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Oil and Gas Roundup — Dec. 1

December 01, 2016
TOPICS: In the news
A roundup of oil and natural gas industry news from around the state, nation and world:

Oklahoma energy stocks boosted by OPEC decision

Stock prices of most Oklahoma energy companies were up and energy groups reacted favorably Wednesday to the announcement by OPEC that the cartel would reduce its oil output to 32.5 million barrels per day beginning in January.

Several Oklahoma companies posted double-digit percentage increases in their share prices. Tulsa's WPX Energy Inc. led the way with a 28 percent gain, closing at $15.54. Continental Resources Inc. added $10.80 — a gain of 23 percent — to close at $58.01 on the New York Stock Exchange.

WPX ranked fifth of the top gainers for the day on the New York Stock Exchange, while Continental ranked tenth for the biggest percentage jump.

Shares of Unit Corp. rose 17 percent, while shares of Laredo Petroleum Inc. were up 16 percent. Devon Energy Corp. rose 15 percent to close at $48.33. Shares of Chesapeake Energy Corp. closed at $7, up 10 percent for the day.

While acknowledging the difficulties of the past two years of lower oil prices, the heads of the two main Oklahoma energy associations celebrated the OPEC agreement to curtail production.

Read Paul Monies’ story at The Oklahoman.


More LNG exports possible from U.S. ports

Sempra Energy said it filed the necessary paperwork to hasten the development of a port in Texas that could export liquefied natural gas, seen as a strategic asset.

Sempra, which has its headquarters in San Diego, filed applications with the U.S. Federal Energy Regulatory Commission for exports and construction of the proposed Port Arthur LNG plant in southeast Texas.

"Our experience in developing, building and operating energy infrastructure will help us deliver a cost-competitive project to the global LNG market," Octavio Simoes, the president of Sempra's LNG and pipeline unit, said in a statement.

The project calls for everything from storage tanks to refrigerants and marine loading facilities at the proposed Texas plant.

A potential site for LNG development in Texas could have export capacity. Sempra last year started the filing process with FERC to export LNG sourced from U.S. reserve basins to countries that have, or will have, a free-trade deal with the United States.

A special permit is needed to export LNG sources from domestic reserves to countries that don't have a U.S. free-trade agreement.

Read more at UPI.


Deal on energy bill possible this year, Murkowski says

After meeting with Energy and Natural Resources Committee ranking member Maria Cantwell (D-Wash.) and House Natural Resources Chairman Rob Bishop (R-Utah) for more than an hour yesterday, Senate Energy Chairwoman Lisa Murkowski (R-Alaska) told reporters that she's still confident that the conference process will yield a final energy bill that can be signed into law this year.

"I believe we are going to get a deal," Murkowski said. "And I believe it will be a good deal."

But whether that deal includes language addressing LNG exports and the Land and Water Conservation Fund — both key to the Senate, which passed its energy package with both provisions intact by a wide margin earlier this year — remains to be seen.

Cantwell told reporters that staff will continue "trying to close out sections of the bill" but made it clear that LNG exports and LWCF continue to be major sticking points.

"I think the issue is that there are things that were big parts of the Senate bill for both sides of the aisle, and I think that people want to see those things," she told reporters.

However, with lawmakers reportedly looking to close the curtains on the 114th Congress on Dec. 9, when the latest continuing resolution expires, time is of the essence.

"Not a lot of time, we got to get down to brass tacks," said Cantwell.

While Murkowski said Tuesday that an agreement would need to be struck this week to allow time to prepare the conference report for floor votes, Bishop signaled to reporters that Dec. 5 is the deadline "for filing purposes."

Murkowski signaled another meeting is planned today with House Energy and Commerce Chairman Fred Upton (R-Mich.), who did not attend yesterday's huddle because the House was voting on his medical innovation bill, a top priority for him as his chairmanship comes to a close because of GOP term limits.

Also absent from yesterday's meeting was Energy and Commerce Committee ranking member Frank Pallone (D-N.J.) and Arizona Rep. Raúl Grijalva, the top Democrat on the Natural Resources panel.

Read more at E&E News (subscription required).


Economic Outlook Conference to focus on Oklahoma’s energy industry

An upcoming 2017 Oklahoma Economic Outlook Conference to be held in Oklahoma City by Oklahoma State University will focus on Oklahoma’s energy industry.

The Dec. 6 conference will be held at the Metro Technology Centers Springlake Campus in Oklahoma City by OSU’s Center for Applied Economic Research and Spears School of Business.

Dan Rickman, Regents Professor of Economics at the Spears School of business will present his report discussing forecasts of major economic variables for Oklahoma. He will also focus on the expected trajectory of the state’s energy industry.

The Oklahoma State Econometric Model which provides information on the probable performance of the Oklahoma economy in the coming year was used to compile Rickman’s report.

Other conference speakers will include experts from Boeing and the Greater Oklahoma City Chamber of Commerce. They will discuss the future of aerospace and its importance in Oklahoma.

The conference begins at 9 a.m. and will continue to noon with registration starting at 8:30 a.m.

To register or for more information, visit cepd.okstate.edu or contact Kelle Scott, OSU Program Coordinator at 405-744-8679 or email at kelle.scott@okstate.edu.

— From OK Energy Today.

 
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