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Storage may be filled by the fall with global crude oversupply running at 2 million barrels a day and low-cost producers continuing to boost output, Goldman analysts including Jeffrey Currie said in a report on Thursday.
Having exhausted other ways to raise cash amid depressed prices, a slew of producers announced more than $2.4 billion in asset sales last month
Refining margins in Asia have come under pressure in recent months as refiners there increased processing runs and Saudi Arabia increased diesel exports from its new Yasref refinery, a joint venture with China’s Sinopec that reached full capacity in June.
Chesapeake Chief Executive Officer Doug Lawler has been selling assets and dismantling complex financial commitments to free up cash for drilling and reduce debt.
For nearly a century, the petroleum deposits beneath giant Lake Maracaibo served as a cash cow for successive Venezuelan governments. In return, it has received little back but neglect.
U.S. District Judge Edgardo Ramos in Manhattan dismissed the case, agreeing with China’s largest oil and gas producer that the investors failed to make a plausible argument that PetroChina’s annual reports contained statements that were false or misleading at the time they were made.
By buying closely held NET Midstream, NextEra Energy Partners will gain the ability to ship 3 billion cubic feet of Texas shale gas a day, with the potential to expand that by 1 billion cubic feet, the company said in a statement Monday.
Alpha’s bankruptcy comes the same day as President Barack Obama’s Environmental Protection Agency plans to issue measures that force states and utilities to use less coal and more wind, solar and gas power.
Exxon, the biggest U.S. energy producer, reported July 31 its lowest profit since 2009 while No. 2 Chevron posted its worst results in 12 years.
Brent futures declined as much as 2.6 percent, extending an 18 percent drop in July that was the biggest in seven months.