HEADLINES: Eagle Ford Thrives; Aramco Chief On IPO; Trump Blasts OPEC, Again
Despite all of the talk about the Permian and Bakken this year, and rightfully so, don’t count out the Eagle Ford. That was the prevailing wisdom imparted by several oil and gas executives in San Antonio during DUG Eagle Ford. More than 1,200 attendees gathered to hear industry executives such as Marathon Oil’s Todd Abbott, who touted the commercial attractiveness of the Eagle Ford. Abbott said the play has been consistently outperforming expectations.
Meanwhile, ConocoPhillips’ chief technology officer, Greg Leveille, described the development of unconventional resources as an “energy miracle” and told the audience the Eagle Ford Shale has an important role in shifting the U.S. from the role of energy importer to energy exporter.
“OPEC and OPEC nations, are, as usual, ripping off the rest of the world, and I don’t like it.” That’s what President Donald Trump told the United Nations General Assembly this week. Trump once again blamed OPEC for high oil prices. But the impact of the president’s words on crude oil’s price minimal. Soon after his speech, West Texas Intermediate (WTI) closed for the day up 20 cents. The next day, WTI did, in fact, slip by 1% but that decrease coincided with the release of the U.S. Energy Information Administration’s report showing crude inventories increasing by 1.9 million barrels for the week ending Sept. 21.
Finally, Saudi Aramco CEO Amin Nasser said the Saudi government was still committed to a stock market flotation for the company but any IPO would have to wait until after the acquisition and integration of SABIC, the state-controlled chemicals and materials group. He said the integration would “take some time.” Speaking to the Financial Times in New York where he attended a meeting of the Oil and Gas Climate Initiative, Nasser suggested the integration would be an important strategic move for Aramco in the face of slower growth in demand for oil-based transport fuels and tighter curbs on emissions.