Sunday, February 17, 2019

New Mexico News

US Rig Count Climbs

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U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels.Companies added three oil rigs in the week to Feb.

Occidental Petroleum Profit Jumps

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Occidental Petroleum Corp on Tuesday reported a quarterly profit that beat analysts' estimates, helped by a surge in Permian basin production and higher realized prices for its crude.Production from its Permian resources unit rose 57 percent to 250…

Phillips 66, Kinder Announce Gray Oak Pipeline Deliveries to Houston

Photo: Gray Oak Pipeline LLC

Phillips 66 and Kinder Morgan Inc began on Monday soliciting shipper commitments for crude deliveries on the 900,000 barrel per day (bpd) Gray Oak Pipeline from the Permian Basin to delivery points at or near the Houston Ship Channel…

US Shale Lifts Exxon, Chevron Profits

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Exxon Mobil Corp and Chevron Corp, two of the world's largest oil producers, on Friday posted improved quarterly earnings that benefited from double-digit percentage increases in production from the top U.S. shale…

Exxon Green Lights Mega Refinery Expansion

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Exxon Mobil Corp has given final approval to an expansion that would nearly double the size of its 365,000 barrel-per-day (bpd) Beaumont, Texas, refinery, making it the largest in the United States, said two people…

Masdar Buys Stakes in US Wind Farms

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Abu Dhabi Future Energy Company (Masdar) said on Tuesday it was acquiring John Laing Group's stakes in two wind farms in the United States, its first North American renewable energy investment.Masdar said it was buying stakes in the Rocksprings wind farm in Te

Encana Sells Colorado Oil and Gas Assets to DJR Energy

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Encana Corporation (Encana) announced that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has completed the previously announced sale of its San Juan asset in New Mexico to Denver-based DJR Energy.“This…

US October Crude Oil Production Tops Record

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U.S. crude oil output hit an all-time high of more than 11.5 million barrels per day in October, according to government data released on Monday.U.S. crude production rose 79,000 bpd in October to 11.537 million bpd, the U.S.

BP Launches $3 Bln Sale of US Onshore Assets

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Britain's BP has launched the sale of U.S. oil and gas onshore assets that could raise more than $3 billion to help pay for other fields in the United States it bought in October from BHP, industry and banking…

Chevron Will Boost Capital Spending in 2019

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Chevron Corp plans to spend $20 billion next year on oil and natural gas projects, the second-largest U.S.

U.S. Pipeline Operators Reap Hefty Profits from Bottlenecks in Texas

Photo: Occidental Petroleum Corp

Some of the biggest pipeline operators in the United States have supercharged earnings this year by buying deeply discounted shale in West Texas oilfields and selling it at a premium at Gulf Coast ports.These…

Anadarko to Sell Midstream Assets for $4 Bln

(Photo: Anadarko Petroleum Corp)

Oil and gas producer Anadarko Petroleum Corp said on Thursday it would sell nearly all of its midstream assets, including pipelines, to its master limited partnership Western Gas Partners for $4.02 billion.The company is selling assets in the Permian basin in

Lightsource BP Expands US Portfolio

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Lightsource BP, Europe's biggest solar energy developer, will expand its U.S. portfolio after signing a deal to build two solar projects, the UK-based company said on Wednesday.The 16 megawatt (MW) Wildflower…

Exxon Mobil Profit Tops Estimates

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Exxon Mobil Corp on Friday reported a quarterly profit that topped analysts' estimate on higher prices received for its oil and natural gas but its production volumes fell on a year-over-year basis.The company's…

Baker Hughes Predicts Oil Market Growth, Misses on Profit

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Baker Hughes, General Electric Co's oilfield services arm, fell just short of estimates for profit in the third quarter while forecasting a rise in North American and foreign markets in 2019 that ran contrary…

US Drillers Add Oil Rigs for Third Week in a Row

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U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies…

Offshore Drillers Eye Recovery by 2020

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Battered oil and gas drilling companies are finally seeing piecemeal signs that the prices they charge for offshore rigs are bottoming out with Brent crude selling for more than $80 a barrel and some are forecasting…

Chevron Eyes Houston Ship Channel for 2nd US Gulf Refinery

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Chevron Corp wants to build or buy a refinery along the U.S. Gulf Coast to process crude oil from its rapidly growing Permian Basin operations, a senior executive said on Tuesday.The company would like to have refining operations on the Houston Ship Channel…

U.S. Oil Boom Starts to Cool, Tightening Global Market: Kemp

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U.S. oil production is running into capacity constraints, which are starting to have a material impact on the global availability of crude, causing the market to tighten and putting upward pressure on prices.The…

U.S. Shale Producer Magnolia Looks to Triple Market Footprint

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U.S. oil producer Magnolia Oil & Gas Corp aims to at least triple in market valuation in coming years as it develops shale acreage across eastern and southern Texas, Chief Executive Steve Chazen said on Wednesday.Magnolia's…