Nat Gas News – March 31, 2017

Nat Gas News – March 31, 2017

In the News

US natural gas in storage falls 43 Bcf

Platts reports: US natural gas in storage fell 43 Bcf to 2.049 Tcf in the week ended March 24, Energy Information Administration data showed Thursday. The withdrawal proved stronger than both the five-year average draw of 27 Bcf and the 19-Bcf pull reported in the corresponding week in 2016, according to EIA data. It was the second consecutive weekly draw larger than both the five-year average and that in 2016. It also likely marked the end of the withdrawal season as net injections are expected for the next few foreseeable weeks. For more on this story visit platts.com or click the following link http://bit.ly/2nGGADn

ConocoPhillips exits most Canadian operations

Oilprice.com reports: ConocoPhillips has struck a deal with Cenovus Energy to sell oil sands and gas operations in west Canada, following in the footsteps of international oil major, Shell, which recently exited Canada’s oil sands industry, and Marathon Oil’s oil sands divestment. The Conoco deal is worth US$13.3 billion (C$17.7 billion) and includes Conoco’s 50-percent stake in the Foster Creek Christina Lake project, which the U.S. company ran together with Cenovus as operator, and most of its conventional offshore natural gas assets in the Deep Basin. This makes the divestment the largest in Conoco’s history. According to Conoco’s chairman Ryan Lance, the divestment will allow the company to cut its debt load to US$20 billion and double the amount of stock it can repurchase to US$6 billion. Conoco will also benefit from its stake in Cenovus. Cenovus, one of the biggest oil sands players in Canada, will double its daily output from the northern Alberta oil sands to 588,000 barrels of oil equivalent daily. Shell announced its exit from most of its oil sands operations earlier this year as part of efforts to reduce its debt, accumulated with the acquisition of BG Group. Canada Natural Resources paid US$8.5 billion for the assets. For more on this story visit oilprice.com or click the following link http://bit.ly/2ogwJ8y

 

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