U.S. Devon Energy Looks To Quit Canada’s Oil Patch

Devon Energy has said that it will be looking to sell its Canadian assets to become a high-return U.S. oil growth business in what analysts described as a ‘long-overdue’ announcement from the U.S. oil company. Earlier this week, Devon Energy said that its board of directors had authorized the company to pursue the separation of its Canadian and Barnett Shale assets. Devon has retained J.P. Morgan Securities LLC and Goldman Sachs to assist it in exploring strategic alternatives for its Canadian business. The firm expects to complete…

Source: Oilprice.com

Midland crushes nation in creating new jobs

Midland led the nation in job growth, with employment in the West Texas county surging by nearly 12 percent — more than seven times the national average, the Labor Department reported Wednesday.

The surge was driven by the oil production boom in the Permian Basin, where output is breaking records and billions of dollars are being invested in pipelines and storage to move crude to Gulf Coast refining and export markets. The flood of money and workers coming into the county is not only creating jobs in the oil field, but also in the sectors, from construction to hospitality to transportation that provide goods and services to the energy industry.


Written by John C. Roper at The Houston Chronicle

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Source: Roseland Oil & Gas

Corpus Christi region on shortlist for Steel Dynamics’ $1.8 billion steel plant

The Corpus Christi area is on the short list for Fort Wayne, Ind.-based Steel Dynamics’ recently announced Southwestern U.S. steel mill, officials announced Tuesday.

To help win the $1.8 billion project, San Patricio County commissioners approved a 2,500-acre reinvestment zone Tuesday.

Steel Dynamics on Nov. 26 said it was planning a flat-roll steel mill with access to three regional markets: northern and mid-Central Mexico, the West Coast, and Texas, Arkansas, Oklahoma and Louisiana.

Written by Lynn Brezosky at Expressnews.com
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Source: Roseland Oil & Gas

Oil ticks over near 2019 highs amid OPEC cuts, but economic slowdown applies brakes

SINGAPORE: Oil prices hovered close to 2019 highs on Thursday (Feb 21), bolstered by OPEC-led supply cuts and US sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy. US West Texas Intermediate (WTI) crude oil futures were at US$57.33 per barrel at 0256 GMT, 17 cents, or 0.3 per cent, above their last settlement, but below their 2019 high of US$57.55 reached the previous day. International Brent crude futures were at US$67.14 per barrel, 6 cents above their last close and not far off their 2019 peak, hit the day before, of US$67.38 per barrel. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER
Posted on www.channelnewsasia.com
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Source: Roseland Oil & Gas

US crude oil exports hit a record last week at 3.6 million barrels a day

The United States exported a record amount of crude oil last week, as output from the nation’s shale fields continues to surge. The nation shipped out just over 3.6 million barrels a day in the week through Feb. 15, according to the U.S. Energy Information Administration. That easily topped the previous all-time high of 3.2 million bpd set in November. Also last week, U.S. production hit a record 12 million bpd. The reading is subject to significant revision, but this is the first time EIA’s weekly report has shown American output hitting the threshold. The weekly reading has been hovering at 11.9 million bpd for the last five weeks. CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER
Written by Tom DiChristopher at CNBC
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Source: Roseland Oil & Gas

U.S. Discusses Iran’s Oil Issue With South Korea

A top U.S. official discussed this week South Korea’s crude oil imports from Iran and urged Seoul to accelerate its oil supply diversification, S&P Global Platts reported on Thursday, quoting a diplomatic source. U.S. Assistant Secretary of State for Energy Resources Francis Fannon is on a tour in Asia this week and is visiting Seoul and Tokyo between February 19 and 26. Assistant Secretary Fannon is meeting with government officials and private sector representatives “to discuss energy security and regional cooperation on energy…

Source: Oilprice.com

The Oil Producer OPEC Is Overlooking

While everyone is talking about how surging U.S. crude oil production will offset a large part of the ongoing OPEC/non-OPEC production cuts, there are other oil producers not taking part in the OPEC+ deal and poised to see their output jump this year. Record-breaking U.S. oil production will lead the non-OPEC supply growth this year, all analysts and estimates concur. Second in terms of production growth among non-OPEC nations outside the deal will be Brazil, where several new start-ups and production ramp-ups are set to deliver the country’s…

Source: Oilprice.com

Oil To Rise As U.S., China Outline Trade Deal

Oil prices are likely to jump if Trump and Xi can hash out a deal. The U.S. and China have started to sketch out the framework of a comprehensive trade deal, including on some of the thorniest issues that have long prevented an agreement, according to a new report from Reuters. The progress comes at the eleventh hour of the trade negotiations. In late 2018, President Trump punted on steeper import tariffs on Chinese goods, declaring a ceasefire and setting a March 1 deadline for a trade deal. If both sides couldn’t reach an agreement, Trump…

Source: Oilprice.com

Enerflex Announces Record Bookings and Backlog with Fourth Quarter 2018 Financial Results and Quarterly Dividend

CALGARY, Alberta, Feb. 21, 2019 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX:EFX) (“Enerflex” or “the Company” or “we” or “our”), a leading supplier of products and services to the global energy industry, today reported its financial and operating results for the three and twelve months ended December 31, 2018. Summary Table of Fourth Quarter and Twelve [Read more]

Source: BOE Report

Nigeria Seeks $20B In Back Taxes From Oil Majors

Nigeria has asked the international oil majors operating in the country to pay a total of almost US$20 billion in outstanding taxes and royalties that it says is owed to various Nigerian states, Reuters reported on Thursday, citing government and industry sources. Chevron, ExxonMobil, Shell, Total, Eni, and Equinor have each been asked to pay the federal Nigerian government between US$2.5 billion and US$5 billion, according to Reuters’ sources who saw letters sent to the oil majors earlier this year via a government debt-collection division.…

Source: Oilprice.com

European Oil Demand Is Shockingly Weak

One of the unexpectedly soft spots in global oil demand recently has been in Europe. To be sure, Europe was never expected to be a major driver of oil demand growth. Consumption has been mostly flat for a long time. However, demand has actually declined year-on-year in the past few months, which suggests a slowdown in the European economy. Most glaringly, demand in Germany has fallen significantly. According to Standard Chartered, demand in Germany fell by 302,000 bpd in December compared to a year earlier. That was the tenth consecutive month…

Source: Oilprice.com

Keyera Corp. Announces 2018 Year End Results

CALGARY, Feb. 21, 2019 /CNW/ – Keyera Corp. (TSX:KEY) (“Keyera”) announced its year end 2018 financial results today, the highlights of which are included in this news release. The entire news release can be viewed by visiting Keyera’s website at www.keyera.com, or, to view the MD&A and financial statements, visit either Keyera’s website or Keyera’s [Read more]

Source: BOE Report

Pembina Pipeline Corporation Reports Record Annual Results in 2018

Pembina reports record setting annual results following full year contribution from strategic acquisition of Veresen and portfolio of growth projects. All financial figures are in Canadian dollars unless noted otherwise. CALGARY, Feb. 21, 2019 /CNW/ – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL; NYSE: PBA) announced today its financial and operating results for the [Read more]

Source: BOE Report

Materials Handling Tips for Exhibitors at RefComm® Galveston

Exhibitor Tips for RefComm Vendors
Exhibitor Tips for RefComm Vendors

What is material handling?

Material handling is the process of receiving your shipment from your carrier and managing it throughout the event cycle. It is a standard trade show process and it is a chargeable fee, typically based on the weight of your shipment.

The material handling process includes:

  • Unloading freight from your carrier when it arrives at the show.
  • Transporting your shipment to your booth.
  • Removing empty shipping containers from your booth.
  • Storing your empty containers during the show.
  • Returning empty containers to your booth once the show is over.
  • Transferring the freight back to the loading dock.
  • Loading the items onto your carrier’s delivery vehicle for return shipping.

Want lower charges?

Consolidate, consolidate, consolidate!

Skid items as much possible so that they are sure to arrive together. Each shipment that arrives at a separate time is assessed the minimum charge. Whether you decide to ship to the advance warehouse or directly to the show site, it is in your best interest to consolidate as much as possible.

Questions? Email Marlea. You can also visit the Exhibitor’s Portal for FAQs and the Exhibitor’s Corner page for more helpful vendor tips. Thanks and stay safe!

Machinery Rate Tips for Exhibitors at RefComm® Galveston

When do machinery rates apply?

For machines that are:

  • Over 2,500 lbs
  • Uncrated (if crated, must be labeled clearly with contents)
  • Able to be lifted by a forklift or crane
  • No empty storage included (if crate storage is needed, a cost may be associated)
  • Items used as display or toolboxes are not included

Important Info for machinery rates:

  • Certified weight tickets are required.
  • Mixed load shipments without separate weight tickets do not qualify for the Machinery rate.
  • When shipping a mixed load, separate weight tickets are required to distinguish between machinery and exhibit materials.
  • All shipments must have proper inbound Bill of Lading or carrier bill with weight breakdowns.
  • To be sure you receive the correct rate, invite the Shepard Customer service rep to your booth as you open your crate so they can verify what is in your crate.

Questions? Email Marlea. You can also visit the Exhibitor’s Portal for FAQs and the Exhibitor’s Corner page for more helpful vendor tips. Thanks and stay safe!

Zargon Oil & Gas Ltd. Announces Appointment of Additional Director

CALGARY, Alberta, Feb. 21, 2019 (GLOBE NEWSWIRE) — Zargon Oil & Gas Ltd. (the “Company” or “Zargon”) (TSX SYMBOL:  ZAR) announces the appointment of Glenn Koach to the Board of Directors effective February 21, 2019. Mr. Koach is currently Co-Founder/Portfolio Manager of Concise Capital Management, LP. (“Concise”). Concise is an SEC-registered investment adviser with currently [Read more]

Source: BOE Report

China Sticks Up For Iran As Geopolitical Pressure Mounts

Amid the geopolitical quagmire among Iran, Saudi Arabia and the U.S. over a number of issues ranging from Tehran's nuclear ambitions, its ballistic missile program and its regional hegemony overtures which have Riyadh scrambling for a response, China is joining the fray. Yesterday, Chinese President Xi Jinping told the speaker of Iran’s parliament that China’s desire to develop close ties with Iran will remain unchanged, regardless of the international situation. Xi’s remarks came just one day before the visit of Saudi Crown Prince…

Source: Oilprice.com

California’s Dirty Oil Gets Pricey Amid Venezuela Sanctions (Thursday, 21 February 2019)

California doesn’t usually come to mind when talking about the U.S. oil boom, but the state’s dirty oil is commanding an increasingly large premium amid an international shortfall of dense, high-sulfur crude.

Refiners in the Golden State have been forced to import most of their crude as the state’s production has dwindled. While production from the Permian Basin of West Texas is overflowing, a lack of transportation options is keeping it from reaching the Golden State cheaply.

The average posted price for Midway-Sunset crude on Friday was $60.54/bbl, nearly $5 above U.S. benchmark West Texas Intermediate futures, and near the all-time high of $5.06 premium set in November in data stretching back more than two years. More than 22 MMbbl of the oil that’s heavier than such benchmarks as Mexican Maya or Western Canadian Select was pumped from the San Joaquin Valley in 2017.

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Such pricey crude is the result of a tightening market due to U.S. sanctions on Venezuela, mandatory production curtailments in Canada and cuts of heavy, sour grades by OPEC members such as Saudi Arabia, John Auers, executive V.P. at energy consultant Turner Mason & Co. in Dallas, said by phone.

Local factors also play a role, as California’s refiners lack many pipeline or crude-by-rail links to the rest of the country, Auers said. As such, accessing light, domestic grades produced in the Bakken or Permian Basin is harder for California plants than for those on the Gulf Coast.

“They probably have less flexibility,” he said. “The guys in the Gulf, have always had more access to other grades.”

Unlike the U.S. as a whole, California’s dependence on foreign oil imports has been growing steadily since the 1980s as the state’s own crude output and that of Alaska’s has diminished.

Without surplus production, not much California crude makes its way to foreign markets. Districts associated with the state shipped out nearly 950,000 bbl in 2017 to the Bahamas, the most recent exports, according to U.S. Census Bureau data compiled by Bloomberg.

Source: www.worldoil.com

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