Industry News
Oil & Gas
Top stories summarized by our editors
7/2/2020

The US energy mergers and acquisitions landscape got a boost in the second quarter from a rising interest in low-cost natural gas assets in Appalachia, according to oil and gas data provider Enverus. The value of US oil and gas deals rose from $770 million in the first quarter to $2.6 billion in the second quarter, Enverus said.

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Reuters
7/2/2020

High-profile investors, including the New York State Common Retirement Fund and Ceres, are urging US oil majors ExxonMobil and Chevron to follow the example of their European peers and start publishing long-term oil price projections. "Exxon and Chevron should be more transparent and disclose long-term price forecasts and other information that investors need to assess their companies' low-carbon transition plans," said Mark Johnson, a spokesman for the Office of the New York State Comptroller.

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Yahoo
7/2/2020

Circuit Judge James Jamo on Wednesday granted permission for Enbridge to resume operations on the western segment of the Line 5 dual pipeline that runs under the Straits of Mackinac after the company argued that the shutdown hinders refiners' access to crucial oil supplies. Under the court order, Enbridge must run a safety test on the western line and share its results with the state of Michigan.

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The Associated Press
7/2/2020

US crude stockpiles slid by 7.2 million barrels last week, exceeding analyst expectations for a 2.7-million-barrel decline, according to the Energy Information Administration. Gasoline inventories added 1.2 million barrels, while distillate supplies shed 600,000 barrels.

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MarketWatch
7/2/2020

Sanchez Energy has emerged from Chapter 11 bankruptcy protection as a private company called Mesquite Energy and with new leadership. The restructuring helped the shale driller eliminate some $2.3 billion of debt and become a "simpler and leaner company," said interim CEO Cameron George.

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Sanchez Energy
7/2/2020

The Permian Basin has 36% of the US' active hydraulic fracturing crews, making it once again the top destination for frac crews after being briefly dethroned by the Marcellus Shale, according to a new report from Tudor, Pickering, Holt & Co. The Marcellus now accounts for 27% of active crews, followed by the Eagle Ford Shale with 12%.

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Tudor, US
7/2/2020

Lenders this spring have cut by as much as $7.5 billion, or about 20%, the borrowing bases for 36 publicly-listed North American oil companies, crimping a key source of financing for the industry, a Reuters analysis shows. The borrowing base reductions come amid weaker oil prices and as banks take steps to limit their exposure to the oil and gas sector.

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Reuters
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Reuters
7/2/2020

The Whistler Pipeline, which will transport natural gas about 500 miles from the Permian Basin to Agua Dulce, Texas, has received $345 million in financing from Global Infrastructure Partners' GIP Spectrum Fund. The capital will be used to advance construction of the project, which is expected to come online in late 2021.

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Whistler Pipeline
7/2/2020

The Trump administration has decided to no longer pursue a rule that would have delayed royalty payments for oil and natural gas drillers on federal land for three months due to the coronavirus outbreak. Democrats opposed the proposed rule.

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Argus Media
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Trump administration
7/1/2020

The US produced 12.06 million barrels per day of oil in April, down 669,000 bpd from March, with Texas and North Dakota recording declines of 234,000 bpd and 195,000 bpd, respectively, according to the Energy Information Administration. Natural gas production in the contiguous US also plunged from 105.4 billion cubic feet per day to 102.9 Bcf/d in April.

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Reuters