Trump Visits Permian, Texas
President Donald Trump sought to give a morale boost to the beleaguered Texas energy industry during a visit Wednesday to the Permian Basin, while also rallying oil and gas workers against Democrats ahead of the November election.
“We are telling the Washington politicians trying to abolish American energy: Don’t mess with Texas,” Trump said during an afternoon speech at Double Eagle Energy in Midland, after an oil rig tour and fundraiser in nearby Odessa.
Trump’s comments doubled as part campaign speech, part policy announcement, as he repeatedly assailed Democrats’ energy proposals and predicted their presumptive presidential nominee, Joe Biden, would not “do too well in Texas” as a result. Polls continue to show a close competition in the once-solidly red state.
Shell Reports $18bn Loss as Global Oil and Gas Prices Collapse
Royal Dutch Shell has reported a deep financial loss after a record writedown on the value of its oil and gas assets due to the collapse in global market prices triggered by coronavirus.
The Anglo-Dutch oil giant revealed a net loss of $18.3bn (£14.1bn) for the second quarter of 2020, down sharply from a net profit of $3bn over the same period last year and $2.7bn in the first three months of 2020.
But the company was rescued from what was expected to be its worst set of quarterly financial results on record by its oil trading business, which helped shore up the company’s income as prices plunged to 21-year lows.
Shell reported an adjusted net income of $638m in the second quarter, down 82% from the same period a year earlier, after analysts predicted a $664m loss.
Regulatory Ringer is ND’s New Normal in Oil and Gas
William Prentice, Meridian Energy Group, describes their experience building a refinery in North Dakota and the rigorous regulatory environment that exists within the state.
“People think that somehow in states like North Dakota this is a simplier thing,” Prentice said. “I’ve been involved in energy projects all around the world. California, in the United States, is considered the toughest, and I would say what North Dakota put us through is every bit as tough as what you would face in California.”
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