Business & Markets
Phillips 66 Announces Midstream Growth Along with Fourth Quarter Loss
Phillips 66 announced an adjusted loss of $507 million in the fourth quarter of 2020, compared to an adjusted third-quarter loss of $1 million.
Bulgaria Takes 20% Stake in Greek LNG Terminal
Bulgaria's state gas company Bulgartransgaz has finalised a deal to take 20% of Greek company Gastrade, which is developing a floating LNG facility off the city of Alexandroupolis.
EQT and Project Canary Launch Responsibly Sourced Natural Gas Pilot Project
EQT Corporation announced its commitment to a pilot project to demonstrate the production of responsibly sourced natural gas (RSG) for use in domestic and international energy markets.
Russia's Litasco to Financially Help Iraq's Nassiriya Oilfield Double Output
The deal which was approved by the cabinet on Tuesday includes building a 100,000 bpd oil production facility and a 42 km oil pipeline.
Russia's Gazprom Says Natural Gas Fits with Global Climate Goals
Pipeline gas accounted for far fewer emissions than the sea-borne liquefied natural gas, said Elena Burmistrova, head of exports at Russian gas giant Gazprom.
INGAA Sets Net-Zero Emissions Goal for 2050
The Interstate Natural Gas Association of America set a goal for the industry to reach net-zero greenhouse gas emissions from natural gas transmission and storage by 2050, the organization announced along with other commitments to address climate change.
NextEra Energy Posts Loss on $1.2 billion Mountain Valley Pipeline Charge
Mountain Valley pipeline, which stretches from West Virginia to Virginia, is one of the several oil and gas pipelines delayed in recent years by regulatory and legal fights.
Magellan Midstream, Enterprise Combine to Develop Houston Oil Futures Contract
The midstream infrastructure companies said the project is in response to market interest for a Houston-based index with greater scale and price transparency.
Big U.S. Oil Drillers Have Federal Permits to Last Years
The seven companies that control half the federal supply onshore in the Lower 48 states have leases and permits in hand that could last years, despite any ban on new federal drilling like the 60-day halt Biden's administration instituted.
U.S. Set for Record Canadian Oil Imports Even Without Keystone XL
Even without Keystone, the United States now relies on Canada for more than half of its imported oil. Several of the lines carrying that crude are in the midst of expansions.
Oil Steadies After Unexpected Increase in U.S. Crude Stockpiles
Oil prices steadied on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices.
TPA’s Cannon Tackles Coronavirus, Safety Issues
In his role as president of the Texas Pipeline Association (TPA), Thure Cannon spearheads the organization’s advocacy on issues related to pipeline safety, environmental regulations, taxation and legislation for the state’s pipeline industry.
TC Energy Cutting Jobs after Biden Revoked Keystone Permit
TC Energy Corp will eliminate more than 1,000 construction jobs in coming weeks and halt work on the Keystone XL oil pipeline after U.S. President Joe Biden revoked the project's presidential permit.
ONE Future Data Shows Methane Goal Eclipsed
ONE Future, a coalition of 32 natural gas companies, said its 2019 report on methane showed the companies registered an intensity number of 0.334%, beating its 1% goal by 67%.
World Petroleum Congress on Track One Year Out
With slightly less than one year to go until the opening day, momentum continues to build behind the 23rd World Petroleum Congress (WPC), which looks set to continue into 2021.
Kinder Morgan Beats Profit Estimates after Higher Gas Demand
Pipeline companies are seeing a recovery in transport volumes after the pandemic wreaked havoc on demand,
Oil Rises Amid U.S. Stimulus Hopes, Anticipated Changes Under Biden
Oil edged higher on Wednesday on expectations that U.S. President Joe Biden's administration will deliver hefty pandemic-related economic stimulus that will lift fuel demand and enact policies that will tighten crude supply.
More Residential Consumption Expected this Winter than Last
The U.S. Energy Information Administration (EIA) forecasts residential natural gas consumption for the winter season will average 21.1 Bcf/d, 5% more than last winter, due to colder temperatures and changes in consumer behavior.
Bankruptcies, Restructurings, Mergers Likely to Continue in 2021
The confluence of 2020's events led to a series of bankruptcies and restructurings under the weight of heavy debt loads while operating in one of the worst industry downturns in history.
Global Pipeline Construction Outlook 2021
Morgan Stanley went so far as to upgrade the 2021 outlook for midstream as “attractive,” in the wake of post-pandemic re-openings and the sector’s “self-help” measures.
New Pipelines Needed to Bring Appalachia Shales Natural Gas to Gulf Coast LNG Facilities, Study Shows
While other plays near the Gulf Coast are better located to provide natural gas to meet LNG feedstock demand, the Marcellus and Utica can play a relevant role in supplying natural gas to the new LNG facilities located on the Gulf Coast, but additional pipeline capacity will be needed.
Future Looks Bright for LNG in Post-COVID-19 Era
The onset of COVID-19 caused a decline in gas demand of around 4% with a similar decline in the LNG trade. Most forecasts expect gas demand to recover in 2021 to pre-pandemic levels. But what happens thereafter?
Continued Midstream Infrastructure Development Expected After Market Rebound
The INGAA Foundation released its report North American Midstream Infrastructure – A Near Term Update Through 2025, which shows the oil and gas markets should rebound and lead to further midstream infrastructure development.
China’s 2020 Crude Oil Imports Surged 7.3%
Customs data also showed imports of natural gas, including fuel supplied as liquefied natural gas and via pipeline, reached a record 11.23 million tons in December.
PE launches Transition Economist and Hydrogen Economist services
The PE Media Network, publisher of Petroleum Economist, the leading global information service for the full hydrocarbon value chain, is bringing the same analytical depth and rigorous editorial standards to two rapidly-evolving sectors, the energy transition and the emerging hydrogen economy.
Noble Midstream, Chevron Agree on Oil Transmission from Wells Ranch
With this agreement, Noble Midstream will now be responsible for substantially all crude oil gathering and intermediate oil transportation services from the Wells Ranch development area.
Waha Hub Prices Rise with Permian Highway Pipeline in Service
The Permian Basin basis to the Henry Hub briefly went positive as the Permian Highway pipeline entered service, the U.S. Energy Information Administration’s latest weekly natural gas update announced.
Gulf Energy Information Launches H2Tech Journal for the Hydrogen Community
H2Tech is a working technology journal for the hydrogen sector that will be published quarterly in 2021.
Crude Oil Prices Mostly Flat After Trading Below $0 in Spring 2020
Demand for petroleum products in the United States fell sharply in mid-March, which led refiners to curtail operations. It later recovered but remained largely flat for the remainder of 2020.
Phillips 66 Budget Down 43% From 2020’s Forecast
Phillips 66 said its 2021 budget includes capital expenditures of $776 million on the refining segment and $610 million on midstream as the energy industry struggles to recover from the blow of the COVID-19 pandemic.
- 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
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
