SEP 12, 2022 | USD 15

DIGITAL
WEEKLY
E D I T I O N
International Petroleum News and Technology | www.ogj.com

CONTENTS
Volume 120.9a www.ogj.com

4 NEWSLETTER
14 QUARTERLY EARNINGS
20 STATISTICS
24 MARKET CONNECTION
25 ADVERTISERS’ INDEX
25 CALENDAR
bp PLC’s 440,000-b/d Whiting,
Ind., refinery—the largest in the US
Midwest—produces about 10 million
gal/day of gasoline, 4 million gal/day
of diesel, and 2 million gal/day of jet
fuel. A new naphtha hydrotreater was
brought online at the plant in August
2020. Photo from bp.

220912OGJ001.indd 1 9/8/22 10:32 AM

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220912OGJ002-003.indd 3
220905OGJ_AmericanPetroleumInstitute.indd 1 9/8/22
8/16/22 10:31
9:51 AM
AM

OGJ ®
Newsletter International News
for oil and gas professionals
GENERAL INTEREST Q U IC K TA K E S
Equinor completes full Russian
exit with final deal close
Equinor has completed a full exit from Russia with comple-
tion of a deal signed in May to leave the Kharyaga project, the
company said in a release Sept. 2. The company held a 30%
interest in the onshore Zarubezhneft-operated oil field, which
lies in the Timan-Pechora basin in the Nenets Autonomous
District, 60 km north of the Arctic Circle. Equinor had been a
partner in the development since 1996.
Kharyaga produces about 29,000 b/d of oil. In 2018, Russia
extended the production sharing agreement to 2031 (OGJ On-
line, July 25, 2018).
Equinor began the exit process in late February following
Russia’s invasion of Ukraine. Since that time, the company
stopped new investments into Russia, stopped trading oil and
gas products from Russia, wrote down $1.08 billion in related
assets, and transferred its participating interests in four Rus-
sian joint ventures to Rosneft (OGJ Online, Feb. 28, 2022; Mar.
15, 2022; May 25, 2022)
In addition to the Kharyaga project, Equinor had been
involved in the AngaraOil LLC licenses, Domanik formation
pilot project, and North-Komsomolskoye onshore discovery,
in partnership with Rosneft.
After 30 years in Russia, Equinor has now exited all joint
ventures in the country—all completed in accordance with
Norwegian and EU sanctions legislation related to Russia, the
company said.
TotalEnergies, another previous partner in the project, fi-
nalized the sale of its 20% interest in Kharyaga to state-con-
trolled operator Zarubezhneft on Aug. 3, 2022. Nenets Oil Co.
is the remaining partner.
QatarEnergy to build 1.2-million tpy
blue ammonia plant
QatarEnergy affiliates QatarEnergy Renewable Solutions
and Qatar Fertiliser Co. (QAFCO) have agreed to build the
1.2-million tonne/year (tpy) Ammonia-7 blue ammonia proj-
ect, targeting first-quarter 2026 startup. QAFCO will run the
plant as part of its integrated operations in Mesaieed Indus-
trial City (MIC).
4 Oil & Gas Journal
220912OGJ004-013.indd 4
September 12, 2022
For additional news, data, and analysis,
visit www.ogj.com
A consortium of thyssenkrupp Uhde GMBH and Consoli-
dated Contractors Co. (CCC) won the project’s $1-billion engi-
neering, procurement, and construction contract.
QatarEnergy described the project as building on its ex-
pertise in making conventional ammonia for the sake of
fertilizer production. Blue ammonia is produced by cap-
turing and storing the CO2 created, with the ammonia
itself transportable by ship for use in low-carbon elec-
tricity generation.
Under terms of the agreement QatarEnergy Renewable So-
lutions will:
•  Develop and manage 1.5 million tpy of integrated carbon
capture and storage (CCS) for use with the Ammonia-7 plant.
•  Supply more than 35 Mw of renewable electricity to Am-
monia-7 from its photovoltaic solar powerplant in MIC, cur-
rently under construction.
•  Develop and lead the process for certifying the product
produced by Ammonia-7 as blue ammonia, with the involve-
ment of industry experts and independent bodies.
•  Be the sole off-taker and marketer of Ammonia-7’s production.
QatarEnergy has a goal of developing 11 million tpy of do-
mestic CCS by 2035. It describes QAFCO as the world’s largest
integrated single-site producer of ammonia, with current ca-
pacity of 4 million tpy.
German LNG Terminal GMBH is building an 8-million tpy
LNG terminal in Brunsbüttel, Germany, designed to import
ammonia as well (OGJ Online, Aug. 1, 2022).
Permian Resources updates guidance
post Centennial-Colgate deal close
Permian Resources Corp., Midland, Tex., the combine of the
now-closed merger of Centennial Resource Development Inc.
and Colgate Energy Partners III LLC, expects to deliver total
equivalent production of 140,000-150,000 boe/d (52% oil) in
this year’s fourth quarter.
Assuming 38-42 gross wells spudded and completed, total
capital expenditures are estimated at $300-325 million during
the quarter, the company said in a release Sept. 1.
The company updated guidance following closing of the
$7-billion deal signed in May to create the largest pure-
play exploration and production company in the Permian
Delaware basin (OGJ Online, May 19, 2022). Assets are
9/8/22 10:31 AM
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220905OGJ_IdealEnergy_RMel.indd 1 8/22/22 6:37 PM
 ICE BRENT / NYMEX LIGHT SWEET CRUDE US INDUSTRY SCOREBOARD — 9/12
$/bbl
98.00
96.00
4 wk. 4 wk. avg. Change, YTD YTD avg. Change,
94.00
Latest week 8/26 average year ago1 % average1 year ago1 %
92.00
90.00
Product supplied, 1,000 b/d
88.00 Motor gasoline 8,874 9,478 (6.4) 8,746 8,848 (1.2)
86.00 Distillate 3,776 4,138 (8.7) 3,962 4,010 (1.2)
84.00 Jet fuel 1,703 1,536 10.9 1,547 1,293 19.6
Aug. 31 Sep. 1 Sep. 2 Sep. 51 Sep. 6 Residual 309 328 (5.8) 342 262 30.5
Other products 5,364 5,923 (9.4) 5,737 5,467 4.9
TOTAL PRODUCT SUPPLIED 20,026 21,403 (6.4) 20,334 19,880 2.3
Supply, 1,000 b/d
WTI CUSHING / BRENT SPOT
$/bbl Crude production 12,100 11,400 6.1 11,848 11,006 7.7
NGL production 5,913 5,461 8.3 5,736 5,135 11.7
100.00
Crude imports 6,107 6,311 (3.2) 6,343 6,081 4.3
99.00 Product imports 2,016 2,558 (21.2) 2,095 2,467 (15.1)
98.00 Other supply2 3,206 2,962 8.2 2,586 2,571 0.6
97.00 TOTAL SUPPLY 29,342 28,692 2.3 28,608 27,260 4.9
96.00 Net product imports (4,239) (2,808) — (3,636) (2,660) —
95.00
Refining, 1,000 b/d
94.00
93.00 Crude runs to stills 16,374 16,053 2.0 15,892 14,999 6.0
Aug. 311 Sep. 11 Sep. 21 Sep. 51 Sep. 61 Input to crude stills 16,788 16,668 0.7 16,386 15,503 5.7
% utilization 93.6 91.9 — 91.2 85.1 —
Latest Previous Same week Change,
NYMEX NATURAL GAS / SPOT GAS - HENRY HUB Latest week 8/26 week week1 Change year ago1 Change %
$/MMbtu Stocks, 1,000 bbl
9.400 Crude oil 418,346 421,672 (3,326) 425,395 (7,049) (1.7)
9.200 Motor gasoline 214,475 215,647 (1,172) 227,214 (12,739) (5.6)
9.000 Distillate 111,706 111,594 112 136,727 (25,021) (18.3)
8.800 Jet fuel–kerosine 38,567 39,650 (1,083) 42,436 (3,869) (9.1)
8.600 Residual 28,011 28,387 (376) 28,735 (724) (2.5)
8.400 Stock cover (days)3 Change, % Change, %
8.200
8.000 Crude 25.5 25.9 (1.5) 26.5 (3.8)
Aug. 311 Sep. 11 Sep. 21 Sep. 51 Sep. 61
Motor gasoline 24.2 24.3 (0.4) 24.0 0.8
Distillate 29.6 29.0 2.1 33.0 (10.3)
Propane 96.9 88.3 9.7 59.2 63.7
ICE GAS OIL / NYMEX ULSD HEATING OIL2 Futures prices4 9/2 Change Change Change,%
¢/gal
365.00 Light sweet crude ($/bbl) 90.30 92.89 (2.59) 69.12 21.18 30.6
360.00 Natural gas, $/MMbtu 9.11 9.36 (0.25) 4.53 4.58 101.1
355.00
350.00
1
Based on revised figures. 2Includes other liquids, refinery processing gain, and unaccounted for crude oil. 3Stocks divided by aver-
345.00 age daily product supplied for the prior 4 weeks. 4Weekly average of daily NYMEX closing futures prices.
Source: US Energy Information Administration, Wall Street Journal
340.00
335.00
330.00
Aug. 31 Sep. 1 Sep. 2 Sep. 51 Sep. 6

BAKER HUGHES INTERNATIONAL RIG COUNT: TOTAL WORLD / TOTAL ONSHORE / TOTAL OFFSHORE
PROPANE - MT. BELVIEU / BUTANE - MT. BELVIEU 2,400
¢/gal 2,100
122.00
1,800
121.00 1,705
120.00 1,500 1,484
119.00 1,200
113.00
900
112.00 300 221
111.00
0
110.00 Jun. 21 Jul. 21 Aug. 21 Sept. 21 Oct. 21 Nov. 21 Dec. 21 Jan. 22 Feb. 22 Mar. 22 Apr. 22 May 22 Jun. 22
Aug. 311 Sep. 11 Sep. 21 Sep. 51 Sep. 61
Note: Monthly average count

NYMEX GASOLINE (RBOB)3/ NY SPOT GASOLINE4 BAKER HUGHES RIG COUNT: US / CANADA
1,100
¢/gal 1,000
248.00 900
800 760
246.00
244.00 700
242.00 600
497
500
240.00
400
238.00
300
236.00 208
200 152
234.00 100
Aug. 311
Sep. 1 1
Sep. 2 1
Sep. 5 1
Sep. 6 1

0
1
Not available. 2 Ultra-low sulfur diesel. 3 Reformulated gasoline 6/18/21 7/2/21 7/16/21 7/30/21 8/13/21 8/27/21 6/17/22 7/1/22 7/15/22 7/29/22 8/12/22 8/26/22
blendstock for oxygen blending. 4 Nonoxygenated regular unleaded. 6/25/21 7/9/21 7/23/21 8/6/21 8/20/21 9/3/21 6/24/22 7/8/22 7/22/22 8/5/22 8/19/22 9/2/22
Note: End of week average count

6 Oil & Gas Journal | Sep. 12, 2022

220912OGJ004-013.indd 6 9/8/22 10:31 AM

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 concentrated in Reeves and Ward Counties, Texas, and
Eddy and Lea Counties, New Mexico, consisting of about
180,000 net leasehold acres and 40,000 net royalty acres.
Permian Resources is operating an eight-rig drilling program
and expects to reduce to a seven-rig program in November.
For full-year 2023, the company plans to spud and com-
plete about 145 and 150 gross wells, respectively, with an av-
erage working interest of 80% and 8/8ths net revenue interest
of about 78%. Total daily production for 2023 of 150,000-
165,000 boe/d (52% oil; 71% liquids) is expected with total
capital expenditures of $1.15-1.35 billion.
The company will start 2023 with a seven-rig drilling pro-
gram with the potential to reduce the rig count during the
year, assuming expected operational efficiencies are achieved,
the company said. Crude oil production growth of about 10%
is planned in fourth-quarter 2023 compared with fourth-
quarter 2022.
Operating activity is expected to be split relatively evenly
between New Mexico and Texas. In New Mexico, activity will
focus on second and third Bone Spring sand intervals, while
Texas development will concentrate on the third Bone Spring
sand and Wolfcamp intervals.  agreement with ExxonMobil Corp. for deepwater exploration
EXPLORATION & DEVELOPMENT Q U IC K TA K E S
Wintershall to submit PDO for Dvalin North tieback
Wintershall Dea Norge AS plans to submit its plan for devel-
opment and operation (PDO) for the Norwegian Sea Dvalin
North field later this year. The gas field will be developed as a
tie-back to Dvalin field.
Dvalin was the largest discovery on the shelf in 2021.
Last year, Wintershall drilled two exploration wells at Dvalin
North. The first contained 10-16 million std cu m total recov-
erable oil equivalent. The second contained a total estimated
recoverable oil equivalent of 3-9 million std cu m (OGJ Online,
May 31, 2021).
Wintershall is operator at Dvalin with 55% interest. Part-
ners are Petoro AS (35%) and Sval Energi AS (10%).  of which 555 million metric tonnes are assessed offshore.
LLOG lets contract for Salamanca project,
Gulf of Mexico
LLOG Exploration Offshore LLC has let a contract to Audubon
Engineering Co. LP to support its Salamanca floating produc-
tion system (FPS) project in the US Gulf of Mexico. LLOG is
acting as project manager for the Salamanca FPS Infra LLC
(OGJ Online, May 4, 2022).
Work scope includes detailed design services as well as
procurement, vendor equipment management, construction,
pre-commissioning, and offshore commissioning support.
LLOG will repurpose the decommissioned Indepen-
dence Hub semisubmersible production unit, aiming for a
positive impact on environmental, social, and governance
(ESG) and emissions avoidance when compared to new
unit construction.
8 Oil & Gas Journal | Sep. 12, 2022
220912OGJ004-013.indd 8
The hull, topside truss, cranes, and lifeboats will be reused
with minor modifications. All other topside equipment, in-
cluding piping, instrumentation, and electrical systems, will
be new and fit for purpose.
In July, LLOG let a contract to Exterran Corp. for technology
to support the Salamanca project floating production unit.
The column-stabilized Salamanca FPS will sit in Keathley
Canyon block 689 in 6,400 ft of water to tap the Lower Ter-
tiary Leon and Castile discoveries. The platform will have pro-
cessing capacity of 60,000 b/d of oil, 25,000 b/d of water, and
40 MMscfd of natural gas. Three initial development wells are
planned, two on Leon field and one on Castile field. Initial
production from the joint development is expected mid-2025.
LLOG will obtain ABS A1 notation for the platform to
comply with CG-ENG Policy Letter No. 01-13, Alternate Design
and Equipment Standard for Floating Offshore Installations.
LLOG is operator. Partners include Repsol and Beacon Off-
shore Energy.
ExxonMobil to explore India deepwater
Oil and Natural Gas Corp. (ONGC) has signed a heads of
offshore India.
Collaboration areas focus on the eastern offshore Krishna
Godavari and Cauvery basins and the western offshore Kutch-
Mumbai region. In recent years, the companies have ex-
changed exploration data, leading to the partnership, ONGC
said in a release.
Cauvery basin is an established hydrocarbon province with
a resource base of 700 million metric tonnes, with 430 million
metric tonnes on land and 270 million metric tonnes offshore.
Structural and combination traps are in Early Cretaceous to
Paleocene sequences. Stratigraphic traps such as pinch-outs,
wedge-outs, and lenticular sand bodies are in early to late Cre-
taceous sequences.
Krishna Godavari basin is an established hydrocarbon
province with a resource base of 1,130 million metric tonnes,
Commercial hydrocarbons are in the oldest Permo-Triassic
Mandapeta sandstone on land to the youngest Pleistocene
channel levee complexes in deep water offshore. The basin has
four petroleum systems classified broadly into Pre-Trappean
and Post-Trappean due to their distinct tectonic and sedimen-
tary characteristics.
Touchstone receives environmental
clearance for Ortoire block work
Touchstone Exploration Inc. received a Certificate of Environ-
mental Clearance (CEC) to develop Ortoire block Cascadura
area, onshore the Republic of Trinidad and Tobago, from the
Trinidad and Tobago Environmental Management Authority.
The CEC approves construction of a multi-well surface pro-
duction unit with designed production capacity of 200 MMcfd
natural gas, 5,000 b/d of associated liquids, and 200 b/d of
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 produced water, with a storage capacity of 8,800 bbl of liquids
on the Cascadura A wellsite.
The CEC also includes drilling eight wells at two well pads
(Cascadura B and C) and establishment of associated pipelines
and infrastructure within the block. Construction of the Cas-
cadura surface unit and associated infrastructure needed to
bring on production from two existing Cascadura wells will
begin immediately following required notifications and condi-
tions set out in the approval.
The National Gas Co. of Trinidad and Tobago Ltd. has started
field activity to begin construction of the 1.7 km, 20-in. pipeline.
Touchstone is operator of the license with 80% working in-
terest. Heritage Petroleum Co. Ltd. holds the remaining 20%.
DRILLING & PRODUCTION Q U IC K TA K E S
CNOOC starts gas production
from projects offshore China
CNOOC started production from two gas projects in the west-
ern South China Sea. The projects lie in the Yinggehai region
in average water depth of 90 m.
Dongfang 1-1 gas field southeast zone and Ledong 22-1 gas
field south block are connected to processing infrastructure
at the Dongfang 1-1 and Ledong 22-1 platforms, respectively.
CNOOC plans four development wells, two subsea produc-
tion systems, two oil and gas transportation pipelines and two
umbilicals, with peak production of about 44 MMcfd of gas.
The company holds 100% interest in both projects.
Neptune Energy begins work on tenth Cygnus gas well
Neptune Energy started an infill drilling campaign at Cygnus
gas field in the southern UK North Sea. Completion of the
tenth well on the field is expected in this year’s fourth quarter.
Drilling is being carried out by Borr Drilling’s Prospector
1 jack up rig.
Cygnus is the largest natural gas discovery in the southern
North Sea in over 30 years and is the largest single producing
gas field in the UK, typically exporting over 250 MMscfd of
gas. Part of the  existing Cygnus field development plan, the
tenth well holds the potential to provide enough additional gas
to heat 200,000 UK homes this winter. Upon completion of
the well, Cygnus will be capable of producing enough gas for
about 2 million UK households, the company said.
Two drilling centers target 10 wells. Cygnus Alpha consists
of three bridge-linked platforms: a wellhead drilling center,
a processing-utilities unit, and living quarters-central control
room. Cygnus Bravo, an unmanned satellite platform, is about
7 km northwest of Cygnus Alpha.
Gas is exported via a 55-km pipeline. Cygnus connects via
the Esmond Transmission System (ETS) pipeline to the gas-
treatment terminal at Bacton, Norfolk. Neptune holds a 25%
minority interest in ETS.
Neptune Energy is operator at Cygnus with 38.75% in-
terest. Spirit Energy holds 61.25%.
10 Oil & Gas Journal | Sep. 12, 2022
220912OGJ004-013.indd 10
Aker BP drills dry hole near Skarv
Aker BP ASA plugged a Norwegian Sea well after acquiring
data. Well 6507/3-16, the second exploration well in produc-
tion license 941, about 12 km northeast of Skarv field and 220
km west of Sandnessjøen, was dry.
The well was drilled by the Deepsea Nordkapp drilling rig
to a vertical depth of 2,205 m subsea. It was terminated in
the Grey Beds from the Triassic. Water depth at the site is 374
m. The primary exploration target was to prove petroleum in
reservoir rocks in the Lower Jurassic and Upper Triassic (the
Båt Group and Grey Beds). The secondary exploration target
was to prove petroleum in reservoir rocks in the Palaeocene
(the Tang formation).
In the primary exploration target, the well encountered
sandstone layers totaling about 200 m with good reservoir
quality. The preliminary interpretation is that this is part of
the Båt Group in the Lower Jurassic and Grey Beds in the
Upper Triassic. Up to 2-3 m of sandstone were encountered
in the secondary exploration target in the Tang formation.
The rig will now drill production well 6507/5-A-3 AH on
Skarv field for operator Aker BP.
Earlier this month, Aker BP discovered oil in exploration
well 6507/3-15, the first in the license (OGJ Online, Aug.
12, 2022).
Aker BP operates production license 941 with 80% interest.
PGNiG Upstream Norway AS holds the remaining 20%.
PROCESSING Q U IC K TA K E S
Shell takes FID on Malaysian gas project
Shell PLC subsidiary Sarawak Shell Bhd. (SSB) and partner
PETRONAS Carigali Sdn Bhd have reached final investment
decision (FID) to move forward with their Rosmari-Marjoram
gas project, including an onshore gas plant (OGP) in Bintulu,
Sarawak, Malaysia, to process natural gas produced from the
Rosmari-Marjoram project in Block SK318, about 220 km off-
shore Sarawak (OGJ Online, Aug. 26, 2014).
To be primarily powered by renewable energy in line with
Shell’s Powering Progress strategy as part of the broader en-
ergy transition, the Rosmari-Marjoram development is sched-
uled to begin producing 800 MMcfd of gas in 2026, Shell said
upon announcing the Sept. 5 FID.
Part of the first phase of the Sarawak Integrated Sour Gas
Evacuation System (SISGES) project, the Rosmari-Marjoram
development will consist of a subsea tie-back, an unmanned
well head platform, a 207-km sour wet gas pipeline to shore,
and the OGP at Bintulu.
The offshore platform will use power from 240 solar panels,
while the OGP will receive power from the Sarawak grid
system, which is supplied mainly from hydroelectric plants.
The development will use diesel generators and batteries as
backup, according to Shell.
Confirmation of FID follows the partnership’s award of a
$680-million contract to Samsung Engineering Co. Ltd. in
9/8/22 10:31 AM
 A D V E RT I S E M E N T

How to leverage existing subsurface

data for carbon storage modeling
Derisk CCS operations with detailed
subsurface characterization
As governments, agencies and industries across the world
increase their focus on sustainability and mitigating the
risks of climate change, carbon capture and sequestration
(CCS) is becoming more important than ever before. As
one of the few proven technologies to significantly lower
net emissions from some of the most carbon-intensive
industries, CCS will play a vital role in meeting global
environment, social and governance (ESG) targets for
decades to come.
While CCS is somewhat analogous to traditional oil
and gas operations, the unique nature of CCS presents
many unique challenges—project economics, efficiency,
safety, monitoring, ESG factors, and more. CCS demands
accurate, highly detailed subsurface characterization
to ensure safe, secure and permanent CO2 storage
underground. This requires many different types of data,
input from multiple domains, and interative updates as
new data is acquired and the carbon plume expands.
Scenario 2: Play chance mapping
with limited data
In the DELFI environment, users can identify potential
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forecasting results over time
Once you’ve produced a static geocellular model and
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many different models from a large playbook of stochastic Learn how to better characterize the
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220912OGJ004-013.indd 11 9/8/22 10:31 AM

220905OGJ_Schlumberger.indd 1 8/15/22 2:14 PM
 July for delivery of engineering, procurement, construction,
and commissioning (EPCC) for the proposed OGP, which will
have a nameplate processing capacity of 800 MMcfd (OGJ On-
line, July 13, 2022).
With 80% equity in the SK318 production sharing contract
(PSC), SSB serves as operator alongside partner PETRONAS
Carigali Sdn Bhd (20%).
bp progresses work to restart Whiting refinery
bp PLC said it is working to resume operations at subsidiary
bp Products North America Inc.’s 440,000-b/d refinery in
Whiting, Ind., following its sitewide shutdown in the wake
of an Aug. 24 electrical fire.
“bp has deployed all available resources and is working
around the clock to bring the Whiting refinery back to
normal operations as soon as safely possible,” bp America
Inc. told OGJ via e-mail on Aug. 30.
The Whiting team continues to make progress in “re-
storing the utilities needed to bring the plant back to normal
operations” and is “working toward a phased restart of the
refinery” in the coming days, bp said at the time.
While the Aug. 24 incident did not result in any inju-
ries, bp confirmed the electrical fire—though limited to a
single electrical system and quickly extinguished—did cause
a loss of utilities in other parts of the refinery, presumably
prompting the site’s safe and orderly shutdown.
A cause of the incident has yet to be revealed.
bp’s Whiting refinery—the largest in the US Midwest—
produces about 10 million gal/day of gasoline, 4 million gal/
day of diesel, and 2 million gal/day of jet fuel for distribution
into the region’s transportation network, according to the op-
erator’s website.
During the ongoing shutdown period, bp said it is con-
tinuing to work with local, state, and federal agencies to help
ease regional supply constraints, and with partners on steps
to secure fuel supplies.
As part of the US federal government’s response to the
Whiting shutdown, both the US Department of Transpor-
tation’s (UDOT) Federal Motor Carrier Safety Administra-
tion (FMCSA) and the US Environmental Protection Agency
(EPA) have issued temporary emergency orders to expedite
supply and distribution of gasoline, diesel, jet fuel, and
other petroleum products in Illinois, Indiana, Michigan,
and Wisconsin, the four states most impacted by the refin-
ery’s outage.
On Aug. 26, USDOT’s FMCSA issued an emergency dec-
laration providing a temporary hours-of-service exemption
that—subject to restrictions—allows motor carriers and
drivers transporting gasoline, diesel, jet fuel, and other re-
fined products in the affected areas to exceed the maximum
driving time for property-carrying vehicles as stipulated
under US federal law. The FMCSA exemption was to remain
valid through Sept. 10, or until the emergency ended, which-
ever came first, USDOT said at the time.
12 Oil & Gas Journal | Sep. 12, 2022
220912OGJ004-013.indd 12
On Aug. 27, US EPA Administrator Michael Regan issued
an emergency fuel waiver to help alleviate fuel shortages in the
same four states whose supply of gasoline has been interrupted
by the refinery shutdown. To remain in effect through Sept.
15, the temporary waiver will lift federal regulations as well as
federally enforceable state requirements for fuel volatility on
gasoline sold in the impacted states.
TRANSPORTATION Q U IC K TA K E S
Gazprom suspends Nord Stream 1
gas shipments indefinitely
PJSC Gazprom has stopped natural gas shipments via its
Nord Stream 1 natural gas pipeline to Germany indefinite-
ly. The company said that during scheduled maintenance
on Nord Stream pipeline’s gas compressor unit (GCU) No.
24 at Portovaya compressor station it discovered an oil leak
that had reached terminal connections serving the 66-Mw
Siemens Trent 60 turbine’s rotor-speed sensors. Gazprom
indicated that it was conducting the maintenance jointly
with Siemens.
The company also said that Russia’s environmental super-
visory agency (Rostekhnadzor) had issued a safety warning
that required the GCU be idled until its safe operations could
be ensured. It further described the leak as similar to issues
that have forced other GCU to be taken offline and returned
to Siemens for repair. The absence of these units has had Nord
Stream 1 operating at just 20% of its designed 55-billion cu m/
year capacity since June.
Gazprom had planned to complete maintenance and re-
start the compressor in the early days of September, saying via
Twitter in August that shipments would be resumed at a rate of
33 million cu m/day (OGJ Online, Aug. 22, 2022).
Initial reaction from consumers of Russian gas was skep-
tical. European Commission spokesman Eric Manner wrote
on Twitter that “Gazprom’s announcement this afternoon that
it is once again shutting down Nord Stream 1 under fallacious
pretenses is another confirmation of its unreliability as a sup-
plier. It’s also proof of Russia’s cynicism, as it prefers to flare
gas instead of honoring contracts.”
The shutdown announcement came just hours after G7 fi-
nance ministers agreed to impose a cap on Russian oil aimed
at both avoiding prices spikes and slashing the country’s rev-
enue, undermining its ability to continue the war in Ukraine
(OGJ Online, Sept. 2, 2022). Russia said it would stop selling
oil to countries implementing the policy.
Cheniere requests NEPA prefiling
for Corpus Christi LNG expansion
Cheniere Energy Inc. has requested that the US Federal Energy
Regulatory Commission (FERC) begin its National Environ-
mental Policy Act (NEPA) prefiling review for two additional
midscale trains at the company’s 15-million tonne/year (tpy)
Corpus Christi Liquefaction (CCL) plant in Corpus Christi,
9/8/22 10:31 AM
 Tex. FERC had previously approved CCL
Stage 3, consisting of as many as seven
midscale trains which would add 10 mil-
lion tpy to the plant’s capacity. The most
recent request would add an eighth and
ninth train to the expansion.
Newly proposed work would also
include a 220,000-cu m storage tank,
adding to the three 160,000-cu m tanks
already operating at CCL. Feed gas for
the new trains would be supplied in
part by Cheniere’s 2.75-bcfd, 48-in. OD
Corpus Christi Pipeline.
CCL uses two berths for loading LNG
carriers, with a current combined au-
thorized loading rate of 12,000-cu m/
hr. The new prefiling request proposes
increasing this rate to 22,500 cu m/hr,
which would allow for simultaneous
loading at both jetties. CCL also pro-
posed increasing the maximum single-
jetty rate to 14,000 cu m/hr.
The company anticipates filing a
formal project application with FERC in
February 2023, beginning construction
in August 2024 (pending FERC approval),
and placing the 1.64-million tonne/year
Trains 8 and 9 in service second-half
2031. Cheniere describes the two new
trains as “near replicates” of those ap-
proved by FERC as part of CCL Stage 3.
Cheniere took final investment de-
cision on CCL Stage 3 earlier this year,
issuing full notice to proceed with con-
struction to Bechtel Corp., which had al-
ready begun work under a limited notice
(OGJ Online, June 22, 2022).
Petronas, YPF to develop
Argentina LNG project
Petroliam Nasional Berhad (Petronas)
and YPF SA have signed an MOU for
joint development of a 5-million tonne/
year (tpy) LNG plant in Argentina and
collaboration in other areas, including
upstream oil, petrochemicals, and clean
energy. The companies anticipate LNG
production to ultimately reach 25 mil-
lion tpy.
Petronas said that the LNG project
would leverage Vaca Muerta shale’s gas
resources. The company has worked with
YPF since 2014 in developing Vaca Muerta
crude oil (OGJ Online, Aug. 28, 2014).
Scan the QR code
Oil & Gas Journal | Sep. 12, 2022 13
220912OGJ004-013.indd 13
YPF and Petronas’s operating entity in
Argentina, Petronas E&P Argentina SA,
flare.IQ
also executed a joint study and develop-
ment agreement towards the Argentina
Integrated LNG project which will encom-
pass dedicated upstream natural gas pro-
duction, pipeline and infrastructure de-
velopment, the LNG plant, and marketing
Take a
and shipping.
Final investment decision for the proj-
closer
ects will follow technical and commercial
assessment and is dependent on condu-
look...
cive financial and regulatory terms.
As of July 2019, Vaca Muerta held an
estimated 308 tcf of dry, wet, and asso-
ciated technically recoverable shale gas
resources, according to the US Energy
Information Agency. Argentina’s proved
natural gas reserves are 14 tcf.
Magellan Midstream to expand Increased flare
refined products pipeline system efficiency
Magellan Midstream Partners LP, Tulsa,
plans to expand its refined petroleum
products pipeline system from the Hous-
ton area to El Paso, Tex., to a new capacity
of about 100,000 b/d.
Automated flow
Expansion includes construction of a control
new 16-in., 30-mile pipeline along its ex-
isting route between Odessa and Crane,
Tex., and additional operational storage to
facilitate incremental shipments, the com-
pany said in a release Aug. 29.
Magellan currently expects to spend
about $125 million on the project and ex-
pects the extra capacity to be available early
2024, subject to permits and approvals.
The company currently can transport
about 70,000 b/d of refined petroleum
products (gasoline and diesel fuel) from
Gulf Coast and mid-continent refineries
to El Paso, with further shipper option-
ality to access markets in New Mexico
through its pipeline system, as well as
Arizona and Mexico via connections to
third-party pipelines.
Try out our
interactive
flare tool:
220905OGJ_Panametrics.indd 1 8/11/22 4:47 PM
9/8/22 10:31 AM
 GENERAL INTEREST
Second-quarter 2022 earnings
surge on high commodity prices
Conglin Xu
Managing Editor-Economics
Laura Bell
Statistics Editor
Commodity prices continued to climb to new highs dur-
ing second-quarter 2022, driven by a tight supply-demand
balance for oil, natural gas, and refined products. A group
of 49 US-based oil and gas producers and refiners recorded
a collective net income of $77.1 billion for second-quarter
2022, compared with earnings of $16.9 billion in second-
quarter 2021. Total revenues were $787 billion for the quar-
ter, compared with $443.1 billion a year ago.
Brent crude oil prices averaged $113.54/bbl in second-
quarter 2022, compared with $68.83/bbl in the previous
year’s second quarter. West Texas Intermediate (WTI) aver-
aged $108.72/bbl in this year’s second quarter, compared
with $66.09/bbl in second-quarter 2021.
US crude oil production in the second quarter aver-
aged 11.76 million b/d, compared with 11.28 million b/d
for the same quarter a year ago, according to the US En-
ergy Information Administration (EIA). Natural gas liq-
uids (NGL) production averaged 5.87 million b/d during
the quarter, compared with 5.46 million b/d in second-
quarter 2021.
According to Baker Hughes, the number of active oil rigs
in the US ramped up to 594 at the end of June from 531 at
the end of March. This also compared with 372 rigs at the
end of June 2021.
US commercial crude oil stock at the end of June was
423 million bbl, compared with 447 million bbl to end sec-
ond-quarter 2021, and a 5-year average of 471.6 million bbl.
US oil product stock at the end of June was 757 mil-
lion bbl, compared with 823 million bbl at the end of for
the same quarter a year ago and a 5-year average of 841.0
million bbl.
US Strategic Petroleum Reserve (SPR) at the end of June
was 492 million bbl, compared with 621 million bbl to end
June 2021, and a 5-year average of 652.0 million bbl.
US refinery inputs were 16.53 million b/d in second-
quarter 2022, compared with 16.17 million b/d a year ear-
lier, and 16.06 million b/d for the previous quarter. Refinery
14 Oil & Gas Journal | Sep. 12, 2022
220912OGJ014-019.indd 14
utilization rate was 92.1% for the quarter, compared with
89.2% a year earlier, and 89.5% in first-quarter 2022.
According to Muse, Stancil & Co., refining cash mar-
gins in this year’s second quarter averaged $42.89/bbl for
Middle-West refiners, $37.11/bbl for West Coast refiners,
$38.77/bbl for Gulf Coast refiners, and $35.16/bbl for East
Coast refiners. In the same quarter in 2021, these refining
margins were $17.4/bbl, $14.36/bbl, $8.45/bbl, and $7.12/
bbl, respectively.
Natural gas prices at Henry Hub averaged 7.48/MMbtu
in second-quarter 2022, compared with 2.94/MMbtu a year
earlier. US marketed gas production grew to 103.831 bcfd
from 101.123 bcfd for the same quarter a year ago, accord-
ing to EIA.
US LNG exports averaged 10.93 bcfd during the quarter,
compared with 9.81 bcfd in the previous quarter.
The number of active gas rigs in the US rose to 157 at the
end of June from 137 at the end of March. This also com-
pared to 98 rigs at the end of June 2021.
A sample of 14 oil and gas producers and pipeline com-
panies with headquarters in Canada posted total net in-
come of $15.86 billion (Canadian dollar) in second-quarter
2022, compared with net earnings of $9.15 billion in the
prior year’s quarter.
US oil, gas producers
ExxonMobil Corp. estimated second-quarter 2022 earnings
of $17.9 billion, compared with $5 billion in first-quarter
2022. Excluding identified items, earnings of $17.6 billion
increased $8.7 billion from the prior quarter which have in-
creased both natural gas realizations and refining margins
well above the 10-year range, the company said.
Second-quarter results also included a favorable identi-
fied item of nearly $300 million associated with the sale of
Barnett shale upstream assets. Capital and exploration ex-
penditures were $4.6 billion in the second quarter and $9.5
billion for first-half 2022.
9/8/22 10:31 AM
 GENERAL INTEREST

US OIL AND GAS FIRMS’ SECOND QUARTER 2022 REVENUES, EARNINGS

–––––––– Revenues –––––– –––––– Net income –––––– ––––––––– Revenues ––––––––– ––––––– Net income ––––––
–––––––­––––––––––––– 2st quarter –––––––––––––––––– ––––––––––––––––––––– Six months –––––––––––––––––––––
2022 2021 2022 2021 2022 2021 2022 2021
––––———––––––————————————––––––– Million $ (US) –––––––––––————————————––––––

Amplify Energy Corp. 121.8 80.4 29.2 (35.0) 233.2 152.9 (19.4) (54.4)
Antero Resources Corp. 2,201.7 487.1 765.1 (523.5) 2,988.5 1,691.3 608.7 (539.0)
APA Corp. 3,047.0 1,756.0 926.0 316.0 5,716.0 3,627.0 2,809.0 704.0
Black Stone Minerals LP 180.4 58.4 126.5 10.2 216.8 120.0 114.3 21.1
California Resources Corp. 747.0 304.0 190.0 (111.0) 900.0 667.0 15.0 (205.0)
Callon Petroleum Co. 913.6 440.4 348.0 (11.7) 1,690.8 800.3 387.7 (92.1)
Centennial Resources Develop- 472.7 232.6 191.8 (25.1) 819.9 425.0 207.6 (59.7)
ment Inc.
Chesapeake Energy Corp. 3,520.0 693.0 1,237.0 (439.0) 4,455.0 1,833.0 473.0 5,239.0
Chevron Corp. 68,762.0 37,597.0 11,622.0 3,082.0 123,135.0 69,626.0 17,881.0 4,459.0
Civitas Resources Inc. 1,151.4 156.0 468.8 (25.3) 1,969.2 230.2 560.5 (25.4)
CNX Resources Corp. 1,003.4 369.4 33.4 (354.1) 1,748.0 750.7 (890.0) (256.0)
Comstock Resources Inc. 946.3 343.7 372.5 (184.1) 1,515.7 684.2 256.8 (322.5)
ConocoPhillips 21,989.0 10,211.0 5,145.0 2,091.0 41,280.0 20,770.0 10,904.0 3,073.0
Continental Resources Inc. 2,650.5 1,235.1 1,208.7 289.3 4,466.7 2,450.9 1,806.5 549.0
Coterra Energy Inc. 2,572.0 324.0 1,229.0 30.0 4,251.0 784.0 1,837.0 156.0
Denbury Resources Inc. 482.2 301.4 15.5 (77.7) 894.0 552.5 154.6 (147.3)
Devon Energy Corp. 5,626.0 2,417.0 1,932.0 256.0 9,438.0 4,467.0 2,921.0 469.0
Diamondback Energy Inc. 2,768.0 1,681.0 1,416.0 311.0 5,176.0 2,865.0 2,195.0 531.0
Dorchester Minerals LP 47.5 21.4 37.3 16.5 87.9 39.2 67.9 28.3
Earthstone Energy Inc. 472.6 89.7 144.9 (8.9) 668.7 165.2 111.4 (14.7)
EOG Resources Inc. 7,407.0 4,139.0 2,238.0 907.0 11,390.0 7,833.0 2,628.0 1,584.0
EQT Corp. 2,527.5 (260.1) 891.4 (933.3) 1,948.4 689.8 (624.7) (970.7)
ExxonMobil Corp. 115,681.0 67,742.0 17,850.0 4,690.0 206,181.0 126,889.0 2,330.0 7,420.0
Gulfport Energy Corp. 465.3 31.4 215.6 31.6 157.5 278.7 (238.2) 40.4
Hess Corp. 2,988.0 1,598.0 667.0 (73.0) 5,359.0 3,517.0 1,084.0 179.0
HF Sinclair Corp. 11,162.2 4,577.1 1,221.3 168.9 18,620.9 8,081.4 1,381.2 317.1
Kosmos Energy Ltd. 620.9 384.1 117.2 (57.2) 1,279.9 560.7 118.6 (148.0)
Laredo Petroleum Inc. 560.2 294.4 262.5 (132.7) 1,092.6 544.6 175.8 (208.1)
Marathon Oil Corp. 2,303.0 1,143.0 966.0 16.0 4,056.0 2,214.0 2,270.0 113.0
Marathon Petroleum Corp. 54,238.0 29,827.0 5,873.0 8,512.0 92,622.0 52,709.0 6,718.0 8,270.0
Matador Resources Co. 943.9 357.4 415.7 105.9 1,509.6 624.3 622.8 166.6
Murphy Oil Corp. 1,101.1 549.6 350.6 (63.1) 1,654.0 929.6 237.2 (350.5)
Northern Oil and Gas Inc. 441.4 24.8 251.3 (90.6) 408.5 46.2 44.7 (180.9)
Occidental Petroleum Corp. 10,735.0 6,010.0 3,555.0 (97.0) 19,268.0 11,489.0 8,231.0 (443.0)
Ovintiv Inc. 3,736.0 1,692.0 1,357.0 (205.0) 5,703.0 3,530.0 1,116.0 104.0
PDC Energy Inc. 1,138.5 228.9 662.4 (87.0) 1,454.9 514.9 630.4 (96.1)
Phillips 66 49,309.0 27,885.0 3,167.0 296.0 86,031.0 49,812.0 3,749.0 (358.0)
Pioneer Natural Resources Co. 6,920.0 3,419.0 2,371.0 380.0 13,092.0 5,863.0 4,380.0 310.0
Range Resources Corp. 1,225.1 434.7 452.9 (156.5) 1,405.9 1,060.8 (4.0) (129.3)
Ranger Oil Corp. 314.5 124.7 71.2 3.0 570.9 213.3 61.2 (10.5)
Ring Energy Inc. 85.0 47.8 41.9 (15.9) 153.1 87.3 49.1 (35.0)
SilverBow Resources Inc. 182.6 69.9 88.8 (20.0) 312.3 156.6 24.5 8.4
SM Energy Inc. 992.1 563.8 323.5 (223.0) 1,851.9 1,007.7 372.2 (474.3)
Southwestern Energy Co. 4,138.0 1,050.0 1,173.0 (609.0) 7,081.0 2,122.0 (1,502.0) (529.0)
Talos Energy Inc. 519.1 303.8 195.1 (125.8) 932.7 570.7 128.7 (247.3)
Tellurian Inc. 61.4 25.4 (0.0) (30.6) 208.3 34.1 (66.7) (57.6)
Unit Corp. 134.6 134.1 80.1 (10.1) 322.9 255.0 27.4 (10.7)
Valero Energy Corp. 21,641.0 27,748.0 4,693.0 162.0 90,183.0 48,554.0 5,598.0 (542.0)
W&T Offshore Inc. 273.8 132.8 123.4 (51.7) 464.8 258.5 121.0 (52.4)

Totals 421,520.3 239,076.2 77,113.6 16,897.5 786,965.5 443,147.6 82,064.8 27,182.4

Excluding identified items, upstream earnings in second-
quarter 2022 were $11.1 billion, an increase of $3.3 billion
from the previous quarter. Crude realizations improved
15% and gas realizations increased 23% compared to the
first quarter driven by tight supply. Higher production from
growth projects and recovery from first quarter weather-re-
lated downtime in Canada were partly offset by price entitle-
ment effects and increased seasonal scheduled maintenance.
The Permian basin continued to improve efficiency and
grow volumes, with average production during the quar-
ter of more than 550,000 boe/d. The company expects to
achieve a 25% production increase this year versus full-year
2021 and to eliminate routine flaring in the Permian basin
by yearend.
Offshore Guyana production capacity increased to more
than 340,000 boe/d with Liza Phase 2 production start-up

Oil & Gas Journal | Sep. 12, 2022 15

220912OGJ014-019.indd 15 9/8/22 10:31 AM

 GENERAL INTEREST
earlier this year and Liza Phase 1 producing above design
capacity. In addition, two new discoveries were announced
(OGJ Online, July 26, 2022). The company also reached an
agreement to supply the country of Guyana with natural
gas to significantly reduce domestic energy costs and pro-
vide opportunities for industrial growth.
Chevron reported earnings of $11.6 billion for second-
quarter 2022, compared with $3.1 billion in second-quarter
2021. Adjusted earnings of $11.4 billion in second-quarter
2022 compared with adjusted earnings of $3.3 billion in
second-quarter 2021.
Worldwide net oil-equivalent production was 2.9 mil-
lion b/d in second-quarter 2022. International production
decreased 13% primarily due to the end of concessions in
Thailand and Indonesia, while US production increased
3% compared to the same period a year ago mainly in the
Permian basin.
US downstream operations reported earnings of $2.44
billion in this year’s second quarter, compared with earn-
ings of $776 million a year earlier. The increase was mainly
due to higher margins on refined product sales, partially
offset by lower earnings from the 50%-owned Chevron
Phillips Chemical Co. and higher operating expenses.
16
220905OGJ_ClickBond_RMel.indd 1
220912OGJ014-019.indd 16
International downstream operations reported earnings
of $1.08 billion in second-quarter 2022, compared with $63
million a year earlier. The increase was mainly due to high-
er margins on refined product sales and a $144 million fa-
vorable swing in foreign currency impacts between periods.
ConocoPhillips reported second-quarter 2022 earnings
of $5.1 billion, compared with second-quarter 2021 earn-
ings of $2.1 billion. Excluding special items, second-quar-
ter 2022 adjusted earnings were $5.1 billion, compared
with second-quarter 2021 adjusted earnings of $1.7 billion.
Special items for the current quarter were comprised of
gains on asset sales including contingent payments related
to prior dispositions, partially offset by a loss on debt extin-
guishment, and a Norway tax reform-related adjustment.
Earnings and adjusted earnings increased from second-
quarter 2021 primarily due to higher realized prices. The
company’s total average realized price was $88.57/boe,
77% higher than the $50.03/boe realized in second-quarter
2021, as production remains unhedged and thus realizes
the full impact of changes in marker prices.
ConocoPhillips also announced a $5-billion increase in
planned 2022 return of capital to shareholders to a total
of $15 billion. The company declared both a third-quarter
ordinary dividend of 46¢/share and a
fourth-quarter variable return of cash
payment of $1.40/share.
Production for second-quarter 2022
was 1.69 MMboe/d, an increase of
104,000 boe/d from the same period a
year ago. After adjusting for closed ac-
quisitions and dispositions and the con-
version of previously acquired Concho
contracted volumes from a two-stream
to a three-stream basis, second-quarter
2022 production decreased by 69,000
boe/d (4%) from the same period a
year ago.
Occidental Petroleum announced net
income for second-quarter 2022 of $3.6
billion, and adjusted income attributable
to common stockholders of $3.2 billion.
Net income for first-quarter 2022 was
$4.7 billion and adjusted income was
$2.1 billion. Second-quarter after-tax
items affecting comparability of $315
million included $174 million of deriva-
tive gains and $140 million of gains on
early debt extinguishment.
The company’s total average global
production of 1.15 MMboe/d for this
year’s second quarter was within the
mid-point of guidance. Permian, Rock-
ies, and International came within
guidance, with average production of
8/18/22 2:16 PM Oil & Gas Journal | Sep. 12, 2022
9/8/22 10:31 AM
 People’s Democratic Republic of Algeria
National Agency for the Valorization of Hydrocarbon Resources
« ALNAFT »

Call for national & international expression of interest

The national agency for the valorization of hydrocarbon resources ALNAFT invites all
Algerian private or public legal entities and interested foreign legal entities and not yet
pre-qualified, to express their interest to be pre-qualified to conduct hydrocarbon re-
search and exploitation activities in Algeria, within the framework of the new law n° 19-
13 of December 22, 2019, governing hydrocarbon activities.

Pre-qualified persons are informed that, their certificates, already issued by ALNAFT
remain valid except in the case where a certificate is suspended, withdrawn or
not renewed.

Interested candidates, must submit a pre-qualification request to ALNAFT agency.

This request must contain all documents and information relating to legal, technical
and financial aspects, as defined in the procedure available on ALNAFT’s website.

ALNAFT will determine, on the basis of an analysis of the documents and information
provided by the candidate, whether the latter has the capacities required to be pre-
qualified. If the candidate is deemed qualified, ALNAFT will issue a pre-qualification
certificate valid for a period of five (5) years which will indicate the quality under which
the candidate may conduct operations on the national hydrocarbon mining domain,
be party of hydrocarbon contract or bid within the framework of a call for tender.

Pre-qualification types that could be requested are as follows:

• Operator- investor Onshore and Offshore

• Investor - non Operator

• Upstream operator

Contact details of the ALNAFT agency :

Phone : 00 213 23 23 09 90
Mobile phone : 0660 598 437
Web site : www.alnaft.dz
Email : Contact-PVDMH@alnaft.dz

220912OGJ014-019.indd 17 9/8/22 10:31 AM

220905OGJ_Alnaft_REV.indd 1 8/25/22 8:19 AM
 GENERAL INTEREST

CANADIAN OIL AND GAS FIRMS’ SECOND QUARTER 2022 REVENUES, EARNINGS
–––––––– Revenues ––––––––– ––––––– Net income –––––– –––––––– Revenues ––––––– ––––––– Net income ––––––
––––––––––––––––––––– 2st quarter ––––––––––––––––––––– ––––––––––––––––––– Six months –––––––––––––––––––
2022 2021 2022 2021 2022 2021 2022 2021
––––———––––––—————————————––– Million $ (Canadian) ––––––––––—–—————————————––––––

Advantage Energy Ltd. 302.7 77.1 164.2 8.7 408.8 141.2 183.7 8.3
ARC Resources Ltd. 2,366.6 1,233.9 762.9 (123.0) 4,363.1 1,752.5 693.5 55.0
Baytex Energy Corp. 682.6 360.8 181.0 1,053.0 1,233.7 678.6 237.8 1,017.6
Canadian Natural Resources Ltd. 11,475.0 6,525.0 3,502.0 1,551.0 22,152.0 13,133.0 6,603.0 2,928.0
Cenovus Energy Inc. 19,165.0 10,637.0 2,432.0 224.0 35,363.0 19,930.0 4,057.0 444.0
Crescent Point Energy Corp. 981.4 632.2 331.5 2,143.3 1,523.2 1,029.1 1,515.1 2,165.0
Enbridge Inc. 13,215.0 10,948.0 450.0 1,394.0 28,312.0 23,085.0 2,377.0 3,294.0
Imperial Oil Ltd. 17,307.0 8,047.0 2,409.0 366.0 29,993.0 15,045.0 3,582.0 758.0
Obsidian Energy Ltd. 237.5 103.7 113.9 322.5 416.2 193.8 137.7 345.7
Paramount Resources Ltd. 493.7 288.4 182.2 (74.3) 965.9 558.4 198.9 (156.8)
Sherritt International Corp. 65.9 31.0 81.1 (10.7) 100.0 52.9 96.8 (16.3)
Suncor Energy Inc. 16,204.0 9,093.0 3,996.0 868.0 29,555.0 17,729.0 6,945.0 1,689.0
TC Energy Corp. 3,637.0 3,182.0 889.0 975.0 7,137.0 6,563.0 1,247.0 (82.0)
Vermillion Energy Inc. 838.7 395.6 362.6 451.3 1,625.3 771.0 646.6 951.2

Totals 86,972.1 51,554.7 15,857.4 9,148.8 163,148.2 100,662.5 28,521.1 13,400.7

493,000 boe/d, 279,000 boe/d, and 228,000 boe/d, respec-
tively. Gulf of Mexico average production of 147,000 boe/d
exceeded the high-end of guidance.  2021, crude capacity utilization was about 94%, which re-
Continental Resources Inc. had second-quarter 2022 net
income of $1.21 billion. In the quarter, typically excluded
items in aggregate represented $42.8 million of Continen-
tal’s reported net income. Adjusted net income for the second
quarter was $1.25 billion. Net cash provided by operating ac-
tivities for the quarter was $1.74 billion. Capital expenditure
came in at about $650 million. Total production for the quar-
ter averaged 400,200 boe/d. Second-quarter 2022 oil pro-
duction averaged 198,300 b/d. Production in the Bakken fell
about 5% quarter-over-quarter but was offset with growth
in the Denver-Julesburg basin (up 12% quarter-over-quarter)
and Powder River basin (up 134% quarter-over-quarter).
US independent refiners
Marathon Petroleum Corp. reported net income of $5.9 bil-
lion for second-quarter 2022, compared with net income
of $8.5 billion for second-quarter 2021. Adjusted net income
was $5.7 billion for second-quarter 2022. This compares with
adjusted net income of $437 million for second-quarter 2021.
Adjusted results for these periods exclude net pre-tax ben-
efits of $238 million and $11.6 billion for the second-quarter
2022 and second-quarter 2021, respectively.
Segment adjusted EBITDA for refining and market-
ing (R&M) was  $7.8 billion  in second-quarter 2022, ver-
sus $751 million for second-quarter 2021. Segment adjust-
ed EBITDA excludes refining planned turnaround costs,
which totaled  $151 million  in this year’s second quarter
and  $61 million  in second-quarter 2021. The increase in
segment adjusted EBITDA was driven by higher margins
and throughput in all regions.
R&M margin was $37.54/bbl for second-quarter 2022,
versus $12.45/bbl for second-quarter 2021. Crude capacity
utilization was near 100%, resulting in total throughput of
3.1 million b/d for second-quarter 2022. In second-quarter
sulted in total throughput of 2.9 million b/d.
Phillips 66 announced second-quarter 2022 earnings
of $3.2 billion, compared with earnings of $582 million in
first-quarter 2022. Excluding special items of $118 million,
the company had adjusted earnings of $3.3 billion in the
second quarter, compared with first quarter adjusted earn-
ings of $595 million.
Refining second-quarter 2022 pre-tax income was $3 bil-
lion, compared with pre-tax income of $123 million in first-
quarter 2022. Refining results in the first quarter included
$17 million of hurricane-related maintenance and repair
costs. Refining results in the second quarter included $70
million of costs related to the finalization of RIN obligations
for prior year compliance periods and $26 million of costs re-
lated to the conversion of the Alliance refinery to a terminal.
Adjusted pre-tax income for refining was $3.1 billion in
the second quarter, compared with adjusted pre-tax income
of $140 million in the first quarter. The improvement was
primarily due to higher realized margins driven by market
crack spreads. The composite global market crack increased
to $46.72/bbl, up from $21.93/bbl in the first quarter. Re-
alized margins were $28.31/bbl in the second quarter, up
from $10.55/bbl in the first quarter.
Pre-tax turnaround costs for the second quarter were
$223 million, compared with first-quarter costs of $102
million. Crude utilization rate was 90% and clean product
yield was 83% in the second quarter.
Valero Energy Corp. reported net income attributable to
Valero stockholders of $4.7 billion for second-quarter 2022,
compared with $162 million for second-quarter 2021. Ex-
cluding the adjustments shown in the accompanying earn-
ings release tables, adjusted net income attributable to Vale-

18 Oil & Gas Journal | Sep. 12, 2022

220912OGJ014-019.indd 18 9/8/22 10:31 AM

210217

ro stockholders was $4.6 billion for second-quarter 2022,
compared with $260 million for second-quarter 2021.
The refining segment reported operating income of $6.2
billion for second-quarter 2022, compared with $349 mil-
lion for second-quarter 2021. Adjusted operating income was
$6.1 billion for second-quarter 2022, compared with $442
million for second-quarter 2021. Refining throughput vol-
umes averaged 3.0 million b/d in this year’s second quarter,
which was 127,000 b/d higher than second-quarter 2021.
Canadian companies
Suncor’s net earnings increased to nearly $4 billion in sec-
ond-quarter 2022, compared with $868 million in the prior
year quarter.
Suncor’s oil sands production delivered record adjusted
funds from operations of $4.23 billion in second-quarter
2022, compared with $1.84 billion in the prior year quarter,
driven by significantly higher price realizations.
Production from the company’s oil sands assets in-
creased to 641,500 b/d in second-quarter 2022, com-
pared with 615,700 b/d in the prior year quarter, due to
increased production at Syncrude and Fort Hills in the
current period, partially offset by the impact of mainte-
nance activities at oil sands operations, including the larg-
est turnaround in Firebag history, which was completed
after the quarter.
Suncor’s Refining and Marketing (R&M) generated re-
cord adjusted funds from operations of $2.13 billion in sec-
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GENERAL INTEREST
ond-quarter 2022, compared with $677 million in the prior
year quarter. In the second quarter, Suncor’s refinery utili-
zation averaged 84% and crude throughput was 389,300
b/d, compared with 70% and 325,300 b/d, respectively, in
the prior year quarter. Solid utilizations in the current quar-
ter outside of planned turnaround activities allowed the
company to capture significant benchmark crack spreads
and refining margins. Following the completion of planned
turnaround activities, the company’s refineries exited the
quarter with an average refinery utilization of over 100%.
Imperial Oil reported quarterly net income of $2.4 bil-
lion and cash flow from operating activities of $2.68 billion.
Upstream production of 413,000 gross boe/d was the high-
est second quarter production in over 30 years. Sustained
strong downstream operating performance with quarterly
refinery capacity utilization of 96% resulted in the fourth
consecutive quarter above 90%.
Canadian Natural Resources reported net earnings of
$3.5 billion and adjusted net earnings from operations of
$3.8 billion during second-quarter 2022. The company’s
North America E&P liquids production, excluding ther-
mal in situ, averaged 227,540 b/d in second-quarter 2022,
up 2% and 4% over first-quarter 2022 and second-quarter
2021 levels, respectively. The increase over first-quarter
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 STATISTICS
Additional analysis of market trends is available
through OGJ Online, Oil & Gas Journal’s digital
information source, at http://www.ogj.com.
IMPORTS OF CRUDE AND PRODUCTS
— Districts 1-4 — — District 5 — ———— Total US ————
8-26 8-19 8-26 8-19 8-26 8-19 8-27*
2022 2022 2022 2022 2022 2022 2021
––––––––––––––––––––––––— 1,000 b/d ––––––––––––––––––––––––—
Total motor gasoline.............. 575 610 9 5 584 615 1,138
  Mo. gas. blending comp..... 521 566 0 1 521 567 806
Distillate................................ 155 142 53 31 208 173 364
Residual............................... 153 90 0 0 153 90 126
Jet fuel-kerosine................... 43 1 164 0 207 1 232
Propane-propylene............... 79 34 40 34 119 68 81
Other.................................... 545 1,269 107 77 652 1,346 1,177
Total products....................... 1,550 2,146 373 147 1,923 2,293 3,118
Total crude............................ 4,715 5,079 1,241 1,092 5,956 6,171 6,340
Total imports......................... 6,265 7,225 1,614 1,239 7,879 8,464 9,458
*Revised.
Source: US Energy Information Administration
Data available at Oil & Gas Journal Research Center.

EXPORTS OF CRUDE AND PRODUCTS OGJ CRACK SPREAD

–––––––––––––––– Total US –––––––––––––––– 9-2-22* 9-3-21* Change Change,
8-26-22 8-19-22 *8-27-21 ———–—$/bbl ——–—— %
––––––––––––––– 1,000 b/d –––––––––––––––
Finished motor gasoline 1,040 920 466 SPOT PRICES
Jet fuel-kerosine 187 172 131   Product value NA 91.44 NA NA
Distillate 1,544 1,579 1,032   Brent crude NA 72.26 NA NA
Residual 94 136 68   Crack spread NA 19.18 NA NA
Propane/propylene 1,272 1,722 1,082
Other oils 1,838 2,370 2,127 FUTURES MARKET PRICES
Total products 5,975 6,899 4,906 One month
Total crude 3,967 4,177 3,040
Total exports 9,942 11,076 7,946   Product value 127.05 90.89 36.16 39.8
  Light sweet crude 90.30 69.12 21.18 30.6
NET IMPORTS   Crack spread 36.75 21.78 14.97 68.7
Total (2,064) (2,611) 1,512 Six month
Products (4,052) (4,606) (1,788)   Product value 115.26 86.32 28.94 33.5
Crude 1,989 1,994 3,300   Light sweet crude 86.30 67.42 18.88 28.0
  Crack spread 28.97 18.90 10.07 53.3
*Revised.
Source: Oil & Gas Journal *Average for week ending.
Data available at Oil & Gas Journal Research Center. Source: Oil & Gas Journal
Data available at Oil & Gas Journal Research Center.

CRUDE AND PRODUCT STOCKS

—–– Motor gasoline —––
Blending Jet fuel, ————— Fuel oils ————— Propane-
Crude oil Total comp. kerosine Distillate Residual propylene
District ———————————————————————————— 1,000 bbl —————————————————–––———————
PADD 1.................................. 7,641 51,853 49,001 10,090 27,725 3,904 6,677
PADD 2.................................. 107,836 46,220 41,635 7,317 27,251 1,051 21,506
PADD 3.................................. 231,438 83,388 75,249 11,331 41,664 17,637 39,752
PADD 4.................................. 22,344 6,324 5,299 731 3,646 219 1
4,296
PADD 5.................................. 49,087 26,690 24,868 9,098 11,420 5,201 —

Aug. 26, 2022......................... 418,346 214,475 196,052 38,567 111,706 28,012 72,231
Aug. 19, 2022......................... 421,672 215,647 198,694 39,650 111,594 28,387 68,011
Aug. 27, 20212........................ 425,395 227,215 207,807 42,436 136,728 28,735 69,282
1
Includes PADD 5. 2Revised.
Source: US Energy Information Administration
Data available at Oil & Gas Journal Research Center.

REFINERY REPORT—AUGUST 26, 2022

REFINERY ––––––––––––––––––––––––––– REFINERY OUTPUT ––––––––––––––––––––––––––––
–––––– OPERATIONS –––––– Total
Gross Crude oil motor Jet fuel, ––––––– Fuel oils –––––––– Propane-
inputs inputs gasoline kerosine Distillate Residual propylene
District ––––––– 1,000 b/d –––––––– –––––––––––––––––––––––––––––––– 1,000 b/d ––––––––––––––––––––––––––––––
PADD 1.............................................. 798 795 3,217 109 218 36 242
PADD 2.............................................. 3,892 3,849 2,514 276 1,166 41 453
PADD 3.............................................. 9,066 8,844 2,228 813 2,886 120 1,455
PADD 4.............................................. 619 620 354 40 205 10 1
253
PADD 5.............................................. 2,252 2,130 1,470 412 445 90 —
Aug. 26, 2022..................................... 16,627 16,238 9,783 1,650 4,920 297 2,403
Aug. 19, 2022..................................... 16,826 16,255 9,734 1,711 5,200 324 2,418
Aug. 27, 2021..................................... 16,549 15,938 9,917 1,409 4,810 234 2,393

17,944 Operable capacity 92.7% utilization rate

1
Includes PADD 5. Revised. 2

Source: US Energy Information Administration

Data available at Oil & Gas Journal Research Center.

20 Oil & Gas Journal | Sep. 12, 2022

220912OGJ020-023.indd 20 9/8/22 10:31 AM

 STATISTICS
OGJ GASOLINE PRICES BAKER HUGHES RIG COUNT OGJ PRODUCTION REPORT
1
9-2-22 2
9-3-21
Price Pump Pump 9-2-22 9-3-21 (Crude
oil and lease condensate) –—— 1,000 b/d —–—
ex tax price* price*
Alabama.................................. 11 11
8-31-22 8-31-22 9-1-21 Alabama............................................ 0 0 Alaska..................................... 415 413
————— ¢/gal ————— Alaska................................................ 9 5 California................................ 345 386

Arkansas............................................ 0 0 Colorado.................................. 429 421
(Approx. prices for self-service unleaded gasoline) California........................................... 7 6 Florida..................................... 4 4
Atlanta........................... 282.6 338.6 287.9  Land................................................ 7 6 Illinois..................................... 20 20
Baltimore....................... 310.4 364.9 290.4  Offshore........................................... 0 0 Kansas.................................... 80 77
Boston............................ 363.3 408.2 295.9 Colorado............................................. 21 11 Louisiana................................ 1,541 1,249
Buffalo........................... 332.6 399.2 304.4 Michigan................................. 12 12
Florida................................................ 0 0 Mississippi.............................. 35 36
Miami............................. 302.1 364.0 294.4 Illinois................................................ 1 1 Montana.................................. 60 51
Newark........................... 321.5 390.6 311.9 Indiana.............................................. 0 0 New Mexico.............................. 1,550 1,373
New York........................ 319.3 385.9 321.9 Kansas............................................... 0 0 North Dakota........................... 1,080 1,099
Norfolk........................... 300.1 352.9 284.9 Kentucky............................................ 0 0 Ohio......................................... 57 48
Philadelphia................... 317.6 394.7 312.9 Louisiana........................................... 65 35 Oklahoma................................ 420 388
Pittsburgh...................... 320.7 397.8 316.4   N. Land............................................ 46 34 Pennsylvania........................... 14 17
Wash., DC....................... 340.0 392.2 318.9   N. Inland waters.............................. 0 0 Texas....................................... 5,560 5,179
  PAD I avg................... 319.1 380.8 303.6 Utah........................................ 120 101
  S. Inland waters............................... 3 0 West Virginia........................... 43 52
  S. Land............................................ 2 1 Wyoming.................................. 243 236
Chicago.......................... 378.0 456.0 373.0  Offshore........................................... 14 0 Other states............................ 33 32
Cleveland....................... 305.6 362.5 301.4 Maryland............................................ 0 0
Des Moines..................... 296.1 344.5 293.0 Michigan............................................ 0 1  Total 12,072 11,205
Detroit............................ 325.8 389.4 324.8 Mississippi......................................... 0 0
1
OGJ estimate. 2Revised. Source: Oil & Gas Journal.
Indianapolis................... 320.1 388.2 316.9 Montana............................................. 2 1 Data available at Oil & Gas Journal Research Center.
Kansas City.................... 310.4 348.7 274.1 Nebraska............................................ 0 0
Louisville........................
Memphis........................
306.4
301.0
350.8
346.8
307.2
296.8
New Mexico........................................ 108 82 US CRUDE PRICES 9-2-22
New York............................................ 0 0 $/bbl*
Milwaukee...................... 316.1 367.4 296.6 North Dakota...................................... 39 22
Minn.-St. Paul................ 335.5 384.5 294.4 Alaska-North Slope 27°.......................................... 96.59
Ohio................................................... 11 12 Light Louisiana Sweet............................................ 82.24
Oklahoma City................ 311.8 350.2 279.7 Oklahoma........................................... 65 32 California-Midway Sunset 13°............................... 89.65
Omaha........................... 311.1 355.2 298.0 Pennsylvania...................................... 23 19 California-Buena Vista Hills 26°............................ 94.92
St. Louis......................... 310.6 348.9 283.2 South Dakota..................................... 0 0 Southwest Wyoming Sweet..................................... 79.93
Tulsa.............................. 309.9 348.3 276.0 Texas.................................................. 362 232 East Texas Sweet.................................................... 80.50
Wichita........................... 313.6 356.0 283.0  Offshore........................................... 0 0 West Texas Sour 34°............................................... 78.25
  PAD II avg.................. 316.8 366.5 299.9   Inland waters................................... 0 0 West Texas Intermediate......................................... 83.25
Oklahoma Sweet.................................................... 83.25
  Dist. 1.............................................. 31 14 Texas Upper Gulf Coast.......................................... 77.00
Albuquerque................... 324.3 361.6 307.2   Dist. 2.............................................. 22 16 Michigan Sour........................................................ 75.25
Birmingham................... 288.1 337.8 275.7   Dist. 3.............................................. 10 4 Kansas Common.................................................... 82.25
Dallas-Fort Worth........... 294.3 332.7 274.2   Dist. 4.............................................. 24 9 North Dakota Sweet................................................ 83.75
Houston.......................... 291.4 329.8 273.2   Dist. 5.............................................. 5 0 *Current major refiner’s posted prices except N. Slope lags 2 months.
Little Rock...................... 281.5 324.7 280.2   Dist. 6.............................................. 29 16 40° gravity crude unless differing gravity is shown. Source: Oil & Gas
New Orleans................... 300.3 338.7 271.6   Dist. 7B............................................ 3 2 Journal. Data available at Oil & Gas Journal Research Center.
San Antonio.................... 286.4 324.8 274.6   Dist. 7C............................................ 30 18
  PAD III avg................. 295.2 335.7 279.5   Dist. 8..............................................
  Dist. 8A............................................
197
7
138
12
WORLD CRUDE PRICES
Cheyenne....................... 343.0 385.4 342.4 $/bbl
  Dist. 9.............................................. 1 0 OPEC reference basket Wkly. avg. 9-2-22 101.96
Denver............................ 335.4 375.8 369.9   Dist. 10............................................ 3 3
Salt Lake City................. 389.4 439.7 388.9 Utah................................................... 12 11 – Mo. avg., $/bbl – – Year to date –
  PAD IV avg................. 355.9 400.3 367.1 West Virginia...................................... 13 9 Jun.-22 Jul.-22 2021 2022
Wyoming............................................ 20 18
Los Angeles.................... 430.9 517.5 432.4 Others–NV, HI..................................... 2 0 Spot crudes
Phoenix.......................... 351.8 389.2 310.9 North Sea dated 123.56 112.63 66.41 108.52
Portland......................... 410.2 467.4 365.4   Total US......................................... 760 497 Dubai - Fateh 32 112.89 102.87 65.00 102.07
San Diego....................... 431.8 518.3 428.9   Total Canada................................. 208 152 Light Louisiana Sweet - USA 115.52 102.53 65.49 103.62
San Francisco................ 449.2 535.8 443.4 Mars - USA 108.15 96.89 63.54 98.90
Seattle........................... 406.9 474.7 389.9   Grand total.................................... 968 649 Urals - Russia 91.61 85.32 65.27 86.47
  PAD V avg.................. 413.5 483.8 395.1 US oil rigs.......................................... 596 394 West Texas Intermediate - USA 114.36 100.25 63.70 101.68
US gas rigs........................................ 162 102 OPEC Reference Basket 117.72 108.55 65.27 105.82
Week’s avg.................... 330.4 384.3 315.9 Total US offshore................................ 16 2
Aug. avg......................... 344.6 398.5 317.7 Differentials
Total US cum. avg. YTD...................... 699 441 North Sea dated/WTI 9.20 12.38 2.71 6.85
Jul. avg.......................... 402.1 455.9 314.4 North Sea dated/LLS 8.04 10.10 0.92 4.90
2022 to date.................. 356.1 409.9 — Rotary rigs from spudding in to total depth. North Sea dated/Dubai 10.67 9.76 1.41 6.46
2021 to date.................. 234.0 285.9 — Definitions, see OGJ Sept. 18, 2006, p. 46.
Source: Baker Hughes Inc. Crude oil futures
*
Includes state and federal motor fuel taxes and state Data available at Oil & Gas Journal Research Center. NYMEX WTI 114.34 99.38 63.70 101.43
sales tax. Local governments may impose additional taxes. ICE Brent 117.50 105.12 66.57 104.97
Source: Oil & Gas Journal. DME Oman 113.38 102.90 65.17 102.14
Data available at Oil & Gas Journal Research Center.
Spread
ICE Brent-NYMEX WTI 3.16 5.74 2.87 3.54
Source: OPEC Monthly Oil Market Report.
Data available at Oil & Gas Journal Research Center.

REFINED PRODUCT PRICES IHS PETRODATA RIG COUNT

8-26-22 8-26-22   SEPTEMBER 2, 2022
¢/gal ¢/gal

Total Marketed Marketed
supply supply Marketed utilization US NATURAL GAS STORAGE1
Spot market product prices of rigs of rigs contracted rate (%) 8-26-22 8-19-22 8-26-21 Change,
No. 2 Distillate US Gulf of –——––—— bcf —––——– %
Motor gasoline   Mexico. . . . . . 46 34 27 79.4
 (Conventional-regular) Ultra Low sulfur diesel fuel East.................................... 614 598 676 (9.2)
  New York Harbor.......... 400.50 South Midwest.............................. 747 714 809 (7.7)
  New York Harbor.......... 287.40   America . . . . 38 34 34 100.0
  Gulf Coast................... 293.90   Gulf Coast................... 398.00 Mountain............................. 157 153 190 (17.4)
  Los Angeles................. 391.70 Northwest Pacific................................. 241 243 243 (0.8)
Europe. . . . . 66 62 57 91.9 South Central 881 871 951 (7.4)
Motor gasoline West Salt................................. 185 184 216 (14.4)
  (RBOB-regular) Kerosine jet fuel
  Africa. . . . . . 44 35 28 80.0 Nonsalt........................... 696 687 735 (5.3)
  New York Harbor.......... 310.10   Gulf Coast................... 375.30 Middle
  East. . . . . . . 164 151 141 93.4 Total US.............................. 2,640 2,579 2,869 (8.0)
No. 2 heating oil Propane Southeast
  New York Harbor.......... 382.30   Mont Belvieu............... 111.50 June-22 June-21 Change,%
  Asia. . . . . . . 61 57 50 87.7
  Worldwide. . . . 681 595 525 88.2 Total US2............................. 2,324 2,585 (10.1)
1
Working gas. 2At end of period.
Source: EIA Weekly Petroleum Status Report. Source: IHS Petrodata Source: Energy Information Administration
Data available at Oil & Gas Journal Research Center. Data available in Oil & Gas Journal Research Center. Data available at Oil & Gas Journal Research Center.
Oil & Gas Journal | Sep. 12, 202221

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 STATISTICS
ADVISIAN-PACE REFINING MARGINS WORLDWIDE NGL PRODUCTION
Jan. Feb. Mar. Mar. 5 month Change vs.
2022 2022 2022 2021 Change Change, average previous
——––—––––— $/bbl –————— % May Apr. — production — —— year —–
2022 2022 2022 2021 Volume
US Gulf Coast ————–—–––— 1,000 b/d ———––———— %
  Composite US Gulf Refinery............. 14.44 16.13 26.11 11.93 14.19 118.9
  Mars (Coking).................................. 15.22 17.26 27.62 12.10 15.53 128.4 Brazil.................................... 82 95 92 94 (2) (2.5)
  Mars (Cracking)............................... 12.49 13.63 20.94 10.31 10.63 103.2 Canada................................. 1,026 1,026 1,041 1,016 25 2.5
  Bonny Light...................................... 8.92 8.28 13.64 10.05 3.59 35.7 Mexico.................................. 151 155 164 175 (11) (6.4)
US PADD II United States ....................... 5,910 5,880 5,724 5,085 639 12.6
  Chicago (WTI).................................. 11.21 12.80 24.46 15.18 9.28 61.1 Venezuela............................. 101 99 99 87 13 14.5
US East Coast Other Western Hemisphere... 220 220 221 193 27 14.0
  Brass River...................................... 11.95 11.55 17.22 8.97 8.25 92.0
  East Coast Comp............................. 13.26 12.97 19.78 9.06 10.72 118.4   Western Hemisphere...... 7,490 7,475 7,341 6,651 691 10.4
US West Coast
  Los Angeles (ANS)............................ 18.01 20.67 43.05 15.90 27.15 170.7 Norway.................................. 140 196 197 275 (77) (28.1)
United Kingdom.................... 82 92 92 83 9 11.4
NW Europe Other Western Europe........... 4 4 4 5 (1) (16.4)
  Rotterdam (Brent)............................ (7.40) (12.85) (10.00) (4.73) (5.27) 111.5
Mediterranean   Western Europe.............. 226 292 294 363 (69) (18.9)
  Italy (Urals)...................................... 0.67 1.61 32.35 (1.01) 33.37 (3,298.4)
Far East Russia.................................. 960 904 964 919 46 5.0
  Singapore (Dubai)............................ 3.44 5.36 10.55 0.24 10.31 4,228.9 Other FSU*........................... 500 323 479 517 (39) (7.5)
Other Eastern Europe........... 8 8 8 8 0 2.8
Source: Advisian
.Data available at Oil & Gas Journal Research Center. NOTE: No new data at press time.   Eastern Europe............... 1,468 1,235 1,451 1,444 7 0.5

Algeria.................................. 475 475 464 451 14 3.0

Egypt.................................... 100 100 100 27 73 266.9
US NATURAL GAS BALANCE Libya.....................................
Other Africa..........................
20
117
20
144
20
117
15
132
5
(15)
33.3
(11.1)
DEMAND/SUPPLY SCOREBOARD  Africa............................... 712 739 701 624 77 12.3
Jun. Total YTD Saudi Arabia......................... 1,400 1,400 1,400 1,311 89 6.8
Jun. May Jun. 2022–2021 ––– YTD ––– 2022–2021 United Arab Emirates........... 752 752 752 647 105 16.2
2022 2022 2021 change 2022 2021 change Qatar.................................... 374 374 374 387 (13) (3.4)
————————— bcf ——————––————— Other ................................... 513 513 513 481 32 6.7
DEMAND   Middle East...................... 3,039 3,039 3,040 2,827 213 7.5
 Consumption.................... 2,308 2,229 2,215 93 16,282 15,497 785
  Addition to storage........... 437 485 388 49 1,685 1,686 (1)
 Exports ............................ 550 614 539 11 3,054 3,074 (20) Australia............................... 110 110 109 105 4 4.2
  Canada ......................... 68 78 70 (2) 486 469 17 China.................................... 5 5 5 5 0 0.0
  Mexico ........................... 181 185 198 (17) 1,041 1,068 (27) India..................................... 110 110 109 113 (4) (3.7)
  LNG ............................... 301 351 271 30 1,527 1,537 (10) Other Asia–Pacific................ 86 87 87 104 (18) (16.9)
  Total demand................... 3,295 3,328 3,142 153 21,021 20,257 764  Asia–Pacific.................... 311 312 310 327 (17) (5.3)
SUPPLY   TOTAL WORLD.................. 13,246 13,092 13,136 12,235 901 7.4
  Production (dry gas)......... 2,930 3,006 2,797 133 17,329 16,630 699
  Supplemental gas............ 2 5 4 (2) 29 30 (1) Totals may not add due to rounding.
  Storage withdrawal.......... 114 81 140 (26) 2,559 2,396 163 * FSU data may include condensates.
 Imports............................. 230 233 208 22 1,525 1,415 110 Source: Oil & Gas Journal.
  Canada.......................... 230 232 208 22 1,511 1,399 112 Data available at Oil & Gas Journal Research Center.
  Mexico............................ 0 0 0 0 0 1 (1)
  LNG................................ 0 0 0 0 14 15 (1)
  Total supply...................... 3,276 3,325 3,149 127 21,442 20,471 971
N. ATURAL GAS IN UNDERGROUND STORAGE
RENEWABLE FUELS
Jun. May Apr. Jun. Jun. May YTD YTD
2022 2022 2022 2021 Change 2022 2022 Change 2022 2021 Change
—————————— bcf —————————— ———————–—––– 1,000 bbl –––————————
Base gas 4,443 4,442 4,440 4,434 2,477
Working gas 2,324 2,002 1,612 2,755 (431) Fuel ethanol
Total gas 6,767 6,444 6,052 7,189 2,046  Production................... 31,276 31,313 (37) 183,673 171,236 12,437
 Stocks.......................... 23,248 23,417 (169) 23,248 21,966 1,282
S. ource: DOE Monthly Energy Review.
.Data available at Oil & Gas Journal Research Center.
Renewable fuels (excl fuel ethanol)
 Production................... 6,578 6,580 (2) 36,498 27,520 8,978
 Stocks.......................... 6,171 7,147 (976) 6,171 5,549 622
S. ource: DOE Petroleum Supply Monthly.
.Data available at Oil & Gas Journal Research Center.

US HEATING DEGREE–DAYS

May Apr. May — Total degree days YTD —
2022 2022 2021 % change 2022 2021 % change
New England............................................................... 186 544 245 (24.1) 3,869 3,778 2.4
Middle Atlantic............................................................ 147 497 217 (32.3) 3,584 3,479 3.0
East North Central...................................................... 159 568 244 (34.8) 3,995 3,778 5.7
West North Central...................................................... 185 578 226 (18.1) 4,248 3,934 8.0
South Atlantic............................................................. 31 157 57 (45.6) 1,530 1,557 (1.7)
East South Central...................................................... 31 216 83 (62.7) 2,069 2,104 (1.7)
West South Central...................................................... 4 53 18 (77.8) 1,400 1,415 (1.1)
Mountain..................................................................... 245 424 222 10.4 2,963 2,936 0.9
Pacific......................................................................... 214 336 171 25.1 1,951 2,015 (3.2)
  US average*.......................................................... 123 342 151 (18.5) 2,614 2,566 1.9

*Excludes Alaska and Hawaii.

Source: DOE Monthly Energy Review.
Data available at Oil & Gas Journal Research Center.

22 Oil & Gas Journal | Sep. 12, 2022

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SEPTEMBER 28, 2022 at 10:00 a.m.

Sale of Subsurface Land for Oil and Gas Mining Leases for Mineral Development on Trust and
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