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Overview
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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NorthAmOil: Decarbonisation in the spotlight for oil sands players
Two leading Canadian oil sands producers – Suncor Energy and Imperial Oil – are in the news for reasons related to decarbonisation.
EOG emphasises cautious approach, top-performing wells
US independent EOG Resources has sought to reassure investors that it would only return to growth mode once oil markets are balanced – potentially in 2022.
US rig counts down but production bouncing back
The US’ active rig count edged down by one last week, according to oilfield services firm Baker Hughes. This marked the first time the US rig count had fallen since November.
Shell edges closer to petchem complex completion
Royal Dutch Shell’s petrochemical plant in Pennsylvania is now more than 70% complete, and scheduled for start-up sometime in 2022, the super-major told media last week.
Mountain Valley extension scores legal victory
A proposed extension of the Mountain Valley pipeline, known as the MVP Southgate project, has won a legal victory in the 4th US Circuit Court of Appeals.
US LNG’s resilience during the pandemic
The latest figures from the US Energy Information Administration illustrate the resilience of US LNG during the first months of the COVID-19 pandemic.
Fight over Line 5 pipeline intensifies
Enbridge has asked the Canadian government for support in its legal battle with the State of Michigan over the Line 5 pipeline.
Ovintiv reportedly nears Eagle Ford sale
US independent Ovintiv is reportedly at the advanced stage of talks over a potential sale of its acreage in South Texas’ Eagle Ford shale for over $800mn.
Valero, BlackRock join CCS pipeline partnership
US refiner Valero Energy and BlackRock Global Energy & Power Infrastructure Fund III have announced this week that they are partnering with Navigator Energy Services to develop an industrial-scale carbon capture and storage (CCS) pipeline system.
NorthAmOil: US rig counts down but production bouncing back
The US’ active rig count edged down by one last week, according to oilfield services firm Baker Hughes. This marked the first time the US rig count had fallen since November.
Tourmaline CEO sees more oilpatch M&A opportunities
Tourmaline Oil’s CEO, Mike Rose, believes that there are still plenty of oil and gas acquisition targets in Western Canada currently, but warned that this could change if crude prices continue their upward trajectory.
Oil sands maintenance could help prop up oil prices in April
Upcoming maintenance on Canada’s oil sands facilities could help prop up crude prices, which have been rising recently amid tightening supplies, and were bolstered last week by the OPEC+ decision to largely maintain output cuts.
Chevron sets out strategy
Super-major Chevron set out a strategy that will involve a focus on higher returns and lower carbon intensity at its annual investor meeting, held this week.
Valero to switch all fuel exports to Mexico away from cross-border rail
US-based Valero is looking to gain more control over its fuel transportation and distribution routes in Mexico, a company representative said last week.
US LNG in pursuit of competitive edge
Last week’s CERAWeek by IHS Markit conference heard how current and future producers of US LNG are trying to get ahead of the global competition.
Chevron continues Noble consolidation with midstream deal
Chevron has struck an agreement to acquire all the outstanding shares of Noble Midstream Partners that it does not already own.
NorthAmOil: Chevron to acquire remainder of Noble Midstream
Chevron has struck an agreement to acquire all the outstanding shares of Noble Midstream Partners that it does not already own.
OPEC+ largely maintains cuts with new deal
Chevron invests in energy transition initiatives
Super-major Chevron announced a series of moves and investments related to the energy transition over the past week.
Regulators ban fracking in Delaware River watershed
The Delaware River Basin Commission (DRBC) voted to permanently ban hydraulic fracturing last week, asserting that shale gas development near the waterway, which supplies drinking water for more than 13mn people, would pose an unacceptable risk.
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.
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