Proceeds from a sale of 4.32 million crude oil barrels from the Strategic Petroleum Reserve topped $285.7 million, with Phillips 66 and Marathon Petroleum the top buyers. The oil will be delivered by May via pipeline and vessel.
Former Rice Energy executives Toby and Derek Rice, who are brothers, nominated nine people including Toby to EQT's 12-member board of directors after months of blaming the company's management for its weak performance. EQT said it has considered the brothers' proposal, and a shareholder vote on the nominations will take place July 10.
Murphy Oil has agreed to sell its Malaysia oil and natural gas assets to Thailand's PTTEP for $2.13 billion and will use the proceeds for share buybacks, debt repayments and opportunities offshore and onshore in the US. The company will be focusing primarily on the Gulf of Mexico and the Eagle Ford Shale in Texas.
As the oil industry struggles to stay relevant in a changing world, oil giant BP is hoping young employees will help it attain the elusive cool factor and accelerate its transition to a smart, modern and tech-oriented business. To this end, senior BP executives have started holding regular meetings with recruits in their 20s to better understand how to address the industry's labor shortage, what employees want and how to keep up with climate-conscious consumers.
Seventeen Senate Democrats have written to acting Interior Secretary David Bernhardt, requesting that he give them a copy of the Interior Department's proposed five-year offshore drilling plan before the Senate considers his nomination to serve as the department's permanent head at a confirmation hearing next week. "We strongly urge you to indicate which States will or will not be included in the next draft of the five-year plan prior to your nomination hearing before the Senate Energy and Natural Resources Committee," they wrote.
ExxonMobil and Algeria's government-owned Sonatrach have suspended negotiations to develop a natural gas field in the country's southwest Ahnet Basin because of protests over Algerian President Abdelaziz Bouteflika, sources say. Sonatrach CEO Abdelmoumen Ould Kaddour, who was appointed by Bouteflika in 2017 and has improved the country's international reputation with oil companies, likely would lose his job if Bouteflika resigns under pressure from protesters, sources say.
Scientists who used a supercomputer to simulate New Zealand's 2016 Kaikoura earthquake found that the faults slipped slowly as ruptures started on land and spread into the ocean, causing a tsunami. The simulation, which indicated that a weak initial force caused the complex ruptures, reproduced rock fracturing and seismic waves.
A high-powered telescope at the La Silla Observatory in Chile's Atacama Desert acted like a seismograph in January during a magnitude 6.7 earthquake centered 90 kilometers away. The telescope, which was photographing satellites, recorded stars as streaks during the quake.
The Colombian government sidelined two hydraulic fracturing projects proposed by ConocoPhillips and Canacol Energy in northern Cesar province. One project failed to meet prerequisites and the other posed potential water-protection problems, but the companies could seek to restart the licensing process later, a source said.
Offshore seismic activity near Madagascar last year that began in May and peaked with a mid-November rumble may have been caused by a massive amount of magma moving under the seafloor, scientists say. The episode could be the largest volcanic event ever recorded in the sea, although researchers are unsure as to whether the activity involved an eruption or merely the shifting of magma.
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