Business News

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.

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.

U.S. Court Rules Against Permit for Keystone XL

The Keystone XL pipeline project suffered another setback on Wednesday after a U.S. court ruled against a key permit issued by the U.S. Army Corps of Engineers allowing new energy pipelines to cross bodies of water.

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. 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.

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.

LNG Ltd Looks for New Partners After Takeover Bid Withdrawn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:

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%.

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.

Ecuador Halts Crude Pipelines Due to Landslide, Says Exports Unaffected

Ecuador Halts Crude Pipelines Due to Landslide, Says Exports Unaffected

Keystone XL Construction Begins at U.S.-Canada Border

TC Energy said construction has begun on the Keystone XL crude oil pipeline at the U.S.-Canada border.

Enbridge Running Mainline with Unused Space as Canada Cuts Oil Output

Enbridge is running its Mainline system with unused space as producers begin to cut output, according to an executive with the company.

Qatar Petroleum Maintains Scope of LNG Expansion, Postpones Production — CEO

The CEO of Qatar Petroleum said that while the company intends to delay the start of production of its LNG facility, there are no plans to reduce the scope of the expansion project.

Texas Might Curb Oil Output Under Broader OPEC+ Deal — Regulator

A Texas oil regulator said that America's largest producing state would consider cutting production if Saudia Arabia and Russia reached a curtailment deal.

Kazakh Oil Producers Seek New Pipeline Route

Oil producers in Kazakhstan are looking for a new pipeline route to Baltic and Black sea export facilities.

EnLink Midstream Lays off 20% of Workforce

EnLink Midstream said it has laid off about 300 employees, or 20% of its workforce, to cut costs amid an unprecedented crash in oil prices because of the coronavirus outbreak and a price war between Saudi Arabia and Russia.

U.S. to Lease Strategic Reserve Space After Buying Plan Canceled — Sources

The Trump administration is considering leasing storage space in the Strategic Petroleum Reserve after plans to purchase oil collapsed.

Texas Energy Industry Tackles Flaring, Methane Emissions

A group of Texas-based energy companies and trade associations has formed a coalition to tackle flaring and methane emissions across the industry.

AGA Chair Diane Leopold Brings Positive Outlook to Challenging Period for Industry

Diane Leopold became chair of the American Gas Association just in time for an unprecedented economic shutdown in response to the coronavirus pandemic. The executive vice president and co-chief operating officer of Dominion Energy, talked to P&GJ about the challenges and opportunities facing the natural gas industry.

Canada's Inter Pipeline Halts sale of European Unit Due to Coronavirus Impact

In another blow to the energy sector caused by the coronavirus pandemic, Canada's Inter Pipeline has stopped the sale of its European liquid storage business.

Coronavirus Crisis 'Game Changer' for Oil Sector: Goldman Sachs

Analysts from Goldman Sacha say the oil sector will emerge from the coronavirus pandemic leaner and stronger but the crisis still poses a risk for shortages down the line.

Poland's PGNiG Wins $1.5 Billion in Court Battle with Gazprom

Polish gas distributor PGNiG has won a $1.5 billion settlement with Russia's Gazprom.

TC Energy Proceeds with Keystone XL After Alberta Commits $1.1 Billion

Construction on the Keystone XL pipeline could begin as early as this week after the Alberta government committed over $1 billion to the project.

U.S., Russia Agree to Oil Market Talks

Russian and U.S. leaders have agreed to meet to discuss the collapsing global oil market.

Saudi Arabia Plans to Boost Oil Exports to 10.6 Million Bpd from May

Saudi Arabia is planning to increase its oil exports to 10.6 million bpd beginning in May.

U.S. LNG Storage to Hit Record as Pandemic Cuts Demand, Exports

Stockpiles of natural gas in the U.S. are expected to reach record levels this year as producers continue to flood the market with supply as demand plunges in the wake of the coronavirus pandemic.

Saudi Arabia Says no Talks with Moscow on New Oil Deal

Saudia Arabia said it is not in talks with Russia to develop a new deal on oil production to stabilize erratic oil prices driven by uncertainty from the coronavirus pandemic.

LNG Suppliers Flood Market with Excess Spot Cargoes as Demand Shrinks

Major LNG suppliers around the world are flooding the market with spot cargoes driving prices down even further as demand dries up due to the coronavirus pandemic.

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