-According to the Energy Information Administration (EIA), the U.S. now accounts for 10% of global crude oil production. The EIA estimates that U.S. tight oil production averaged 3.22 million barrels per day in the fourth quarter of 2013. This was enough to boost the nation’s share of global production up one percentage point compared to 2012.
-U.S. tight oil would largely remain economic even if oil prices plummeted to $75 per barrel, according to a new report by Wood Mackenzie. Harold York, downstream research analyst at Wood Mackenzie, said global supply and demand and other market dynamics keep U.S. tight oil viable at today’s prices. Sustainable break-even prices depend more on price points and the play in which the oil is produced, due to variations in crude quality and transportation costs.
-The Coast Guard determined that between nine and 18 barrels of oil spilled into Lake Michigan from BP’s Whiting, Ind., refinery Monday. Via Reuters, about 5,000 square yards of water was coated with oil sheen. Crews were still working to clean up oily water from the area as of this afternoon.
-PPG Industries made a move to grow its customer bases in Panama and Costa Rica by agreeing to acquire Canal Supplies Inc. — a Panama-based supplier of protective and marine coatings to Central American customers. The transaction is expected to close in the second quarter.
-Meanwhile, Calumet Specialty Products Partners agreed to buy Anchor Drilling Fluids USA for $235 million. Founded in 2005, Anchor has more than 30 manufacturing, mixing, storage and distribution facilities in 13 states and supplies drilling fluids to producers in all the major shale plays. Calumet said in a statement the acquisition would position it as one of the leading suppliers of drilling fluids to the domestic E&P market.
