Conventional Energy

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Oil Settles $1 down as Supply set to Rise, Uncertainty Around Fed Rate Cuts

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary OPEC+ to proceed with planned oil output hike from October U.S. consumer spending data dampens hopes for hefty Fed rate cut Libya’s oilfield closures cause significant production losses HOUSTON, Aug 30 (Reuters) – Oil prices retreated on Friday as investors weighed expectations of a rise in OPEC+ supply starting in October, alongside dwindling hopes …

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China’s Sinochem Plans to Exit U.S. Shale JV With Exxon

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Chinese state-backed oil and chemicals company Sinochem is planning to sell its 40% stake in a U.S. shale joint venture with oil major Exxon Mobil, valued upwards of $2 billion, people familiar with the matter told Reuters. Sinochem in recent weeks hired investment bankers at Barclays to advise it on the potential sale of its …

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U.S. Drillers Cut Oil and Gas Rigs for Third Week in a Row, Baker Hughes says

Conventional Energy, Drilling Rigs, Energy Topics & Technology, Latest, Oil, US News / By

U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since late June, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell …

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Freeport LNG Plant in Texas Back Near Full Power on Friday, LSEG Data Shows

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U.S. liquefied natural gas (LNG) company Freeport LNG’s export plant in Texas was on track to return to near full power on Friday after shutting unexpectedly on Wednesday, LSEG data showed. Freeport is one of the most-watched U.S. LNG export plants in the world because it has a history of swaying global gas prices when …

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Natgas Prices at Waha Hub in Texas Fall to Record Low in Negative Territory

Conventional Energy, Latest, Natural Gas, US News / By

Natural gas prices in the Permian shale basin in West Texas have turned negative a record number of times in 2024, including an all-time low for Friday, as pipeline and other constraints trap gas in the nation’s biggest oil-producing basin. Spot gas prices for Friday at the Waha hub in West Texas fell by about …

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U.S. Pipeline Operator ONEOK Inks Two Deals for $5.9 Billion

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pipelines, US News / By

Deals expand ONEOK’s presence in the prolific Permian Basin It’s the latest in a spate of takeovers in the pipeline sector US pipeline operator ONEOK Inc. agreed to buy a Permian Basin rival and a controlling stake in another company in two transactions valued at a combined $5.9 billion. ONEOK will acquire Global Infrastructure Partners’ …

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Harris Rules Out Fracking Ban, Threading Needle on Fossil Fuels

Conventional Energy, Latest, Natural Gas, Oil, US News / By

Trump attacked Harris’ earlier stance in gas-rich Pennsylvania Harris’ remarks on oil-extraction method most definitive yet Vice President Kamala Harris said she wouldn’t halt fracking if elected president, reversing her prior opposition to the technique used to produce most US oil and gas today. “As vice president, I did not ban fracking,” Harris said in an interview …

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Shell to Cut 20% of Jobs in Some Oil and Gas divisions

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The proposed moves are pending engagement with groups that represent employees Bloomberg News Shell Plc is set to cut around 20 per cent of its workforce in some oil and gas exploration and development divisions as chief executive Wael Sawan works to boost efficiency and profitability. It’s the latest round of cuts following similar moves in …

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Texas Narrows Gas Plant Projects Vying for $5.4 Billion in Funding

Conventional Energy, Latest, Natural Gas, US News / By

 The Public Utility Commission of Texas selected 17 projects, seeking $5.38 billion in government funding, to advance in a new program aimed at spurring the development of gas-fired power plants, the regulators said on Thursday. The Lone Star State, whose power grid has been plagued with bouts of prolonged blackouts, established the Texas Energy Fund …

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Oil Set for Weekly Gain on Supply Concerns

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

(Reuters) – Oil prices steadied on Friday on track for a weekly gain as Libyan output disruptions and Iraqi plans to curb production raised supply concerns, while data showing the U.S. economy grew faster than initial estimates eased recession fears. Still, signs of weakened demand, particularly in China, limited gains. Brent crude futures for October delivery …

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