Business & Markets

Exxon's $60 Billion Pioneer Merger Deal Poised for FTC Approval, Pending Key Condition

The FTC is likely to approve ExxonMobil's $60 billion buyout of Pioneer Natural Resources, but former Pioneer CEO Scott Sheffield's exclusion from the merged board may be crucial for finalizing the deal.

Tellurian Sends Production Workers Home Amid Talks for Haynesville Shale Sale

The Houston-based company has been holding talks with potential buyers to sell its Haynesville shale gas business to raise capital for its proposed Driftwood LNG export plant.

Cenovus Energy Surpasses Profit Estimates, Eyes New Markets with Trans Mountain Pipeline Expansion

Cenovus Energy beat first-quarter profit estimates on Wednesday due to higher production and refinery throughput, and executives said the start-up of the Trans Mountain pipeline expansion would open up new markets.

U.S. State Dept. Clears Oil Service Firm SLB of Russia Sanction Violations

The U.S. State Department believes oil services firm SLB has not violated sanctions against Russia and the company has been told what Washington is willing to accept, Assistant Secretary of State Geoffrey Pyatt told Reuters in an interview on Wednesday.

U.S. Natural Gas Prices Retreat Amid High Storage Levels Despite Increased LNG Demand

U.S. natural gas futures eased on Tuesday, pressured by large storage levels, after marking its best day in over two years in the previous session, helped by forecasts for more demand than previously expected with an increase in feedgas to Freeport LNG's export plant in Texas.

ONEOK's Q1 Profit Dips Due to Higher Costs, Despite Uptick in Pipeline and Gathering Segments

Pipeline operator ONEOK reported a decline in first-quarter profit on Tuesday due to increased operating costs and capital expenditures. However, the company noted an increase in capacity utilization in its natural gas gathering and pipeline segments, rising from 96% to 97%.

Trans Mountain Pipeline Begins Operations After Years of Delays and $25 Billion Investment

After 12 years and $25 billion, Canada's Trans Mountain pipeline expansion project began commercial oil shipments on Wednesday, a major milestone expected to transform access to global markets for the country's producers.

Enterprise Products Targets Year-End Approval for Deepwater Oil Port

Enterprise Products Partners on Tuesday said it expects to have two contracts for its proposed deepwater oil export terminal by May 31 and reach a final investment decision before year-end.

INGAA Foundation Names Hebe Shaw as New Executive Director

The INGAA Foundation announced at the 2024 INGAA and INGAA Foundation Spring Meeting that Hebe Shaw has been promoted to the role of Executive Director, effective April 1, 2024.

Enterprise Products Partners Plans 10-Day Downtime for Wink-to-Webster Pipeline in June

Energy pipeline operator Enterprise Products Partners on Tuesday said it notified shippers of downtime for about 10 days in June on the Wink-to-Webster shale oil pipeline.

Enbridge Picks Contractors for Great Lakes Tunnel Project, Securing Line 5 Pipeline Route

Enbridge has chosen contractors for its Great Lakes Tunnel Project, a move designed to secure the pathway for its Line 5 pipeline. The project aims to enhance safety by placing the pipeline deep below the Straits of Mackinac, mitigating environmental risks.

Exxon to Temporarily Shut Guyana Platforms for Pipeline Connection

The 140-mile (225-km) pipeline will feed Guyana's $1.9 billion gas-to-power project aimed at ending the country's dependence on imported fuels and at lowering energy costs for residents.

Colorado Oil Producers Face New Production Fee in Compromise Deal

Colorado's oil producers are bracing for a new fee associated with their production as part of a compromise the industry reached with environmental groups that were pushing for more stringent regulations on drilling.

QatarEnergy Inks $6 Billion Deal for 18 LNG Vessels with China's CSSC

QatarEnergy has finalized an agreement with China State Shipbuilding Corp. (CSSC) for the construction of 18 state-of-the-art LNG vessels, each boasting a capacity of 271,000 cubic meters.

NAMCOR Partners with Chevron for Offshore Block Development in Namibia

Namibia's national oil company has signed a development deal with Chevron that will see the U.S. oil major take an 80% operating working interest in an offshore block in the Walvis Basin, NAMCOR said on Monday.

Diamondback Energy, Endeavor Face FTC Scrutiny with Second Request on $26 Billion Merger

Oil and gas firm Diamondback Energy said on Monday it had received a second request from the U.S. Federal Trade Commission (FTC) in connection with the $26 billion deal to buy privately-held Endeavor.

Equitrans Raises Cost Estimate for Mountain Valley Gas Pipeline

Equitrans Midstream Corp. said on Tuesday it expects to complete the construction and final commissioning activities on its Mountain Valley natural gas pipeline by the end of May at an estimated cost of $7.85 billion.

Texas Oil Operators Increase Flaring Amid Weak Gas Prices

Operators drilling for oil in Texas are scrambling to dispose of their excess natural gas amid a supply glut and weak prices, prompting an uptick in flaring requests.

Report: Global Upstream Sector Eyes $150 Billion in Deals for Rest of 2024

The global upstream industry could see dealmaking worth another $150 billion throughout the remainder of the year, with focus shifting to shale plays in U.S. other than the Permian Basin, analysts said.

Reliance Makes First Canadian Crude Purchase from Trans Mountain Pipeline, Sources Say

Reliance Industries has bought 2 million barrels of Canadian crude from Shell for July delivery, marking the Indian refiner's first oil purchase from Canada's new Trans Mountain pipeline, trade sources said.

Louisiana Secures $52.7 Million for Pipeline Construction and Natural Gas Infrastructure

The funds, part of the Infrastructure Investment and Jobs Act, will support pipeline construction projects across various districts, replacing aging infrastructure and acquiring methane leak detection equipment.

Gassco, Gascade to Establish New Hydrogen Pipeline Route Between Norway and Germany

GASCADE and GASSCO have signed a memorandum of understanding to establish a hydrogen transport route between Germany and Norway, facilitating hydrogen transportation via pipeline in the North Sea.

Trans Mountain Pipeline Expansion Set to Commence Partial Operation: What Lies Ahead?

Canada's Trans Mountain pipeline expansion (TMX) is set to enter partial operation on May 1, years behind schedule and at more than four times the original cost - but with the potential to affect oil flows even outside North America.

Tivoli Midstream Acquires Strategic Texas Gulf Coast Terminal Assets

Tivoli Midstream LLC has announced the closing of an acquisition of strategic terminal and infrastructure assets located in the Gulf Coast of Texas in Brazoria County (the Chocolate Bayou Assets) from affiliates of Ascend Performance Materials LLC.

U.S. LNG Export Flows Surge to Three-Week High as Texas Freeport Boosts Intake

The amount of natural gas flowing to the seven U.S. LNG export plants was on track to rise by about 5% to a three-week high on Monday as Freeport LNG in Texas started to pull in more feedgas, data from financial firm LSEG showed.

Shell Earns $1 Billion a Year from U.S. Crude Trading, Court Filing Shows

Financial details of Shell's vast oil and gas trading business are some of the company's closest-held secrets. Documents in a lawsuit filed by a former employee, however, revealed its U.S. crude trading regularly earns around $1 billion every year.

Turkey in Talks with Exxon Over Multibillion-Dollar LNG Deal, FT Reports

Turkey is in talks with U.S. energy giant ExxonMobil over a multibillion-dollar deal to buy LNG, in an effort to curb its dependence on Russian energy, the Financial Times reported on Sunday.

Kinder Morgan Declares Force Majeure on West Texas Gas Pipeline After Fire

Pipeline operator Kinder Morgan said on Friday a fire that erupted on a West Texas natural gas pipeline it operates was extinguished after burning for most of the day.

Cenovus Subsidiary Husky Oil Operations Fined $1.83 Million for 2018 Canada Oil Spill

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) had laid three charges against Husky Oil Operations Ltd. for the spill — the largest in the province's history — in October 2021.

OPEC Secretary General: 'End of Oil Not in Sight', Urges Focus on Emissions Reduction

The end of oil is not in sight, OPEC's top official said, as the pace of energy demand growth means that alternatives cannot replace it at the needed scale, and the focus should be on cutting emissions not oil use.