New report details infrastructure constraints as drilling prepares to ramp up In the latest instalment of its Fundamental Edge market outlook series, Drillinginfo has released an interim report on what has become the most watched oil and gas basin in the US, the Permian Basin in West Texas/Southeastern New Mexico. The Permian is arguably the hottest […]
Uncovering the Permian Basin’s potentials and pitfalls – study Read More »
US House kills two Obama-era rules WASHINGTON, Feb 1 (Reuters) – The Republican-led US House of Representatives on Wednesday killed two Obama-era rules, one intended to root out corruption in the extraction sector and one aimed at reducing stream pollution. Required by the 2010 Dodd-Frank Wall Street reform law, the Securities and Exchange Commission’s “extraction
US House axes regulations on oil and mining company payments, stream pollution Read More »
Net income attributable to Marathon Petroleum up to $227 million Feb 1 (Reuters) – Marathon Petroleum Corp reported a 21.4 per cent jump in quarterly profit, helped by higher income from its refining business and its unit that transports crude oil and refined products. Net income attributable to the company rose to $227 million, or
Marathon Petroleum 2016 Q4 profit rises about 21 per cent Read More »
56 to 43 vote for Rex Tillerson WASHINGTON, Feb 1 (Reuters) – The U.S. Senate confirmed Rex Tillerson as President Donald Trump’s secretary of state on Wednesday, filling a key spot on the Republican’s national security team despite concerns about the former Exxon Mobil Corp chief executive officer’s ties to Russia. In the vote, 56 senators
Senate confirms Rex Tillerson as secretary of state Read More »
Border tax could be as high as 20 per cent on imports Feb 1 (Reuters) – Marathon Petroleum Corp’s chief executive officer said on Wednesday the company would pass along any costs incurred under a Republican-backed plan to impose a border tax on crude oil and other imports. The border-adjusted tax being considered in Washington
Marathon CEO says consumers will bear brunt of any border tax Read More »
Cheaper to drill in the Permian Basin than other major US oil regions By Ernest Scheyder ODESSA, Texas, Feb 1 (Reuters) – In most U.S. shale oil regions, energy firms are making strategic but cautious bets as the price of oil holds above $50 a barrel. Here in the Permian Basin of West Texas, the
As oil recovers, U.S. firms descend on the Permian Basin in West Texas Read More »
Oneok looking to simply structure, increase returns Feb.1 – (Reuters) Pipeline company Oneok Partners LP’s (OKS.N) biggest shareholder Oneok Inc (OKE.N) said it would buy the rest of the company for $9.3 billion, the latest master limited partnership (MLP) deal aimed at simplifying structures and increasing returns. MLPs do not pay corporate taxes and must
Pipeline company Oneok to buy rest of Oneok Partners for $9.3 billion Read More »
OPEC supply cut levels not yet reached by cartel’s second largest producer By Alex Lawler and Rania El Gamal LONDON/DUBAI, Feb 1 (Reuters) – Iraq significantly reduced oil output in January, according to industry sources and export data on Wednesday, but has yet to reach OPEC supply cut levels expected by the cartel from its second
Iraq complies with scale, if not absolute level, of OPEC supply cut Read More »
Some countries cut oil output by more than planned By Darya Korsunskaya NOVO-OGARYOVO, Russia, Feb 1 (Reuters) – Global oil output was cut by 1.4 million barrels per day (b/d) last month, Russian energy minister Alexander Novak told President Vladimir Putin on Wednesday, citing preliminary data. The Organization of the Petroleum Exporting Countries (OPEC) and
Global oil output cut by 1.4 million b/d: Russian energy minister Read More »
Oil refining surged in past two years to take advantage of low crude prices By Libby George ANTWERP, Feb 1 (Reuters) – Increased refinery maintenance in Asia and the Middle East is expected to boost profits for operators in other regions in the first half of this year, market watchers said on Wednesday. Refineries worldwide ran hard
Spike in maintenance expected to boost oil refining margins Read More »
