Republican presidential candidate Donald Trump pledged to open up oil, natural gas and coal production opportunities for US energy companies and toss out the Paris climate accord as he offered a comprehensive look at his energy policies. The presumptive nominee told a North Dakota audience that President Barack Obama has done "everything he can to get in the way of American energy."
The end of the US ban on crude oil exports has been a win across the energy sector, according to oil and natural gas company executives. Energy executives at the KPMG Global Energy Conference praised Congress for lifting the ban last year, citing its positive impact on upstream, downstream and midstream companies.
Crude oil settled around the $50 mark Thursday as prices continued to inch back upward on falling US shale production, declines in US stockpiles and rising global consumption. Brent crude ended the day at just over $50, while West Texas Intermediate closed at $49.35 per barrel. "The big question now as the market comes back into balance as the price begins to rise past $50 toward $60 and the big question is what is the extent of new US shale put the lid on that," said Jason Bordoff, director of Columbia University's Center on Global Energy Policy.
Energy Transfer Equity says pipeline operator Williams has broken the terms of their proposed merger and is seeking permission to terminate the deal and collect a $1.48 billion breakup fee. The merger, originally valued at $32.9 billion, was first announced in September but soured as oil prices tumbled.
Baker Hughes is reorganizing its structure and leadership to cut costs and streamline operations. The oil services company plans to combine its products and technology groups, consolidate its regional operations into one entity, and create a new commercial strategy group. "These changes to our organizational design and leadership team demonstrate that we are moving quickly and decisively to execute on the strategy we outlined earlier this month," said Chairman and CEO Martin Craighead.
BP hopes to gain more oil and natural gas from the Thunder Horse field in the Gulf of Mexico by injecting water to boost pressure and enhance production at one of the three main reservoirs. The Thunder Horse facility began production in June 2008 and boasts production capacity of 200 million cubic feet per day of gas and 250,000 barrels of oil.
Colorado's US senators have added a provision to a defense authorization bill that would return money to the state that was held to pay for cleanup of the Anvil Points oil shale research site. Sens. Michael Bennet, D-Colo., and Cory Gardner, R-Colo., backed the addition to the National Defense Authorization Act. The funds, from royalties for natural gas leases on the federal property, have a current estimated value of between $32 million and $80 million.
The Massachusetts Senate has included a ban on building new pipelines near schools, senior centers and residential areas in its version of the 2017 state budget. The provision would block construction of fuel lines within 1,000 feet of those areas. The budget bill must be reconciled with a state House version before it goes to Gov. Charlie Baker.
The company building the Dakota Access crude oil pipeline took a close look at issues surrounding the fight against the Keystone XL pipeline as they developed their strategy to win support for the project. Joey Mahmoud, Energy Transfer Partners' senior vice president of engineering, said the project managers avoided federal lands for the pipeline route and relied on union labor to get the $3.78 billion, 1,168-mile project off the drawing board and into construction.
Hotly contested resolutions calling for stress tests to determine the business impact of climate change measures were narrowly defeated by shareholders at Chevron and ExxonMobil. In preliminary results, 41% of Chevron investors and 38% of ExxonMobil investors supported the resolutions. Chevron executives insisted the proposed resolution had problems, while ExxonMobil Chairman, President and CEO Rex Tillerson said the company includes a proxy cost on carbon in its energy outlook.
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