Crude Oil

Royal Dutch Shell plc swung to a massive loss in 2Q2020, torn down by a historic loss in natural gas and oil demand, with CEO Ben van Beurden warning the long-term energy outlook remains uncertain as long as the global pandemic wreaks economic havoc. The Anglo-Dutch supermajor said the 2Q2020 current cost of supplies (CCS),…

President Trump rallied West Texas oil and natural gas workers on Wednesday afternoon during a visit to Midland, in the heart of the Permian Basin, touting American energy dominance and claiming the industry is not only back on track but expanding. The campaign speech of sorts came during a brief visit after the president toured…

The diversified systems of two of North America’s largest midstream companies were positioned for a solid second quarter in which lower oil volumes were partially offset by strength in natural gas, natural gas liquids (NGL) and storage. Enterprise Products Partners LP (EPD) and Enbridge Inc. reported second quarter results on Wednesday, with each company highlighting…

Hess Corp. saw net production from its acreage in the Bakken Shale increase to 194,000 boe/d in the second quarter compared with 140,000 boe/d in the prior-year quarter, with net oil output up 26% to 108,000 b/d. The New York City-based independent attributed the performance to increased wells online and improved well performance. Total second…

Requests for U.S. drilling permits improved in June following a brutal April and May, with the Permian Basin still the top region for operators, according to Evercore ISI. The analyst firm each month compiles permitting statistics for the Lower 48 and offshore using federal and state data. Covid-19 and low commodity prices had crushed permit…

Louisiana landowners involved in a lawsuit over the Bayou Bridge Pipeline (BBP), the last segment of the controversial Dakota Access pipeline system (DAPL), were awarded a larger payout after an appeals court reversed a ruling. In his decision on Thursday, Judge Jonathan Perry of the U.S. Court of Appeals for the Third in Louisiana said…

Swiss commodities giant Vitol Inc. is seeking to expand its upstream business in the United States with a venture to be headquartered in Houston and led by industry veteran Don Dotson. Vencer Energy LLC is focused on acquiring mature producing oil and gas assets, with a specific focus on key basins in the Lower 48.…

Chevron Corp. has clinched a definitive agreement to acquire Houston super independent Noble Energy Inc. in an all-stock transaction worth $5 billion that carries a total enterprise value, including debt, of $13 billion. The transaction, which values Noble at $10.38/share, would trade 0.1191 Chevron shares for each Noble share. Noble’s massive natural gas operation offshore…

Producers in North Dakota’s Bakken Shale play are beginning to come to grips with operating without the Dakota Access Pipeline (DAPL) that is now under court order to shut down and be drained by early August. The immediate challenges are how to move up to 300,000 b/d to Gulf Coast refineries, and longer term up…