Oil

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…

Oklahoma City-based SandRidge Energy Inc. said Monday it is selling a basket of assets that not long ago were considered some of its best oil and gas prospects. The Lower 48-focused independent said it would fetch $47 million from an undisclosed buyer for the North Park Basin (NPB) portfolio in Jackson County. The sale is…

Lower 48 oil and natural gas permitting during November plunged by nearly one-third month/month, with activity in the Permian Basin and Haynesville Shale sharply down, according to Evercore ISI. Evercore analysts led by James West compile a monthly review of federal and state permitting. According to the data, exploration and production (E&P) companies requested 32%…

After reaching record levels in 2019, U.S. petroleum refining capacity tapered off substantially this year as several refineries closed amid demand declines hastened by the coronavirus pandemic, federal data posted Thursday showed. As of Sept. 1, the latest available data, the United States had 18.4 million bbl per calendar day (b/cd) of operable petroleum refining…

Citing a recent decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC-plus) to limit production, the U.S. Energy Information Administration (EIA) on Tuesday raised its forecast for 1Q2021 Brent crude oil prices to $47/bbl, up $5 from projections issued a month earlier. The new Brent price forecast, published Tuesday in the…

The Trump administration plans to hold an oil and gas auction for the pristine Arctic National Wildlife Refuge (ANWR) in early January, setting up a showdown with opponents less than three weeks before President-elect Biden takes over. The Department of Interior’s Bureau of Land Management (BLM) set the video livestream lease sale for Jan. 6.…