Shares of U.S. energy companies tied to the Dakota Access Pipeline rose on April 9 after the U.S. Army Corps of Engineers said it would allow the crude pipeline to run while it conducts an environmental review.
That move leaves a decision on whether to shut the pipeline with U.S. District Judge James Boasberg in the District of Columbia. On April 9, he gave Dakota Access operators 10 days to present a case to keep the line flowing.
Shares of North Dakota oil producers were trading higher. Oasis Petroleum Inc. was up 4.9% to $69.05 and Continental Resources Inc. had gained 2.7% to trade at $25.65. Enerplus Corp, which this week said it would acquire some of Hess Corp.’s North Dakota assets, was up 4% to CA$6.85.
Energy Transfer LP, the pipeline’s operator, also climbed more than 3.2% to $8.14, while Phillips 66 Partners LP, a 25% stakeholder, was up nearly 7.3% at $32.6, its highest since last August when an appeals court allowed the line to keep running.
A federal judge last year ruled the U.S. Army Corps of Engineers failed to produce an adequate Environmental Impact Statement for a segment of the line and ordered it shut and emptied.
On April 9, an attorney for the Army Corps of Engineers said it will likely have a decision on its latest review by March 2022.
Recommended Reading
Seatrium Awarded Contract for FPSO Bound for Guyana’s Stabroek
2024-05-17 - The topsides fabrication and integration contract will be for the FPSO Jaguar, bound for the Whiptail Field in the Stabroek block offshore Guyana for Exxon Mobil.
Seadrill Sells Three Jackups for $338MM to Gulf Drilling International
2024-05-17 - Seadrill Ltd. is also selling its 50% equity interest in the joint venture that operates the rigs offshore Qatar.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.
US NatGas Flows to Freeport LNG in Texas Seen at Five-month High, LSEG Data Shows
2024-05-17 - The startup and shutdown of Freeport and other U.S. LNG export plants often has a major impact on global gas prices.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.