Shares of U.S. energy companies tied to the Dakota Access Pipeline rose on April 9 after the U.S. Army Corps of Engineers said it would allow the crude pipeline to run while it conducts an environmental review.
That move leaves a decision on whether to shut the pipeline with U.S. District Judge James Boasberg in the District of Columbia. On April 9, he gave Dakota Access operators 10 days to present a case to keep the line flowing.
Shares of North Dakota oil producers were trading higher. Oasis Petroleum Inc. was up 4.9% to $69.05 and Continental Resources Inc. had gained 2.7% to trade at $25.65. Enerplus Corp, which this week said it would acquire some of Hess Corp.’s North Dakota assets, was up 4% to CA$6.85.
Energy Transfer LP, the pipeline’s operator, also climbed more than 3.2% to $8.14, while Phillips 66 Partners LP, a 25% stakeholder, was up nearly 7.3% at $32.6, its highest since last August when an appeals court allowed the line to keep running.
A federal judge last year ruled the U.S. Army Corps of Engineers failed to produce an adequate Environmental Impact Statement for a segment of the line and ordered it shut and emptied.
On April 9, an attorney for the Army Corps of Engineers said it will likely have a decision on its latest review by March 2022.
Recommended Reading
Surge of Longer Lateral Drilling to Enhance Reservoir Recovery
2024-06-25 - With energy demand growing, operators look to supply hydrocarbons by drilling longer wells.
Decoding the Delaware: How E&Ps Are Unlocking the Future
2024-05-01 - The basin is deeper, gassier, more geologically complex and more remote than the Midland Basin to the east. But the Delaware is too sweet of a prize to pass up for many of the nation’s top oil and gas producers.
Are 3-mile Laterals Worth the Extra Mile?
2024-07-12 - Every additional foot increases production, but it also increases costs.
Found in Mitchell County, Permian Basin: 2.5-mile Wolfcamp Stepouts
2024-06-06 - Bayswater Exploration & Production has taken its Midland Basin oil play far east into Mitchell County where a high carbonate content “gives us a chance to really compete with the big guys.”
Enverus: Permian Gains Will Sustain US Oil Production Through 2030
2024-05-09 - Crude output gains from the Permian Basin will keep U.S. oil production relatively flat entering the 2030s, offsetting declines from mature oily basins, according to Enverus Intelligence Research.