Ngls

Improved prices for increased oil, natural gas and liquids volumes, achieved in part on corporate takeovers, fueled a return to profitability by Canadian producer Whitecap Resources Inc. in the first three months of this year. Whitecap oil production volumes grew year/year to 64,795 b/d from 56,631 b/d, with natural gas volumes hitting 129 MMcf/d from…

A surge in heating demand propelled U.S. propane prices during the 2020-21 winter season, according to a new federal report. Residential propane prices in the United States averaged about $2.30/gal at the close of March, up 43 cents from a year earlier, according to the U.S. Energy Information Administration (EIA). About two-thirds of the natural…

Natural gas liquids (NGLs), a byproduct of oil and gas production, could benefit from global demand and supply disruptions in 2021, paving a path for rising prices as the year wears on, analysts at Raymond James & Associates Inc. said in a new forecast. “We still think U.S. NGLs have a pretty bullish set-up, similar…

Enbridge Inc. has asked the Canadian government for legal and diplomatic help to defend its 540,000 b/d Line 5 pipeline against Michigan attempts to shut it down. Enbridge Vice President Vern Yu disclosed the requests in testimony about the 68-year-old pipeline’s troubles before a House of Commons committee. Line 5 delivers oil and natural gas…

Michigan officials said they would have propane supply security with trains and storage available if Enbridge Inc. shuts down deliveries in May on Line 5, the Canadian oil and natural gas liquids (NGL) system. Line 5 flows 540,000 b/d, including 75,000 b/d of propane for about 55% of Michigan needs, led by two-thirds of requirements…

SandRidge Energy Inc. carried out zero drilling activity on its assets in the Midcontinent and in Colorado last year, causing production to wither, according to its 2020 annual report. The company’s output fell by nearly 25% in 2020 to 8.7 million boe comprising 24% oil, 45% natural gas and 31% natural gas liquids (NGL). In…

Executives at Denver-based DCP Midstream LP said during their fourth quarter earnings call that they were committed to cost reductions, retiring debt and growing excess free cash flow in 2021. In 2020, “We were able to navigate a double black swan event that eviscerated demand, plunged oil prices into negative territory and fundamentally changed the…

After a third environmental assessment, the Washington Department of Ecology has denied a shoreline permit for a China-backed, $2 billion-plus natural gas-fed methanol plant that would be sited along the Columbia River. Project sponsor Northwest Innovation Works (NWIW) has until Feb. 9 to appeal the ruling made last Tuesday. Chief Development Officer Vee Godley said…

BWC Terminals is expanding its presence on the Gulf Coast, completing the $106 million acquisition of liquid storage assets in Texas City, TX. Houston-based BWC, a provider of bulk liquid storage and logistics services with terminals across 13 states in North America, purchased the Texas City terminal from NuStar Energy LP. The acquisition complements BWC’s…