Oil

Validus Energy to Acquire Tulsa-Based Citizen Energy in $2 Billion Deal, Sources Say

Privately held oil and gas producer Validus Energy has struck a deal to buy rival Citizen Energy for more than $2 billion, including debt, according to people familiar with the matter.

Eni CEO Predicts Brent Oil to Rebound to $80 per Barrel by Year-End

The chief executive of Italian energy group Eni expects Brent oil prices to recover to around $80 per barrel in the coming months.

U.S. Sanctions Syrian, Iranian Entities for Shipping Oil to Syria and East Asia

The U.S. Department of Treasury has sanctioned more than a dozen entities and vessels over their involvement in the shipment of Iranian crude oil and liquid petroleum gas to Syria and East Asia on behalf of the Iran's Revolutionary Guards and Hezbollah.

EIA: U.S. Crude Stockpiles Plunge to 2.5-Year Low as Inventories Fall Across the Board

U.S. oil inventories fell across the board last week, the Energy Information Administration said on Wednesday, drawing down more than expected and with crude oil stockpiles hitting their lowest level in nearly 2-1/2 years.

FTC Set to Greenlight Chevron's $53 Billion Buy of Oil Rival Hess, Sources Say

The U.S. Federal Trade Commission is expected to greenlight Chevron’s $53 billion acquisition of Hess this week, according to sources. While FTC approval is near, Exxon Mobil’s legal challenge over Hess’s Guyana assets remains a key hurdle, with a decision expected by mid-2025.

Diamondback, Kinetik Acquire 30% Stake in EPIC’s 800-Mile Crude Oil Pipeline

EPIC Crude is an 800-mile crude oil pipeline system that connects the Delaware, Midland Basin, and Eagle Ford supply to EPIC's 3.4 million barrel Robstown Terminal near Corpus Christi.

Texas Sues Biden Administration Over Lizard Protection, Cites Threat to Permian Basin Oil Operations

Texas Attorney General Ken Paxton has sued the Biden administration over the dunes sagebrush lizard's endangered status, claiming it threatens oil and gas production in the Permian Basin. The lawsuit argues that the decision is politically motivated and could harm Texas' energy industry.

Malaysia Surges to Become China’s No. 2 Crude Oil Supplier After Russia

China's crude oil imports from Malaysia surged 31% in August from a year earlier, making it the country's second-largest supplier after Russia, customs data showed, bucking a broader trend of slowing Chinese imports.

Tallgrass Launches Open Season for Pony Express Crude Oil Pipeline

Pony Express Pipeline, operated by Tallgrass, has launched a new binding open season for crude oil transportation from Pony Express' Carpenter origin in exchange for incentive tariff rates.

Carlyle-backed Crescent Midstream to Develop $1 Billion Carbon Capture Project in Louisiana

Oil pipeline firm Crescent Midstream, which is backed by investment firm Carlyle Group, said it would jointly develop and construct a carbon capture and storage project in Lake Charles, Louisiana.

Bayou Midstream II Secures Equity Backing from EIV Capital to Expand U.S. Infrastructure

Bayou Midstream II has announced an equity commitment from EIV Capital, LLC following their successful partnership for Bayou Midstream LLC (Bayou I).

U.S. Capitalizes on Low Oil Prices to Buy 6 Million Barrels for Strategic Reserve

The Biden administration will seek up to 6 million barrels of oil for the Strategic Petroleum Reserve, a source familiar with issue said on Tuesday, a purchase that if completed will match its largest yet in the replenishment of the stash after a historic sale in 2022.

South Sudan Ready to Resume Oil Exports Through Sudan

South Sudan and Sudan have made progress towards restarting the pumping of South Sudan's crude oil through a pipeline running to a port in its neighbor, South Sudan's finance minister and the president's office said.

Russia Approves Fuel Pipeline Project in Congo with 90% Stake

Russia has tentatively agreed to the construction of a fuel pipeline in the Republic of Congo, according to a government decree published late on Monday. The pipeline will link the western port of Pointe-Noire to the capital Brazzaville.

Federal Judge Halts New Drilling Permits for Massive Wyoming Oil Project

A federal judge on Friday blocked new oil drilling permits from being granted for a 5,000-well oil and gas development project in Wyoming that was approved in the waning days of Republican former President Donald Trump's administration.

Enbridge Agrees to Reapply for Key Permit, Stalling Line 5 Tunnel Project

Enbridge has agreed not to use a 2021 permit from Michigan’s Department of Environment, Great Lakes, and Energy (EGLE) for its Line 5 tunnel project and will seek a new permit instead.

Hurricane Francine Halts 39% of U.S. Gulf of Mexico Crude Oil Production

About 39% of crude oil production and 49% of natural gas output in the U.S. Gulf of Mexico were shut on Wednesday as hurricane Francine barreled toward the Louisiana coast, the U.S. Bureau of Safety and Environmental Enforcement said.

BlackRock Fund Acquires Stake in Saudi-Bahrain Pipeline from Bapco Energies

A BlackRock-managed fund has bought a minority stake in a pipeline linking Saudi Arabia and Bahrain from Bahrain state oil firm Bapco Energies, the two firms said on Wednesday, as the small Gulf state tries to extract value from its energy assets.

Libya Oil Exports Drop 81% as NOC Cancels Cargoes Amid Central Bank Crisis

Libyan oil exports fell around 81% last week, Kpler data showed, as the National Oil Corporation cancelled cargoes amid a crisis over control of Libya's central bank and oil revenue.

Marathon Detroit Refinery Gains Permit to Increase Crude Processing

Michigan's environmental agency on Tuesday issued a new air permit to Marathon Petroleum covering emissions from its Detroit refinery, which will allow the refiner to boost crude throughput at the plant.

Enbridge Evacuates Gulf Platforms as Storm Francine Nears

Energy pipeline operator Enbridge has pulled employees from several offshore U.S. Gulf of Mexico platforms, the company told customers, as Tropical Storm Francine advanced toward a landfall in Louisiana.

U.S. Oil Firms Evacuate Staff, Cut Drilling Ahead of Storm Francine

U.S. Gulf of Mexico oil and gas producers were evacuating staff and curbing drilling to prepare for Tropical Storm Francine on Monday as it churned through the energy region on a path to bring high winds and drenching rains to the U.S. mid-South.

Let's Talk Shop: Developing Sectors for Large and Maxi Rig HDDS

Examine the growing application of large and maxi horizontal directional drills (HDDs) beyond traditional oil and gas projects, highlighting insights from industry experts on the evolving use of HDDs in sectors like carbon capture, renewable energy, and water infrastructure.

Pembina Pipeline to Acquire Alberta Midstream Assets from Veren in $295 Million Deal

Canada's Pembina Pipeline said it will buy some infrastructure assets in Alberta Montney from oil producer Veren Inc. for about $295 million, to strengthen its midstream operations.

Goldman Sachs Warns AI Could Weigh on Oil Prices, Reshaping Market Dynamics

Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Sept. 3.

Crude Oil Bears Dominate as Market Ignores Bullish Signals

The response of crude oil markets to a series of developments this week shows how the bearish mindset is dominating the narrative.

Colombia Truck Protests Disrupt Key Pipelines, Threaten Ecopetrol Operations

Protests by truckers in Colombia, who are angry at an increase in diesel prices, have cut off the country's biggest cities and are threatening fuel supplies, though the government insists the hike is fair.

EOG Resources to Increase Utica Shale Activity in Ohio

"The Utica absolutely has the opportunity to be a foundational play," COO Jeff Leitzell said. "If we continue to have the success that we expect to, you can expect us to go ahead now and put more capital there."

U.S. Crude Stockpiles Fall to 1-Year Low as Imports Fall, EIA Says

Crude inventories, excluding the Strategic Petroleum Reserve, fell by 6.9 million barrels to 418.3 million barrels in the week ending Aug. 30, the EIA said, compared with analysts' expectations in a Reuters poll for a 993,000-barrel draw.

Report: U.S. Oil, Gas M&A Nears 2023 High as Focus Shifts from Permian

Nearly $100 billion has been spent by U.S. producers on mergers and acquisitions so far this year, and another $46 billion in assets are currently for sale, according to analysts.