Fossil fuels expected to gain from Paris agreement exit | Oil prices under pressure as US shale keeps growing | US shale gas exports at record high
June 2, 2017
API SmartBrief
News for the oil and natural gas industry
SIGN UP ⋅   FORWARD
Top Story
Fossil fuels expected to gain from Paris agreement exit
President Donald Trump's decision to pull the US out of the Paris climate agreement may benefit oil, natural gas and coal producers, but companies such as ExxonMobil and ConocoPhillips believe the US would have been better off if it hadn't quit. The withdrawal is merely symbolic because markets and government policies have a greater influence on energy demand than the Paris deal, and some argue that the US would have been better positioned to shape the future of fossil fuels by staying in the agreement.
Bloomberg (6/1) 
LinkedIn Twitter Facebook Google+ Email
Building Trust & Contracts in an Era of a Pandemic
Join SmartBrief and a panel of industry leaders as we explore ways to collaborate, share risk and create transparency in the new year. In this summit, we'll cover top risks in the next 12 to 36 months and takeaways from 2020 that may lead to long term changes in project bidding, procurement and management. Register now
ADVERTISEMENT
Industry News
Oil prices under pressure as US shale keeps growing
shale
(Spencer Platt/Getty Images)
US shale drilling activity is increasing faster than anyone had expected and will likely continue its expansion for the rest of the year and into 2018, thwarting efforts to lift oil prices, writes John Kemp. The US produced nearly 9.1 million barrels per day of crude and condensates in March, up by 62,000 barrels per day over February, while production is seen climbing by 440,000 barrels per day on average by the end of the year, according to the Energy Information Administration.
Reuters (6/1) 
LinkedIn Twitter Facebook Google+ Email
 
US shale gas exports at record high
US shale natural gas exports hit a new record in May, with 18 liquefied natural gas cargoes departing Cheniere Energy's Sabine Pass terminal in Louisiana during the month for destinations such as China, Europe and Latin America. The surging LNG exports could help the US become a net exporter by 2018 and possibly the third-largest operator of LNG export terminals after Australia and Qatar by 2020.
Bloomberg (5/31) 
LinkedIn Twitter Facebook Google+ Email
EIA: US crude stocks fall for 8th consecutive week
US crude inventories plunged by 6.4 million barrels in the week ended May 26, the eighth weekly drop in a row and a draw twice as large as what analysts had expected, according to the Energy Information Administration. Gasoline supplies declined by 2.9 million barrels, while distillate stockpiles rose by 400,000 barrels.
MarketWatch (6/1) 
LinkedIn Twitter Facebook Google+ Email
US sets new oil exports record
The volume of US oil exported last week hit a fresh record of 1.3 million barrels of crude per day, while oil production was 9.34 million barrels per day, up from 9.32 million the previous week, according to the Energy Information Administration. Refinery runs for the week were 17.51 million barrels of oil per day, breaking an earlier record of 17.29 million barrels set in April.
CNBC (6/1) 
LinkedIn Twitter Facebook Google+ Email
Exploration & Production
Apache dumping Canadian light oil assets
Apache has agreed to sell its Canadian oil assets in Alberta's House Mountain and Saskatchewan's Midale and Weyburn oilfields, which produce 5,000 barrels of oil equivalent per day combined, to Cardinal Energy for $245 million in cash. "The sale of these assets is in line with Apache's efforts to further streamline its portfolio and focus on our high-growth areas of opportunity, particularly in the Permian Basin," an Apache spokesman said.
Reuters (6/1) 
LinkedIn Twitter Facebook Google+ Email
Chevron CEO optimistic about Permian Basin's future prospects
Chevron Chairman and CEO John Watson is confident that drilling activity will continue to rise in the Permian Basin despite service cost inflation and believes shale will out-compete deepwater and conventional oil "for a long time to come." To capitalize on the shale rebound, Chevron plans to invest billions of dollars in the Permian and boost its rig count from 12 to 15 by the end of the year and 20 by the end of 2018.
Midland Reporter-Telegram (Texas) (5/31) 
LinkedIn Twitter Facebook Google+ Email
Rystad: Shale could push US oil output to record this year
US oil production could hit 10 million barrels per day by the end of 2017, the first time it would reach that level since November 1970, fueled by shale and deepwater, according to Rystad Energy. "Based on proprietary and detailed well level data, Rystad Energy sees current US production bouncing back twice as fast as it dropped, reaching 9.4 million barrels on May 31st," the firm said.
MarketWatch (5/31) 
LinkedIn Twitter Facebook Google+ Email
Refining & Marketing
Dakota Access Pipeline becomes operational
Energy Transfer Partners' Dakota Access Pipeline came into service on Thursday and will ship about 520,000 barrels of oil per day initially from North Dakota to Patoka, Ill., then to Gulf Coast refineries.
FuelFix (6/1) 
LinkedIn Twitter Facebook Google+ Email
API News
1st Annual API-IOGP Cybersecurity Europe Conference for the Oil and Gas Industry
Join us at the 1st Annual API-IOGP Cybersecurity Europe Conference for the Oil and Natural Gas Industry. Attendees will discover methods for managing cyber risks, discuss future challenges and learn how the latest technologies can help you counter cyber threats and make your cyber assets more secure. This conference is organized by API and IOGP to provide an opportunity to discuss challenges and share solutions and network with leading cybersecurity professionals. The conference features recognized cybersecurity experts in the oil and natural gas industry. Learn more.
LinkedIn Twitter Facebook Google+ Email
Learn more about API:
API Homepage | Join Us | Publications | Meetings and Training
  
  
With confidence, you have won even before you have started.
Marcus Garvey,
political activist and publisher
LinkedIn Twitter Facebook Google+ Email
  
  
Sign Up
SmartBrief offers 200+ newsletters
Advertise
Learn more about the SmartBrief audience
Subscriber Tools:
Contact Us:
Advertising  -  Elizabeth Kaufman
Editor  -  Bryan McBournie
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004
© 1999-2017 SmartBrief, Inc.®
Privacy policy |  Legal Information