ExxonMobil Corp. investors have been a little antsy about all of the capital investments over the past five years with seemingly little to show for it, CEO Rex Tillerson said last week. He acknowledged that a lot of money has been invested in projects yet to bear fruit and said the company’s forecast on U.S. natural gas prices didn’t hit the mark.
Articles from Investments
A trio of recently completed Oneok Partners LP projects will enhance North Dakota’s processing of natural gas and help reduce flaring in the state, according to Gov. Jack Dalrymple.
Kinder Morgan Energy Partners LP’s (KMP) Crude/Condensate pipeline (KMCC) has entered service, carrying crude oil and condensate from the Eagle Ford Shale of South Texas to the Houston Ship Channel.
Strategic cooperation agreements inked with ExxonMobil Corp. on Monday will give Russian state-owned OAO Rosneft its first investments in North American oil and gas fields.
Wyoming’s Office of State Lands and Investments garnered $11.6 million for first-year rental and application fees on state trust land parcels offered at a quarterly oil/natural gas lease sale last Wednesday in Cheyenne. The state lands office sold all 199 parcels it offered covering approximately 83,609 acres of state trust lands. Bids ranged from $1 to $5,500/acre, the state unit said. Revenue generated from the state trust lands oil/gas lease auction is distributed to public education, the University of Wyoming and the Veteran’s Home of Wyoming. The “real revenue” from the auction comes later when there is production from the leases, according to Ryan Lance, director of the lands/investment office. The office will hold its next oil/gas lease auction Aug. 8.
In an effort to expand its production of olefins, Chevron Phillips Chemical Company LP plans to build a massive 1-hexene plant at its Cedar Bayou Chemical Complex in Baytown, TX.
While its investments with Chesapeake Energy Corp. in Barnett and Utica shale gas and oil plays have been widely publicized, Paris-based Total SA also is quietly investing in a major research and development (R&D) project looking at in-ground ways to develop oil shale, an unrealized dream of energy independence that the industry and some policymakers have flirted with for decades.
As Appalachian Basin operators cut back dry gas investments to focus on liquids, MarkWest Energy Partners LP is accommodating with a major expansion of its Marcellus, Utica and Huron shale operations.