Conventional Energy

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U.S. Jobs Data Fuels Stock Selloff, Hits Oil Price – Investors Turn to Safe-Haven Bonds

Conventional Energy, Latest, Oil, US News / By

Surprisingly weak U.S. employment data on Friday stoked fears of a recession ahead, prompting investors to dump stocks and turn to safe-haven bonds. Treasury prices surged, sending yields to multi-month lows. Elsewhere in commodities, oil prices fell $2 a barrel. The dollar index hit its lowest since March. Richly-valued technology firms bore much of the …

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Exxon’s Dominance May Not Be Good for Exxon

Conventional Energy, Latest, Oil, Pinned Primary, US News / By

By Robert Cyran NEW YORK, Aug 2 (Reuters Breakingviews) – Exxon Mobil  is barging ahead of rival Chevron. Second-quarter figures reported on Friday showed the $520 billion oil giant churned out $9.2 billion of profit, thanks to the benefits of its $60 billion deal for Pioneer Natural Resources and record production in oil fields in Texas and offshore South …

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Williams to Resume Louisiana Natgas Pipeline Project, Ending Feud with Energy Transfer

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

Williams Cos got the green light to continue building its Louisiana Energy Gateway project (LEG) on Wednesday, a natural gas pipeline, after a court threw out rival company, Energy Transfer’s last bid to halt its construction. The two companies have been in dispute over Williams’ LEG project, under construction in Texas and Louisiana, after Energy …

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Exxon Delays Golden Pass LNG to Late 2025 on Contractor Dispute

Conventional Energy, Latest, LNG, US News / By

Project had been scheduled to begin in first half of 2025 Lead contractor Zachry declared bankruptcy earlier this year Bloomberg News Exxon Mobil Corp. and QatarEnergy delayed the start of a $10 billion natural gas export project in Texas to the end of next year after lead contractor Zachry Holdings Inc. declared bankruptcy. The companies agreed other …

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Oil Prices Set for Fourth Weekly Fall on Demand Concerns

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

(Reuters) – Oil prices held steady on Friday but remained on course for a fourth successive weekly decline as signs of weak growth in global fuel demand outweighed fears of supply disruption in the Middle East. Brent crude futures were up 18 cents, or 0.2%, at $79.70 a barrel by 1040 GMT. U.S. West Texas …

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Exxon Delivers $9.2 Billion Second-Quarter Profit, Raises Output Target

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

Summary Exxon raises 2024 oil and gas output goal to 4.3 million bpd Raises capital spending guidance to $28 billion for 2024 Aims to cut cumulative $5 billion in costs through 2027 Aug 2 (Reuters) – Exxon Mobil (XOM.N) on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising output from its purchase this year …

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U.S. Recognizes Maduro’s Opponent as Winner in Venezuela Election

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil / By

The United States on Thursday recognized Venezuelan President Nicolas Maduro’s opponent and opposition candidate Edmundo Gonzalez as the winner of Venezuela’s disputed presidential election, rejecting Maduro’s claim of victory. “Given the overwhelming evidence, it is clear to the United States and, most importantly, to the Venezuelan people that Edmundo Gonzalez Urrutia won the most votes …

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OPEC+ Sticks to Oil Policy, Repeats Could Pause Oct Hike

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

By Olesya Astakhova, Ahmad Ghaddar, Alex Lawler and Maha El Dahan Russia comfortable with current oil prices Algeria sees demand on upward trend in coming weeks Still some weeks to decide on hike, says source close to OPEC+ MOSCOW/LONDON, Aug 1 (Reuters) – A meeting of top OPEC+ ministers has kept oil output policy unchanged …

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U.S. LNG Exports Fall Again in July on Freeport LNG’s Slow Restart

Conventional Energy, Latest, LNG, US News / By

U.S. LNG exports plunged in July to the second-lowest level of this year, LSEG ship tracking data showed, as Freeport LNG shut for eight days after suffering damage from Hurricane Beryl. Texas-based Freeport LNG is the country’s second-largest LNG export facility, and its production woes in the last few years have played a crucial role …

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Shale-Gas Driller Ovintiv Expands Full-Year Production Targets

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

Shale driller Ovintiv Inc. increased its 2024 production target, the second explorer to do so this year. The company expects to pump the equivalent of 570,000 to 580,000 barrels of crude this year, compared with the previous forecast of 545,000 to 575,000, according to a statement. At the mid ranges of those targets, the increase would …

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