Natural Gas Storage Build Exceeds Analyst Estimates
On August 31, EIA released its Weekly Natural Gas Storage Report....
On August 31, EIA released its Weekly Natural Gas Storage Report. The report indicated that working gas in storage increased by 32 Bcf from the previous week,compared to analyst consensus of +25 Bcf.
At current levels, stocks are 484 Bcf higher than last year and 249 Bcf above the five-year average of 2,866 Bcf.
Pickering Energy Partners Launches Oil & Gas Investment Banking Unit
By: Reuters...
By: Reuters - Pickering Energy Partners (PEP) is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are becoming wary about the industry and ramping up their bets on clean energy.
The launch of the investment banking unit marks a return to oil and gas advisory services for Dan Pickering, the veteran energy financier who helped form Tudor, Pickering, Holt & Co, an energy boutique bank that was acquired by Perella Weinberg Partners (PWP.O) in 2016.
Marathon Petroleum's 596,000 barrel-per-day (bpd) Garyville, Louisiana refinery resumed normal operation on Thursday after production was cut back nearly a week ago, a company spokesperson said.
Energy stocks opened higher by more than 1% as oil prices continue to jump higher, on track to reach fresh 2023 highs on tight supplies.A slightly stronger-than-expected August nonfarm payrolls report pulled futures off their highs as the market is seeking some weakening of economic data to put the Fed on hold.
Oil prices jumped by more than 1% on Friday and were on track to snap a two-week losing streak, buoyed by expectations of tightening supplies.
Dorchester Minerals Acquires Texas Mineral and Royalty Interests
Dorchester Minerals LP completed an acquisition of mineral and royalty interests totaling ...
Dorchester Minerals LP completed an acquisition of mineral and royalty interests totaling approximately 3,355 gross acres and 568 net royalty acres located in three Texas counties, the company said in an Aug. 31 press release.
The transaction is structured as a non-taxable contribution and exchange. The contributing entities involved in the transaction conveyed their interests to Dorchester in exchange for 374,000 common units representing limited partnership interests in Dorchester Minerals. The transaction, based on the company’s Aug. 30 share price, has a value of roughly $10 million.
Dorchester Minerals is a Dallas-based owner of producing and non-producing oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests in 28 states.
