Oil

Methane emissions from the oil and natural gas sector fell by an estimated 10% in 2020, mainly because of production curtailments in response to the Covid-19 crisis, according to the International Energy Agency’s (IEA) Methane Tracker 2021 report published Monday. Oil and gas operations emitted more than 70 million tons of methane into the atmosphere…

The number of North American oil and natural gas producers filing for bankruptcy protection continued to slow in December, but 2020 remains a standout in the six years that Haynes and Boone LLP has been tracking bankruptcy data. The law firm’s latest Oil Patch Bankruptcy Monitor showed that since the oil and gas industry began…

Nearly 80% of oil and natural gas professionals feel less secure in their jobs than they did pre-pandemic, but nearly two-thirds expect advances in engineering may open up opportunities in the next three years. The findings are in the fifth annual Global Energy Talent Index (GETI), the world’s largest energy recruitment and employment trends report,…

Denver-based Ovintiv Inc., whose onshore oil and gas portfolio stretches from Canada to Texas, could face a board shakeup if performance does not improve, shareholder Kimmeridge Energy Management Co. LLC warned on Thursday. The private equity, which has a 2.4% stake in the exploration and production (E&P) company, has launched a website and sent a…

Denver-based Ovintiv Inc. surpassed its fourth quarter guidance for oil and condensate production and is almost halfway toward a goal to reduce total debt at the end of 2021 by at least $1 billion, the North American exploration giant said Monday. Fourth quarter liquids production jumped above 210,000 b/d, ahead of initial guidance of 200,000…

Crude oil exports have begun from the second deepwater dock at the South Texas Gateway (STG) terminal, according to Buckeye Partners LP, the terminal’s 50% owner. With the second dock now complete, STG can accommodate the simultaneous berthing and loading of two very large crude carrier (VLCC) vessels, Buckeye said last Wednesday. STG is in…

California’s largest oil producer, which cleared Chapter 11 bankruptcy reorganization earlier this year, has gained national recognition for its decarbonization efforts just as its CEO Todd Stevens, 53, is leaving. Under the global environmental disclosure system administered by the non-profit Carbon Disclosure Project (CDP), California Resources Corp. (CRC) has received an “A-” rating for its…

Colorado officials have agreed to enact more stringent regulations on ozone emissions from sectors including oil and natural gas at the instruction of Gov. Jared Polis. The commitment follows a review of air quality data from 2018-2020 which showed that despite a downward trend in ozone concentrations, the Denver Metropolitan/North Front Range (DMNFR) area remains…

Bankruptcies filed by producers in the North American oil and gas space slowed to two in November, according to the latest monthly Oil Patch Bankruptcy Monitor report published by Haynes and Boone LLP. The trend shows a gradual reduction in bankruptcies this autumn compared to earlier in the year; there were three producer bankruptcies in…