WTI Crude
47.54
Brent Crude
50.14
Natural Gas
3.08

Category: February 2017

5 things to know in Texas energy this week

There was a lot of news out of CERAWeek in Houston last week, where the conference drew a crowd of energy insiders, including a large handful of industry executives. One of the most prominent was Exxon Mobil Corp. CEO Darren Woods, who gave one of his first public appearances since he stepped into the position at the beginning of the year. Meanwhile, Enbridge Inc. CEO Al Monaco talked about some of the ways the company can get efficiency out of…

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US oil settles at $48.22 a barrel, down 56 cents as supply concerns keep prices under pressure

Oil jack pumps are pictured in the Kern River oil field in Bakersfield, Calif. Oil prices slipped on Monday despite news that OPEC was supportive of extending a six-month deal to cut output as investors continue to grapple with worries about growing U.S. oil output and high inventories. Benchmark Brent crude futures briefly surged into positive territory, but edged back down again, after sources within the group said the Organization of the Petroleum Exporting Countries was considering extending production cuts…

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In new boom, oil companies say they’re not likely to go back to old ways

The oil industry’s history is punctuated with boom-and-busts cycles that create and erase fortunes and drive economies. That sector is tentatively emerging from the worst downturn since at least the 1980s. Oil prices hovered around $100 per barrel in 2014 before dropping by half just months later, a level where they remain. A year ago, prices dipped below $30 for the first time since 2003, according to the U.S. Energy Information Administration. Much like the recovery from the Great Recession…

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US gas sector seeks to delay storage regulations

Natural gas groups are urging the US Pipeline and Hazardous Materials Safety Administration (PHMSA) to give underground gas storage facilities until 2020 to meet regulations designed to avoid major leaks. PHMSA issued the regulations last year in response to a leak at the Aliso Canyon storage facility in California that released an estimated 4.6 Bcf (130mn m3) of natural gas and took four months to bring under control. The new regulations would require the 400 underground gas storage facilities in…

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The Single Biggest Threat To An OPEC Deal Extension

If OPEC fails to agree to extend their production cuts for another six months, Iraq could be a major reason why. For many years after the 2003 U.S. invasion, Iraq was exempt from OPEC’s production quotas in order to help the country rebuild. But in recent years, Iraq has succeed in ramping up its output, overtaking Iran to become OPEC’s second largest oil producer. Today, production stands at 4.4-4.5 million barrels per day (mb/d). As OPEC’s second largest producer, Iraq…

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Oil And Gas IPOs Return Amid Oil Price Recovery

The oil price crash has left energy companies scrambling to shore up balance sheets and streamline costs. But the recent recovery of crude prices has instilled cautious confidence among oil and gas firms that they might be able to raise capital for expansion via initial public offerings (IPOs). After two years of near zero activity in the energy IPO market, new research by Simmons & Co has shown that there are plans for more than 20 oil and gas share…

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Anadarko Expects Oil Sales Volumes to Rise 25 Percent

Petroleum Corp <APC.N> said on Tuesday it expected a 25 percent rise in oil sales volumes in 2017 and that it would boost its capital budget to focus on higher-margin oil production. The company forecast initial capital budget of $4.5 billion to $4.7 billion for the current year, compared with $3.31 billion in 2016. Anadarko announced the sale of its Eagleford shale assets in South Texas for about $2.3 billion in January to focus on more high-return properties such as…

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Saudi energy minister tells Houston audience he’s closely watching U.S. oil producers

HOUSTON -- Saudi Arabia's energy minister says OPEC production cuts are working to bolster crude prices and his country will look at whether other oil-producing nations are living up to their promises to curtail pumping before deciding whether to extend the cutbacks beyond this summer. Khalid al-Falih expressed no great alarm Tuesday about the recovery in American oil output since crude prices began rebounding in early 2016, although he indicated surprise at how quickly it bounced back. The Energy Department…

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Oil prices dive 5 percent as U.S. crude inventories balloon

Oil prices plunged 5 percent to their lowest levels this year on Wednesday as U.S. crude inventories surged much more than expected to a record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs. Crude stockpiles in the world's top energy consumer have been rising all year, and soared last week by 8.2 million barrels, more than quadruple the forecasts, data from the U.S. Energy Information Administration showed. The big…

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OPEC Lost $2 Trillion In Oil Price Slump

OPEC members lost over US$2 trillion in revenues and capital expenditure in the oil price crash, the cartel’s director general Mohammed Barkindo said, speaking to media in Nigeria. About half of this was lost revenues as prices tumbled from over US$140 a barrel to below US$30, and the rest was wiped out as cancelled projects. Barkindo warned that the loss in capital investments was particularly serious as it threatened the future security of oil supply. Acknowledging the economic diversification efforts…

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