Volume 34 | August 29, 2017
"We continue to keep our friends and colleagues impacted by Hurricane Harvey in Texas and Louisiana in our thoughts and prayers. Thank you to the emergency responders and ordinary citizens for stepping up to help each other during this time of need."
BSEE Tropical Storm Harvey Activity Statistics: August 29, 2017 via BSEE
From operator reports, it is estimated that approximately 18.26 percent of the current oil production of 1,750,000 barrels of oil per day in the Gulf of Mexico has been shut-in, which equates to 319,523 barrels of oil per day.

It is also estimated that approximately 19.1 percent of the natural gas production of 3,220 million cubic feet per day, or 615.09 million cubic feet per day in the Gulf of Mexico has been shut-in. 

The production percentages are calculated using information submitted by offshore operators in daily reports. Shut-in production information included in these reports is based on the amount of oil and gas the operator expected to produce that day. The shut-in production figures therefore are estimates, which BSEE compares to historical production reports to ensure the estimates follow a logical pattern
Harvey: Why oil prices are falling, not spiking via CNN Money
The key is that the historic storm has hammered demand by crude oil's biggest customers: refineries and American drivers.

Harvey forced the shutdown of 10 oil refineries along the Gulf Coast, a U.S. energy hub. At least one, ExxonMobil's (XOM) huge Baytown facility, has suffered damage. And the refineries that remained open aren't operating at full speed. Ports in Houston and Corpus Christi are closed, so there's less oil to refine.
22% of GOM oil down, 26% of GOM gas down, 25% of Gulf refining offline via Oil and Gas 360
The Gulf Coast is the heart of U.S. oil refining, with most of the country’s refining capacity. According to Wells Fargo, about 25% of Gulf Coast refining capacity has been forced to shut down and will remain so for at least most of the rest of the week.

A note from Reuters released Sunday stated that the storm has forced about 22% of U.S. GOM oil production and 26% of gas production offline. The Bureau of Safety and Environmental Enforcement reported today that 98 platforms have been evacuated, and half of the drilling rigs in the gulf are evacuated.

In addition, many companies have shut down production and suspended drilling operations in the Eagle Ford, further decreasing output.
Chevron donates $1 million to Texas Hurricane Harvey relief efforts via World Oil
HOUSTON -- Chevron Corporation today announced that it is making a $1-million contribution to the American Red Cross for the immediate relief efforts under way to assist victims of Hurricane Harvey that struck Texas over the weekend.

"Our thoughts are with all the people who have suffered tremendous losses and disruption from this catastrophic hurricane and related flooding," said Jeff Shellebarger, president, Chevron North America Exploration and Production Co. "As a business with deep ties to Texas and Houston, this donation will assist with the initial critical relief process. We will continue to work with responding organizations to support ongoing recovery efforts, which we hope can begin soon."
ExxonMobil Increases Hurricane Harvey Relief
Support to $1 Million via ExxonMobil
IRVING, Texas--( BUSINESS WIRE )-- Exxon Mobil Corporation  (NYSE:XOM) announced today that it is has increased to $1 million its support for relief and recovery efforts in Houston and other Gulf Coast communities impacted by Hurricane Harvey.

A contribution of $500,000 will be provided to the United Way of Greater Houston and follows  an initial allocation  of $500,000 for the American Red Cross which was made on Friday.

"Our thoughts remain with our families, friends and neighbors in Houston and other communities impacted by flooding and other effects of Hurricane Harvey," said Darren W. Woods, ExxonMobil chairman and chief executive officer. “We will continue to assess needs and to assist government authorities and disaster relief agencies in providing critical goods and services to those in need.”
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Gulf Economic Survival Team | 985-448-4485 | gulfeconomicsurvival.org
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