Shale Daily

PennEast Pipeline Co. is for now dropping its years-long efforts to condemn state-owned land in New Jersey until it has more clarity on the beleaguered project’s timeline.  The state notified a federal appeals court this week that the company has agreed to voluntarily dismiss condemnation proceedings for the pipeline. Environmental groups, including the New Jersey…

The decision to plunk down $9.5 billion to purchase Royal Dutch Shell plc’s Permian Basin assets is going to give ConocoPhillips a bountiful and low-cost supply that will be necessary as the world evolves toward a low-carbon future, CEO Ryan Lance said.  The mega deal announced late Monday is for Shell’s West Texas portfolio within…

Domestic petroleum demand and production increased notably last week, as the Gulf of Mexico (GOM) energy complex recuperated from the havoc imposed by Hurricane Ida, the latest U.S. Energy Information Administration (EIA) inventory report showed. EIA’s Weekly Petroleum Status Report, released Wednesday, showed production climbed to 10.6 million b/d for the week ended Sept. 17,…

Dakota Access LLC, operator of the eponymous crude oil conduit ensnared in a legal battle over its right to stay in operation after a federal judge vacated a critical easement, has asked the U.S. Supreme Court to weigh in on its case. The questions presented by counsel representing the 1,172-mile Dakota Access Pipeline (DAPL) could…

Lagoon Water Midstream on Tuesday said it has closed the acquisition of Midland, TX-based Double Drop Resources, a Permian Basin-focused water management company. The acquisition “significantly expands Lagoon’s operations and establishes it as a multi-basin water management company with a presence in the heart of the Permian,” according to Lagoon, which is backed by Macquarie…

U.S. stockpiles of crude are down substantially this year amid rising demand and curtailed production, with inventories at the Cushing Hub in Oklahoma driving the downward trend. Stocks at Cushing totaled 32.9 million bbl for the week ended Sept. 10, down 42% from the start of the year, the U.S. Energy Information Administration (EIA) said…

President Biden rejected a top-ranked supplier on the global environment, social and governance (ESG) investment scale by blocking TC Energy Inc.’s Keystone XL oil export pipeline project, according to the Alberta provincial government. “Based on aggregated…performance from the Yale Environmental Performance Index, Social Progress Index, and World Bank Governance Index, Canada is third behind Norway…

Tulsa-based Laredo Petroleum Inc. has clinched a deal to build out its West Texas leasehold in an estimated $230 million cash-and-stock deal with Pioneer Natural Resources Co. The transaction is for around 20,000 net acres in the Permian Basin’s Midland formation, giving Laredo around 22,200 net acres total in western Glasscock County. The acreage is…

Houston-based ConocoPhillips on Monday agreed to pay $9.5 billion to buy Royal Dutch Shell plc’s Permian Basin portfolio, which a Shell executive said reflected “our focus on value over volumes” as it accelerates its energy transition from fossil fuels. Shell’s Permian business includes ownership in 225,000 net acres with current production of around 175,000 boe/d.…