Archived.
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In Case You Missed It
John Kemp, over at Twitter:
US CRUDE OIL IMPORTS accelerated to 8.3 million b/d last week compared with 7.4 million b/d prior week.
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Enbridge To Cut 1,000 Jobs
Comes on heels of its acquisition of Spectra Energy Corp -- Rigzone staff.
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Saudi Isn't The Only One Squirming
Over at Bloomberg.Exxon Mobil Corp.'s annual operations review, which dropped on Wednesday morning, could have been subtitled "Thank God for the Permian."
This, along with sanctions-related uncertainty around Exxon's plans in Russia, explains why Exxon has been gobbling up acquisitions in U.S. shale. The Permian has huge potential resources, which can be brought on relatively quickly and on relatively stable home turf.
Equally, it offers some explanation as to why Exxon's guidance on overall output through the end of the decade is flat -- even though it says it can roughly quintuple its Permian production by 2025 to more than 750,000 barrels of oil equivalent per day.
If Exxon is truly to thrive under potentially lower-for-longer energy prices, then success in shale is paramount.Also archived. Growth at ExxonMobil may have to be downstream.
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Just Checking The Math
From Rigzone:
Offshore energy companies ponied up more than $315 million in bids to lease 913,542 acres in the Gulf of Mexico off the coast of Louisiana, Mississippi and Alabama on Wednesday.
The lease sale is the final one in the GOM under the Obama Administration’s Five-Year Plan, which made available all offshore areas with the greatest resource potential from 2012 through 2017. The first 11 sales in the program netted more than $3 billion in bid revenue on almost 73 million acres for development, according to information from the Interior Department.First eleven auctions under President Obama:
- $3 billion / 73 million acres = $41 / acre
- $315 million / 913,542 acres = $345 / acre
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