Business & Markets
Pipeline Shares Sink on Oil Decline, Coronavirus Impact
It’s a common refrain among investors that “a rising tide lifts all boats,” meaning the share prices of similar companies tend to act in unison. Unfortunately, that’s equally true of falling tides, as demonstrated by the performance of North American midstream equities in recent weeks.
LNG: Global and Domestic Challenges in 2020
Despite ongoing media coverage of protests and bans, the U.S. is actually using more natural gas than ever before. “The interesting thing is, over the last 10 years, the amount of switching we’ve seen happen from other sources of energy to natural gas for electric generation,” said Riedl. “We’re using more natural gas than ever for our electricity generation in the U.S. at present.”
A Look at Offshore Activity
Thanks to operations cost cutting and improvements in productivity, investment in offshore exploration and production activities is beginning to recover from its 2017 nadir.
Shell Greenlights $6.4 Billion Australia Natural Gas Project
Shell announced it has made a final investment decision (FID) to proceed with a $6.4 billion natural gas project in Queensland, Australia.
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.
U.S. Natural Gas Prices Jump 5% as Output Falls
Prices for natural gas rose 5% in the U.S. on Thursday as production falls in line with cuts to crude oil output.
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.
Pieridae Delays Nova Scotia LNG Export Plant FID Due to Pandemic
Canadian energy firm Pieridae joins the growing list of companies delaying final investment decisions on major projects this year, specifically on its Goldboro liquefied natural gas export plant in Nova Scotia.
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.
U.S. Crude Stocks Jump by Record 19 Million Barrels: EIA
Crude oil stockpiles in the U.S. rose by 19 million barrels last week, the largest one-week increase in history.
Texas Oil Hearing Stirs Debate but No Decision; Oklahoma Sets May Hearing
Texas energy regulators listened as top executives on Tuesday debated whether the state should cut oil output by 1 million barrels per day, but did not indicate how they might vote after more than 10 hours of sometimes dire testimony.
Kazakhstan Pipeline Work Continues Despite Tengiz Slowdown
Kazakhstan's biggest oil producer has reduced some work on its $45 billion expansion project in the west of the country due to the coronavirus outbreak, but pipeline construction continues.
Enterprise Offers Crude Oil Transport to Cushing on Seaway Pipeline
Enterprise Products Partners said it will give oil companies hunting for places to store crude the chance to ship barrels on its Seaway pipeline from the Gulf Coast to Cushing, Oklahoma, the main U.S. storage hub.
FERC Issues Favorable Environmental Assessment for Double E Pipeline
Summit Midstream and Exxon Mobil's Double E pipeline carrying natural gas from the Permian Basin to the Waha Hub in Texas has received a favorable environmental review from U.S. regulators.
PGNiG Loads First LNG Tankers in Lithuania
Polish gas giant PGNiG has sold and loaded the first two cargos of LNG from its reloading terminal in Lithuania.
LNG Ltd Looks for New Partners After Takeover Bid Withdrawn
Liquefied Natural Gas Ltd said on Tuesday it is negotiating with other parties and has enough money to keep operating until May after Singapore-based LNG9 withdrew its takeover bid because the financing fell through:
Pipeline Operator Sues Chesapeake Energy Over Transport Payment Dispute
Chesapeake Energy is being sued for defaulting on transport payments owed to pipeline operator Glass Mountain from a contract that had been renegotiated earlier this year.
Enterprise Offers Crude Shipments on Existing Pipeline from U.S. Gulf Coast to Cushing, OK
Enterprise Products Partners is going to offer spot shipments from the U.S. Gulf Coast to Cushing, OK as demand for inland flow routes surges.
Russia's Rosneft Becomes Top Oil Supplier to Belarus
Russian state oil company Rosneft will be biggest oil supplier to Belarus this month, after Moscow and Minsk settled their oil price row, Belarus state energy company Belneftekhim said on Monday.
OPEC+ Approves Historic Oil Cut Amid Coronavirus Pandemic
OPEC and allies led by Russia agreed on Sunday to cut oil output by a record amount - representing around 10% of global supply - to support oil prices amid the coronavirus pandemic, and sources said effective cuts could amount to as much as 20%.
Slivers of Hope Shine Through Dire Industry Period
As much of the industry focuses on worst-case scenarios, some analysts view recent crude oil forecasts as overly pessimistic and predict the pandemic may have only a short-term impact on global natural gas markets.
Norway Says it May Cut Oil Output if OPEC+ Deal Implemented
Norway, Western Europe's largest oil producer, signalled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.
Germany's Gas Imports Dropped 15% in January, Cost 40% less
Germany imported 15.1% less natural gas in January than a year earlier, while its import bill dropped by 40% due to lower prices, official data showed on Thursday.
France's CIM's Storage Tanks Brimming on Low Oil Demand
Oil tanks at France's storage and dispatch services company CIM are completely full due to the glut in global oil supply and the sharp drop in products demand, the director general of the company said.
Oil Industry Crisis Starkly Revealed in U.S. Weekly Data
The EIA's latest Weekly Petroleum Status Report reveals an industry in crisis – unable to cope with the simultaneous collapse in fuel consumption and rise in crude production.
Enbridge Applies for Construction of Great Lakes Pipeline Tunnel
Enbridge applied for permission to construct a pipeline tunnel beneath a waterway connecting two Great Lakes to replace an aging 4-mile stretch of its aging Line 5.
U.S. Railroads Refusing Demands for Oil Storage in Rail Cars
American railroad companies are refusing to store oil in rail cars as storage space rapidly dwindles.
OPEC+ Tentatively Agrees on Record Oil Cut Deal
Oil prices rose on Thursday as members of OPEC+ worked on a deal to cut oil production by anywhere from 10-20 million barrels per day.
U.S. LNG Cargoes Heading to China After Beijing Awards Tax Waivers
For the first time in over a year, cargoes of U.S. LNG are heading to China after the government began awarding tax waivers to some importers.
- 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
