Did Cheniere Squeeze through a Closing Door? Carl Icahn has followed up his August purchase of 19.4 million Cheniere Energy (ticker: LNG) shares by purchasing another 3.3 million shares, increasing his stake in the company to about 9.59%. Icahn’s group was awarded two seats on the board upon its purchase last month and has now invested approximately $1.2 billion in
Analysts have pegged scores of oil and gas companies as potential takeover targets in the new commodity environment, but Williams Companies (ticker: WMB) is one of the few who has remained in the acquisition spotlight ever since a failed takeover attempt was made public in June. The rejected offer of $53.1 billion from Energy Transfer Equity (ticker: ETE) was refused
Total sells North Sea midstream assets On August 27, Total (ticker: TOT) announced that it sold its FUKA and SIRGE gas pipelines, along with the St. Fergus Gas Terminal, to North Sea Midstream Partners for £585 million (approximately $905 million). The Frigg UK Pipeline (FUKA) is a 362-kilometer, 32-inch pipeline with a nominally capacity of 1,271 MMcf/d, while the Shetland
The EIA’s Short-Term Energy Outlook shows declining production as prices drop The U.S. Energy Information Administration (EIA) released its July Short-Term Energy Outlook (STEO) today, showing lower production in the month of July as prices continue their downward trend. The EIA reported that U.S. crude oil production declined by 100 MBOPD in July compared with June. Production is expected to
Allowing independent refiners to import could boost demand China’s Ministry of Commerce announced today that it will grant licenses to two independent refineries to directly import crude oil as the country works to allow more room for independent players in its oil and gas markets, reports Economic Times. Up until now, about 90% of China’s crude imports have gone to
Oil rig counts climb for third straight week The total number of rigs actively drilling in the United States rose by ten this week, reaching 884, according to the latest rig count from Baker Hughes (ticker: BHI). The number of rigs drilling for oil rose for the third straight week to 670 while rigs drilling for gas increased by four
The rolling four-week average of refinery inputs exceed the five-year average every week this year Gross inputs to U.S. refineries exceed 17 million barrels per day (MMBOPD) in each of the past four weeks, the highest level of refinery inputs seen by the Energy Information Administration (EIA) since the organization began publishing weekly data in 1990. Inputs have been above
International oil majors were burned but also warmed by low oil prices in Q2; and their new projects are moving forward The second quarter has been tough for international oil majors like ExxonMobil (ticker: XOM), Chevron (ticker: CVX) and Royal Dutch Shell (ticker: RDSA), but a silver lining of sorts did present itself. Across all three companies, the reason given
Refiners say making them the obligated party for fuel blending is “misguided” Independent refiners are asking the Environmental Protection Agency (EPA) to shift responsibility for complying with biofuel programs from refiners to fuel blenders. Delta Airlines’ (ticker: DAL) Monroe Energy LLC, Carlyle Group’s (ticker: CG) Philadelphia Energy Solutions, Valero Energy Corp (ticker: VLO) and Ronald E Minsk, who recently served
Partnership with Native Son Holdings set to build refinery in North Dakota Quantum Energy (ticker: QEGY) and Native Son Holdings announced that they plan to form a joint venture in order to construct and operate a 40,000 barrel per day (BOPD) refinery in Berthold, North Dakota. According to a press release from the companies, the JV will be known as
Lower prices for Iran’s oil mean better margins for refiners, competition for Russia Refineries across Europe are anticipating the return of Iranian crude oil to their operations, and the potentially higher margins as added crude pushes prices down further. Approximately 27.5% of Iran’s crude exports were to Europe in 2011, and refiners are excited to see the crude return, according
California gas prices $0.95 above national averages Nationally, the average price of a gallon of gas is just $2.77. But the average price in California is $3.72, with average prices in the L.A. area even higher at $4.05/gal, the Automobile Club of Southern California told the LA Times. Problems with refining, along with California’s stricter rules for gasoline, have sent
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