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Keystone Report Said Likely to Disappoint Pipeline Foes

The U.S. State Department is preparing to issue a report as soon as today that will probably disappoint environmental groups and opponents of the Keystone XL pipeline, according to people briefed on agency discussions. While the report will deviate from a March draft in some ways to the liking of environmentalists, the revisions won’t be as sweeping as they had sought, several people familiar with the government’s deliberations over the review told Bloomberg News. Changes could still be made to the report before its release. The March report concluded that the Canada-U.S. oil pipeline would have only a minimal impact on carbon emissions, because the oil sands in Alberta will be developed anyway. Several people briefed on the findings, who spoke on the condition of anonymity to discuss private conversations, said they expect the final report will track that conclusion. The State Department findings will influence whether President Barack […]

Posted On : Published By : Tom Whipple
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ExxonMobil Profit Tumbles As Energy Production Tapers

Exxon Mobil Corp, the world’s largest publicly traded oil company by market value, posted lower-than-expected quarterly profit on Thursday as it failed to offset declining production but spent heavily to find fresh reserves. The problem of declining production at legacy oil and natural gas wells has become endemic for multinational energy groups, which have tried to offset the trend by launching massive and risky exploration projects. Exxon’s oil and natural gas production dropped 1.8 percent in the fourth quarter from year-ago levels, with natural gas production falling around the world and oil output slipping in half the regions where the company operates. The results reflected a "mediocre quarter" for Exxon, especially in international production, Edward Jones analyst Brian Youngberg said. "They’ve lost momentum already, reverting back to declining production and stagnant earnings," Youngberg said. Exxon rival Royal […]

Posted On : Published By : Tom Whipple
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Senate panel hears arguments for, against US crude oil exports

Witnesses on both sides of the debate over whether to expand US crude oil exports used improved energy security and creation of more domestic jobs to support their viewpoints during a US Senate Energy and Natural Resources Committee hearing on the subject. “It’s hard to believe that only a few years after campaigns for America’s energy independence were dominated by slogans such as ‘drill, baby, drill,’” Chairman Ronald L. Wyden (D-Ore.) said in his opening statement. “Now, this country is in the enviable position of having choices about its energy future,” Wyden said, adding, “In other words, the question becomes how this energy boom can create the greatest benefit for America.” Lisa Murkowski (R-Alas.), the committee’s ranking minority member, reiterated her Jan. 7 call for the US to lift its ban on crude exports ( OGJ Online, Jan. 8, 2014 ). ““We should send a powerful signal to the […]

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LCA study finds carbon intensity of corn ethanol decreasing, gasoline rising; ethanol estimated 43-60% lower than oil by 2022

The carbon intensity (CI) of corn ethanol—i.e., the greenhouse gas emissions produced via the production of a volume of the fuel—is declining, while the average CI of gasoline produced from petroleum sources is gradually increasing, according to a recent report prepared by Life Cycle Associates, LLC for the Renewable Fuels Association (RFA). Life Cycle Associates has completed numerous life cycle analysis studies, including those […]

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US coal railcar loads up 6.4% on year in week ended Saturday: AAR

Coal car loads originated by US railroads totaled 111,269 in the week that ended Saturday, up 6.4% from the corresponding week of 2013, the Association of American Railroads said Thursday in its weekly traffic report. In the year-to-date period through Saturday, total US-originated coal carloads totaled 430,476, essentially unchanged from the same period of last year, AAR said. In the week ended Saturday, Canadian railroads, including the US operations of Canadian National and Canadian Pacific, originated 8,127 coal carloads, down 8.9% from the year-ago level, AAR said. Article continues below… Request a free trial of: Coal Trader Coal Outlook Platts Coal Trader provides:The latest prices for key benchmark coals Daily pricing for tons and allowances for SO2 and NOx emissions The exclusive Platts OTC Broker Index, a market assessment compiled from three of the largest and most respected coal brokers What happened in yesterday’s […]

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WBI Energy starts open season for pipeline to move Bakken gas output

WBI Energy Transmission on Thursday launched an open season for the sale of long-term firm natural gas capacity on the planned Dakota Pipeline, which will connect Bakken Shale production to the Emerson hub in northwestern Minnesota. In a notice to customers posted on its website, WBI said it expects the pipeline to enter service on November 1, 2017. The open season is scheduled to end on May 30. The interconnecting pipelines at Emerson may include Viking Gas Transmission, Great Lakes Gas Transmission and TransCanada Pipelines, WBI said. The primary markets served by those pipelines include those in eastern North Dakota, Minnesota, Wisconsin, Michigan and Canada. Article continues below… Request a free trial of: Gas Daily Gas Daily Gas Daily offers the most detailed coverage of natural gas prices at interstate and intrastate pipeline and pooling points in major U.S. markets. Gas Daily keeps you […]

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ExxonMobil adds rigs in large North American unconventional plays: official

ExxonMobil continues to add oil and liquids-directed rigs to drill in large North American unconventional and shale fields, gaining expertise in diverse resource plays which is showing up in rising crude oil volumes, a company official said Thursday. "We’ve been really orienting our rigs toward more liquids areas…in the Bakken Shale, the Permian Basin and the Woodford Shale-Ardmore," David Rosenthal, ExxonMobil’s vice president of investor relations, said during a quarterly earnings conference call. The plays are located in North Dakota/Montana, West Texas and Oklahoma, respectively. Article continues below… Request a free trial of: Oilgram News Oilgram News Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology Daily futures summary Weekly API statistics, and much more Request a trial to […]

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Eagle Ford shale straining oil refinery capacity

A spokesman for Valero Energy Corp. said the company needs to overhaul some of its refineries in Texas to handle output from the Eagle Ford shale reserve. The Valero refinery in Houston can process 160,000 barrels of oil per day while its Corpus Christi facility can handle 325,000 bpd. The company said it plans to spend $730 million to upgrade the refineries to add a combined 160,000 bpd to capacity. "We’re processing as much light sweet crude as we can at both of those facilities right now," Valero spokesman Bill Day said in an interview published Wednesday by the San Antonio Business Journal. "Because our proximity to the Eagle Ford Shale, we’d like to be processing more." The Eagle Ford shale area is spread out over southern Texas. The Texas Railroad Commission, the state’s energy regulator, said in December the average production rate […]

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Greenpeace welcomes freeze in Shell's Alaska campaign

Greenpeace said Thursday a decision from Shell to suspend Alaskan drilling efforts is evidence the arctic campaign was "an albatross around Shell’s neck." James Turner , a spokesman for Greenpeace International, said Shell’s efforts in arctic waters off the coast of Alaska have been a curse for the company. "The arctic has become an albatross around Shell’s neck," he said in a statement. "Years of failure have made a major dent in the company’s reputation." Last week, the 9th U.S. Circuit Court of Appeals in San Francisco ruled the U.S. Interior Department did not properly evaluate the scale of oil production that could result in the Chukchi Sea when it sold more than $2.6 billion in development leases in 2008. Ben van Bueden, Shell’s newly appointed chief executive officer, said the decision was a setback for its exploration campaign in the region. "This […]

Posted On : Published By : Tom Whipple
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Greenpeace welcomes freeze in Shell’s Alaska campaign

Greenpeace said Thursday a decision from Shell to suspend Alaskan drilling efforts is evidence the arctic campaign was "an albatross around Shell’s neck." James Turner , a spokesman for Greenpeace International, said Shell’s efforts in arctic waters off the coast of Alaska have been a curse for the company. "The arctic has become an albatross around Shell’s neck," he said in a statement. "Years of failure have made a major dent in the company’s reputation." Last week, the 9th U.S. Circuit Court of Appeals in San Francisco ruled the U.S. Interior Department did not properly evaluate the scale of oil production that could result in the Chukchi Sea when it sold more than $2.6 billion in development leases in 2008. Ben van Bueden, Shell’s newly appointed chief executive officer, said the decision was a setback for its exploration campaign in the region. "This […]

Posted On : Published By : Tom Whipple