Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal

Phillips 66 Partners (NYSE:PSXP), the master limited partnership of Phillips 66, said on Friday that it would buy assets from Phillips 66 (NYSE:PSX) in a deal valued at US$2.4 billion including debt, in the largest acquisition the partnership has ever made. Oil firms in the U.S. form master limited partnerships (MLPs) to buy and operate midstream assets. MLPs distribute excess cash to unitholders in the form of tax-deferred dividends. Phillips 66 Partners has reached a deal with Phillips 66 to buy the refiner’s 25-percent stake in each of…

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Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal

Phillips 66 Partners (NYSE:PSXP), the master limited partnership of Phillips 66, said on Friday that it would buy assets from Phillips 66 (NYSE:PSX) in a deal valued at US$2.4 billion including debt, in the largest acquisition the partnership has ever made. Oil firms in the U.S. form master limited partnerships (MLPs) to buy and operate midstream assets. MLPs distribute excess cash to unitholders in the form of tax-deferred dividends. Phillips 66 Partners has reached a deal with Phillips 66 to buy the refiner’s 25-percent stake in each of…

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5 Big Gainers In Oil & Gas This Week

Energy has been the worst-performing S&P 500 sector so far this year, losing 10.8 percent year-to-date. The top 15 U.S. oil companies by market capitalization have felt the sting of the failed oil price recovery. (Click to enlarge)Oil prices have risen less than initially anticipated this year, partially due to the continuous U.S. crude oil production gains. In recent weeks, a weaker dollar has been propping up oil prices more than OPEC’s cuts, and efforts to convince the market that rebalancing is well under way. This week, the U.S.…

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Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS

Oil spilled from a pipeline at the al-Teym oil field in the oil-rich desert south of Deir al-Zor in Syria after the Syrian Arab Army and its allies had recaptured the oil site from ISIS, video footage uploaded on Friday on YouTube by Berlin-based video news agency Ruptly shows. Earlier this month, Syrian state TV reported that the Syrian army and its allies had retaken the Teym oil field as forces were advancing to clear the city of Deir al-Zor from Islamic State militants. According to the Syrian Observatory for Human Rights, the army also seized…

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Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS

Oil spilled from a pipeline at the al-Teym oil field in the oil-rich desert south of Deir al-Zor in Syria after the Syrian Arab Army and its allies had recaptured the oil site from ISIS, video footage uploaded on Friday on YouTube by Berlin-based video news agency Ruptly shows. Earlier this month, Syrian state TV reported that the Syrian army and its allies had retaken the Teym oil field as forces were advancing to clear the city of Deir al-Zor from Islamic State militants. According to the Syrian Observatory for Human Rights, the army also seized…

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OPEC Talks End Without Recommendation On Output Cut Extension

The OPEC/non-OPEC joint panel on monitoring the cuts, which is meeting in Vienna today, has concluded talks without any recommendation for the broader group on whether it will extend the production cuts beyond March next year, one OPEC delegate told Bloomberg at the end of the meeting. The monitoring committee, which consists of OPEC’s Kuwait, Venezuela, and Algeria, as well as non-OPEC Russia and Oman, was also expected to discuss a proposal to consider informal monitoring of crude oil exports, in addition to supervising compliance to production…

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OPEC Talks End Without Recommendation On Output Cut Extension

The OPEC/non-OPEC joint panel on monitoring the cuts, which is meeting in Vienna today, has concluded talks without any recommendation for the broader group on whether it will extend the production cuts beyond March next year, one OPEC delegate told Bloomberg at the end of the meeting. The monitoring committee, which consists of OPEC’s Kuwait, Venezuela, and Algeria, as well as non-OPEC Russia and Oman, was also expected to discuss a proposal to consider informal monitoring of crude oil exports, in addition to supervising compliance to production…

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Goldman Turns Bullish On European Oil Majors

Goldman Sachs has raised its earnings per share (EPS) estimates for the European oil majors’ third-quarter results, and believes that the stocks will start reversing their underwhelming year-to-date performance when companies report higher Q3 cash flows from a year earlier, thanks to higher oil prices and increased production. The weak dollar against the euro and the reduction of the oil price estimates since the beginning of this year had prompted oil analysts to reduce their earnings estimates on Europe’s Big Oil by 24 percent. “Both…

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Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking

At least 450 conventional vertical wells in Oklahoma’s Kingfisher County have been damaged by horizontal fracturing, the Oklahoma Energy Producers Alliance (OEPA) said in a study, The Oklahoman reports. OEPA, a group of Oklahoma oil and gas companies concerned with protecting their rights as conventional vertical producers and royalty owners, says that “hundreds if not thousands of wells are being destroyed by horizontal frac jobs.” All these wells paid 7 percent gross production tax (GPT) and are being replaced by wells paying…

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Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking

At least 450 conventional vertical wells in Oklahoma’s Kingfisher County have been damaged by horizontal fracturing, the Oklahoma Energy Producers Alliance (OEPA) said in a study, The Oklahoman reports. OEPA, a group of Oklahoma oil and gas companies concerned with protecting their rights as conventional vertical producers and royalty owners, says that “hundreds if not thousands of wells are being destroyed by horizontal frac jobs.” All these wells paid 7 percent gross production tax (GPT) and are being replaced by wells paying…

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