Crude oil moved along a bumpy price track Tuesday ahead of Opec’s bi-annual meeting, which kicks off Thursday in Vienna, Kallanish Energy reports. Expectations of output cuts from Opec+ members brought prices back up after they slid briefly following comments from President Trump that a trade deal with China may be delayed. … Read more
The U.S. Bureau of Land Management has pulled 332,247 acres from the Nov. 12 oil and natural gas lease sale in Nevada due to a court order blocking Trump administration plans to gut protections for the greater sage-grouse, Kallanish Energy reports. The federal agency had planned to offer 263 parcels totaling 547,969 acres … Read more
Safety experts and activists are asking numerous questions concerning the fire which devastated the U.S. East Coast’s largest and oldest refinery, Kallanish Energy understands. One big question is how did a piece of piping installed in the early 1970s go without once being checked before leading to the fire at the Philadelphia Energy Solutions (PES) refinery … Read more
New York-based utility giant Consolidated Edison (ConEd) is capping its investment in the troubled Mountain Valley natural gas pipeline. ConEd revealed in a U.S. Securities and Exchange Commission filing Monday (reviewed by Kallanish Energy) its CET Gas unit will cap its investment in MVP at $530 million. ConEd already has spent $488 … Read more
Alberta-based TC Energy last week reported third-quarter 2019 net earnings of $739 million, or 79 cents per share, Kallanish Energy reports, which compares to net income of $928 million, or $1.02 per share in Q3 2018. Net cash provided by operations was $1.6 billion. “During the third quarter of 2019, our diversified portfolio of regulated … Read more
Iraq is turning to Chinese companies to replace ExxonMobil (XOM) in a $53 billion oil infrastructure megaproject, two sources told Energy Intelligence. The escalation in regional tensions and deadlocked negotiations have made the U.S. supermajor’s involvement in the project look increasingly doubtful in recent months, the sources said, Kallanish Energy understands. ExxonMobil … Read more
Welcome to this week’s edition of The Buzz, a weekly feature where Kallanish Energy editors select the quartet of stories this past week we feel were the most important – and have the chance to make the biggest impact on the oil and gas — and energy industry as a whole. US natgas price will plunge to 1970s … Read more
Russian giant oil producer Rosneft said it’s ready to talk to U.S. authorities regarding its business in and with Venezuela’s state oil company, PDVSA, following threats of sanctions, Kallanish Energy reports. The company said in a statement earlier this week any attempt to restrict Rosneft or its subsidiaries in activities permitted by law, in … Read more
Energy Transfer LP has reported second quarter 2019 net income of $878 million, or 33 cents per share, Kallanish Energy reports, up $523 million, or 147.3%, compared to Q2 2018. The increase is due primarily to higher operating income and the impact of the simplification transaction involving Energy Transfer and Energy Transfer Operating in October 2018, … Read more
Montage Resources is the latest E&P company reducing full-year 2019 capital spending (Capex), Kallanish Energy reports. The company said it has reduced second half 2019 activity levels from two rigs to one rig, resulting in lowered capital spending of $30 million in the Appalachian Basin. The reason for the reduction is low commodity … Read more
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