Enterprise Products Partners this month received a license for its proposed Sea Port Oil Terminal off Texas' coast, yet regulatory hurdles, rising costs, lack of commercial support and slowing shale production cast doubt on its and other similar projects' prospects of ever coming to fruition. "Between the current dock capacity along the US Gulf Coast, and the most aggressive production projections, it appears that one, at most two," could proceed, said Brett Hunter, oil export consultant at Energy Hunter.
New tool estimates inactive wells' methane leak potential
A newly validated tool developed by Pennsylvania State University researchers...
A newly validated tool developed by Pennsylvania State University researchers can predict the methane leakage potential of decommissioned shale wells by simulating methane diffusion in shale formations. The scientists stressed the need for policies mandating long-term monitoring of methane emissions from abandoned wells.
Tesla’s earnings were as bad as everyone predicted
Tesla’s pivotal earnings call yesterday had the vibes of an undergrad...
Tesla’s pivotal earnings call yesterday had the vibes of an undergrad at office hours begging for extra credit after failing every assignment all semester. The automaker whiffed on revenue targets, even after tempering expectations.
Yikes…for the first time since 2020, the EV-maker’s quarterly revenue dropped, falling to $21.3 billion, compared with $23.3 billion from the same period a year ago (analysts were expecting about $22b). Tesla’s profits sunk to a six-year low. The company said earlier this month that it only delivered 386,810 cars in the first quarter, down 8.5% from the same time in 2023.
In late 2021, Tesla hit a $1 trillion valuation and CEO Elon Musk was the toast of Wall Street. But with its stock now lingering near a 52-week low and after its market cap shed roughly $350 billion during the quarter, the carmaker has become investors’ trendy but emotionally draining friend. Some of its most hyped projects have about as much steam as a hotel iron.
X is pivoting to video. The artist formerly known as...
X is pivoting to video. The artist formerly known as Twitter launched a video app that is compatible with most smart TVs, the company revealed yesterday. The app will not include ads at launch but could introduce them in the future, X reportedly told its corporate partners in a note. It includes a YouTube-esque trending algorithm and the ability for users to upload their own videos. The move is part of owner Elon Musk’s push to turn X into an “everything app” as advertisers flee the platform.
FIFA and Apple are nearing a deal to stream a World Cup-style tournament on Apple TV+ next year, the New York Times reported.
The Supreme Court appears likely to side with Starbucks over the National Labor Relations Board in the case about fired union activists.
Kim Kardashian’s private equity firm is struggling to raise funds, per Axios.
The FAA is investigating a near-miss involving a Swiss Air jet on a runway at JFK Airport in New York.
Voyager 1, the most distant human-made object from Earth, is sending readable data to NASA again after months of relaying space gibberish.
Oil Inventories unexpectedly fall by 3.2M barrels last week: API
U.S. crude stockpiles unexpectedly fell last week, the...
U.S. crude stockpiles unexpectedly fell last week, the API reported Tuesday, adding to expectations that demand is on the rise ahead of the summer driving season.
U.S. crude inventoriesfell by about 3.2 million barrels for the week ended Apr. 19, compared with an increase of 4.09M barrels reported by the API for the previous week. Economists were expecting an increase of 1.8M barrels.
The API data also showed that gasoline stockpiles fell by 595,000 barrels, while distillate inventories rose by 724,000 barrels.
