Wednesday, June 19, 2019

West Texas News

U.S. Refiner Phillips 66 Enters Offshore Oil Export Race

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U.S. oil refiner Phillips 66 is proposing a deepwater crude export terminal off the U.S. Gulf Coast, challenging at least eight other projects aiming to send U.S. shale oil to world markets, according to a memo and a source who asked not to be named.The project, called Bluewater Texas Terminal LLC, signals another major expansion of its logistics operations. The fourth largest U.S.

Oil Prices Jump 2% After Tanker Attacks

(Photo: Islamic Republic News Agency)

Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings…

Oil Rises on Likely OPEC+ Supply Cuts

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Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy.Front-month Brent crude futures, the international benchmark for oil prices, were at $63.71 at 0017 GMT, 42 cents, or 0.7%, above Friday's close.U.S.

Brent Oil Climbs Toward $73

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Oil prices rose on Thursday for a third day running as fears of supply disruption amid heightened tensions in the Middle East overshadowed swelling U.S. crude inventories.Brent crude futures were up $1.03 cents at $72.80 a barrel by 1344 GMT, heading for the biggest weekly rise in about three months.U.S. West Texas Intermediate (WTI) crude futures were up 83 cents at $62.85.Oil was drawing support from the risk of conflict in the Middle East…

Oil Falls Near 2% as U.S.-China Trade War Intensifies

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Oil prices slipped nearly 2 percent on Tuesday, on track to fall to their lowest levels in over a month as renewed doubts over U.S.-China trade talks stoked concerns over global growth and demand even though U.S. sanctions on Iran and Venezuela tightened supply and helped stem losses.Brent futures were down $1.36, or 1.9 percent, at $69.88 a barrel by 10:39 a.m. EDT (1439 GMT), while U.S.

Oil Prices Fall After Trump's Tariff Threat Against China

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Oil prices fell on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies.U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel at 1338 GMT, down 26 cents. WTI hit $60.04 earlier in the session, its lowest since March 29.Brent crude futures were broadly steady at $70.88 per barrel…

Oxy Would Sell Anadarko’s Africa Assets to Total

(Photo: Anadarko)

France's Total SA said on Sunday it has agreed with Occidental Petroleum Corp to acquire the African assets of Anadarko Petroleum Corp for $8.8 billion, should the two U.S. oil and gas companies clinch a deal to combine.The agreement with Total is the latest move by Occidental in its effort to convince Anadarko to accept a $38 billion cash-and stock acquisition offer and abandon its agreed $33 billion sale to Chevron Corp.

Warren Buffett Backs Oxy's Anadarko Bid

(Photo: Anadarko)

Warren Buffett's Berkshire Hathaway Inc committed $10 billion on Tuesday to Occidental Petroleum Corp's $38 billion cash-and-stock bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron Corp.Occidental and Chevron are locked in the biggest oil-industry takeover battle in years as they eye Anadarko's prized assets in West Texas' huge Permian shale oil field.Anadarko on Monday agreed to start negotiations with Occidental…

Exxon, Chevron Q1 Earnings Expected to Dip

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Exxon Mobil and Chevron are expected to report lower quarterly earnings per share when compared with last year's first quarter, though their stocks have outperformed smaller companies with both in the midst of aggressive expansion plans in shale oil.A combination of lower oil prices, weakness in liquefied natural gas (LNG) portfolios and lackluster refinery margins could hurt integrated oil companies across the board…

Occidental Tops Chevron's Bid for Anadarko

(Photo: Anadarko Petroleum)

Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering $38 billion for Anadarko Petroleum Corp, a bid that topped a $33 billion offer by Chevron Corp.Both suitors are offering a premium for Anadarko's holdings in the Permian Basin of West Texas and New Mexico. The vast shale field holds oil and gas deposits that can produce supplies for decades using new…

Oil Hits 2019 High

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Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market, in a big way," said John Kilduff, a partner at Again Capital LLC in New York.

Oil Hits 2019 High on U.S. Plan to Tighten Squeeze on Iran

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Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market, in a big way," said John Kilduff, a partner at Again Capital LLC in New York.

Oil Prices Rise on Lower U.S. Stocks, OPEC+ Supply Cuts

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Oil prices rose slightly on Thursday, boosted by a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran.Brent crude futures were at $71.80 a barrel at 1313 GMT, up 18 cents from their last close and near Wednesday's five-month high of $72.27 a barrel.U.S. West Texas Intermediate (WTI) crude futures were at $63.83 per barrel, up 7 cents.Both contracts traded slightly lower earlier in the day.U.S.

Oil Edges Above $71

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Oil held above $71 a barrel on Tuesday, supported by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories.In Libya, fighting between Khalifa Haftar's Libyan National Army and the internationally-recognised government has raised the prospect of lower supplies from another OPEC member. U.S.

Chevron to Buy Anadarko for $33 Bln

(Photo courtesy Anadarko)

Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production is shattering records.The deal makes Chevron the second-largest major by crude production, behind Exxon Mobil Corp, up from fourth. It expands Chevron's reach in two areas where U.S.

Oil Hits Five-month High

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Oil prices rose to a five-month high on Monday, driven by expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela.International benchmark Brent futures rose 74 cents, or 1.1 percent, to $71.08 a barrel by 12:56 p.m. EDT (1656 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $1.19 to $64.27 a barrel…

Oil Hovers Near Five-Month Highs

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Oil prices steadied on Wednesday after Brent pushed towards a nearly five-month high of $70 a barrel on OPEC-led supply cuts and U.S. sanctions, with gains capped by a surprise increase in American inventories.Brent futures had moved up 24 cents, or 0.35 percent, to $69.61 by 1220 GMT. They earlier reached $69.96 - the highest since Nov. 12, when they last traded above $70.U.S.

TX Refineries Cut Output as Spill Curbs Shipping

Royal Dutch Shell Plc and LyondellBasell Industries cut production on Monday at their Houston-area oil refineries because of shipping disruptions along a waterway affected by a petrochemical fire and spill, according to people familiar with the matter.A fire and fuel leak at Mitsui & Co Inc's Intercontinental Terminals Co (ITC) storage facility in Deer Park, Texas, last week sent gasoline…

Oil Prices Near Flat

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Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.Brent crude oil futures climbed 30 cents to $67.33 a barrel by 11:56 a.m. EST (1556 GMT), while U.S. West Texas Intermediate (WTI) futures rose 11 cents to $59.15 a barrel.Crude oil pared earlier losses as the U.S.

Murphy Oil Sells Malaysian Assets

(Photo: TechnipFMC)

Murphy Oil Corp said on Thursday it is exiting Malaysia with the $2.13 billion sale of its oil and gas assets to a Thai company and will use the deal proceeds to pay down debt, buy back shares and fund potential deals in the United States.The buyer, PTT Exploration and Production Public Co Ltd, will also pay Murphy up to $100 million in bonus if certain exploration projects show results before October 2020, the company said.The deal follows moves by other U.S.