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U.S. Energy Demand Climbing, but New Covid Lockdowns Looming

U.S. Energy Demand Climbing, but New Covid Lockdowns Looming

The Energy Information Administration (EIA) on Wednesday said U.S. oil refinery input for the week ending June 26 averaged 14 million b/d, about 193,000 b/d higher than in the previous week, but the recent spike in Covid-19 cases nationwide may drive consumers back indoors, according to experts. U.S. refineries operated at 75.5% of their capacity…

July 1, 2020
California Resources Reports $1.7B Impairment, Cites Doubt as Going Concern

California Resources Reports $1.7B Impairment, Cites Doubt as Going Concern

California Resources Corp. (CRC), the state’s largest producer, last week in its delayed Form 10-Q filing for 1Q2020 to the Securities and Exchange Commission (SEC) said it had taken a $1.7 billion impairment charge. Net losses for the quarter totaled $1.79 billion, (minus $36.43/share), compared with a $67 million loss (minus $1.38) for the same…

June 30, 2020
Mexican Oil, Natural Gas Production Down in May as OPEC Cuts Take Force

Mexican Oil, Natural Gas Production Down in May as OPEC Cuts Take Force

Mexico’s oil production fell to 1.64 million b/d in May compared to 1.66 million b/d in the year-ago period, according to new data provided by the country’s upstream watchdog Comisión Nacional de Hidrocarburos (CNH). Gas production in May was 3.61 Bcf/d, down from 3.82 Bcf/d last May. The figures are the first to reflect committed…

June 29, 2020
Mexico Regulator Gives Green Light to Deepwater, Burgos Exploration Projects

Mexico Regulator Gives Green Light to Deepwater, Burgos Exploration Projects

Mexico’s upstream oil and gas regulator, Comisión Nacional de Hidrocarburos (CNH), last Thursday approved drilling the Xakpún-1EXP deepwater exploration well by a subsidiary of China National Offshore Oil Corp., aka CNOOC. The J-shaped well plans to target light oil resources in the Gulf of Mexico’s Wilcox formation to a  total depth of 6,346 meters (20,820…

June 23, 2020
Michigan Moves to Prevent Restarting Enbridge Line 5 Oil Deliveries

Michigan Moves to Prevent Restarting Enbridge Line 5 Oil Deliveries

A formal demand to shut off oil flows immediately has been added to the Michigan lawsuit seeking to cancel the state’s 1953 right-of-way easement for Enbridge Inc.’s 540,000 b/d Line 5 across the Straits of Mackinac. Michigan Attorney General Dana Nessel injected urgency into the case by filing motions requesting an injunction and restraining order…

June 23, 2020
Oil Export Growth Continuing at South Texas Corpus Port Despite Covid-19

Oil Export Growth Continuing at South Texas Corpus Port Despite Covid-19

Crude exports from the Port of Corpus Christi in South Texas are continuing to boom even amidst the coronavirus pandemic, and projects and enhancements appear poised to solidify its dominance along the Gulf Coast.

June 17, 2020
North Dakota Keeping Close Eye on DAPL Court Challenges

North Dakota Keeping Close Eye on DAPL Court Challenges

North Dakota is keeping a wary eye on the continuing legal challenges facing the Dakota Access Pipeline (DAPL), which carries 40% of the daily oil supplies from the prolific Bakken Shale.

June 17, 2020
Canadian E&P Spending Seen Contracting, but Natural Gas Outlook Positive

Canadian E&P Spending Seen Contracting, but Natural Gas Outlook Positive

Oil and natural gas investment will shrink by as much as 25% in Canada’s top producer province this year, the Alberta Energy Regulator (AER) said in its annual review.

June 10, 2020
Texas E&P Industry Records Stinging Losses in April as Covid-19 Strips Jobs, Permitting and Production

Texas E&P Industry Records Stinging Losses in April as Covid-19 Strips Jobs, Permitting and Production

Texas oil and gas activity suffered a bloodbath of sorts in April as the state began to register the full effects of the Covid-19 lockdowns, with upstream jobs tumbling to the largest monthly decline on record, the Texas Alliance of Energy Producers said Wednesday.

June 10, 2020
Lower Crude Prices Forecast to Reduce Global Reserves Growth, Increase Impairments

Lower Crude Prices Forecast to Reduce Global Reserves Growth, Increase Impairments

Oil and natural gas exploration and development (E&D) is predicted to decline in line with lower crude prices, which in turn would ding the value of proved reserves, the Energy Information Administration (EIA) said Thursday.

June 4, 2020
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