10142019Mon
Last updateFri, 11 Oct 2019 2pm

Monthly U.S. Petroleum Demand Highest Since 2005

Total U.S. petroleum demand averaged 20.8 million barrels per day (b/d) in July 2019, which represented a 0.9% year-over-year increase and the highest demand for the month since 2005, according to the latest Monthly Statistical Report released by the American Petroleum Institute. The increase in demand came as the U.S. continued to sustain world-leading production, which continues to meet virtually all global oil demand growth.


BP Leaving Alaska After 60 Years

BP has agreed to sell its entire business in Alaska to Hilcorp Alaska, based in Anchorage. Under the terms of the agreement, Hilcorp will purchase all of BP's interests in the state for a total consideration of $5.6 billion.

The sale will include BP's entire upstream and midstream business in the state, including BP Exploration (Alaska) Inc., that owns all of BP's upstream oil and gas interests in Alaska, and BP Pipelines (Alaska) Inc.'s interest in the Trans Alaska Pipeline System (TAPS).

U.S. Oil & Gas Deals Hit 10-Year Low in First Quarter

U.S. oil & gas industry mergers and acquisitions (M&A) worth $9.89B were announced in July 2019, according to GlobalData. The value marked an increase of 54.4% over the previous month and a drop of 58.8% when compared with the last 12-month average of $23.98B.

The U.S. held a 51.1% share of the global oil & gas industry M&A deal value that totaled $19.36B in July 2019. In terms of deal activity, the U.S. recorded 44 deals during July 2019, marking a decrease of 6.4% over the previous month and a drop of 34.3% over the 12-month average.

Exxon Mobil Increases Drilling in Permian Basin

XTO Energy, the shale drilling subsidiary of Exxon Mobil, “is preparing for another round of drilling in the Permian Basin of West Texas. The company is seeking permission from the Railroad Commission of Texas to drill 20 horizontal wells split between Glasscock, Pecos and Midland counties,” The Houston Chronicle reports.

“So far this year, Exxon Mobil has filed for 500 drilling permits this year, compared to the 332 drilling permits EOG Resources of Houston, the second most active driller. More than 430 of Exxon’s permits are for projects in the Permian Basin.”

Ongoing Trade War Threatens U.S. LNG Export Plans

“The trade dispute is intensifying as roughly a dozen companies look to become part of the so-called second wave of U.S. LNG export terminals expected to start up in the next few years,” Bloomberg reports.

“While China is a fast-growing market for gas, it hasn’t imported any U.S. LNG since February, according to vessel tracking data compiled by Bloomberg.”

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