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The decline in Occidental Petroleum Corp.’s oil production in Permian Basin has left company with so much unused capacity on pipelines to the Gulf Coast that the problem will drive a midstream loss of as much as $750million this year. Occidental said Tuesday that total Permian production is expected to be about 485,000barrels of oil equivalent a day this year, well short of the 800,000barrels of pipeline space it’s committed to.
Oil prices crawled down on the back of not so strong U.S. Gulf coast tropical storm, on Wednesday. After taking a leap the previous day, the news that the tropical storm did not affect the production of the US Gulf coast much reversed the market growth. Brent fell down by 0.4, at $77.83 a barrel while WTI went down by 0.8 % and was traded at $69.34 per barrel.
Gulf-based Cox Oil has entered into an agreement to acquire Energy XXI Gulf Coast in $322 million. Cox Oil will secure all of the outstanding shares of Energy XXI’s common stock for $9.10/share, as part of the agreement. This will effectively terminate Energy XXIs partnership with Orinoco Natural Resources LLC announced last month. Upon completion of the deal, Cox Oil’s production will be boosted to more than 61,000 boe/d.