February 2021

Devon Energy 2020 Q4 earnings

February 18, 2021 Mariel Alumit

Benzinga Insights – Shares of Devon Energy (NYSE:DVN) fell in after-market trading after the company reported Q4 results. Quarterly Results Earnings per share fell 97.22% year over year to $0.01, which missed the estimate of $0.03. […]

Continental 2020 Q4 earnings

February 18, 2021 Mariel Alumit

Continental Resources, Inc. CLR reported fourth-quarter 2020 adjusted loss of 23 cents per share, wider than the Zacks Consensus Estimate of a loss of 6 cents. In the year-earlier quarter, the upstream energy player reported a profit […]

Overnight Oil Report 2/18/2020 – ERCOT outages continue, big draws from Cushing

February 18, 2021 Mariel Alumit

New York — 0304 GMT: The rally in crude oil futures prices gained momentum during midmorning trade in Asia Feb. 18, drawing strength from a large estimated draw in US crude inventory reported by the American […]

U.S. LNG exports set consecutive monthly records of 9.4 Bcf/d in November and of 9.8 Bcf/d in both December 2020 and January 2021, according to EIA’s estimates based on the shipping data provided by Bloomberg Finance, L.P. EIA forecasts that U.S. LNG gross exports will average 9.7 Bcf/d in February 2021 before declining to seasonal lows in the shoulder months of the spring and fall seasons. EIA forecasts LNG exports to average 8.5 Bcf/d in 2021 and 9.2 Bcf/d in 2022, compared with average gross pipeline exports of 8.8 Bcf/d in 2021 and 8.9 Bcf/d in 2022. Since November 2020, all six U.S. LNG export facilities have been operating near full design capacity. In December, the Corpus Christi LNG facility in Texas commissioned its third and final liquefaction unit six months ahead of schedule, bringing the total U.S. liquefaction capacity to 9.5 Bcf/d baseload (10.8 Bcf/d peak) across six export terminals. The November–January increase in U.S. LNG exports has been driven by rising international natural gas and LNG prices, particularly in Asia, and lower global LNG supply because of unplanned outages at several LNG export facilities worldwide. U.S. monthly natural gas pipeline and LNG exports Source: U.S. Energy Information Administration, Natural Gas Monthly U.S. pipeline exports to Mexico increased by 6.4% in the first eleven months of 2020 compared with the same period in 2019 as a result of the completion of a new segment of the Wahalajara pipeline system in June and the Cempoala compressor station in September. The completion of Mexico’s Samalayuca-Sásabe pipeline (0.47 Bcf/d capacity) in January 2021 and the expected completion of Tula-Villa de Reyes pipeline (0.89 Bcf/d capacity) later this year are expected to further increase U.S. pipeline exports to Mexico. Principal contributor: Victoria Zaretskaya

Annual U.S. liquefied natural gas exports forecast to exceed pipeline exports in 2022

February 18, 2021 Stu Turley

According to the U.S. Energy Information Administration’s (EIA) February 2021 Short-Term Energy Outlook (STEO), EIA forecasts that U.S. liquefied natural gas (LNG) exports will exceed natural gas exports by pipeline in the first and fourth quarters of […]

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The Good, Bad and Homely: China Targets America’s Rare Earth Vulnerability and will impact the grid infrastructure

February 18, 2021 Stu Turley

Energy News Beat Publishers Note: The good, bad and homely. The good thing to come out of the Texas disaster, it has brought our United States aging energy infrastructure, which is incapable of handling the […]

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Shell sells Canada’s Duvernay oil assets for $707mn

February 18, 2021 Stu Turley

The sale includes about 450,000 net acres in the Fox Creek and Rocky Mountain House areas in Alberta, along with related infrastructure, which is currently producing 30,000 b/d oil equivalent (boe/d) from more than 270 […]

Oil Traders Rush for European Diesel to Help Supply Icy U.S.

February 18, 2021 Stu Turley

Diesel traders are snapping up ocean-going tankers to haul millions of barrels of European diesel to the U.S., where the coldest weather in years has brought swaths of the petroleum industry to a halt. At […]

Texas leaders failed to heed warnings that left the state’s power grid vulnerable to winter extremes, experts say

February 18, 2021 Stu Turley

Millions of Texans have gone days without power or heat in subfreezing temperatures brought on by snow and ice storms. Limited regulations on companies that generate power and a history of isolating Texas from federal oversight help […]

Texas Bans Gas Exports, 1.6 Million Get Power: Energy Update

February 18, 2021 Stu Turley

Texas Governor Greg Abbott is banning sales of the state’s natural gas beyond its borders in the latest sign the crisis roiling energy markets and leaving millions in the dark is far from abating. Top U.S. liquefied […]

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Brent Oil Near $65 With U.S. Crisis Now a Global Supply Shock

February 18, 2021 Stu Turley

Brent oil traded near $65 a barrel as a cold blast that’s taken out almost 40% of U.S. crude production morphed into a global supply shock. Futures in London rose 0.8% after closing at the […]