2024 Oil Export Forecast Again
The Caspian Pipeline Consortium (CPC), which exports Kazakhstan's oil via the Black Sea, was seen pumping 64.4 million metric tons of oil in 2024 in a latest estimate, further downgrading its exporting prospects, according to a shareholder.
Chevron Eyes $6-8 Billion Free Cash Flow Growth in 2024, CEO Says
Chevron is positioned to increase its free cash flow by $6 billion to $8 billion by next year, and reduce expenses by "a couple billion dollars," said Chevron CEO Michael Wirth on Wednesday.
EnCap Flatrock Midstream Nets $800 Million in Plains All American Transactions
EnCap Flatrock Midstream (EFM) has finalized agreements to sell Ironwood Midstream Energy Partners II and its Plains Series A Preferred Units to Plains All American for over $800 million in cash.
South Sudan Plans Crude Oil Restart Amid Regional Recovery Efforts
South Sudan aims to resume oil production at its Blocks 3 and 7 on Jan. 8 with an initial output target of 90,000 barrels per day, Petroleum Minister Puot Kang Chol said on Tuesday.
Trump Plans Immediate Reversal of Biden's Offshore Drilling Restrictions
U.S. President-elect Donald Trump said on Tuesday he will move quickly to revoke an offshore oil and gas drilling ban announced by outgoing Democratic President Joe Biden.
Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
A new report from the Institute for Energy Economics and Financial Analysis (IEEFA) questions the financial and strategic viability of Enbridge Energy’s proposed tunnel project to replace an aging section of the Line 5 pipeline under the Straits of Mackinac.
Biden Bans Offshore Drilling in Vast U.S. Waters Before Trump Term
U.S. President Joe Biden will ban new offshore oil and gas development along most U.S. coastlines, a decision President-elect Donald Trump, who has vowed to boost domestic energy production, may find difficult to reverse.
Asia’s Crude Imports Fall in 2024 Amid Weak China Demand
Asia's crude oil imports dropped in 2024, the first annual decline in three years, led by weak demand from heavyweight China and other major buyers, with only India managing sparse growth.
Sudan Resumes Oil Exports to Port Sudan, Lifts Force Majeure on Pipeline
Sudan has lifted a nearly year-long force majeure on the transport of crude oil from its neighbor South Sudan to a port on the Red Sea after security conditions improved, according to a letter seen by Reuters on Monday.
Delek Logistics Closes $285 Million Gravity Water Acquisition
Delek Logistics Partners LP has completed its $285 million acquisition of Gravity Water Intermediate Holdings LLC, expanding its midstream capabilities in the Permian Basin.
Owner Fights for Release of Oil Tanker Seized in Finland's Baltic Cable Damage Probe
The owner of an oil tanker seized by Finland on suspicion of breaking an undersea power line and four telecoms cables in the Baltic Sea last week is seeking the release of the ship, a lawyer representing the company said on Monday.
EIA: U.S. Crude Stocks Drop While Gasoline and Distillate Inventories Surge
U.S. crude stocks fell while gasoline and distillate inventories rose in the week ending December 27, the Energy Information Administration (EIA) said on Thursday.
Fire Extinguished at Valero's Three Rivers Refinery, No Injuries Reported
A large fire was extinguished at Valero's 89,000 barrel per day Three Rivers refinery in Texas on Wednesday evening, local media reported.
Oil Prices Rise as Markets Eye China's Growth Outlook and Geopolitical Risks
Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China's economy and fuel demand following a pledge by President Xi Jinping to promote growth.
Pembina Completes Kaybob Complex Acquisition, Expands Infrastructure in Karr and Gold Creek Areas
Pembina Pipeline Corp. has completed the acquisition of a 50% working interest in Whitecap Resources Inc.'s 15-07 Kaybob Complex located in Alberta, Canada, as announced by Pembina Gas Infrastructure Inc.
U.S. Oil Executives See Faster Permitting Under Trump: Dallas Fed
U.S. energy executives expect faster permitting times for drilling on federal lands under President-elect Donald Trump, according to a Federal Reserve Bank of Dallas survey released on Thursday.
Iraq Approves $4.6 Billion Basrah-Haditha Oil Pipeline Project
The Iraqi cabinet has given approval for a Basrah-Haditha oil pipeline project, a statement from the Prime Minister's office said on Monday.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
