ANWR Senate fight takes shape: The Senate Energy and Natural Resources Committee just released the witness list this morning for Thursday's hearing on the new GOP push to allow oil drilling on the coastal plain of Alaska's Arctic National Wildlife Refuge. A dozen people will testify in one of the opening stages of what's slated to be an intense political and, eventually, legal battle.
BP beats expectations: The Financial Times dives into the oil-and-gas giant's third-quarter earnings.
"The UK group reported underlying profits on a replacement cost basis — the measure watched most closely by the market — of $1.87 [billion], compared with $933 [million] in the same period last year. This was much better than the $1.58 [billion] consensus forecast by analysts, according to RBC Capital Markets," the paper reports.
- The company said that its daily oil and gas production in the third quarter averaged 3.6 million barrels of oil equivalent a day, which is 14% more than the same period last year.
As Trump approaches: "China's state oil major Sinopec is evaluating two projects in the United States that could boost Gulf Coast crude oil exports and also expand storage facilities in the Caribbean," Reuters reports ahead of President Trump's visit to China next week.
- Their piece notes that "U.S.-China energy trade likely to feature prominently during Trump's visit."
Shale's behavior: Via the National Bureau of Economic Research, Duke University experts, including former Energy Information Administration chief Richard Newell, look at how the U.S. shale patch might respond to varying levels of price increases. They see potential for big production gains relatively fast, but not enough to make the U.S. a true "swing producer" in the way that Saudi Arabia traditionally has been. Bottom line...
- "Our simulations suggest that if oil prices were to rise from $50 to $80 per barrel, U.S. production could ramp up production by 0.5 million barrels per day in 6 months, 1.2 million in 1 year, 2 million in 2 years, and 3 million in 5 years."
- "These represent significant increases in context of the global market, suggesting a significantly larger role for U.S. incremental supply than before the shale revolution. However, the response still takes more time to arise than is typically considered for a 'swing producer,' referring to a supplier able to increase production quickly, within 30 to 90 days."
Exxon: "Federal officials are close to a settlement with Exxon Mobil Corp. over air pollution charges against the oil giant," AP reports, noting a settlement could come as soon as this week.