Friday, December 14, 2018

Texas News

Oil Slips 2 Percent

© Pavel Ignatov / Adobe Stock

Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S.

Oil Slips on Falling U.S. Equity Market, Weak China Economic Data

© photollurg / Adobe Stock

Oil prices dropped more than one percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m. EST (1553 GMT). U.S. West…

Chrysaor Sets Sights on Chevron's North Sea Assets

Captain in the U.K. North Sea (Photo: Chevron)

Private equity-backed oil firm Chrysaor has hired advisers ahead of talks to buy Chevron's British North Sea oil and gas fields for over $2.5 billion, industry and banking sources said.Chrysaor has signed up investment banks Jefferies and BMO for the discussions as a deadline for bids approaches before Christmas…

McDermott Awarded Contract for CB&I Storage Tanks

Image: McDermott

McDermott International, the fully integrated provider of technology, engineering and construction solutions to the energy industry, announced a contract award for CB&I storage tanks from Nan Ya Plastics Corporation.McDermott's scope of work includes the engineering, procurement, fabrication and construction…

Oil Rise as Global Equities Climb, Libya Output Drops

© mtaira / Adobe Stock

Oil futures rose on Tuesday with the help of an increase in global stock markets, an outage reducing Libyan crude production and a gradual decrease in Russian output.Brent futures rose 45 cents, or 0.7 percent, at $60.44 a barrel by 11:58 p.m. EST (1658 GMT), while U.S. West Texas Intermediate (WTI) crude was up 79 cents, or 1.5 percent, at $51.79.

AET Grows in Brazil

Eagle Paraiba. Photo: AET_Tankers

With the ongoing development of deepwater pre-salt plays and a decreased demand on local content in tankers and other vessels, Brazilian national operator Petrobras and other super-majors have been looking abroad for better rates and reliable operators of shuttle tankers. Claudio Paschoa, Maritime Reporter’s correspondent in Brazil spoke to Peter Liew…

Chevron Will Boost Capital Spending in 2019

(File photo: Chevron)

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

Canada-US Pipelines Restart After Weather Disruptions

© chagpg / Adobe Stock

Two major pipelines carrying oil from Canada to the United States resumed operations on Wednesday after brief disruptions due to power outages from severe weather in Saskatchewan, Canada, a day earlier.A number of lines on Enbridge Inc's Mainline system, which carries about 1.2 million barrels per day of crude and other liquids…

Major Traders Bribed Petrobras Staff -Prosecutors

© alexdemeshko / Adobe Stock

Brazil prosecutors alleged on Wednesday that trading giants Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA in return for business.The alleged graft was the latest finding of the country's sweeping "Car Wash" investigation, which has…

Oil Rebounds After Prior Session's Slide

© Pavel Ignatov / Adobe Stock

Oil prices rose almost $2 a barrel on Wednesday, bouncing from the lowest levels in months, after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.Brent crude futures gained $1.55 to $64.08 a barrel, a 2.5 percent gain, by 1:12 p.m. EST (1812 GMT). U.S.

Oil Slumps 7 Percent

© Pavel Ignatov / Adobe Stock

Oil prices tumbled about 7 percent on Tuesday, with U.S. crude plunging to its lowest level in more than a year, caught in a broader Wall Street selloff that was fed by rising concerns about slowing global economic growth.U.S. West Texas Intermediate (WTI) crude futures were down $3.90, or 6.8 percent, at $53.30 per barrel by 2:01 p.m. EST (1901 GMT).

Oil Drops 4 pct as Equities Slide Sparks Demand Worries

© IRC / Adobe Stock

Oil prices fell about 4 percent on Tuesday, with U.S. crude plunging to its lowest in over a year, caught up in Wall Street's broader selloff fed by growing concerns about slowing global growth.U.S. West Texas Intermediate (WTI) crude futures were at $54.72 per barrel, down $2.48, or 4.3 percent by 11:14 a.m. EST (1614 GMT).

Delek Drilling to Spin Off Tamar Stake

Tamar Platform (Photo: Albatross Aerial Perspective Ltd. / Delek Drilling)

Israel's Delek Drilling is looking to spin off its remaining 22 percent stake in the offshore Tamar gas field in 2019, the company's chief executive said on Monday.Last year Delek spun off an initial 9.25 percent of Tamar into a new company in Tel Aviv called Tamar Petroleum. It said at the time it expected…

Bechtel, Cheniere Fires Up Corpus Christi LNG Production

Corpus Christi LNG. Image: Cheniere Energy

The the largest construction company in the United States Bechtel has joined its customer Cheniere Energy to announce production of the first liquefied natural gas (LNG) from the Corpus Christi Liquefaction project in Texas.The leader in project management, engineering, procurement, and construction said in…

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 companies are taking advantage of extraordinary markdowns in West Texas where surging production and…

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 Texas and New Mexico and the DJ basin in Colorado.Western Gas will take complete ownership of DBM Oil Services, and APC Water

Sempra Energy Signs New Mexican LNG Terminal

Pic: Sempra Energy

Sempra Energy, the US group that aims to build a liquefied natural gas (LNG) export facility near Ensenada, Mexico, to serve customers in Asia moved closer to becoming reality as the natural gas utilities holding company  announced agreements with three international firms.The San Diego-based company announced…

Tellurian to Start Building LNG Export Plant in 2019

(Image: Driftwood LNG)

U.S. liquefied natural gas company Tellurian Inc said on Wednesday it expects to start construction on its Driftwood LNG export terminal in Louisiana in the first half of 2019 and begin operations in 2023.Chief Executive Meg Gentle said in the company's third-quarter earnings that Tellurian will announce partners…

Chesapeake Acquires WildHorse for $4B

Pic: WildHorse Resource Development

Chesapeake Energy has entered into a definitive agreement to acquire WildHorse Resource Development, an oil and gas company with operations in the Eagle Ford Shale and Austin Chalk formations in southeast Texas, in a transaction valued at approximately $3.977bn.The acquisition of WildHorse expands Chesapeake’s…

Chevron Profit Doubles

(File photo: Chevron)

U.S. oil and natural gas producer Chevron Corp on Friday reported that its quarterly profit doubled on record oil and gas production, sending its shares up as much as 5 percent.The results reflected strong gains in its oil and gas production with crude prices up 44 percent during the quarter and offset a drop in earnings from its downstream operations…