The American Petroleum Institute has sued the US Environmental Protection Agency in a challenge of the agency’s most recent biofuel requirements under the federal Renewable Fuel Standard. Source: News

The price for light, sweet crude oil for March delivery dropped more than $1 on the New York market Feb. 11 to settle at $26.21/bbl, the lowest settlement since May 6, 2003. But oil prices appeared to be climbing in early trading on Feb. 12 after news reports of comments about possible production cuts. […]

Saying it is essential to help Pennsylvania address a serious public schools funding shortfall, Gov. Tom Wolf (D) formally asked state legislators to enact a 4.7¢/Mcf natural gas severance tax. The levy would generate more than $1 billion in revenue prior to exemptions, he said in a Feb. 11 policy memorandum to legislators. Source: […]

State Oil Co. of Azerbaijan Republic (SOCAR) has let a contract to KT-Kinetics Technology SPA, a subsidiary of Maire Tecnimont SPA, Milan, to provide technology licensing for a unit to be built under the company’s ongoing modernization and expansion program at its Heydar Aliyev, formerly New Baku, refinery at Baku in Azerbaijan. Source: News

Pioneer Natural Resources Co. (PNR), Dallas, plans a 2016 capital budget of $2 billion, down from the preliminary forecast of $2.4-2.6 billion and actual spending of $2.2 billion in 2015. Source: News

Meridian Energy Group Inc., Irvine, Calif., said preliminary works are under way and advancing as planned for its proposed 55,000-b/sd Davis refinery to be built in the heart of southwestern North Dakota’s Bakken shale region, near Belfield, ND. Source: News