Gulf of Mexico Update -Sept 6

[dan_s]

Conditions in the North American market remain overshadowed by the after-effects of Hurricane Ida, where outages of both production platforms and refineries are still widespread.

The Bureau of Safety and Environmental Enforcement said on Sunday that 88% of the Gulf of Mexico's oil production and 83% of its natural gas output is still offline. A new update from the BSEE is due at 2 PM ET.

In Louisiana, four of the nine refineries shut down during the hurricane have restarted operations, although a return to full throughput typically takes at least a few days. The four that have restarted have a nameplate capacity of 1.3 million barrels a day. The remaining five refineries that are still closed can process about 1 milllion barrels a day, or 6% of U.S. refining capacity, according to the Department of Energy.

Hurricane Ida ensured that the number of active drilling rigs in the U.S. fell for the first time in six weeks last week, according to Baker Hughes.

At 10:43AM ET WTI's front month (OCT21) was down $0.05 to $69.24 and HH natural gas (OCT21) was down $0.02 to $4.69/

[KGardiner]

Dan, I understand Talos has major GOM exposure. What other Sweet 16 companies have significant exposure to Ida?

Thanks
Kevin

[dan_s]

Talos is the only Sweet 16 company with assets in the Gulf of Mexico. None of our Small-Caps or High Yield companies have assets in the Gulf of Mexico.