Two Texas companies, San Antonio-based Tesoro Corp. and El Paso-based Western Refining Inc., said Thursday that Tesoro is acquiring Western in a stock transaction valued at $6.4 billion. Given timely approvals, the acquisition is expected to be completed in the first half of next year.
Refining
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Domestic Supply Prompts Southeast Texas Crude System Expansion
Enterprise Products Partners LP plans to “significantly” expand its crude oil storage and distribution infrastructure serving the southeast Texas refinery market, the partnership said Thursday. The move is in response to the displacement of imported waterborne crude by domestic supply from unconventional basins.
Cana-Woodford Becoming Biggest Producer for Newfield
Newfield Exploration Co. is “right where we want to be toward execution of our 2013-2015 plan,” CEO Lee Boothby said Wednesday during an earnings conference call in which management talked of a “surge” in Eagle Ford Shale production and the rising prominence of the Cana-Woodford Shale in the company’s liquids-focused portfolio.
Wellhead Freeze-Offs Are Supply Disruption Risk — EIA
As U.S. operators move onshore from the offshore, wellhead freeze-offs are becoming a bigger risk to natural gas supplies, the Energy Information Administration (EIA) said Tuesday in the Short-Term Energy Outlook (STEO).
Crosstex Expanding Louisiana NGL Facilities
Crosstex Energy LP is proceeding with Phase II of its Cajun-Sibon natural gas liquids (NGL) pipeline extension and fractionator expansion in Louisiana.
Pennsylvania Governor: Shale Development ‘Good For Entire State’
Pennsylvania Gov. Tom Corbett said development of the Marcellus Shale was “good for the entire state” but conceded that several challenges lay ahead, in part because natural gas prices remain less than $3/Mcf.
ConocoPhillips Bidding Goodbye to Big Oil — Not Big Plays
Beginning May 1, ConocoPhillips no longer will be among the ranks of the Big Oil integrated producers. Once Phillips 66, the refining and marketing arm, spins off, the Houston-based company will become the leading pure-play explorer in North America — a position it’s ready to handle, incoming CEO Ryan Lance said last week.
ConocoPhillips Bidding Goodbye to Big Oil — Not Big Plays
Beginning May 1, ConocoPhillips no longer will be among the ranks of the Big Oil integrated producers. Once Phillips 66, the refining and marketing arm, spins off, the Houston-based company will become the leading pure-play explorer in North America — a position it’s ready to handle, incoming CEO Ryan Lance said Monday.
ExxonMobil Still Bullish on Natural Gas
ExxonMobil Corp., the largest natural gas producer in North America, is well aware of the economics in drilling U.S. and Canadian dry natural gas wells today. But it has no plans now to shut in any gas wells, the investor relations chief said last week.
Marathon Looks to Add Eagle Ford Acreage By Year’s End
Marathon Oil Corp. CEO Clarence Cazalot said the company’s purchase of 141,000 net acres in the Eagle Ford Shale from Hilcorp Resources Holdings LP for $3.5 billion was exceeding expectations, with production totaling nearly 1,000 boe/d on Tuesday, Marathon’s first official day as operator (see Shale Daily, June 2).