March 31, 2020
Texas energy companies are closely watching their systems as PEC electrical workers continue to maintain operations, for instance, and Atmos Energy balances utility customer needs with the safety of workers during the novel coronavirus pandemic…..
By Alex Mills
March 26, 2020
The oil industry in the United States once again faces dramatic declines in crude oil prices at the hands of foreign countries seeking to bankrupt high-cost producers to regain global market share.
Domestic crude oil prices have temporarily level around $22 per barrel, which is about half of where it was just 30 days ago.
The cause of the sharp decline is an oversupply of oil created by increases in U.S. production, announcements from Saudi Arabia and Russia that they will increase production, and a decline in demand from the coronavirus.
U.S. oil production last month was 13 million barrels per day (b/d), which is an increase of 1 million b/d over the same period in 2019. Saudi Arabia says it will increase production by 250,000 b/d to 12.3 million b/d, and Russia announced it will add another 300,000 b/d bringing its daily production to 11.5.
On the demand side, there has been an oversupply of oil globally since 2015. When economic activity declined further in January because of the coronavirus, the oversupply became a flood of oil around the globe……
March 26, 2020
The global coronavirus pandemic is the biggest problem for oil and gas today, putting demand in “freefall,” Fatih Birol, head of the International Energy Agency said on Thursday…..
March 26, 2020
The US saw more than 3 million unemployment applications filed last week according to the US Department of Labor, with Texas applications numbering about 150,000, among the largest one-week counts in history….
March 26, 2020
The US Senate has sent its $2 trillion emergency stimulus bill to the House, which is expected to pass it on Friday, but O&G and renewables were among those who didn’t get what they might have wanted…..
March 25, 2020
Two Texas O&G-related companies are among those targeted in “more than a dozen” investigations, according to the Pennsylvania attorney general.
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Lummus sale looming
March 25, 2020
Details of the plan for oil services giant McDermott International‘s exit from bankruptcy protection are being finalized after being green-lighted by a Houston judge earlier this month, but that judge has denied the company’s request to sanction a “disgruntled” shareholder……
March 25, 2020
Southwest Texas oil player Emerald Bay Energy has a new name — Nexera Energy Inc.….
March 25, 2020
While an increasing number of people say the US (and the world) is on the brink of a recession, a Brookings Institution study aimed at identifying the local US economies most vulnerable to immediate, short-term economic distress from the COVID-19 virus identified three Texas cities, and they don’t include Houston, Dallas or Austin…..
March 25, 2020
A Port of Houston-related employee is in quarantine at a hospital, but the Port Authority says, after an investigation, that the exposure of the employee to others was fairly limited and those who were exposed are in self-quarantine….
March 25, 2020
Ninety-five parcels of land equaling more than 45,400 acres are being offered by the US Bureau of Land Management (BLM) at the next quarterly oil and gas lease sale…..
March 25, 2020
The CEO of Eagle Ford player Murphy Oil Corp. is on medical leave, pending test results for the Coronavirus….
March 25, 2020
Secretary of State Mike Pompeo called Saudi Arabia’s Mohammed Bin Salman on Wednesday, urging him to back off the oil price war with Russia….
March 24, 2020
Dropping oil prices have ruined a plan for Houston’s EP Energy to emerge from bankruptcy…..
March 24, 2020
An electricity outage at the Corpus Christi Valero Energy East and West plant complex caused some weekend excess emissions….
March 24, 2020
Canada’s Tiger International Resources, through a subsidiary, has a new agreement for purchase of interest in 64 Barnett Shale wells…..
March 24, 2020
Katy-based US Silica Holdings is cutting costs and idling one of its plants…..
March 24, 2020
Work may be getting underway soon with cooperation of Texas A&M University to investigate a method to store alternative energy power by using abandoned mining sites in the Upper Peninsula of Michigan….
March 24, 2020
World War II veteran and Port Neches resident Kenneth McClain Suiter passed away at his home on Sunday at the age of 94…..
Cheniere, Santos, ExxonMobil and others are likely putting off expected final investment decisions
March 24, 2020
Moving ahead with LNG projects may be a problem in the near-term, analysts are saying……