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• Plains All American Sells West Coast Terminals to Zenith Energy
  Zenith Energy recently completed the acquisition of three interconnected West Coast...
  Zenith Energy recently completed the acquisition of three interconnected West Coast terminals in greater Los Angeles from Plains All American Pipeline LP.
  
  Based in Houston, Zenith is a midstream company that owns and operates over 32 million barrels of renewable fuels, crude oil, petroleum products, chemicals, and vegetable oil storage across North American, Europe, and Latin America.
  
  The acquisition of the three interconnected terminals for undisclosed terms marks Zenith’s entry into the Los Angeles market, according to the company’s president and CEO, Jeff Armstrong.
  
  Source: Hart Energy
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• OPEC Chief: Oil Prices Will Not Plunge Again
  LONDON—The OPEC+ alliance will ensure oil prices do not plunge steeply...

  LONDON—The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s secretary-general said late last week, adding that demand has been recovering more slowly than expected.

  
  

  “I want to assure you that the OPEC, non-OPEC partnership will continue to do what it knows best, by ensuring that we don’t relapse into this almost historic plunge that we saw,” Mohammad Barkindo said.

  
  

  Barkindo was answering a question at the Energy Intelligence Forum on whether there was room for a planned increase in oil output from January by OPEC+, a grouping that includes OPEC states, Russia and other allies.

  
  

  “We have to be realistic that this recovery is not picking up pace at the rate that we expected earlier in the year,” he said. “Demand itself is still looking anemic.”

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• NextEra merger may be too attractive for Duke, regulators to ignore, analysts say
  Duke Energy’s reported rebuff of NextEra’s merger advances is just...
  Duke Energy’s reported rebuff of NextEra’s merger advances is just another setback in a long line of setbacks over the last 20 years as NextEra has sought to acquire a major utility.
  
  NextEra is a major player in the development of Oklahoma’s wind farms. While some analysts do not see much potential for a deal, others say the advantages of a combination are compelling, particularly in clean energy, and could serve to overcome the significant obstacles to a transaction.
  
  A merger would create the nation’s largest utility with a regulated rate base of more than 15 million customers and revenues approaching $45 billion. Based on recent stock market prices, the combined company would be worth more than $200 billion reported Utility Dive.
  
  Source: OK Energy Today
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• Schlumberger Posts Third Straight Quarterly Loss as Oil Rout Hits Services Demand
  Top oilfield services provider Schlumberger on Oct. 16...

  Top oilfield services provider Schlumberger on Oct. 16 posted its third straight quarterly loss as this year’s prolonged slump in oil prices due to the COVID-19 pandemic compelled its major energy customers to shun drilling.

  
  

  The company kicked off earnings from hard-hit U.S. oilfield service providers as new lockdowns in some parts of the world due to a resurgence in infections threaten a recovery in oil demand. Global oil prices were around $42.66 per barrel on early Oct. 16.

  
  

  North America has fared much worse than international services markets, with Schlumberger’s revenue from the region falling to $1.16 billion, from $2.85 billion a year earlier.

  
  

  Total revenue plunged 38% to $5.26 billion.

  
  Source: Read More at Hart Energy
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• U.S. oil and gas rig count rises by most since January
  Rising for the fifth week in a row, U.S. energy firms this week added the most oil and natural gas rigs...
  Rising for the fifth week in a row, U.S. energy firms this week added the most oil and natural gas rigs since January as producers return to the well pad with crude prices holding around $40 a barrel over the past several months.
  
  Most of the rigs added were in Texas, which gained seven. At least three of those units were in the Eagle Ford shale in South Texas, according to the data.  Oklahoma gains 2, now with 14 rigs running.
  
  Total rigs engaged in the drilling for oil and gas in the U.S. continue to climb for the week ending October 16, 2020, with the total increasing by 13, up now at 282. The total rig count fell to a record low of 244 rigs during the week ended Aug. 14
  
  Even though U.S. oil prices are still down about 34% since the start of the year due to coronavirus demand destruction, U.S. crude futures have gained 116% over the past six months to about $41 a barrel on Friday mostly on hopes global economies and energy demand will return as governments lift more lockdowns.
  
  
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