June 28, 2026 to July 04, 2026

This is Queen Street Analytics' weekly digest of regulatory developments, legislative discussions and other government-related news concerning oil and gas production, wells, drilling, petroleum and fuels refining, pipelines, LNG, hydrocarbons, and all Landman fans. Once a week, we break down the most important updates in this space in under five minutes.

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📋 In This Week's Newsletter

• 🇺🇸 Federal Government News
• 📜 Legislative Updates
• 📚 What We're Reading This Week

Federal Government News

ONRR Proposes Comprehensive Amendments to Oil, Gas, and Coal Valuation Regulations

The Office of Natural Resources Revenue published a proposed rule amending regulations governing royalty valuation for federal oil, gas, and coal production. Key proposed changes include removing the default valuation provision, modifying index-based valuation for federal gas and NGLs, and updating transportation and processing deduction rules. The amendments also clarify definitions related to depreciation and asset management for non-arm's-length allowances, redefine gathering and transportation on the OCS, specify allowable costs, and address appeals procedures. The Preliminary Regulatory Impact Analysis estimates a $331 million annual decrease in royalty collections, along with significant reductions in administrative burden for both industry and government. ONRR is soliciting public comment on all aspects of the proposal through August 31, 2026.

Sources: www.federalregister.gov

FERC Announces Central Mainline Corridor Expansion Environmental Review Schedule

The Federal Energy Regulatory Commission issued its planned environmental review schedule for Northern Natural Gas Company's Central Mainline Corridor Expansion Project. The EA is scheduled for release on December 7, 2026, with a 90-day federal authorization deadline of March 7, 2027. The project aims to add over 535,000 dekatherms per day of winter peak firm transportation in Iowa and Nebraska, including more than 26 miles of pipeline, new and modified compressor stations, and meter facilities. Comments from agencies and landowners have raised issues concerning groundwater, farming impacts, and compliance with relevant permits. Substantive concerns will be addressed in the environmental assessment.

Sources: www.federalregister.gov

FERC Schedules Environmental Assessment for WBI’s Line Section 32 Enhancement in North Dakota

FERC established November 23, 2026, for issuance of the environmental assessment for WBI Energy Transmission, Inc.’s Line Section 32 Enhancement Project. The project would involve a 17-mile, 24-inch pipeline expansion to deliver up to 190,000 dekatherms per day to support new natural gas-fired generation in Williams County, North Dakota, with an associated interconnection upgrade in McKenzie County. The 90-day federal authorization deadline is February 21, 2027. No comments were received during the scoping period.

Sources: www.federalregister.gov

EPA Requests Comment on Renewable Fuel Standard Program ICR Renewal

The Environmental Protection Agency is seeking public comment on the proposed renewal of the information collection request for the Renewable Fuel Standard Program covering 2023–2025. The renewal includes requirements for registration, recordkeeping, reporting, quality assurance, and third-party engineering reviews. EPA estimates that 11,057 respondents would collectively bear an annual reporting burden of 151,414 hours and $24.3 million in costs, reflecting a significant increase in participation compared to the prior approval cycle. The comment period is open until August 28, 2026.

Sources: www.federalregister.gov

Trump Administration Details NEPA Process Reforms

The White House announced the implementation of broad reforms to the National Environmental Policy Act under the Trump Administration, highlighting a shift to a 'Categorical Exclusions-First Approach' designed to speed federal permitting for energy and infrastructure projects. The Council on Environmental Quality coordinated with over 60 agencies to facilitate these changes, including DOI and BLM actions resulting in the approval of more than 6,100 drilling permits and project reviews completed in under 28 days. Policy measures were tied to several executive orders addressing infrastructure, affordable housing, and defense priorities.

Sources: www.whitehouse.gov

Legislative Updates

Energy Threat Analysis Center Act of 2026

Bill 7305 establishes the Energy Threat Analysis Center, focused on assessing risks to U.S. energy infrastructure. The latest action was the adoption of a motion to reconsider, agreed to without objection.

Sources: www.congress.gov

Energy Emergency Leadership Act

Bill 7258, titled Energy Emergency Leadership Act, pertains to leadership structure for energy emergencies. The latest legislative action was a motion to reconsider, agreed to without objection.

Sources: www.congress.gov

SECURE Grid Act

Bill 7257, the SECURE Grid Act, addresses cybersecurity and physical protections for the U.S. electrical grid. The bill's latest action was approval of a motion to reconsider, agreed to without objection.

Sources: www.congress.gov

MFA Act

Bill 9515, named the MFA Act, was referred to the House Committee on Energy and Commerce for consideration. No further actions are currently reported.

Sources: www.congress.gov

What We're Reading This Week

• Treasury's Bessent urges gas retailers to drop prices for US 250th birthday, says "we're watching": U.S. Treasury's Bessent publicly calls for lower retail gas prices ahead of the July 4 holiday.
• Air Products to exit Louisiana clean energy project; flags $2.9 billion hit: Air Products announces withdrawal from a major Louisiana clean energy project, incurring a $2.9 billion charge.
• EXCLUSIVE: South Bow, Bridger to develop new oil pipeline from Wyoming to Cushing, Oklahoma: South Bow and Bridger plan a new oil pipeline linking Wyoming production to the Cushing, Oklahoma hub.
• JERA sets up Singapore unit for LNG strategy, procurement, investments: Japanese utility JERA establishes a Singapore office to bolster LNG procurement and regional strategy.
• Defense startups raid auto and fracking sectors for parts to speed weapons output: U.S. defense startups turn to automotive and fracking supply chains to accelerate component delivery for weapons systems.
• KKR and Energy Capital Partners Look to Bet on DCC’s Industry Pivot: KKR and Energy Capital Partners are exploring investments as DCC refocuses within the energy sector.
• Five charts that explain the energy world right now: An analytical overview of current trends and statistics shaping global energy markets.
• Carney Unveils Western Canada Mega-Projects to Boost Asia Trade: Mark Carney announces large-scale infrastructure efforts in Western Canada to expand oil exports to Asia.
• Canada, Alberta announce new west coast oil pipeline to boost exports: Canadian federal and Alberta officials reveal plans for a west coast pipeline to increase overseas oil shipments.
• India withdraws gas curbs as Middle East LNG supply resumes: India lifts gas consumption restrictions after LNG supply disruptions ease and imports from the Middle East normalize.

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