Texas NEWS

Southern ITS International, Inc. announced that its subsidiary, Pure Oil & Gas, Inc., is providing a Progress Report on its first well drilled in Eastland County, Texas.

Mariners operating offshore in waters east of Brownsville, Texas, have been warned of rocket launching activities and associated hazardous areas in a new marine safety information bulletin by the U.S. Coast Guard (USCG).

Privately-owned Momentum Midstream has agreed to buy pipeline assets in the East Texas part of the Haynesville Shale from Mid-coast Energy for $1.3 billion, including debt, people familiar with the matter said on Friday. Houston-based Momentum has been a prolific developer of pipeline companies, although it has been out of the market since 2019 when it sold its fourth and fifth projects to Williams Companies and DT Midstream respectively.

Privately-owned Momentum Midstream has agreed to buy pipeline assets in the East Texas part of the Haynesville Shale from Mid-coast Energy for $1.3 billion, including debt, people familiar with the matter said on Friday. Houston-based Momentum has been a prolific developer of pipeline companies, although it has been out of the market since 2019 when it sold its fourth and fifth projects to Williams Companies and DT Midstream respectively.

Oil prices fell around $1 on Monday in volatile trade, reversing some gains from the previous session, as worries about a recession and China's COVID-19 curbs hitting demand outweighed ongoing concerns about tight supply. Brent crude futures fell 82 cents, or 0.8%, to $106.20 at 0314 GMT, after climbing 2.3% on Friday. U.S. WTI crude futures declined by $1.04, or 1%, to $103.75, paring a 2% gain from Friday.

Oil prices fell around $1 on Monday in volatile trade, reversing some gains from the previous session, as worries about a recession and China's COVID-19 curbs hitting demand outweighed ongoing concerns about tight supply. Brent crude futures fell 82 cents, or 0.8%, to $106.20 at 0314 GMT, after climbing 2.3% on Friday. U.S. WTI crude futures declined by $1.04, or 1%, to $103.75, paring a 2% gain from Friday.

Oil and natural gas fields in Russia, Turkmenistan and Texas are the most climate-damaging on Earth, according to a first-of-its kind analysis that looks at greenhouse-gas emissions across entire supply chains and finds they vary widely. The dirtiest fields emit more than 10 times as much carbon dioxide equivalent as the least emissions-intensive sites, it finds.

Oil and gas production in Texas rose month on month, according to the latest preliminary figures from the Texas Railroad Commission (RRC). The preliminary reported total volume of crude oil in Texas in March was 110.9 million barrels, equating to 3.57 million barrels per day, the RRC highlighted. The preliminary reported total volume of natural gas in March was 829.45 billion cubic feet, equating to 26.75 billion cubic feet per day, the RRC revealed.

Oil and gas production in Texas rose month on month, according to the latest preliminary figures from the Texas Railroad Commission (RRC). The preliminary reported total volume of crude oil in Texas in March was 110.9 million barrels, equating to 3.57 million barrels per day, the RRC highlighted. The preliminary reported total volume of natural gas in March was 829.45 billion cubic feet, equating to 26.75 billion cubic feet per day, the RRC revealed.

Dozens of wind farms in Texas have been left reeling from billions of dollars of losses incurred during last month’s state-wide electrical grid failure. Those facilities either shut down, under-performed or were unable to fully export power during all or part of a week of historically cold winter weather, according to industry officials.

Texas-based Diamond Offshore Drilling Inc yesterday filed for bankruptcy protection after the firm recently missed paying interest and informed that it had retained restructuring advisers. The drilling company’s filing in Texas seeks protection under Chapter 11. Diamond Offshore attributed the move to the “price war” between OPEC and Russia and the collapse in demand due to the coronavirus pandemic, which worsened its day rates and demand for its services.

Oklahoma-based Chesapeake Energy has informed about an oil well fire at one of its drill sites in Texas, saying that emergency personnel are responding to the situation. Local media in Burleson County have claimed multiple injuries at the site, approximately 75 miles east of Austin. Chesapeake spokesperson did not respond to questions on injuries.

Apache Corp has informed about closing its San Antonio, Texas office through which the firm oversees its Alpine High venture in the Permian basin. The move will cost approximately 272 employees their jobs. The layoffs follow a warning from Apache to move capital away from the struggling Alpine High region. A filing made by Apache with the Texas Workforce Commission informed that affected employees will leave the company on March 6.

A week later the explosions that rocked a Texas chemical plant, Petrochemical maker TPC Group Inc will reconstruct the Texas plant. The fire at the Port Neches plant forced the county to temporarily vacate over 60,000 residents from the area. TPC Group CEO last week informed that the 175 employees at the Port Neches plant would be compensated until year-end, with the plant shut for an indefinite but extended period.

Multinational private equity firm, Carlyle Group yesterday informed about dropping as a stakeholder in Lone Star Ports LLC, and thereby pulled out of the proposed $1 billion crude oil export terminal near Corpus Christi, Texas. Carlyle Group did not remark on why it pulled out of the project. In September of 2019, Lone Star slapped a lawsuit against Carlyle, alleging that Carlyle violated its contract to jointly pursue the project.

One of the largest shareholders of Exxon, Legal & General Group Plc is not satisfied with the company's stance on climate change. As a result, it has liquidated 19 of its funds from the company. Although the oil investor only owns about 0.6% of the company, so the divestment might not affect Exxon much but it will surely create immense pressure on the Irving, Texas-based firm.

American EPC giant, KBR Inc has secured an EPC contract for Train 4 at the Freeport LNG project in Texas. The expected EPC contract will require KBR to carry out engineering, procurement, construction, commissioning and start-up of the 5 mtpy LNG train and associated gas pre-treatment plant. The contract is expected to conclude within this quarter.

According to sources, supermajor Chevron has asked Petrobras to prove Pasadena refinery to be operational before taking possession of the facility. Chevron announced in January to spend $350 million for the proposed acquisition of 112,229 barrel-per-day (bpd) Pasadena refinery from Petrobras. Sources revealed that the ownership transfer was stalled after the refinery went under planned overhaul.