NorthAmOil - North America Oil & Gas

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Chevron eyes Nassiriya deal as it continues spending

Small-scale LNG touted as solution to Permian’s flaring problem

A handful of players are touting small-scale LNG as a solution to the flaring of associated natural gas production in the US' Permian Basin, and recent policy developments may help to spur this approach.

Tellurian reduces cost of Driftwood Phase 1 by 30%

US-based Tellurian has amended the plan for the first phase of its proposed Driftwood LNG project, with the changes allowing the company to reduce the capital cost of Phase 1 by around 30%.

Occidental hit by $8.4bn loss

Occidental Petroleum has reported a net loss of $8.4bn for the second quarter of 2020, joining a handful of super-majors in writing down the value of its oil and gas properties by billions of dollars.

EOG joins ranks of shale producers to report second-quarter loss

EOG Resources has joined the growing ranks of shale producers to report a loss for the second quarter of 2020. The company swung to a net loss of $909mn, from a net profit of $848mn in the second quarter of 2019.

US Army Corps of Engineers given deadline to identify next steps for Dakota Access

A federal judge has given the US Army Corps of Engineers until the end of August to detail the options for how to proceed with the Dakota Access pipeline after it lost a permit to operate.

Canada preps for hydrogen push

Canada is in the process of developing a national hydrogen strategy, and as with oil, Alberta hopes to lead the way.

Cameron LNG enters full commercial operations with Train 3 start-up

Sempra Energy announced on August 10 that its Cameron LNG export terminal in Hackberry, Louisiana had entered full commercial service with the start-up of the third liquefaction train.

Occidental decides against selling Algerian assets

Occidental Petroleum (US) has decided against selling the Hassi Berkine natural gas field and other assets in Algeria, the head of the company told analysts in a conference call earlier this week.

CNRL to acquire debt-laden Painted Pony

Canadian Natural Resources Ltd (CNRL) announced this week that it had agreed to acquire Painted Pony Energy for CAD461mn ($347mn) including debt.

NRG: Bad news, good news

Amid bad news including the explosion in Lebanon and concerns about security at storage facilities in Libya, progress is being made elsewhere, with a licensing round launched in Somalia and a major acquisition announced in Canada.

Cheniere’s earnings top estimates as LNG exports pick up

Leading US LNG producer Cheniere Energy’s second-quarter earnings beat analyst expectations, with the results coming out as the country’s LNG exports are forecast to rise for the first time in six months.

Second-quarter losses pile up

The earnings season is in full swing, and North American oil and gas producers across the board are reporting second-quarter losses as expected, with majors not immune to the trend.

Range to exit Louisiana with sale to Castleton

Shale gas driller Range Resources has struck a deal to sell its Terryville gas assets in Northern Louisiana to Castleton Resources – a joint venture between Castleton Commodities International and Tokyo Gas – for $245mn.

Weekly rig count flat after 20 weeks of declines

The total US rig count stayed flat in the week up to July 31, according to the latest data from oilfield services firm Baker Hughes, having declined for the previous 20 weeks.

Marathon Petroleum to close two refineries, sell Speedway

Marathon Petroleum has announced plans to permanently close two small US refineries and to sell its network of Speedway gasoline stations to 7-Eleven, a subsidiary of Japan’s Seven & i Holdings, for $21bn.

MPLX warns of impact from potential Bakken pipeline shutdown

MPLX, the master limited partnership formed by Marathon Petroleum in 2012 to focus on midstream assets, has flagged up the financial impact of a potential shutdown of two pipelines serving the Bakken play.

Total writes down $7bn of Canadian oil sands assets

France’s Total has reported as part of its second-quarter results that it has written down its Canadian oil sands assets by $7.0bn.

NRG: Emerging bright spots

Even as major companies continue to report quarterly losses, world crude oil prices have remained steady and some LNG markets are still heading for growth.

Russia overtakes US in LNG supplies to China

The latest Chinese customs data show that Russia supplied 396,000 tonnes of LNG to the Asian country in June, compared with 340,000 tonnes arriving from the US.

US LNG exports still booming despite cargo cancellations

Exports of LNG from the US have still risen year on year, despite a spate of cargo cancellations over the summer as a result of global oversupply.

Schlumberger posts weakest sales in 14 years

Oilfield services giant Schlumberger has reported a $3.4bn net loss for the second quarter of 2020, down from a profit of $492mn in the same quarter a year ago.

Hess raises 2020 production outlook

US independent Hess has raised its production outlook for the whole of 2020 by 10,000 boepd to about 330,000 boepd.

EQT restores curtailed gas production

EQT, the largest natural gas producer in the US, said this week that it had restored all of the output it curtailed in May, and that there had been no degradation in well performance.