-Phillips 66 is expanding its rail car fleet to ultimately move 185,000 barrels per day of Bakken oil to its refineries on the east and west coasts, company CEO Greg Garland said today. Via Reuters, Phillips 66 has already bought or ordered 3,200 rail cars, but Garland said during an investor conference another 500 cars had been ordered.
-Marathon Oil has expanded its proven and probable unconventional resources in the U.S. by 20% this year, company CEO Lee Tillman said today. Tillman told investors the resource adds were concentrated in Oklahoma, which saw growth of approximately 40% over year-end 2013. He said Marathon would add two incremental rigs in Oklahoma and one in the Bakken region by year’s end.
-Morgan Stanley has applied to the DOE to build what would be one of the first compressed natural gas export facilities in the U.S., Reuters reports. The facility would be located near Freeport, Texas, and would have the capacity to ship 60 billion cubic feet per year of compressed natural gas. The facility would ship gas to countries with which the U.S. has free trade agreements.
-Pioneer Natural Resources CEO Scott Sheffield said today his company is in talks with more foreign buyers to sell exported condensate. The company has already sold cargoes to buyers in South Korea and Europe. Sheffield noted that condensate prices have improved since the Commerce Department allowed Pioneer and Enterprise Products Partners to export the ultralight oil earlier this year.
-Chevron has completed the sale of its renewable energy subsidiary to OpTerra Energy Services. Via the International Business Times, the sale underscores a shift among oil majors such as Shell and BP away from clean energy investments. A Chevron spokesman insisted the company has not abandoned renewables.
