Oil, gas M&A activity accelerated in 1st quarter | Bakken crude oil shipped to Asia for 1st time | EIA reports decline in US crude inventories
April 27, 2017
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Oil, gas M&A activity accelerated in 1st quarter
US oil and natural gas companies announced a record $73 billion worth of mergers and acquisitions in the first quarter of 2017, almost three times the amount reported a year ago, according to a PricewaterhouseCoopers report. The number of companies that laid out plans to go public also rose in the first three months, indicating a potential surge in initial public offerings this quarter.
FuelFix.com (4/26) 
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Industry News
Bakken crude oil shipped to Asia for 1st time
The first-ever Asia-bound cargo of North Dakota Bakken crude oil departed the US in late March with Singapore as its destination, according to a shipping document. The shipment of more than 600,000 barrels of Bakken, Mars Sour and DSW crude, loaded by Mercuria Energy Trading, is expected to be the first of many to come thanks to the Dakota Access Pipeline, which will make it easier and cheaper to transport Bakken crude to the US Gulf Coast.
Reuters (4/26) 
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EIA reports decline in US crude inventories
derricks
(David McNew/Getty Images)
US crude oil stockpiles fell by 3.6 million barrels in the week ended Friday, a bigger decline than analysts had expected, according to the Energy Information Administration. However, gasoline and distillate supplies climbed by 3.4 million barrels and 2.7 million barrels respectively amid an increase in production at refineries.
Reuters (4/26) 
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How Trump could reverse Obama's offshore drilling restrictions
President Donald Trump is expected to sign an executive order directing the Interior Department to review Obama-era federal water drilling restrictions, but such a change won't happen quickly, according to this analysis. The Trump administration could reverse the restrictions by issuing a new Outer Continental Shelf drilling plan, rolling back indefinite offshore drilling bans and working with Congress to boost activity in the Outer Continental Shelf.
CNBC (4/26) 
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Anadarko shuts down thousands of Colo. wells
Anadarko Petroleum announced it was shutting down more than 3,000 vertical wells in northeast Colorado until deemed safe after two people died in a home explosion in the town of Firestone. The cause of the explosion remains unknown.
Bloomberg (4/27) 
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Exploration & Production
Oil prices to fall steeply if OPEC doesn't extend production cuts deal
Analysts at the Abu Dhabi Investment Authority, Emirates NBD and Commerzbank see oil prices dropping below $40 per barrel if OPEC fails to extend production cuts for another six months beyond June. ADIA Global Head of Research Christof Ruehl said at a conference in Dubai that oil producers won't be able to ease the supply glut if they don't cut their output further, adding that in a best-case scenario, consumers alone would need more than two years to absorb the current oil surplus.
Bloomberg (4/26) 
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Technology & Innovation
Houston leads in clean energy thanks to oil, gas research
Houston is emerging as a leader in the shift to clean energy, ranking among US cities that generated the most clean tech patents between 2011 and 2015, according to an analysis by the Brookings Institution. Houston's performance is in large part the result of oil and natural gas research conducted with a goal to reduce the environmental footprint of fossil fuels, with a total of 1,344 clean tech patents produced between 2011 and 2015 in the conventional fuels category.
Houston Chronicle (tiered subscription model) (4/26) 
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Policy Watch
Trump orders review of national monuments
President Donald Trump on Wednesday signed an executive order instructing Interior Secretary Ryan Zinke to conduct a review of dozens of national monuments covering at least 100,000 acres each that were designated over the past two decades. Former President Barack Obama created national monuments covering millions of acres in what Trump described as an "egregious abuse of federal power."
The Associated Press (4/26) 
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API News
API Fundamentals of Auditing and Lead Auditing
The Fundamentals of Auditing two-day course covers auditing fundamentals and auditing processes that are unique to the API program. The third day, the Lead Auditor course, offers additional information on leading an audit team. Participants of this course will learn how to conduct effective audits by applying the principles, procedures and techniques of effective audits, as well as how to manage the audit process. Presented by Aston Technical Consulting Services, April 24 to 25; AxiomLogics, May 1 to 3; ICO International Group, May 13 to 15. To learn more about this course and to register, visit the API-U Calendar. To learn more about the new Auditor Certification Program, visit API Auditor Certifications.
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