Lower gas prices push Hess Corporation (HES) to post wider-than-expected loss from continuing operations in second quarter 2017.
Helped by production growth and lower costs, Canada’s oil and gas producer Encana Corp (NYSE:ECA) returned to a net profit in the second quarter and revised upward its production guidance for its four core assets in North America. Encana reported on Friday net earnings of US$331 million compared to a loss of US$601 million in the second quarter last year, easily beating analyst forecasts. Production from the core assets—the Permian and the Eagle Ford in the U.S. and the Montney and Duvernay shale plays in Canada – increased by…
Exxon is suing the U.S. Treasury Department to challenge the Treasury’s US$2-million fine imposed for breaching Ukraine-related sanctions on Russia. According to the Treasury Department’s findings that Exxon, in 2014 when Secretary of State Rex Tillerson was at its helm, signed documents with Rosneft and its CEO Igor Sechin, who is on the list of Specially Designated Nationals under the sanctions. Exxon is now disputing that ruling. The Treasury’s Office of Foreign Assets Control (OFAC) “determined that ExxonMobil did not…
Canada’s federal court of appeal has sent TransCanada’s proposed gas back for redetermination by the National Energy Board (NEB), which had previously dismissed requests that the project be subject to federal, not provincial, approval. The court ruled earlier this week that the NEB had made a mistake in determining that the project was not under federal jurisdiction when it sent the plan to provincial approval. Michael Sawyer, a former environmental consultant, wanted the 900-km pipeline project to be considered to be under federal…
ExxonMobil (XOM) has initiated a legal confrontation against OFAC on retroactive changes to guidance on Russian sanctions.
These flaming hot stocks are breaking through to new highs every day
Kinder Morgan's (KMI) second-quarter 2017 earnings meet estimates. Revenues beat on increased contribution from the liquid terminals and successful initial public offering of its Canadian business.
Eni (E) restarts operations at Val d'Agri Oil Center. Receives permit from the Regional Council of the Basilicata Region and reiterates commitment to safety.
Encana's (ECA) strategy to focus on core shale plays including the development practices implemented in the Permian Basin are likely to play a key role in second-quarter 2017 earnings.
We expect Schlumberger's (SLB) size along with its greater reliance on international market to play a key role in second-quarter 2017 earnings.
Our proprietary model does not conclusively show that Kinder Morgan (KMI) is likely to beat the Zacks Consensus Estimate for Q2 earnings.
President Donald Trump misstated key details about an oil pipeline he approved to present the project as part of a strategy to undercut Russia. “Dakota Access takes it to the Pacific,” Trump told reporters on Air Force One on Wednesday night, according to excerpts released by the White House of what was originally an off-the-record conversation. "Who do they compete with? Russia."It was not immediately clear what Trump meant, but the Dakota Access pipeline does not go anywhere near the Pacific coast. It starts in the Bakken oil field in North Dakota and runs east to Patoka, Illinois, where it links up with an existing pipeline network. The White House did not respond to a request for comment.Trump also touted the Keystone XL pipeline, saying he “revived it on Day One.” That's not quite right, either. Trump signed memos expediting DAPL and KXL four days after being sworn in, and it was two more months before the State Department formally approved Keystone's permit. TransCanada is awaiting approval from state regulators in Nebraska before it can begin construction on the project. "But that goes to the Gulf, right? Competes with Russia," Trump said of the KXL pipeline. Trump also said Keystone XL and DAPL would create a combined 48,000 jobs without addressing the temporary nature of most of that work. DAPL operator Energy Transfer Partners said up to 12,000 jobs would be supported while the pipeline was under construction, but that work has already been completed. Just 40 permanent jobs are expected to remain, according to estimates from the Brookings Institution.The State Department estimated Keystone XL would support around 42,000 direct and indirect jobs during its assumed two years of construction and a total of 50 permanent jobs after that.The president also stressed his support for increased oil and gas drilling, although there, too, he overstated the case. "We’ve got underneath us more oil than anybody, and nobody knew it until five years ago," Trump said, inflating the relative size of U.S. reserves and reducing the amount of time companies have been able to access it. "And I want to use it. And I don’t want that taken away by the Paris Accord."In 2016, the EIA ranked the U.S. 11th in proven crude oil reserves, behind Venezuela, Saudi Arabia, Canada and others. The hydraulic fracking and horizontal drilling technology that helped U.S. oil companies unlock massive new stores of oil and gas from shale formations has been widely used for at least a decade, helping spark a huge uptick in oil production since 2009.Trump also called himself “a tremendous fracker” and alleged energy prices would have doubled if former Secretary of State Hillary Clinton had won the election, alleging she would have banned fracking. Clinton never supported a fracking ban during the campaign, despite heavy pressure from liberal activists, though she did call for increased regulation of the technology. As secretary of state, she established the Global Shale Gas Initiative promoting natural gas development. Trump also said he was seriously considering putting solar panels on the border wall he would like to build. "There is a chance that we can do a solar wall. We have major companies looking at that," he said.
In this controversial article, David Fessler points out the misconceptions behind the movement against the Keystone XL pipeline.
The Q2 earnings season is likely to be a blessing for the Oil/Energy sector, which is expected to see the highest growth in year-over-year earnings in the April-June quarter.
Kinder Morgan, Inc.'s (KMI) Trans Mountain pipeline expansion may not receive funding from Canadian lender, Desjardins, which cited concerns about the project's impact on the environment.
Keystone XL may have become obsolete before it was even built, at least according to some sources close to TransCanada, which has gone on a hunt for clients. A Wall Street Journal analysis quotes these sources as saying Canadian producers and U.S. refiners are just not interested in the pipeline that is supposed to carry 830,000 barrels daily of Alberta heavy crude to Gulf Coast and Midwest refineries. This lack of interest seems to be driven by TransCanada’s quest for long-term commitments, with producers and refiners seemingly unwilling…
The contract model for oil pipeline space has some North American producers locked into high per-barrel transportation rates, while others benefit from steep discounts pedaled in bearish markets, a new report by Reuters says. Traditionally, producers that sign a long-term contract with a major pipeline company, such as Plains All American or TransCanada Corp, receive a generous discount for their commitment. The pipeline company can then utilize said receivables as collateral to secure funding for new routes, creating a cycle of asset growth.…
“Together, we are going to start a new energy revolution -- one that celebrates American production on American soil.” – President Donald J. Trump ACHIEVING AMERICAN ENERGY DOMINANCE: President Donald J. Trump has taken action in his first five months to remove unnecessary and burdensome roadblocks that would have prevented the United States from achieving energy dominance. President Trump withdrew from the Paris Climate Accord. According to National Economic Research Associates (NERA), by 2040 the Paris Climate Accord would have cost the economy nearly $3 trillion and as many as 6.5 million industrial sector jobs, including 3.1 million manufacturing jobs. President Trump directed the Environmental Protection Agency to rescind the Obama Administration’s Clean Power Plan. According to NERA, the Obama plan would have increased electricity rates by as much as 14 percent, costing American households $79 billion. President Trump called for TransCanada to resubmit its application to build the Keystone XL Pipeline, and he then fast tracked its approval. Construction of the Keystone pipeline is expected to support 42,100 jobs and contribute $3.4 billion to the American economy. President Trump ended the Obama Administration’s coal leasing moratorium on Federal land. Federal land accounts for 40 percent of the nation’s coal production. According to the American Action Forum, the moratorium could have cost the country billions of dollars and killed coal industry jobs. President Trump rescinded the Obama Administration’s Stream Protection Rule. The Stream Protection rule would have imposed $1.2 billion in regulatory costs and added 218,000 hours of paperwork on American businesses. The National Mining Association estimated the rule would cost 280,000 jobs across the economy. President Trump directed the Department of the Interior to reconsider the Obama Bureau of Land Management’s Hydraulic Fracturing Rule. The Hydraulic Fracturing Rule was expected to cost the industry $32 million a year, adding $11,400 to the average cost of a hydraulic fracturing well. CRITICAL TO AN AMERICAN ECONOMIC BOOM: The United States energy industry is critical to the economy and future economic growth. The energy sector has become a leading driver in hiring American workers, currently employing 6.4 million Americans. Last year, the energy sector added over 300,000 new jobs and is expected to add 198,000 new jobs this year. The average annual wage of workers in the oil and gas extraction industry is over $90,000. Approximately 32 percent of the 6.5 million construction industry employees work on energy or energy efficiency projects. After being a net energy importer since 1953, the United States could be a net energy exporter as soon as 2020. The natural gas revolution in the United States means our country will be a global player in exporting liquefied natural gas. According to the American Action Forum, natural gas exports from 2016 to 2040 could bring in $1.6 trillion in trade value, increase workers earnings by $110 billion, and raise $118 billion in Federal revenue. ENERGY POTENTIAL: While Americans have been told they would have to settle for declining energy resources, innovation and new technology have opened trillions of dollars of energy for development. For too long, the country’s energy policy has operated on the false assumption that the country was running out of energy. In 2006, Former Vice President Al Gore claimed we are “at or near what they call peak oil.” In 2011, Former President Obama claim “we can’t just drill our way out of the problem.” In reality, American innovation and technology have allowed the United States to access an increasing amount of resources. Current estimates suggest we have 20 percent more oil than Saudi Arabia, valued at over $13 trillion, if prices average $50 a barrel. The United States is on track to export an average 1 million barrels of oil a day this year, double the pace of last year. Natural gas reserves are expected to be so large that they can meet domestic demand for almost a century. The United States has the second largest coal reserves in the world. PROMISE TO THE AMERICAN PEOPLE: President Trump is following through on his promises to the American people. On March 28, 2017, President Donald Trump said: “We will unlock job-producing natural gas, oil, and shale energy. We will produce American coal to power American industry. We will transport American energy through American pipelines, made with American steel.” “Together, we will create millions of good American jobs -- also, so many energy jobs -- and really lead to unbelievable prosperity all throughout our country.” On June 28, 2016, then-candidate Donald Trump: “It will be American hands that remake this country, and it will be American energy -- mined from American resources -- that powers this country.” “We are also going to fully capture America’s tremendous energy capacity. This will create vast profits for our workers and begin reducing our deficit.”
Крупнейший в Швеции пенсионный фонд Sjunde AP (АР7) вышел из капитала 14 компаний, которые он счел нарушающими права человека, международные соглашения о защите окружающей среды и борьбе с коррупцией. В их числе оказался и "Газпром".
Консорциум, состоящий из ряда крупных нефтяных компаний, продолжает активно разрабатывать грандиозные планы по созданию инфраструктуры для транспортировки сжиженного природного газа из Аляски в Азию. В марте этого года консорциум Exxon Mobil, ConocoPhillips и BP PLC в сотрудничестве с TransCanada уже объявлял о начале разработке проекта экспорту СПГ из Аляски в Азию. Тогда компании оценили его в $40 млрд. Теперь аппетиты компаний существенно выросли, и речь идет уже о проекте, чья стоимость может составить от $45 млрд до $65 млрд. В данный проект будет входить строительство газопровода длиной почти в 1300 км от газовых месторождений, расположенных на северном склоне Аляски до побережья с пропускной способностью в 3-3,5 млрд куб. м в день. На побережье будет построен завод по сжижению природного газа, а также терминалы по хранению и отгрузке газа для его последующей транспортировки на азиатские рынки. Согласно заявлениям участвующих сторон проект окажет серьезное влияние не только на экономику самой Аляски, но также и на строительный сектор США. По прогнозам компаний, в целом потребуется 1,7 млн метрических тонн стали, а также 15 тыс. рабочих в пик строительства. В целом проект Аляска-Азия по экспорту сжиженного природного газа может стать одним из самых дорогостоящих проектов в отрасли во всем мире. Он обойдется в 7-10 раз дороже, чем аналогичный проект на побережье Мексиканского залива, предложенный компанией Cheniere Energy. Кроме того, скорее всего, он будет стоить дороже, чем проект по сжижению и транспортировке природного газа из месторождения Gorgon на шельфе Австралии, в 160 км к северо-западу от континента. Стоимость этого проекта изначально оценивалась в $37 млрд, но затем выросла до $43 млрд, вынудив Chevron начать пересмотр запланированных затрат. Запуск проекта Gorgon планируется в 2014 г. Проект Аляска-Азия нуждается в одобрении как местных, так и федеральных властей. Причем одобрение должно быть получено не только на строительство, но и на экспорт газа в другие страны. Президент Обама уже заявил, что не станет одобрять новые проекты по экспорту природного газа, пока Министерство энергетики не представит доклад, который бы обосновывал их экономическую эффективность. Министерство уже неоднократно откладывало выпуск данного доклада. В случае если проект будет одобрен, на его строительство, по ряду оценок, может уйти более 10 лет. Что интересно, эта идея отнюдь не нова: она появилась еще в начале 1980-х гг. Компания Yukon Pacific в 1982 г. также предложила проект с очень схожими условиями. Его первоначальная стоимость тогда разнилась от $14 млрд до $18 млрд. Однако ему так и не суждено было реализоваться по ряду причин, в основном экономического характера.