Seneca Resources Exits California in Deal for Cash, Fewer Emissions
After more than three decades in California, National Fuel Gas Co. said its E&P...
After more than three decades in California, National Fuel Gas Co. said its E&P segment will exit the state, noting the deal would add to its financial flexibility and offer a considerable reduction in emissions.
Under the terms of the deal, buyer Sentinel Peak Resources California LLC will pay $280 million in cash at closing and up to three annual contingent payments, potentially totaling $30 million, from 2023 to 2025. The assets produce about 40 MMcfe/d of which 92% is oil.
National Fuel noted that it will receive about $47,000 per boe/d for what it called “primarily higher cost, steam flood heavy oil production.”
Tallgrass Energy plans gas-to-CO2 pipeline conversion
Tallgrass Energy will convert its Trailblazer natural gas pipeline to transport carbon dioxide from an...
Tallgrass Energy will convert its Trailblazer natural gas pipeline to transport carbon dioxide from an Archer-Daniels-Midland corn-processing plant in Nebraska to Tallgrass' CO2 sequestration hub in eastern Wyoming, which is expected to begin operations in 2024. The CO2 pipeline system will stretch 400 miles across Nebraska, Colorado and Wyoming and have the capacity to transport more than 11 million short tons per year.
U.S. stocks mostly lower after worst day for equities in nearly two years
U.S. stocks extended their slump on Thursday, following the worst slide in close to...
U.S. stocks extended their slump on Thursday, following the worst slide in close to two years for the S&P 500 index in the previous session.
The Dow Jones Industrial Average DJIA was down 152 points, or 0.5%, at 31,337, after falling more than 300 points at the opening bell.
The S&P 500 SPX was off 8 points, or 0.2%, at 3,916.
The Nasdaq Composite COMP ticked up 36 points, or 0.3%, at 11,455.
On Wednesday, the Dow Jones Industrial Average fell 1,165 points, or 3.6%, the S&P 500 declined 4%, and the Nasdaq Composite dropped 4.7%. The drop on Wednesday for the Dow and S&P 500 was the most since June 11, 2020. The intraday low of the year of 3,858.87 is in danger of being tested.
Energy stocks are set to open lower, tracking further falls in the broader market indices, with the S&P...
Energy stocks are set to open lower, tracking further falls in the broader market indices, with the S&P 500 down again and oil and natural gas prices also declining. Financial markets remain under duress, with yesterday’s sharp sell-off set to continue, as the environment of tightening lending, persistent inflation, and a consumer that is signaling it is beginning to spend more conservatively, is maintaining pressure on risk assets.
Oil prices fell on Thursday, following earlier gains, on concerns that high fuel prices could hurt economic growth, but planned easing of restrictions in Shanghai and a tight supply outlook capped losses. Front-month prices for both benchmarks fell about 2.5% on Wednesday. "Slumping stocks led by the US retail sector raised concerns about growth, and with that, demand for fuels," Saxo Bank analyst Ole Hansen said.
Natural gas futures are lower by ~2%, trading around $8.15, ahead of weekly inventory data. Analysts expect an injection of 83 bcf.
OK Energy Today: Cushing crude supplies continue to slide
A government report shows the amount of crude oil in storage at the Cushing tank farm in Oklahoma dropped...
A government report shows the amount of crude oil in storage at the Cushing tank farm in Oklahoma dropped by more than 2 million barrels earlier this month.
The U.S. Energy Information Administration reported Wednesday there was 25.8 million barrels in storage at Cushing as of May 13. The amount in storage as of May 6 was 28.2 million barrels. So over the previous week, Cushing storage dropped by 2.4 million barrels.
Crude storage had totaled nearly 29 million barrels as of the end of April. It also contained 34.8 million barrels at the first of the year.
A year ago, Cushing had nearly 46 million barrels of crude in storage according to the EIA..
