-The recent oil price rebound slowed dramatically the number of layoffs in the oil and gas sector in May and June, according to outplacement firm Challenger, Gray & Christmas. Approximately 1,300 jobs were cut in May and June due to oil prices, compared to more than 20,000 in April. The energy sector cut its workforce by 60,500 between January and June. The price of West Texas Intermediate crude has hovered around $60 per barrel in recent weeks after falling to $44 per barrel in mid-March.
-The increased output of ultra-light condensate in West Texas could create a niche for rail operators in the region. Via Reuters, the growth of pipeline capacity in West Texas has made pipeline transport of Permian Basin crude oil cheaper than rail. Ultra-light condensate, however, often exceeds API gravity limits for pipeline transport.
-Shell Midstream Partners acquired a 36% interest in Poseidon Oil Pipeline Co. for $350 million. The 350,000-barrel-per-day Poseidon pipeline transports crude oil from the Gulf of Mexico to markets in Texas and Louisiana. Shell Midstream Partners initiated its first asset acquisition in May when it agreed to acquire interests in a crude oil pipeline and a refined products pipeline from Shell Pipeline Co. in May.
-Enterprise Products Partners secured a new commitment for ethane capacity on its Aegis pipeline, which will transport NGLs from East Texas to South Louisiana. Enterprise said the new agreement means total capacity commitments on the pipeline will ramp up to 300,000 barrels per day over the next four years. A first phase of the pipeline from Mont Belvieu to Beaumont, Texas, started up last September, and the remaining portion is set to be complete by the end of the year.
-The Oklahoma Supreme Court ruled a woman has the right to sue two energy companies after sustaining injuries in an earthquake she claims was caused by wastewater injection. The state has seen a dramatic rise in seismic activity in recent years, coinciding with increased drilling activity.