US LNG exports to China to remain limited until tariffs lifted | Energy industry takes climate change seriously, TXOGA president says | Falling backlog of DUC wells is latest sign of shale slowdown
January 17, 2020
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US LNG exports to China to remain limited until tariffs lifted
A 25% tariff on US liquefied natural gas will continue to discourage Chinese buyers from substantially increasing purchases of the fuel despite the Chinese government's pledge to boost purchases of US energy by $52.4 billion. "We expect the Chinese government to remove, reduce or approve tariff exemption before incremental LNG imports from the US can be meaningful," said IHS Markit's Jenny Yang.
Reuters (1/16) 
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Energy industry takes climate change seriously, TXOGA president says
The oil and natural gas industry is prioritizing climate action and actively working to curb emissions through innovation and technology, said Texas Oil and Gas Association President Todd Staples. One industry initiative, the American Petroleum Institute's Environmental Partnership, already has 70 members who are collaborating to reduce the industry's environmental footprint and championing responsible production, Staples added.
Midland Reporter-Telegram (Texas) (1/16) 
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Exploration & Production
Falling backlog of DUC wells is latest sign of shale slowdown
The inventory of drilled but uncompleted wells across US oilfields declined by 10% to 7,574 between May and November 2019, the steepest drop since 2016, providing fresh evidence of a shale slowdown. Reduced shale activity threatens to hurt oilfield services companies unless they swiftly turn their focus to other markets.
BNN Bloomberg (Canada) (1/16) 
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Refining & Marketing
US refiners increase purchases of high-sulfur fuel oil from Russia
US refiners, including Phillips 66 and Valero, are poised to receive 2.4 million short tons of high-sulfur fuel oil this month, mainly from Russia and the Baltic states, for processing into gasoline, diesel and gasoil. HSFO serves as a substitute for Venezuelan and Iranian crude oil barrels that have been removed from the global market by US sanctions.
Reuters (1/17) 
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Policy Watch
USMCA clears Senate
The Senate has approved the US-Mexico-Canada Agreement, replacing the 26-year-old North American Free Trade Agreement. The USMCA contains new language on automotive content and labor protection but is expected to little change the pattern of trade.
Reuters (1/17),  National Public Radio (1/16) 
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Special from the Shale SmartBrief
Expert warns Permian oil production will peak soon
Permian Basin oil production is approaching a peak, according to Adam Waterous, CEO of Waterous Energy Fund. "The North American oil market has been grossly overcapitalized, which is not sustainable," said Waterous, who believes that the days of industry focus on production growth and dealmaking are over.
Yahoo/Bloomberg (1/15) 
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Presented by: Aston Technical Consulting Services, LLC, March 23-24.
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