Oil
Phillips 66 Refining Margins Tighten on TMX Expansion Start-Up
U.S. refiner Phillips 66 said on Tuesday its margins have tightened after the expanded Trans Mountain pipeline project in Canada started up in May.
Canada Oil and Gas Emissions Cap Likely to Cut Production, Report Says
Canada's proposed oil and gas emissions cap will prompt companies to cut production rather than invest in costly carbon capture and storage (CCS) technology, analysts say.
Berkshire Hathaway Increases Stake in Occidental Petroleum to Nearly 29%
Billionaire Warren Buffett's Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum, a regulatory filing showed, bringing his stake in the U.S. oil producer's common stock to nearly 29%.
Uganda Optimistic About Timely Finish of Revised $5 Billion, 897-Mile EACOP Pipeline
Uganda has attributed the spike in the cost of construction for the 897-mile (1,443-km) East African Crude Oil Pipeline (EACOP) to the government’s resolve to make the new project more climate responsive.
States Sue U.S. to Block $7 Billion Rule Requiring Oil Firms to Guarantee Well Dismantling Payments
Texas, Louisiana and Mississippi on Monday sued the U.S. government to block the Biden administration's proposed rule that would require the offshore oil and gas industry to provide nearly $7 billion in financial assurances to cover costs of dismantling old infrastructure.
Enbridge Faces Michigan AG's Attempt to Halt Line 5 Pipeline in State Court Decision
A U.S. appeals court on Monday handed Michigan's attorney general a jurisdictional victory in her bid to force Enbridge to stop operating the Line 5 oil pipeline underneath the Straits of Mackinac in the Great Lakes by allowing her to pursue her case in state rather than federal court.
Colonial Pipeline Owners Explore Stake Sales at $10 Billion Valuation: Sources
Some of Colonial Pipeline's owners are exploring divesting their stakes, hoping they can fetch prices that would value the largest U.S. fuel transportation system in excess of $10 billion, according to people familiar with the matter.
Niger Suspends Oil Exports to China Amid Dispute with Benin
At the Agadem oilfield in eastern Niger, the minister oversaw the padlocking of a section of the 1,243-mile pipeline through which exports to China were meant to flow under a deal with state-owned oil giant CNPC.
Pipeline Customers Push for Lower Prices Amid Regulatory Challenges
Pipeline customers have stimulated a two-pronged political attack on interstate pipeline pricing directed at the Federal Energy Regulatory Commission (FERC) and Congress.
U.S. Ready to Reopen Oil Stockpile if Petrol Prices Surge, FT Reports
The Biden administration is ready to release more oil from the U.S. strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday.
FTAI Infrastructure Partners with Aramco Trading to Boost Oil Supply to Texas Terminal
FTAI said the subsidiary, Jefferson Energy, would receive additional supply of crude oil at its terminal in Beaumont by incorporating bi-directional flow capability into its Southern Star Pipeline, which currently moves crude oil from the Main Terminal to the Motiva Port Neches Terminal.
OPEC Sees No Peak in Long-Term Oil Demand, Secretary General Says
OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday.
Attack on Niger-Benin Oil Pipeline Kills Six Soldiers, Security Sources Report
Unidentified assailants in Niger attacked soldiers guarding a major Niger-Benin oil pipeline on Wednesday, killing six soldiers, three security sources told Reuters on Thursday.
Trans Mountain Pipeline Operating at 80% Capacity, Sets to Load 22 Tankers in Vancouver
Twenty-two oil tankers are scheduled to load this month in Vancouver with crude from the expanded Trans Mountain pipeline, which is running around 80% full with a "little bit" of spot capacity also being used, a Trans Mountain executive said on Wednesday.
Matador Acquires EnCap-backed Ameredev Unit for $1.91 Billion, Expanding Permian Oil Assets
U.S. oil and gas producer Matador Resources said on Wednesday it would add oil and natural gas producing assets and undeveloped acreage in the Delaware basin in a $1.91 billion cash deal for a unit of Ameredev II Parent.
Quality Concerns on Trans Mountain Pipeline May Impact Canadian Oil Flows to U.S. West Coast Refiners
U.S. oil refiners and West Coast traders are flagging concerns about the quality of crude shipped on the newly completed Trans Mountain pipeline expansion (TMX), warning that high vapor pressure and acidity limits could deter purchases of Canadian heavy barrels.
Mexico's Proven Crude Oil Reserves Fall as Natural Gas Reserves Rise
Mexico's proven crude oil reserves have fallen though proven natural gas reserves increased, resulting in an increased total for hydrocarbon reserves, the country's regulator said on Tuesday in its annual update for 2024.
U.S. to Purchase 6 Million Barrels of Oil for Strategic Petroleum Reserve
The U.S. Department of Energy’s Office of Petroleum Reserves has unveiled two new solicitations totaling 6 million barrels of oil for delivery to the Strategic Petroleum Reserve’s Bayou Choctaw site from September through December.
Oil Prices Extend Rally on Prospects of U.S. Crude Purchase for Reserve
Oil prices rose on Tuesday, extending the previous day's rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar.
Glencore Wins Tender to Supply Crude to UK's Lindsey Oil Refinery
Global commodities trader Glencore has won a tender to supply crude oil to Prax's 113,000-barrel per day Lindsey oil refinery in Britain, replacing rival trader Trafigura, sources told Reuters.
Oil Prices Slip as U.S. Dollar Strengthens on Jobs Data
Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday.
Rosneft's Sechin Criticizes Increase in Spare Oil Output Capacity in Middle East, West
He said that combined spare oil production capacity of Saudi Arabia, United Arab Emirates, Kuwait and Iraq stood at 5.6 million barrels per day, or 13% of OPEC+ current output.
Berkshire Buys Additional 2.57 Million Shares in Occidental Petroleum, Filing Shows
Warren Buffett's Berkshire Hathaway bought around 2.57 million shares of common stock in Occidental Petroleum over June 5-7, according to a U.S. securities filing.
U.S. Expedites Strategic Petroleum Reserve Purchases as Oil Prices Decline
The Department of Energy on Friday issued two solicitations to buy a combined 6 million barrels of crude for delivery to its Bayou Choctaw site in Louisiana from September through December.
Benin-Niger Dispute Intensifies with Arrests at Crude Pipeline Terminal
A prosecutor in Benin said authorities had detained five Niger nationals last week for allegedly entering Benin's Seme-Kpodji pipeline terminal under false pretenses, deepening a dispute over exports of crude oil from Niger via Benin.
Analysis: How Devon Energy Missed the Boat on U.S. Oil and Gas Mega-Deals
U.S. oil and gas producer Devon Energy has lost bids to acquire at least three of its peers in the last 12 months because its shares were spurned as acquisition currency, according to people familiar with the negotiations.
Afreximbank Provides $925 Million for Nigerian Oil Sector Expansion
Africa's Afreximbank has just greenlit a massive $925 million loan to Nigeria's NNPC, backing the oil giant's expansion plans.
Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
Element Fuels Holdings, a Dallas-area startup proposing to build the first all-new U.S. oil refinery in nearly 50 years, on Thursday said it was relaunching efforts to build a large plant in South Texas.
Consortia Eye Citgo's Texas Refinery Ahead of Auction Deadline, Sources Say
Energy producers, refiners, investment funds and bankers increasingly have shown interest in the Venezuelan-owned company's Corpus Christ, Texas, complex during a marketing process organized by a U.S. court in Delaware.
TC Energy Shareholders Approve Spin-Off of North American Oil Pipeline Business
TC Energy shareholders voted in favor of spinning off the Canadian company's liquids pipeline business on Tuesday, creating a new energy infrastructure firm known as South Bow Corp. whose assets include the Keystone oil pipeline.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- 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
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
