Crude oil stockpiles in the US posted big gains during the week ended Feb. 3 in their fifth consecutive weekly increase. Source: News

Light, sweet crude oil prices dropped more than 80¢/bbl on the New York market Feb. 7 for a second consecutive day and prices continued to drop in early Feb. 8 trading in advance of the weekly US oil and products inventory report from the US Energy Information Administration. Source: News

Horizon Oil Ltd., Sydney, has expanded its portfolio interests in western Papua New Guinea with the $28-million (Aus.) acquisition of Eaglewood Energy BVI, originally a Canadian entity but owned since 2014 by Perth private independent Transform Exploration Pty. Ltd. Source: News

Robert McArver has joined American Fuel & Petrochemical Manufacturers as vice-president of petrochemicals. Source: News

Pennsylvania Independent Oil & Gas Association Pres. Dan Weaver said that Gov. Tom Wolf’s (D) proposal to include a 6.5% natural gas severance tax in the Keystone State’s fiscal 2017-18 budget ignores a fundamental reality. Source: News

Targa Resources Corp., Houston, has let a contract to KP Engineering LP (KPE), Tyler, Tex., to build a grassroots cryogenic gas processing unit for subsidiary Targa Pipeline Mid-Continent WestTex LLC. Source: News