US crude stockpiles surged by 10.3 million barrels last week, exceeding analyst expectations for a 2.3 million-barrel increase, according to the Energy Information Administration. Meanwhile, gasoline and distillate inventories were down by 1.4 million barrels and 3.6 million barrels, respectively.
Oil giants including ExxonMobil and Chevron are leveraging their size and resources to gain a leading position in the US shale boom, outpacing smaller producers in terms of production growth thanks to their ability to more easily overcome pipeline bottlenecks, labor shortages and market volatility. Uday Turaga, CEO of ADI Analytics, says "scale is so important in shale" because it can enable companies to "drive down costs from suppliers, secure pipeline access more quickly and get better contracts."
Crude imports along the US Gulf Coast declined from 2.71 million barrels per day in September to an average of 2.35 million bpd in October, the lowest level in over a year, according to Refinitiv Eikon data. US crude output climbed to a record 11.7 million bpd last week, reports the Energy Information Administration, while crude oil exports from Gulf Coast ports increased in October to 1.9 million bpd, a five-month high.
Pioneer Natural Resources is shutting down its sand mine in Brady, Texas, and will start sourcing sand from third-party mines in West Texas' Permian Basin in a move expected to save the company about $400,000 per well. Ohio-based Covia announced its own plans to close sand operations near Brady, although it has recently opened two mines in the Permian.
Kinder Morgan's proposed Gulf liquefied natural gas export project in Mississippi would have some adverse environmental impacts, but they could be mitigated through certain measures, the Federal Energy Regulatory Commission said in a draft environmental report. The Gulf LNG project would include two liquefaction trains, each with a capacity of 5.75 million metric tons per year.
Alaska's North Slope and Beaufort Sea annual oil and natural gas lease sales on Thursday attracted $28.1 million worth of winning bids, with the North Slope accounting for about $27.3 million, the third-largest amount in 20 years. Companies including Repsol and new player Lagniappe Alaska bid on 141 tracts covering roughly 243,950 acres.
Organizational changes such as mergers or the addition of new team members can cause "tremors" in the corporate culture, writes Scott Cochrane. Preserve unity in these situations by seeking to align values, goals and strategies, he writes.
The National Offshore Wind Research and Development Consortium -- a federally funded nonprofit administered by the New York State Energy and Research Development Authority -- has released a report outlining several areas to focus on as the US scales offshore wind research and development. The consortium "is a symbol for the rest of the world that the US is serious about establishing a leadership position in the rapidly growing global offshore wind industry," NYSERDA President and CEO Alicia Barton says.
Voters used the midterm elections to select leaders who are focused on ending climate change and doing it, in part, with the use of wind and other clean energy sources, writes governor-elect and Rep. Michelle Lujan Grisham, D-N.M. "By embracing clean energy across the country, we can create more and better jobs, protect the air our children breathe and the water they drink, and keep electricity more stable over time," she writes.
The Bureau of Ocean Energy Management has filed a draft plan for developing tracts of ocean space off the coast of New York and New Jersey. It says that the New York Bight region could support an installed offshore wind capacity up to 9.6 gigawatts.
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