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Released February 16, 2024 | SUGAR LAND
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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
LNG
Tellurian Receives Construction Extension for LNG Plant - Tellurian Incorporated (Houston, Texas) on Thursday won a three-year permit extension to complete construction of its Driftwood liquefied natural gas (LNG) export plant, a boost for the long-delayed project. The company has spent years and hundreds of millions of dollars trying to finance and build a 27.6 million-metric-ton-per-annum LNG terminal near Lake Charles, Louisiana. Thursday's Federal Energy Regulatory Commission (FERC) permit extension gives the company until April 2029 to complete the construction. Subscribers to Industrial Info's Global Market Intelligence Production Project Database can click here for related project reports. (Reuters)
CRUDE OIL
U.S. Awards More Contracts to Fill Strategic Petroleum Reserve - The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 2.95 million barrels of oil worth about $229.5 million to four companies, the U.S. Energy Department said on Thursday. The U.S.-produced crude oil is being purchased for an average price of $77.81 per barrel, lower than the average of about $95 per barrel that SPR crude oil was sold for in 2022, the Energy Department said in a statement. (Reuters)
PRODUCTION
U.S. Natural Gas Drillers Cut Spending, Reduce Activity Amid Price Collapse - U.S. natural gas producers are slashing spending and reducing drilling activity following a sharp decline in prices, companies said this week during earnings presentations and analyst calls. For months of relatively low gas prices, many producers kept output mostly steady on expectations that demand would rise in 2024 and 2025 when several LNG export plants enter service. However, this week's collapse in gas prices to a 3-1/2-year low convinced some drillers to reverse course. Comstock Resources (NYSE:CRK) (Frisco, Texas), a major U.S. gas producer, said it would reduce the number of rigs in operation from seven to five and suspend its dividend until gas prices rise sufficiently. Antero Resources Corporation (NYSE:AR) (Denver, Colorado), another big U.S. gas producer, said it would cut its drilling and completion capital budget by 26% after reducing the number of rigs in operation to two from three. It also dropped one of its two completion crews. Antero expects a 3% decline in gas volumes this year versus 2023. After falling about 24% over eight days, front-month gas futures settled at $1.581 per million British thermal units on Thursday, their lowest close since June 2020, during the height of COVID-19 demand destruction. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
LNG
Tellurian Receives Construction Extension for LNG Plant - Tellurian Incorporated (Houston, Texas) on Thursday won a three-year permit extension to complete construction of its Driftwood liquefied natural gas (LNG) export plant, a boost for the long-delayed project. The company has spent years and hundreds of millions of dollars trying to finance and build a 27.6 million-metric-ton-per-annum LNG terminal near Lake Charles, Louisiana. Thursday's Federal Energy Regulatory Commission (FERC) permit extension gives the company until April 2029 to complete the construction. Subscribers to Industrial Info's Global Market Intelligence Production Project Database can click here for related project reports. (Reuters)
CRUDE OIL
U.S. Awards More Contracts to Fill Strategic Petroleum Reserve - The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 2.95 million barrels of oil worth about $229.5 million to four companies, the U.S. Energy Department said on Thursday. The U.S.-produced crude oil is being purchased for an average price of $77.81 per barrel, lower than the average of about $95 per barrel that SPR crude oil was sold for in 2022, the Energy Department said in a statement. (Reuters)
PRODUCTION
U.S. Natural Gas Drillers Cut Spending, Reduce Activity Amid Price Collapse - U.S. natural gas producers are slashing spending and reducing drilling activity following a sharp decline in prices, companies said this week during earnings presentations and analyst calls. For months of relatively low gas prices, many producers kept output mostly steady on expectations that demand would rise in 2024 and 2025 when several LNG export plants enter service. However, this week's collapse in gas prices to a 3-1/2-year low convinced some drillers to reverse course. Comstock Resources (NYSE:CRK) (Frisco, Texas), a major U.S. gas producer, said it would reduce the number of rigs in operation from seven to five and suspend its dividend until gas prices rise sufficiently. Antero Resources Corporation (NYSE:AR) (Denver, Colorado), another big U.S. gas producer, said it would cut its drilling and completion capital budget by 26% after reducing the number of rigs in operation to two from three. It also dropped one of its two completion crews. Antero expects a 3% decline in gas volumes this year versus 2023. After falling about 24% over eight days, front-month gas futures settled at $1.581 per million British thermal units on Thursday, their lowest close since June 2020, during the height of COVID-19 demand destruction. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
