U.S. Intend to Cut Carbon Emissions while Increasing Domestic Production

With increased oil production in petroleum hubs like Texas, activists are raising their voice over the potentially higher emissions that could ensue.

Navigating a viable middle ground for domestic production and emissions will probably require innovation and prudence from the oil sector, with recent developments coming from oil tech, energy service providers, and producers, such as Petroteq Energy, Delek US Holdings, Vertex Energy, ChampionX Corporation, and NexTier Oilfield Solutions.

Petroteq updated and completed the design using this proprietary oil-extraction and remediation technology for a planned oil sands extraction plant, capable of handling 5,000 barrels per day with partners Valkor, LLC.

In February, Petroteq announced a third-party cash flow analysis prepared by Broadlands, focused on the markets available for the sale of the three categories of by-product sands.

Broadlands noted that an extraction plant producing 5,000 bpd could (as estimated by Petroteq) be capable of yielding 6,000 tons of sand per day or 1,860,000 tons per year.

CORT's economic prospects drew the interest of ESG-focused equity firm Viston United Swiss AG, which is now in the process of a takeover attempt that had a deadline of April 14, 2022. 

Viston has offered Petroteq shareholders a premium price valuation of approximately 279% over the closing price of the Common Shares on the TSX Venture Exchange on August 6, 2021, and a 1,032% premium to the 52-week volume weighted average trading price on the TSX-V prior to the offer originally made in April 2021, before the Canadian shares were halted.

Newly formed DKL Delaware Gathering LLC, a subsidiary of Delek US Holdings is set to acquire the equity interests of privately held 3Bear Delaware Holding-NM LCC for $624.7 million.

"The 3Bear management team has developed strong producer relationships and a world-class asset base in the heart of the Delaware Basin," said Uzi Yemin, CEO, Delek Logistics. 

Vertex Energy, based in Houston, recently completed the acquisition of a 90,000 barrels-per-day refinery in Mobile, Alabama from Shell.