RBN Energy Blogcast

Ovintiv, one of Western Canada's largest natural gas and condensate producers, has upped its Montney position with a takeover of rival NuVista Energy, continuing the recent consolidation trend.

NGL production in British Columbia has been on the rise. Plans by NorthRiver Midstream to build a pipeline to fractionators in Alberta will give producers in the Montney more runway for growth.

Dangote eyes a massive expansion but still struggles to reach capacity. Dos Bocas faces steeper hurdles. New refineries worldwide keep hitting the wall as bold plans collide with tough execution.

The permitting process for carbon-capture projects is, in some ways, like navigating Houston's notorious rush-hour traffic — if everyone tries to move at once, gridlock can quickly ensue. That's true at both the federal level, where the EPA has more sequestration wells under review than ever before, and at the state level, where Louisiana just hit the pause button on its reviews. In today's RBN blog, we look at how increased interest in carbon capture has exacerbated the permitting backlog.

The global petrochemical is currently experiencing a downturn, and this is showing up in earnings. These companies are reacting with cost reductions and capacity rationalizations.

A few days ago, HF Sinclair joined ONEOK, Phillips 66 and Kinder Morgan in planning pipeline projects to move more refined products to Western markets. It's too soon to say how many of these projects will come to fruition, but what's certain is that the effort to transport large volumes of products west from PADDs 2, 3 and 4 will significantly impact refinery economics across vast swaths of the U.S. In today's RBN blog, we‘ll discuss the pipeline projects and how they will affect market dynamics.

There's been a lull in midstream M&A activity the past few months, but several companies in that space have been making significant adjustments to their portfolios, either by acquiring assets from others or selling ownership interests in their own businesses. There's also been a lot of buzz about major deals that may be in the works. In today's RBN blog, we'll discuss a few of the more interesting midstream transactions and what's spurring them, and also look at the general state of the midstream sector.

More propane production. More exports. More inventories. The U.S. propane market, already oversupplied, is becoming even more so, putting additional downward pressure on prices. At the same time, surging demand from LNG exports and gas-fired power generation is pushing natural gas prices higher. Electricity prices are climbing too, further tilting the scales in propane's favor. The big question is, will these shifting fuel-price relationships move the needle on retail propane demand.

Out of the blue, Plains All American has scooped up 100% of the EPIC Crude Pipeline. Plains had previously announced an agreement to buy a 55% stake in the Permian-to-Corpus-Christi pipeline from Diamondback Energy and Kinetik Holdings, and on November 5, it said it had closed on a deal to buy the other 45% from Ares Management. In today's RBN blog, we'll discuss what the acquisition means for Plains, as well as a possible expansion of EPIC and the planned rebranding of the pipe.

Two Denver-based E&Ps that each started out small but quickly expanded through a series of acquisitions will now combine to form one of the nation's larger crude-oil-focused producers. With the planned merger of SM Energy and Civitas Resources, the pro forma company will be a significant player in the Permian, South Texas, the Denver-Julesburg and the Uinta. In today's RBN blog, we'll discuss the planned combination and the E&Ps' rationale for it.

The liquids pipeline rate index, which the Federal Energy Regulatory Commission uses to adjust the rates charged to shippers on the crude oil, refined products and NGL pipelines it regulates, is the most important rulemaking proceeding for interstate oil pipelines. In today's RBN blog, we take a deeper dive into the rate index, the disruptions caused by recent attempts to adjust it mid-cycle, and how delays in the review process could cause problems down the road.

The Trump administration has been easing regulations, accelerating project approvals, and proclaiming its undying support for the oil and gas industry. But much of the oil patch is in the doldrums. Crude oil prices are stuck in the low $60s/bbl, upstream capex and oilfield activity are down, and some U.S. producers are struggling. In today's RBN blog, we'll discuss the contrast between what the industry had hoped 2025 would bring and how things stand now.

Energy Transfer has built one of the largest crude oil midstream portfolios in the U.S., yet one of its most important assets — the West Texas Gulf Pipeline — often flies under the radar. The 72-years-young line is still a workhorse, moving crude from the Permian Basin to Longview and Nederland, TX, where it feeds into Energy Transfer's massive Gulf Coast export hub. In today's RBN blog, we'll look at West Texas Gulf and how it fits into Energy Transfer's broader midstream strategy.

The eight-year legal clash over the coveted CITGO refinery assets just took another unexpected turn, leaving the potential sale up in the air. The winner of the auction for CITGO's three large U.S. refineries, related pipelines and terminal assets remains uncertain as the auction faces additional legal hurdles. In today's RBN blog, we'll dive into the latest in the court case and what it could mean for the three refineries involved, which have a combined capacity of more than 800 Mb/d.

This past spring — 10 years after Williams Cos. first proposed the Northeast Supply Enhancement Project and one year after it scrapped plans for it — the effort to add 400 MMcf/d of natural gas pipeline capacity into New York City was revived. Since then, FERC has re-approved the project and regulators in New York and New Jersey have been mulling over whether to issue water-quality permits. In today's RBN blog, we discuss Williams's renewed push to get NESE permitted and built.

A bullish long-term outlook for rising natural gas demand and pricing has partially mitigated the current deep concerns about the steep erosion of oil prices. However, short-term gas pricing has proven very volatile, as the near-month NYMEX price has yo-yoed dramatically in October and the Energy Information Administration recently cut its January forecast. In today's RBN blog, we present a new metric that calculates the gas price sensitivity of major U.S. producers.

For more than 30 years, Henry Hub in Louisiana has anchored natural gas pricing in the Lower 48. But in the past 10 years, its role has shifted in profound ways. It has gone from a domestic benchmark pricing location for a vibrant Gulf Coast producing region to a demand-driven market and an index for U.S. LNG exports. In today's RBN blog, we look at how Henry Hub became so integral to the workings of the emerging LNG market, both in the U.S. and globally. 

Several large-scale LNG export projects have reached a final investment decision this year along the U.S. Gulf Coast, with most expected to start up between 2029 and 2031. They will be supported by new pipeline capacity to deliver natural gas from producing areas, but how and where will production increase to meet this new demand? In today's RBN blog, we detail the movement of gas throughout Texas and Louisiana and highlight the key findings in the newest edition of our Arrow Model.

E&Ps and oilfield service companies are constantly chasing the latest techniques to extract oil and gas faster and easier. Hydraulic fracturing was, of course, a game-changer, but now producers are using simultaneous fracking and even triple fracking, relatively newer approaches that use more resources but boost efficiency. In today's RBN blog, we'll break down these strategies, explore when they make sense for operators, and highlight the biggest challenges. 

Less than two months after ONEOK unveiled plans for a big new refined products pipeline from El Paso to the Phoenix area, Phillips 66 and Kinder Morgan have jointly proposed an even more extensive project of their own: the Western Gateway Pipeline — now the focus of a binding open season — would enable flows from the St. Louis area to Southern California. In today's RBN blog, we'll discuss the project and what's driving the race to move more refined products west from PADDs 2 and 3 to PADD 5.

Keeping up with all the natural-gas-related infrastructure under development along the Gulf Coast is a full-time job. New gas pipelines out of the Permian and the Haynesville. New LNG export terminals from Brownsville, TX, to Plaquemines Parish, LA. And don't forget new gas storage capacity — that slice of the midstream sector is in the midst of its biggest boom in decades. In today's RBN blog, we'll finish our review of the latest round of Gulf Coast storage projects.

A tsunami of natural gas storage projects has been building along the Gulf Coast, most of them aimed at meeting the growing demand for flexible, responsive storage capacity near new LNG export terminals and gas-fired power plants. And the magnitude of that wave keeps growing. In today's RBN blog, we'll begin a new mini-series in which we update the storage projects we discussed in a number of posts last year and describe the additional projects that have come to light since then.

Neither midstream companies nor the folks who run them can be put into neat and simple categories. Each is unique. At the same time, however, there's no doubt that some midstreamers take a more aggressive approach to developing projects, while others are more cautious. Each approach comes with risks: on one hand, the possibility of anticipating demand that doesn't materialize; on the other, the risk of missed opportunities. In today's RBN blog, we discuss the strategies of five leading midstreamers.

The Trump administration promised to put wind in the sails of the fossil fuels industry, but the Federal Energy Regulatory Commission has failed to resolve a key issue regarding the liquids pipeline rate index, under which the commission adjusts the rates charged to shippers on FERC-regulated crude oil, refined products and NGL pipelines. In today's RBN blog, we'll review the recent history of the rate index, why it moved sharply higher (and then lower) in recent years, and what lies ahead.

ARM Energy Holdings has reached a final investment decision for the 2.5-Bcf/d Mustang Express Pipeline, which will support Sempra Infrastructure's Port Arthur LNG Phase 2, the latest of several major LNG projects in the Sabine River area to reach FID. The pipeline is intended to act as a regional header system with a route designed to offer maximum optionality and connectivity. In today's RBN blog, we'll discuss what the pipeline could mean for regional gas flows.

Kinder Morgan's ongoing conversion of the Double H Pipeline to NGL service is only part of a larger plan by the midstream giant to move Bakken-sourced Y-grade from North Dakota to fractionation centers in Kansas and Texas. The Double H, which until recently transported crude oil, runs only to eastern Wyoming, so how will NGLs on the pipeline — renamed Hiland Express — get from there to Conway, KS; Mont Belvieu, TX; and maybe Sweeny, TX, too? In today's RBN blog, we discuss the possibilities.

Crude oil price erosion over the past two years has resulted in declining earnings and cash flows for E&Ps, many of which have struggled to sustain their generous shareholder return program. Now, the EIA is forecasting a 26% plunge in the average 2026 price for WTI, to only $47.77/bbl. That portends steep cuts in capex and dividends for oil-focused producers. In today's RBN blog, we calculate the oil price sensitivity of the 39 E&Ps we monitor and analyze their ability to weather the price dip.

These are challenging times in the oil patch. Crude oil prices continue to sag. E&Ps are trimming their capex, share buybacks, and staff. Some worry that production may be peaking. And yet, upstream M&A activity continues unabated as producers seek to gain scale, expand into new plays — or double down on old ones — and replenish their inventory of top-tier well sites. In today's RBN blog, we discuss four of the biggest deals announced in the past few weeks.

A fire swept through Chevron's El Segundo, CA, refinery on October 2, upsetting production of gasoline, jet fuel and diesel. The incident raised fresh concerns about higher prices and highlighted the fragility of the state's refining network, already challenged by years of weak margins, rising regulatory compliance costs and softening gasoline demand. In today's RBN blog, we discuss the immediate impact of the fire and the long-term outlook for California's refining sector.

The most significant operating expense for energy pipelines is the power needed for pumps and compressors. So, when gas and power prices surge as a result of inclement weather, it can be costly for pipelines. To address that risk, many midstream companies have enrolled in demand-response programs with power providers, where they agree to temporarily cut back some assets. In today's RBN blog, we'll discuss the strategies that pipelines are using to boost their operations and lower costs.

While several larger midstream companies were focused on building conventional gas gathering and processing infrastructure in the Southern Delaware Basin, a handful of mostly smaller midstreamers were focusing on the Permian's next challenge: developing systems in the Northern Delaware to gather and treat associated gas with high H2S and CO2 content. In today's RBN blog, we continue our look at the region's sour-gas-related assets with a review of what a few of these companies have assembled.

U.S. Gulf Coast ethane exports were up sharply in September thanks to the startup of new export terminals in Texas. The surge in export volumes contributed to an 8% increase in ethane prices between July and September and a similar jump in the ratio between ethane and natural gas. In today's RBN blog, we look at how the recent additions to export capacity have impacted prices and review the basics of ethane economics. 

The midstreamers that built out and/or acquired the sour gas treatment facilities, acid gas injection wells and other assets E&Ps need to exploit the Northern Delaware Basin's crude-oil-saturated rock are sittin' pretty. Put simply, they anticipated what is now a race to “Drill, baby, drill!” in Lea County, NM, where the IP rates for crude are high but so are the H2S and CO2 content in the associated gas. In today's RBN blog, we look at Targa's, Enterprise's and MPLX's sour-gas-related assets.