Calif. sees sharp drop in new oil, gas drilling in 2020
California approved 23% fewer new permits for oil and natural...
California approved 23% fewer new permits for oil and natural gas drilling in 2020 in wake of the coronavirus pandemic and amid an increased focus on plugging and sealing wells, which led to a record 3,238 permits issued for abandoned wells, according to the state Geologic Energy Management Division. "New state policies, combined with increased enforcement, are driving the increase in oil and gas operators permanently removing wells from operation," CalGEM spokesperson Don Drysdale said.
Reductions in refined product inventories coupled with cold...
Reductions in refined product inventories coupled with cold weather helped strengthen US refining margins in the week through Jan. 22, with cracking and coking margins rising in the Midwest and on the US West and Gulf coasts, according to S&P Global Platts. The brighter outlook prompted Tudor, Pickering, Holt & Co analysts to lift 2021 earnings forecasts for refiners like PBF and Marathon Petroleum.
Corpus Christi oil export volumes skyrocketed in 2020
Crude oil exports from the Port of Corpus Christi in Texas...
Crude oil exports from the Port of Corpus Christi in Texas surged by 65% in 2020 to 106.2 million short tons as increased crude availability, reduced port fees, fewer fog days and other factors gave the port a competitive edge over other export hubs. "Despite the extraordinary challenges we navigated in 2020, the Port of Corpus Christi and its customers have yet again demonstrated the resiliency of this strategic gateway for American goods to reach global demand centers," said Port of Corpus Christi CEO Sean Strawbridge.
The US proved reserves of natural gas slid by 1.9% in 2019,...
The US proved reserves of natural gas slid by 1.9% in 2019, led by declines in Texas and Oklahoma, according to the Energy Information Administration. Meanwhile, proved reserves of oil and lease condensate rose 0.1% to 47.1 billion barrels, with Alaska and New Mexico recording the biggest increases, EIA data show.
