Oil
Oklahoma Oil Regulators Hear Arguments on Output Cuts
Oil regulators in Oklahoma began hearing arguments on Monday from major oil producers hoping to convince the state to set production limits in an effort to bolster the industry slammed by collapsing oil prices.
BP Midstream Sees Lower Onshore Oil Pipeline Volumes Amid Pandemic
The ongoing coronavirus pandemic has caused a drop in volumes on BP Midstream's onshore oil pipelines for the first quarter, the company said on Friday.
North American Oil Producers Slash Output Faster than OPEC Skeptics Expected
Oil producers in North America have cut oil production faster than many expected on track to reduce about 1.7 million barrels per day by June.
Enbridge Mainline Volumes Fall, Company Posts Quarterly Loss
Flows on Enbridge's Mainline system dropped in Q1 as the company posted a loss during the same period.
Shell Midstream Offers Mars Sour Crude Storage as Offshore Producers Keep Pumping
Shell Midstream is offering to store barrels of Mars Sour crude as offshore producers continue to pump oil amid the coronavirus pandemic.
Plains All American Sees Drop in Pipeline Volumes, Capline Reversal Progressing
Flows on Plains All American pipelines fell this quarter leading to a $2.8 billion loss for the company. The reversal of its Capline systems is still progressing as planned.
Ecopetrol Condemns Attacks on Oil Pipelines
Ecopetrol's oil transportation unit condemned a series of attacks in north east Colombia that have taken place against two of its pipelines since last Saturday.
Regulators Ease Storage Rules, Fees for Texas Producers
Texas oil and gas regulators voted to temporarily relax their rules for underground crude storage and waive related fees and surcharges that producers typically pay.
Texas Will Not Mandate Oil Production Cuts
Texas energy regulators on Tuesday said they will not mandate oil production cuts, ending a month-long debate about whether they would wade into global oil politics for the first time in 50 years as crude prices cratered.
Magellan Midstream Diesel Flows Fall, Projects Continue
Magellan Midstream has reported a decline in diesel flows on its pipelines as drilling activity in the Permian Basin has dropped due to the collapse in oil prices.
TC Energy Boosts 2020 Capex to Build Keystone XL Pipeline
TC Energy, bolstered by better-than-expected quarterly profit earnings, is raising its capital spending budget for 2020 in order to build its Keystone XL Pipeline.
Head of Texas Energy Regulator Opposes State-Mandated Oil Curbs
The head of the Texas energy regulator has stated his opposition to a proposal of state-mandated oil production cuts.
Ecopetrol Unit to Let Colombia Oil Producers Cut Pipeline Costs for Two Months
Ecopetrol subsidiary Cenit is allowing Columbian oil producers to reduce their transit tariffs by 50% for two months in an effort to ease the strain on the industry due to the coronavirus pandemic.
Reporting Higher Q1 Profits, Enterprise Products CEO Puts a Personal Spin on COVID Response
Enterprise Products Partners’ outspoken co-CEO Jim Teague used a conference call with investors Wednesday as an opportunity to comment on the U.S. economic shutdown, reflecting on his personal experiences during the 1950s polio epidemic and as a helicopter pilot in Vietnam in relation to the COVID-19 response.
Enterprise Products Partners Cuts Capex, Says Oil Pipeline Volumes Steady
Enterprise Products has cut its capital expenditures for 2020 and says volumes on its oil pipelines have not yet declined as oil demand continues to drop around the world.
Continental Resources Halts Bakken Shale Output, Seeks to Cancel Sales
The largest oil producer in North Dakota has halted most of its production and reportedly told some customers it will not supply crude after the latest price crash, but there are doubts whether force majeure applies.
PHMSA Eases Pipeline Regulations, Enforcement in Response to Pandemic
Responding to the impact Covid-19 on midstream staffing and resources, PHMSA has issued two guidance documents to ease some operating requirements, allow discretion in enforcement and provide flexibility to support the critical needs of state and industry partners.
Drowning in Crude, U.S. Producers Say Trump Strategic Reserve Plan Won’t Help
American oil producers are not sure how helpful President Trump's plan to fill the U.S. Strategic Petroleum Reserve will be considering the logistical and economic challenges associated with getting the crude to the storage sites.
Remaining Oil Storage in Cushing, OK is Already Booked — Traders
Oil traders have said the remaining storage space for crude oil in Cushing, Oklahoma, the largest storage site in the U.S., is already completely booked up by producers.
CPC Oil Producers Eye New Transit Routes via Russia’s Transneft
Oil producers in Kazakhstan are seeking to divert flows away from the Caspian Pipeline Consortium (CPC) to systems owned by Russia's Transeft as CPC Blend margins fall.
Texas Regulators Decline Production Cuts for Now
Texas oil and gas regulators declined to cut oil production in the state on Tuesday after prices reached negative territory for the first time in history but will most likely revisit the issue at their next meeting.
Producers Scramble for Storage Space as Oil Glut Grows
Oil producers are scrambling to find storage space for excess barrels, many being forced to pay storage companies to take oil as prices turned negative on Monday for the first time in history due to an unprecedented slump in demand.
Oil Price Goes Negative as Demand Collapses
Oil futures plunged below zero for the first time on Monday as demand for energy collapses amid the coronavirus pandemic and traders sought to avoid owning crude with nowhere to store it.
Canada’s Court Rulings Brighten Path for Pipeline Expansion
Canada's efforts to add oil and gas pipeline capacity were stalemated by legal challenges over the past decade, but two important court rulings since the start of the year may break the bottleneck.
Chevron Sells Azerbaijan Pipeline Assets
Chevron announced that its affiliate companies have sold their non-operating interests in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields, including interests in two pipelines, to MOL Hungarian Oil and Gas for $1.57 billion.
Oklahoma Judge May Recommend Ruling Oil Production 'Economic Waste'
An Oklahoma Judge will recommend the state's oil and gas regulator approve an emergency order declaring oil production in the state could constitute economic waste, a spokesman for the state's Corporation Commission said.
ConocoPhillips Cuts Oil Output in North America by 30%
ConocoPhillips is cutting its oil output by 30% of its 2020 target, more than any U.S. producer so far.
Shell Restarts U.S. Offshore Oil Hub After Pipeline Leak
Shell has resumed production at its Perdido offshore oil rig after a pipeline leak last week forced the company to halt production.
Tallgrass Energy Shareholders Approve Blackstone-Led Buyout
Tallgrass Energy shareholders have approved a buyout deal worth over $6 billion from a group led by the Blackstone investment company, retaining the valuation offered before the market crash.
U.S. Shale Oil Output to Drop by Record 194,000 Bpd in April — EIA
New data from the U.S. Energy Information Administration predicts the country's shale oil output will fall by a record 194,000 bpd in April.
- 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
