Northern Oil & Gas Inc., Minneapolis, has signed a definitive agreement to acquire producing assets in the Williston basin of North Dakota in a cash and stock deal. The 1,900 acres in the Pronghorn area are 100% held by production and operated by Whiting Petroleum Corp. and Continental Resources Inc. Current estimated production is 165 […]

Phillips 66 has let a contract to S&B Engineers & Constructors Ltd., Houston, to deliver engineering, procurement, and construction for a recently announced project to expand fractionation capacity at Phillips 66 Partners LP’s Sweeny hub in Old Ocean, Tex.  Source: News

US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 9.9 million bbl for the week ended June 22, according to US Energy Information Administration data. At 416.6 million bbl, US crude oil inventories are about 4% below the 5-year average for this time of year, the Weekly Petroleum Status Report indicated. Source: News

The US Environmental Protection Agency has proposed quotas for most biofuels for 2019 and a quota for biomass-based diesel for 2020 on June 26. “Conventional” renewable fuel volumes, primarily met by corn ethanol, would be maintained at the implied 15 billion-gal target Congress has set for 2019, EPA said. Source: News

The US natural gas outlook undeniably has improved substantially in the last 30 years, the chief executives of the nation’s two biggest multinational oil companies agreed on June 26. But rapidly improving technology, intelligent government policies, and strong partnerships with other countries will be required to make the benefits truly global, they said as the […]

The light, sweet crude oil contract for August delivery jumped more than $2/bbl on the New York market to settle above $70/bbl after a senior official said the White House expects all countries to cut oil imports from Iran to zero by Nov. 4 or risk facing sanctions themselves. Source: News