US Drillers Cut Oil, Gas Rigs to Lowest Since November 2021
The oil and gas rig count fell by three to 563 in the week to May 30. Baker Hughes said this week’s decline puts the total count down 37 rigs, or 6%, from this time last year.
EOG to Buy Utica Shale Oil Producer Encino for $5.6B
The $5.6 billion deal for the Encino Acquisition Partners adds to EOG Resources’ oil-focused footprint in Ohio’s Utica Shale.
EOG Resources to Acquire Encino Acquisition Partners from CPP Investments and Encino Energy, Strengthening Premier Utica Asset; Increases Regular Dividend 5%
HOUSTON, May 30, 2025 /PRNewswire/ — EOG Resources, Inc. (EOG) today announced a definitive agreement with Canada Pension Plan Investment Board (CPP) and Encino Energy under which EOG will acquire Encino Acquisition Partners (EAP or Encino) for $5.6 billion, inclusive of EAP’s net debt. EOG currently expects to fund the acquisition through $3.5 billion of debt …
US Ethane Exports to China Hit New Roadblock with Licence Requirement
Summary Two VLGCs wait to load ethane for China -Kpler, LSEG 13 tankers due to load ethane for China in June -Kpler Enterprise warns ethane, butane exports to China could fall (Reuters) – Chinese purchases of U.S. ethane, a key petrochemical feedstock, face fresh uncertainty after the Commerce Department told exporters to seek licences to …
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North Dakota Regulator Extends How Long Oil Producers Can Leave Wells Uncompleted After Drilling
North Dakota has extended its policy on how long producers can leave wells uncompleted after drilling, a move that is expected to help drillers cope with weak oil prices, the state’s Department of Mineral Resources said on Thursday. Oil producers around the country have announced plans to drop rigs and delay completing wells as U.S. …
Sempra’s Port Arthur Phase 2 Wins US Approval to Export LNG
Sempra’s Port Arthur Phase 2 project “marks a significant expansion of the first phase already under construction – turning more of the liquid gold beneath our feet into energy security for the American people,” said U.S. Energy Secretary Chris Wright.
‘Just Frac It:’ E&Ps Find Oil, Gas Treasure in Remaining L48 Basins
Continental Resources’ Founder Harold Hamm said, “There are some interesting basins still that have some allure, some of which have been picked over a little bit but no one found anything. That doesn’t mean it’s not there.”
Williams Working With Federal, State Regulators to Revive Pennsylvania-New York NatGas Pipes
(Reuters) – U.S. energy company Williams Cos said on Thursday it was working with federal and state regulators to revive two previously canceled natural gas pipelines from Pennsylvania to New York. The pipelines are the Northeast Supply Enhancement (NESE) from Pennsylvania to New Jersey and New York and the Constitution Pipeline from Pennsylvania to New …
Energy Transfer’s Lake Charles LNG to Supply Kyushu for 20 Years
Energy Transfer has agreed to supply Kyushu Electric Power Co. with up to 1 million tonnes per annum of LNG from its Lake Charles facility.
US Crude and Fuel Inventories Fall, Nigerian Crude Imports Jump, EIA Says
(Reuters) – U.S. crude and fuel inventories all fell last week, while crude imports from Nigeria hit their highest level in nearly six years, the Energy Information Administration said on Thursday. Crude inventories fell by 2.8 million barrels to 440.4 million barrels in the week ending May 23, the EIA said, compared with analysts’ expectations …
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