Tellurian has finalized an agreement to supply 3.3 million short tons of liquefied natural gas per year for 10 years from its proposed Driftwood LNG export plant in Louisiana to Royal Dutch Shell. Tellurian now has offtake commitments for 9.9 million of the 10.1 million short tons per year the first phase of the project is expected to produce, which allows it to focus next on financing the project.
The Texas Alliance of Energy Producers' Texas Petro Index was 147.2 in June, up from 143.1 in May and marking the third consecutive month of growth, portending a potential upturn in upstream activity in the state. The rig count increased from 205 in May 2020 to 219 in June, crude oil production averaged 4.82 million bpd during the month, while direct upstream employment climbed back above 160,000.
North American natural gas pipeline operators attending this month's LDC Gas Forums Northeast event in Boston gave updates on their hydrogen efforts and detailed plans to blend the fuel into existing gas pipeline systems. Williams plans to pursue hydrogen development at a nearly 100,000-acre property in Wyoming and this month received a grant from the Wyoming Energy Authority to this end, while Enbridge is studying the potential impact on customers of injecting hydrogen into gas infrastructure.
EQT's natural gas production will remain relatively unchanged over the next three to four years as it sharpens its focusing on value creation by producing greener gas, EQT CEO Toby Rice told analysts. The company is doubling down on emissions reduction technology and responsibly sourced gas to prepare for a lower-carbon future.
The fuel demand recovery driven by reopening economies helped refiners Valero Energy and PBF beat analyst expectations for second-quarter results, with Valero posting an adjusted profit of 48 cents per share, while PBF reported an adjusted loss of $1.26 per share. "We expect, as demand incrementally improves, that we could see additional crude supply enter the market which could directionally shift current headwinds to tailwinds in the commodities market," said PBF CEO Tom Nimbley.
A magnitude 8.2 earthquake and strong aftershocks occurred Wednesday off Alaska's Aleutian Islands, prompting a tsunami warning that was lifted about an hour later, officials said. No damage or injuries were reported from the quake, which was the largest in Alaska since 1965 and originated about 80 kilometers from Perryville.
ExxonMobil says it has discovered oil in two wells at the Stabroek Block off Guyana's coast. The company says it will continue drilling and testing the Whiptail wells, which are about 6 kilometers southeast of the Uaru-1 discovery announced early last year.
A study published in Nature suggests oil and natural gas producers can prevent human-caused earthquakes by reducing underground wastewater injection rates after hydraulic fracturing. Researchers, who created geological models, reviewed field studies and examined wastewater injections at the Val d'Agri oilfield in southern Italy, say lower injection rates have little effect on fault systems.
The Senate has voted to proceed to debate on a bipartisan infrastructure bill that provides $550 billion in new spending, $110 of which would go toward highways, bridges and major transportation projects. It also includes $73 billion for clean energy, $65 billion for broadband, $55 billion for drinking water infrastructure, $50 billion for resilience, $25 billion for airports and $17 billion for maritime ports.
The Securities and Exchange Commission is preparing a proposal that would require public companies to disclose climate change risk when reporting to investors. Chair Gary Gensler says he expects the proposal to be presented before year-end. "Investors today are asking for that ability to compare companies with each other," Gensler says. "Generally, I believe it's with mandatory disclosures that investors can benefit from that consistency and comparability."
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