Oil Production Costs Reach New Lows
Wednesday, October 28, 2020
A comprehensive Rystad Energy analysis of oil production costs has revealed that the average breakeven price for all unsanctioned projects has dropped to around $50 per barrel, down around 10% over the last two years, and 35% since 2014. This means that oil is much cheaper to produce now compared to six years ago, with the clear cost savings winner being new offshore deepwater developments.
Cetane Announces Sale of Hometown Heating LLC
Wednesday, October 21, 2020
Cetane Associates LLC (“Cetane”; Kent, Conn.) has announced that Santoro Oil Company, a wholly-owned subsidiary of Total Energy Capital Corporation (“Total”; Providence, R.I.), has acquired the heating oil delivery and HVAC equipment installation and maintenance business of Hometown Heating, LLC (“Hometown Heating”; Brooklyn, Conn.). The transaction closed on Oct. 5, 2020.
ANOVA Founders Win Entrepreneur Of The Year 2020 New Jersey
Wednesday, October 21, 2020
Ernst & Young LLP (EY US) has announced that Martin Adams and Robert Barnacle, founders of ANOVA, were named as Entrepreneur Of The Year 2020 New Jersey Award winners. The Entrepreneur Of The Year Awards program is one of the preeminent competitive awards for entrepreneurs and leaders of high-growth companies.
Canadian Propane, Butane Inventories Higher Year-Over-Year
Wednesday, October 21, 2020
Canada’s primary underground propane inventories increased by 1.7% in September to start October 2020 at 2376.4 Mcm, the equivalent of 15.0 MMbbl, according to the Canada Energy Regulator (CER). The total represented a minimal month-to-month gain of 39.8 Mcm. Compared to a year earlier, stocks were up markedly, with 1063.4 Mcm, or 81.0%, more product on hand.
U.S. Rig Count Up 13
Wednesday, October 21, 2020
According to the latest Baker Hughes Rig Count, released Oct. 16, the U.S. rig count is up 13 from the previous week to 282. Oil rigs are up 12 to 205, gas rigs are up one to 74, and miscellaneous rigs are unchanged at three.

U.S. Rig Count is down 569 rigs from last year's count of 851, with oil rigs down 508, gas rigs down 63, and miscellaneous rigs up two.

The U.S. Offshore Rig Count is unchanged at 14, down eight year-over-year.
Mid-Month to Mid-Month: Prices Solidify
Thursday, October 15, 2020
During the latest mid-month period, prices at Group 140, Conway, Kan., have strengthened, with posted prices adding at least 10 cents/gal. during the time frame, and spots are higher by around a dime. Conversely, Belvieu has toyed around with postings very closely straddling 60 cents/gal. and spots holding a 5-cent range shadowing the 50-cent mark. Supply, prices, and weather remain the unknowns, and with the way 2020 has been, it’s anyone’s guess as to what the fourth quarter holds.
Investor Recapitalizes Energy Distribution Partners (EDP)
Wednesday, October 14, 2020
Pritzker Private Capital (PPC; Chicago), a leader in family direct investing, announced Oct. 6 the completion of a successful recapitalization of Energy Distribution Partners (EDP), one of the leading distributors of propane and light fuels in North America. Pritzker Private Capital has invested alongside Concentric Equity Partners and Duchossois Capital Management, in partnership with EDP’s management team, who will continue to lead the business. Financial terms were not disclosed.
BSEE Monitors Response to Hurricane Delta
Wednesday, October 14, 2020
Bureau of Safety and Environmental Enforcement (BSEE) has activated the Hurricane Response Team and is now monitoring offshore oil and gas operations on platforms and rigs in the Gulf of Mexico as a result of Hurricane Delta. The team works with offshore operators and other state and federal agencies until operations return to normal and the hurricane is no longer a threat to Gulf of Mexico oil and gas activities.
Grants For Propane Autogas School Buses Available To Replace Diesel
Wednesday, October 14, 2020
The National Propane Gas Association (NPGA) reports that government grants are available to replace diesel school buses with new propane autogas buses. The Environmental Protection Agency’s (EPA) Diesel Emissions Reduction Act (DERA) provides funds to public and private fleets for the replacement of old diesel school buses with new or retrofit buses certified to EPA’s cleanest emission standards. The deadline to submit an application is Oct. 30, 2020.
API Expands Advertising Efforts in Key Battleground States
Wednesday, October 14, 2020
The American Petroleum Institute (API) on Oct. 6 expanded its advertising efforts in key battleground states to provide balance to the energy debate in the final weeks of the 2020 campaign. The latest digital campaign series follows API’s ongoing advocacy efforts that began earlier this year and through the conventions.

Two spots highlight everyday conversations about practical solutions to climate change, and another series provides sharp contrast to show what’s at stake if harmful policies like a federal leasing ban are enacted.
Lloyd’s Register Group to Sell Energy Business
Wednesday, October 14, 2020
Global professional services organization, Lloyd’s Register Group (LR: London), announced Oct. 7 that it has entered into a definitive agreement to sell its Energy business unit to Inspirit Capital, a London-based investment firm focused on building long-term value.

The deal will create a new engineering and technical consultancy offering specialist asset performance, risk management, and project management expertise across complex industrial assets, the energy transition, and rail infrastructure.
API Statement About California Gov. Newsom’s Executive Order
Wednesday, October 14, 2020
The American Petroleum Institute (API; Washington, D.C.) released the following statement Sept. 24 in response to California Gov. Gavin Newsom’s executive order banning the sale of new gasoline and diesel-powered passenger cars in the state by 2035.
EIA Forecasts Cooler Temperatures, More Expensive Product
Wednesday, October 7, 2020
EIA’s Winter Fuels Outlook, published October 2020, finds that responses to COVID-19 and the mitigation efforts to stop its spread have significantly affected energy price and consumption patterns in 2020. Notably, the average U.S. consumer has increased residential uses of energy, such as powering electric appliances and space cooling/heating, but has decreased transportation-related uses of energy. The U.S. Energy Information Administration (EIA) expects that trend to continue into the winter of 2020–2021.
Modified Hours of Service (HOS) Have Been Implemented
Wednesday, October 7, 2020
The National Propane Gas Association (NPGA) is reminding the propane industry that the Federal Motor Carrier Safety Administration (FMCSA) has published several modifications to Hours of Service (HOS) regulatory provisions, including expanding and extending elements of the short-haul operation exemption. As of Sept. 29, 2020, motor carriers and drivers can begin implementing these modifications.
Extended Offshore Energy Moratorium Denies Jobs, Revenue
Wednesday, October 7, 2020
The American Petroleum Institute (API; Washington, D.C.) issued the following statement on Sept. 25, in response to the Trump administration’s announcement to extend the existing offshore moratorium in the Eastern Gulf of Mexico to include additional areas off the Atlantic Outer Continental Shelf (OCS) through the year 2032.
EIA’s Natural Gas Annual 2019 Reports Record Highs
Wednesday, October 7, 2020
The U.S. Energy Information Administration’s (EIA) Natural Gas Annual 2019, released Oct. 5, 2020, shows that the United States set new records in natural gas production, consumption, and gross exports in 2019. During the year, dry natural gas production increased by 10%, reaching a record-high average of 93.1 Bcfd. At the same time, U.S. natural gas consumption increased by 3%, led by greater use of natural gas in the electric power sector. Natural gas gross exports increased 29% to 12.8 Bcfd.
Hurricane Laura's Damage Greater Than Any Storm Since 2008
Wednesday, October 7, 2020
According to daily estimates from the U.S. Bureau of Safety and Environmental Enforcement (BSEE), Hurricane Laura reduced crude oil production in the Federal Offshore Gulf of Mexico by an estimated 14.4 MMbbl over a 15-day period, the most of any hurricane since the combined effect of Hurricanes Gustav and Ike in 2008.