Industry News
Oil & Gas
Top stories summarized by our editors
9/16/2021

The Freeport LNG plant in Texas will be unable to produce liquefied natural gas until utility CenterPoint restores power to the facility, a company spokesperson said Wednesday. The three other LNG export facilities along the US Gulf Coast -- Cameron LNG and Cheniere Energy's Sabine Pass and Corpus Christi terminals -- did not experience any operational interruptions due to Tropical Storm Nicholas.

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S&P Global, Reuters
9/16/2021

US crude oil stockpiles shrank by 6.4 million barrels last week, exceeding analysts' expectations for a 3.5-million-barrel drop, according to the Energy Information Administration. Meanwhile, supplies of gasoline and distillates fell by 1.9 million and 1.7 million barrels, respectively.

9/16/2021

The House Energy and Commerce Committee voted to approve several provisions of its $456 billion portion of $3.5 trillion budget reconciliation package during a markup session on Wednesday, including a fee on methane emissions that has drawn opposition from oil and natural gas groups. The measure would require oil and gas companies to pay $1,500 for every metric ton of methane emitted in excess of 0.2% of gas sent to sale and 0.11% of gas sent for sale for gas pipelines and associated transmission and compression facilities.

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S&P Global
9/16/2021

Tellurian will drill 13 wells in the Haynesville Shale next year in order to secure enough feed gas supply for the first phase of its proposed Driftwood LNG export terminal in Louisiana, said John Howie, the company's head of production. Tellurian expects to produce roughly 100 million cubic feet per day by the end of 2021, a threefold increase from a year earlier but well short of the 1.5 billion cubic feet per day it needs for the plant.

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S&P Global
More Summaries:
John Howie, Tellurian
9/16/2021

The Railroad Commission of Texas limited an oil driller's right to flare excess natural gas to one year instead of two, arguing that a lack of pipeline service is no longer a good reason to flare, considering the multiple alternatives, which include Bitcoin mining and graphene production. The move marks a turning point for the agency, which has often been criticized for its lax approach to flaring.

9/16/2021

The New Mexico Environment Department is scheduled to present its proposed regulations for curbing ozone pollution from oil and natural gas operations on Sept. 20 during a virtual public hearing hosted by the Environmental Improvement Board. Ozone pollution could decrease by about 260 million pounds per year if the EIB approves the rules, according to NMED.

9/16/2021

The US oilfield services and equipment sector gained 3,711 jobs in August, reflecting a growth rate of 0.6%, the slowest since April as the spread of the Delta variant of COVID-19 suppressed hiring across multiple sectors of the US economy, according to Bureau of Labor Statistics data analyzed by the Energy Workforce & Technology Council.

9/15/2021

Chevron announced that it plans to invest $10 billion in low-carbon technologies over the next seven years, more than triple the company's initial $3 billion budget, but stopped short of committing to net-zero emissions. The funds will be used to support emissions-reduction, carbon capture and offsets, renewable fuels and hydrogen production.

9/15/2021

Initial assessments of damage caused by Hurricane Nicholas indicate limited impact on offshore energy infrastructure and other oil and natural gas facilities on the US Gulf Coast, as most companies reported only temporary power outages and minimal disruption to operations. The storm caused some pipeline interruptions and terminal closures at Port of Houston and Port Freeport in Texas, but refineries and offshore platforms were largely spared.

9/15/2021

US crude oil stockpiles plummeted by 5.4 million barrels last week, while inventories of gasoline and distillates shrank by 2.8 million barrels and 2.9 million barrels, respectively, the American Petroleum Institute reported.