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The publication continues to provide weekly coverage of upstream, midstream and downstream news, spanning shale oil and gas, LNG, oil sands, transport by pipeline and rail, company performance and regional energy policy – on both national and state or provincial levels. NorthAmOil provides regular updates on the status of major proposed projects in both the US and Canada. The publication also looks at more distant prospects, such as offshore Arctic drilling.
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EOG beats profit estimates for fourth quarter
Shale producer EOG Resources has reported a net profit of $337mn for the fourth quarter of 2020, down from a profit of $637mn in the same quarter of 2019 but up from a loss of $43mn in the third quarter of 2020.
ExxonMobil to focus on “advantaged” projects, boosting shareholder value
Super-major ExxonMobil has outlined its priorities between now and 2025 – boosting cash flow and earnings, increasing its dividend, reducing debt and funding “advantaged” projects.
CNRL posts fourth-quarter profit, reports Keystone XL charge
Canadian Natural Resources Ltd (CNRL) posted a net profit of CAD749mn ($592mn) for the fourth quarter of 2020, but reported a charge related to the Keystone XL pipeline.
Venezuelan sanctions to stay in place
A White House official has indicated that the Biden administration will not make any major changes with respect to Venezuelan sanctions in the near future.
Fossil fuels’ future role in the spotlight
The future role of fossil fuels in a decarbonising world was being examined at the CERAWeek by IHS Markit conference this week.
Oil sands on the rebound
Rising crude-by-rail exports and a shrinking budget deficit for Alberta point to improved market conditions for the province’s oil sands, though other obstacles remain.
Jordan Cove LNG project in doubt
The future of Pembina Pipeline’s proposed Jordan Cove LNG export terminal in Oregon looks increasingly in doubt, with the firm taking a write-down on its investment in the project and saying it can no longer predict when the facility will be built.
NorthAmOil: Crude-by-rail on the rebound
Canadian crude-by-rail exports are reported to be rebounding after falling almost 40% in 2020, according to the Canada Energy Regulator (CER).
ExxonMobil unveils major downward reserves revision
Super-major ExxonMobil has revised its global oil reserves downwards, to levels never seen before in the company’s recent history.
Producers, refiners return to service after winter storm disruption
Refineries on the US Gulf Coast – particularly in Texas – have started bringing their plants back online following severe disruption caused by the winter storm last week.
Pioneer reports fourth-quarter profit
Pioneer Natural Resources posted a net profit for the fourth quarter of 2020 this week, with the result beating analyst expectations.
Occidental posts larger-than-expected loss
Occidental Petroleum has posted a larger-than-expected loss for the fourth quarter of 2020, having delayed the release of its result amid the winter storm last week.
TC Energy posts profit, eyes growth opportunities
Canada’s TC Energy says it has identified significant opportunities to grow its natural gas and power and storage businesses.
Calcasieu Pass LNG start-up could be ahead of schedule
Venture Global LNG’s Calcasieu Pass export terminal could be on course to start up ahead of schedule, based on reports that the company is offering at least 12 LNG cargoes for loading from the plant between October 2021 and December 2022.
Waterous increases offer for Osum stake
Private equity firm Waterous Energy Fund announced last week that it was upping its offer for a stake in Osum Oil Sands, and Osum's board has withdrawn its recommendation that shareholders reject the all-cash offer.
Cheniere sees loss shrink on recovering LNG demand
Leading US LNG producer Cheniere Energy posted a net loss of $194mn for the fourth quarter of 2020, down from a net profit of $939mn in the fourth quarter of 2019, but up on a loss of $463mn in the third quarter of 2020.
NorthAmOil: Profits, growth opportunities for TC Energy
Canada’s TC Energy has reported a net profit attributable to common shares of CAD1.124bn ($890mn) for the fourth quarter of 2020, and has flagged up what it sees as opportunities to grow its natural gas and power and storage businesses.
US Environmental Protection Agency backs biofuels industry on refinery waivers
The US federal government announced on 22 February that it will back the domestic ethanol industry regarding controversial waivers given to oil refineries who were being told to blend biofuels into their petrol.
Occidental declares force majeure on freezing weather
Occidental Petroleum told buyers this week that it would be forced to curtail deliveries of crude owing to disruption resulting from extremely cold weather in Texas.
India’s GAIL to sell US LNG imports locally from 2023
GAIL (India) has unveiled plans to stop selling the LNG it sources from the US in international markets, instead selling it locally from 2023.
More shale drillers report quarterly results, as others defer them
Shale producers including Continental Resources, Devon Energy and Ovintiv released their results for the fourth quarter of 2020 this week. However, others including Occidental Petroleum and Pioneer Natural Resources rescheduled the release of theirs.
Winter storm in Texas has repercussions further south
Mexico has suffered gas and electricity shortages since harsh weather interrupted pipeline deliveries.
Energy Transfer to acquire Enable Midstream
Energy Transfer has entered into an agreement to acquire Enable Midstream in an all-stock transaction valued at around $7.2bn.
Crescent Point to buy Kaybob Duvernay assets from Shell Canada
Calgary-based Crescent Point Energy has struck a deal to buy Kaybob Duvernay shale assets in Alberta from Royal Dutch Shell’s Canadian unit for CAD900mn ($707mn).
Washington draws criticism from GAO, UN for Venezuela sanctions
The US government is drawing criticism for sanctions on Venezuela and its national oil company, with US legislators, the GAO and the UN asserting that trade restrictions have intensified the South American state's humanitarian crisis.
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