** Exxon’s upstream division will take a hit of as much as $1 billion from lower oil and gas prices, the Spring, Texas-based company said in a filing Wednesday. Additionally, earnings will fall by as much as $1.3 billion due to “timing effects,” which include unsettled derivatives from trading. ** Vice President Kamala Harris and Environmental Protection …
Category: Oil & Gas
Five-month high reported in crude oil prices
The turmoil in the Middle East and the fighting between Ukrainian forces with Russia led to increased crude oil prices on Wednesday as they settled at their highest since late October. Reuters reported that while investors were concerned about supply disruptions, an increase in US crude stocks eased some of the worries. West Texas Intermediate …
Surprise increase in US crude stocks while Cushing Hub reported drop
Another unexpected buildup in the nation’s crude stocks was reported this week by the U.S. Energy Information Administration. At the same time, the amount of crude oil stored at Oklahoma’s massive Cushing Hub declined. The EIA reported a 3.2 million barrels increase across the U.S. as stocks rose from 448.2 million barrels on March …
Texas lawsuits allowed to move to trial over 2021 Winter Storm Uri
Yes, the impact of the 2021 Winter Storm Uri is still with Oklahoma, Texas and Kansas. So are the legal matters. In Oklahoma, Attorney General Gentner Drummond’s investigation into alleged market manipulation of natural gas prices remains underway with no public offering of the latest developments. In Kansas, Attorney General Kris Kobach’s lawsuit against …
Oil and gas operators don’t like direction where the industry’s headed
Oil and gas operators in Texas, New Mexico and Louisiana made it clear in a recent Federal Reserve Bank of Dallas survey, they are fed up with the Biden administration’s war on oil and gas. Typical of the responses is one of those cited by the survey. “Until the next administration is decided, we’re …
House Speaker changes his mind about targeting renewable energy with a production tax
You never know what politics will bring. Take for example Oklahoma House Speaker Charles McCall’s HB2950 which he introduced in February and included a proposed renewable energy tax…a tax he threw in after renewable energy firms fought the Right of First Refusal bill supported by utilities. The Right of First Refusal bill, HB4097 pitted …
Cheniere reports major drop in LNG available for export
The nation’s largest producer of liquefied natural gas, Cheniere Energy, reported a major drop on Tuesday in the amount of US LNG for export. Owner and operator of the Midship natural gas line that carries natural gas from Oklahoma’s STACK and SCOOP plays to the Gulf Coast, Cheniere stated the drop in demand occurred at …
Macquarie putting billions into wind energy projects
Macquarie Group, the same company sued by the state of Kansas following the 2021 Winter Storm Uri and also under investigation by the state of Oklahoma is pouring billions into an offshore wind project through one of its divisions. Macquarie Asset Management, the asset management division of Macquarie Group , is investing $50 …
Energy quick reads
** Biden administration estimates show that the US government could spend more than $1.8 trillion over ten years on energy tax subsidies, if they are made permanent. These costs could increase even further as new regulations, such as the recently finalized tailpipe emissions rule and proposed power plant rule, force greater adoption of tax credit‐eligible technologies. ** The …
Oklahoma joins fight against Honolulu lawsuit against energy industry
Oklahoma Attorney General Gentner Drummond is among 20 GOP Attorneys General to join a fight against Honolulu in its lawsuit blaming the “global climate crisis” on the oil and gas industry. Drummond and the others, led by Alabama Attorney General Steve Marshall, contend the case in Hawaii could have “grave” consequences for American energy …