-The Western U.S. may see a big jump in deliveries of oil by rail in the near term, a Tesoro executive said at a conference Wednesday. Via Bloomberg, Tesoro Vice President of Development, Supply and Logistics Mark Smith said crude-by-rail deliveries to the West could reach 500,000 barrels per day next year. Refiners in the region are looking to compensate for lower production in California and Alaska and increasingly expensive foreign oil imports.
-ExxonMobil said in an SEC filing on Wednesday it would scale back capital expenditure for the next several years. It will spend $37 billion annually — 13% less than its capex in 2013.
-Oil and gas industry groups reacted strongly to House Ways and Means Committee Chairman Dave Camp’s discussion draft for sweeping tax code changes. The proposal, released Wednesday, would retroactively eliminate a key manufacturing tax credit and end accelerated depreciation and LIFO accounting, among other things. API’s Jack Gerard said the discussion draft has “serious flaws” related to existing tax credits and AFPM’s Charles Drevna said it would hurt capital investment and job growth. Most do not expect a widespread overhaul of the tax code for at least a few years.
-The State Department’s inspector general found there was no conflict of interest at play in the recent environmental impact review of the proposed Keystone XL pipeline. The firm contracted to help write the review disclosed that some of its employees had done work for TransCanada, in compliance with federal law. The State Department announced Jan. 31 its review revealed the pipeline would not significantly alter global emissions.
-National Oilwell Varco (NOV) appointed Clay C. Williams president and CEO effective immediately. He replaces Merrill A. “Pete” Miller Jr., who will become executive chairman of NOV’s soon-to-be-spun-off distribution business. Williams has served as NOV’s president and COO since 2012.
