QEP reviews options after Williston deal falls through

QEP Resources has started a comprehensive review of strategic alternatives that could result in a merger or sale of the company or its assets and intends to engage in discussions with parties that have expressed interest, including Elliott Management. The hedge fund manager made an unsolicited cash offer to buy QEP for $8.75/share in January. […]

Canada’s NEB recommends approval of Trans-Mountain pipeline

Canada’s National Energy Board recommended the approval of the Trans-Mountain Pipeline expansion project as it delivered its reconsideration report with 156 conditions and 16 new recommendations to the federal government on Feb. 22. NEB’s recommended approval came despite the board’s conclusion that project-related marine shipping would likely cause adverse environmental effects on the southern resident […]

MARKET WATCH: Crude oil prices end Feb. 22 above 3-month high

Light, sweet crude oil for April delivery on the New York Mercantile Exchange rose 30¢ to close at $57.26/bbl on Feb. 22, the front-month’s highest close since Nov. 12, 2018. Brent crude prices edged higher in London to close at $67.12/bbl, Brent’s highest settlement since Nov. 12. Source: News

Baker Hughes: US rig count falls 4 units to 1,047

The US drilling rig count dropped 4 units to reach 1,047 rigs working for the week ended Feb. 22. The count is up 69 units from the 978 rigs working this time a year ago, according to Baker Hughes data. Source: News

Aramco forms combine for $10-billion Chinese refining complex

Saudi Aramco has signed a $10-billion agreement to form a joint venture with China North Industries Group Corp. (Norinco) and Panjin Sincen to develop a fully integrated, grassroots refining and petrochemical complex in Panjin, in China’s Liaoning province. Source: News

Norwest-led group plans seismic survey over Xanadu oil discovery

Perth-based Norwest Energy Ltd., Triangle Energy Ltd., and 3C Group IC Ltd. have received regulatory approvals to proceed with the planned Xanadu 3D seismic survey in the offshore North Perth basin of Western Australia. Source: News

ExxonMobil enters cloud technology partnership to raise production

ExxonMobil Corp. said a partnership with Microsoft to use cloud technology for the supermajor’s Permian basin operations is expected to increase net cash flow over the next decade through improved analysis and enhanced operational efficiencies. Source: News

FERC’s new approach signals LNG project certification breakthrough

The US Federal Energy Regulatory Commission adopted a new approach for consideration of proposed LNG terminals that considers direct greenhouse gases from the facilities. It applied the approach for the first time when it considered and approved Venture Global LNG’s Calcasieu Pass LNG export project in Cameron Parish, La., it said. Source: News

CSIS speakers expect stable oil supplies, unstable prices in 2019

Stable supplies and unstable prices will characterize global oil markets during 2019, speakers generally agreed during a Feb. 21 discussion at the Center for Strategic and International Studies. “Volatile prices are still the primary energy expenditures driver. We’ve had kind of a wild ride,” observed Howard Gruenspecht, a CSIS senior nonresident energy and national security […]