Industry News
Oil & Gas
Top stories summarized by our editors
4/8/2021

The value of US oil and natural gas exploration and production deals totaled $3.4 billion in the first quarter, up from $600 million the same period last year, Enverus reported. Enverus senior analyst Andrew Dittmar expects mergers and acquisitions activity to continue to pick up as private operators show increased openness to dealmaking.

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Reuters
4/8/2021

US oil exports plummeted 14% to an average of roughly 2.65 million barrels per day in February, according to the US Census Bureau, as a cold blast wreaked havoc on energy supply chains. India was the top US crude buyer at 463,000 bpd, followed by the Netherlands at 462,000 bpd.

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Argus Media
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US Census Bureau
4/8/2021

US crude oil stockpiles slipped by 3.5 million barrels last week, exceeding analyst forecasts of a 700,000-barrel decline, the Energy Information Administration reported. However, gasoline and distillate inventories added 4 million barrels and 1.5 million barrels, respectively.

4/8/2021

New Jersey is fighting land seizure for a natural gas pipeline project by PennEast. At issue is PennEast's condemnation of parcels of land that are located in state forests or other protected lands.

4/8/2021

President Joe Biden's proposed tax overhaul would replace fossil fuel subsidies with tax credits for clean energy production, reinstate Superfund taxes and offer incentives to encourage the adoption of electric vehicles. The elimination of fossil fuel subsidies is expected to raise government tax receipts by over $35 billion over the next decade, according to a Treasury Department office.

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Reuters
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Treasury Department
4/8/2021

Improved wellhead economics and expectations of higher liquefied natural gas export demand this year are spurring Haynesville Shale operators to pump more natural gas, pushing month-to-date production volumes to record levels above 13 billion cubic feet per day, according to S&P Global Platts Analytics. Haynesville drillers are generating internal rates of return of 15% on average and enjoying strong margins thanks in large part to higher Henry Hub forward gas prices.

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S&P Global
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S
4/8/2021

Restoring US oil production to its pre-pandemic peak of roughly 13 million barrels per day would require "too much investment" that is unlikely to happen, given producers' limited access to capital and investor pressure to maintain discipline, Occidental Petroleum President and CEO Vicki Hollub said at a conference Tuesday. She also commended OPEC's "brilliant" efforts to rebalance the oil market after last year's crash.

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Yahoo
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Vicki Hollub
4/8/2021

Phillips 66 Partners has canceled the proposed 350,000-barrel-per-day Libery Pipeline project and expects to take an impairment of $180 million to $210 million associated with the cancellation. The project, part of a joint venture with Bridger Pipeline, would have carried 350,000 barrels per day of crude oil from the Rockies and Bakken Shale to Cushing, Okla.

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S&P Global
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Rockies
4/8/2021

Revenue from oil and natural gas production in Oklahoma surged 15.1% to $90.8 million in March, helping lift the state's total tax collections for the month by 3.2% year-on-year to $1.1 billion, according to state Treasurer Randy McDaniel. "This positive economic report is encouraging news," said McDaniel, adding, "Among the more favorable signs is the upward trend in oil and natural gas activity."

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The Associated Press
4/7/2021

Max Midstream plans to deliver a test shipment from its crude export terminal at the Port of Calhoun in Texas later this month and begin exports to Europe in early May, said founder and president Todd Edwards. Max has committed to spend $360 million on dredging and widening work at the port, and is spearheading efforts to boost the port's oil export capacity from more than 100,000 barrels per day now to about 325,000 bpd in 2022 and 650,000 bpd in 2023.

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S&P Global