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What Iran’s nuclear deal means for the global crude oil market

by charlie on July 17, 2015

This weekly news column is for the growing number of private investors wishing to keep their finger on the pulse of the ever changing energy business, and is provided as a free informational service.

Industry News

EIA says US shale oil production to fall 91,000b/d in August
Crude oil production in August from seven major US shale plays is expected to decline 91,000 b/d to 5.36 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). EIA last month also projected a 91,000-b/d decline for July. continue readingBHI: US rig count continues to upward climb
Although the overall US drilling rig count merely edged up a unit to 863 rigs working during the week ended July 10, it represented the third consecutive week of gains and another jump in oil-directed rigs, according to data from Baker Hughes Inc.Over the past 3 weeks the overall count has risen 6 units. The warm streak follows 28 consecutive weeks of losses, which has resulted in the count currently having 1,012 fewer units year-over-year continue reading

Company News

WPX Energy adds Permian Basin to its portfolio
WPX Energy is moving into the most prolific oil play in the United States.On July 14, 2015, the Tulsa-based company announced the acquisition of privately held RKI Exploration & Production, LLC for $2.75 billion (including $0.4 billion of debt). In return, WPX receives 92,000 net acres (98% held by production) in the Delaware Basin on the New Mexico-Texas border. The properties include 22,000 BOEPD of existing production, 3,600 gross risked drilling locations and more than 375 miles of existing midstream infrastructure. RKI was running four rigs in the region. continue reading

Marathon Petroleum acquires MarkWest Energy for $20 Billion
MPLX LP, the master limited partnership (MLP) vehicle of Marathon Petroleum, has announced the oil and gas industry’s third-largest acquisition to date in 2015.According to news releases from the three companies involved, MPC and MPLX have signed a definitive agreement to acquire MarkWest Energy Partners LP for total consideration of $20 billion, including approximately $4.2 billion in debt. The acquisition will be completed as a unit-for-unit transaction, with MWE shareholders exchanging each unit for 1.09 MPLX common units and a one-time cash payment of $3.37 per share. The exchange represents a premium of 32% per MWE’s closing price on July 10. continue reading

Market News

What Irans nuclear deal means for the global crude oil market
The nuclear accord reached in Vienna on Tuesday could eventually reshape global oil markets. After almost two years of talks, the holder of the world’s fourth-biggest crude reserves will benefit from an easing of international sanctions on exports in return for curbs on its nuclear program. How Much More Oil Can Iran Produce? continue reading

Environmental & Safety News

Washington raps pipeline regulator over slow action and response times
The nation’s top pipeline regulator has taken too long to impose congressionally ordered safeguards, including changes that could have blunted the impact of a recent spill in California, lawmakers said Tuesday.The stalled reforms include regulations governing how quickly companies must notify authorities after a pipeline spill, leak detection systems and the use of automatic and remote-control shut-off valves that can be triggered in emergencies to swiftly halt flowing oil and natural gas. All told, more than a dozen of the 42 mandates Congress gave the Pipeline and Hazardous Materials Safety Administration in a 2011 law remain unfinished, lawmakers said Tuesday. continue reading

12 dead in pipeline blast in Nigeria
An explosion at an Eni pipeline in Nigeria killed at least 12 people and injured three others, the Italian oil major said in a statement on Friday.The men were part of a maintenance crew, including security and environment officials, carrying out repairs on Thursday afternoon on the Tebidaba-Clough Creek line near the town of Azuzuama in the Niger delta’s Bayelsa state. continue reading

All data and information provided on this site is for informational purposes only. and its Newsletter makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.This is a personal publication; the opinions expressed here represent my own and not those of my employer.

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