covid-19

BP plc’s Orlando Alvarez, head of gas and power trading in the Americas, sees natural gas and other energy markets heading further into “unprecedented times” of market volatility and regulatory uncertainty, but those changes don’t all have to be challenges for the industry. During a keynote address at LDC Gas Forums’ Gulf Coast Energy Forum…

EQT Corp. said in a regulatory filing late Tuesday it expects to report steep losses on derivatives for the third quarter as U.S. natural gas prices have hit their highest levels in more than a decade.  In a Form 8-K filed with the U.S. Securities and Exchange Commission, EQT forecast a $1.6 billion loss on…

Domestic crude output stalled last week at a level below the 2022 peak – and far lower than the pre-pandemic high – while the Kremlin’s erratic dictator threatened nuclear weapon retaliation amid the war in Ukraine. Russian President Vladimir Putin amplified already elevated uncertainty about his country’s fragile role on the world’s energy stage. Brent…

China, the world’s largest buyer of LNG,  is reselling the super-chilled fuel to Europe and Asia as an economic slowdown and a boost in Russian gas supplies have created surplus inventories.  In 2021, Chinese gas demand grew at the fastest rate on record, when year/year imports increased by 19.9%, according to the Middle East Institute…

On the news of a strong second quarter, the management teams of Calgary’s Calfrac Well Services Ltd. and CWC Energy Services Corp. separately voiced optimism for the oilfield services (OFS) sector’s ongoing recovery from the Covid-19 field activity slump. Calfrac’s management predicted “strong utilization” of its Canadian and U.S. crews and equipment. CWC’s management told…

A Marathon Petroleum Corp. (MPC) subsidiary has asked FERC for a three-year extension to transform the Kenai LNG export facility in Alaska to an import terminal. Trans-Foreland Pipeline Co. LLC cited the Covid-19 pandemic, disruptions in the global energy market caused by Russia’s war in Ukraine and an unstable liquefied natural gas (LNG) market in…

Canadian Prime Minister Justin Trudeau has singled out the oil and gas industry as a target for toughened pollution policing in his campaign for reelection of his Liberal government in a Sept. 20 national vote. “Let’s be realistic,” said Trudeau as he unveiled an environmental plank in the party platform at a weekend rally in…

Carbon dioxide (CO2) emissions are poised to soar in 2021 as energy use mounts alongside global economic momentum, the International Energy Agency (IEA) said in a report Tuesday. The Paris-based energy watchdog estimated that emissions would spike by 1.5 billion metric tons/year. It would mark the second-biggest increase on record and more than reverse the…

Offshore driller Pacific Drilling Co. expects to emerge from bankruptcy by the end of the year after the U.S. Bankruptcy Court for the Southern District of Texas confirmed the company’s proposed reorganization plan. “The Court’s confirmation of our plan represents an important milestone in our progress towards emergence by year-end with a fully de-levered balance…