US shale drillers' ability to expand production with oil at $40 to $45 per barrel means OPEC is doomed to fail in its attempt to lift prices, because its strategy "is not sustainable over a long period," according to Citigroup's head of research, Ed Morse. To maintain growth momentum, shale producers are hedging their output for 2017 and 2018, Morse said, adding that activity in the Permian Basin will grow at a "hefty rate" this year and next.
Duke Energy has issued a request for proposals seeking to add up to 500 megawatts of installed wind capacity in North Carolina and South Carolina, according to the company. The company added that the offer is open to new and existing projects.
Nestle's half-liter bottles of water sold in the US under the Deer Park, Pure Life, Poland Spring, Ice Mountain, Ozarka, Arrowhead and Zephyrhills brands now feature the new How2Recycle label. The label reminds consumers to replace the cap before recycling the empty bottle.
A class-action complaint filed in California demands money and a corrective ad campaign and makes 11 charges -- including fraud and false advertising -- against Clorox. The suit alleges Clorox is making false claims that its Green Works line of cleaning products are made from "green" or "natural" ingredients.
US crude stockpiles fell by 9.2 million barrels in the week ended Aug. 11, compared with expectations for a 3.6 million-barrel drop, according to the American Petroleum Institute. Gasoline inventories climbed by 301,000 barrels, while distillate supplies shed 2.1 million barrels.
The number of drilled-but-uncompleted wells in the Permian Basin climbed by 135 last month to 2,330, 73% more compared with July 2016, according to the Energy Department. With the average Permian well producing about 400 barrels of oil per day, these untapped wells could boost US oil production by hundreds of thousands of barrels per day once they come online.
The Energy Department plans to sell 14 million barrels of crude oil from the US Strategic Petroleum Reserve this month as it seeks to raise money for the Treasury. The reserve, located on the Gulf Coast, holds almost 680 million barrels.
Whiting Petroleum has agreed to sell its properties in the Fort Berthold Indian Reservation area in North Dakota to RimRock Oil & Gas Williston for $500 million, with proceeds going toward debt repayment. The asset package consists of 29,637 net acres in Dunn and McLean counties with average net daily production of 7,785 barrels of oil equivalent per day in the second quarter of 2017.
Philadelphia Energy Solutions' oil refinery, the biggest on the East Coast, is considering solutions for its debt burden, including a partial shutdown, a new deal with lenders or a sale. The financial woes stem from high regulatory costs associated with the US biofuel mandate, which will require PES to spend more than $300 million this year to buy Renewable Identification Numbers.
The US Court of Appeals for the District of Columbia on Tuesday rejected a request by environmental group Sierra Club to review the Energy Department's decision to approve the Freeport liquefied natural gas export project in Texas. The court ruled the Energy Department complied with federal laws in the process of approving the project and appropriately assessed the environmental and economic impacts of increased LNG exports.
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