The Energy Information Administration expects US oil production to increase by 930,000 barrels per day to an all-time high of 13.18 million bpd next year, lower than EIA's previous forecast of one-million-barrel-per-day growth. The US is also poised to become a net exporter of crude oil and petroleum products in 2020, with exports exceeding imports by 570,000 bpd on average, the agency said.
US crude inventories climbed unexpectedly by 1.4 million barrels last week, as did gasoline and distillate supplies, adding 4.9 million barrels and 3.2 million barrels, respectively, the American Petroleum Institute reported.
Simon Ayat will step down from his role as Schlumberger's executive vice president and chief financial officer after more than a decade in the position, and will be succeeded by vice president of finance Stephane Biguet. "Stephane brings an in-depth knowledge of the financial function, has developed a close relationship with the executive leadership team and has critically contributed to the new Performance strategy, leading in particular the capital stewardship program," said Schlumberger CEO Olivier Le Peuch.
Texas oil and natural gas producers have completed 8,629 wells so far this year, down by nearly 16% from the same period last year, according to data from the Railroad Commission of Texas. The decline in well completions activity is the latest sign of belt-tightening as the industry grapples with weaker oil prices and investor pressure.
Private equity firm Mountain Capital Partners has agreed to pay more than $200 million for Austin-based Jones Energy, which has shale assets in Oklahoma's Anadarko Basin and the Texas Panhandle. Mountain Capital plans to merge Jones Energy into Revolution Resources, one of the four oil and natural gas companies in its portfolio.
Houston-based Enterprise Products Partners has partnered with Canada's Enbridge to jointly build a crude oil export facility capable of handling very large crude carriers in the US Gulf of Mexico off Brazoria County, Texas. "This collaboration leverages our jointly owned and highly competitive Seaway system and capitalizes on each of our capabilities to drive out highly capital efficient export infrastructure for our customers," said Enbridge CEO Al Monaco.
The developers of the Jordan Cove LNG export facility and Pacific Connector Gas Pipeline disapprove of the Federal Energy Regulatory Commission's proposed pipeline route change because it would require crossing more private land. In its environmental impact statement, the FERC said the alternative route would have a reduced impact on late-stage old growth forest and the habitat of certain species.
The American Petroleum Institute has unveiled changes to its offshore oil and gas safety, incident prevention and environmental standard to reflect "state-of-the-art systems to drive safety and environmental protection in offshore operations," API's Debra Phillips said.
Alaska's Department of Revenue expects North Slope oil production to drop from 496,900 barrels per day in fiscal 2019 to 434,300 bpd in fiscal 2024, putting pressure on the state budget. The slowdown should reverse after 2024 as new fields begin production.
Data from Enverus show that a Permian Basin well operated by Henry Resources is the most productive in Texas, with six-month cumulative production of 744,320 barrels of oil equivalent per day. The top 10 list included two more Permian wells operated by Henry Resources, as well as Eagle Ford and Permian wells owned by Concho Resources, EOG Resources, ExxonMobil, Chevron, Noble Energy and ConocoPhillips.
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