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Occidental Delays CrownRock Output Goals, Turns to Debt Reduction

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

Occidental Petroleum on Thursday said it will focus on cutting debt and catching up with promised production goals before an eagerly anticipated expansion of its cash distribution program. The U.S. oil producer posted better-than-expected second quarter results on Wednesday, largely due to strong production in Colorado, lower operating costs and onetime strong midstream earnings, which …

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Oil Traders Ignore Dwindling Stocks to Focus on Economy: John Kemp

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil / By

Oil prices have retreated in recent weeks as traders look past the current depletion in global inventories to focus on the future threat posed by a possible slowdown in the major economies. Commercial stocks of crude and refined products in the advanced economies belonging to the Organization for Economic Cooperation and Development (OECD) amounted to …

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What the History-Making Elections of 2024 Could Mean for Energy

Energy Commentary, Energy Topics & Technology, Latest, US News / By

A new government in the UK, gridlock in France and the dramatic face-off in the US will have consequences for investment and the transition to clean fuels. By Bloomberg News Energy and climate change have been on the ballot around the world this year. Here’s a scorecard of what to expect on infrastructure, power and renewables …

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Diamondback Curtails Some Oil Production to Reduce Gas Output

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Lack of pipeline capacity for excess gas hinders profits Firm still expects to beat original 2024 oil output forecasts Diamondback Energy Inc. reduced some of its oil production in the second quarter to trim natural-gas output because there isn’t enough pipeline capacity to ship gas that’s pumped alongside the crude. After years of operators flaring …

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US Crude Stockpiles Fall, Fuel Inventories Rise, EIA Says

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

(Reuters) U.S. crude oil stockpiles fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.7 million barrels to 429.3 million barrels in the week ended Aug. 2, the EIA said, compared with analysts’ expectations in a Reuters poll for a 700,000-barrel draw. Crude stocks …

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U.S. Oil and Gas Output Curbed by Lower Prices: John Kemp

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

U.S. oil and gas production show further signs of flattening out or turning down, a delayed response to the decline in prices over the last two years after the initial shock caused by Russia’s invasion of Ukraine in early 2022.   Total crude and condensates production from the Lower 48 states, excluding federal waters in …

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Phillips 66 Slashes Jobs, Caps Reduction at 1%

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(Reuters) – U.S. oil refiner Phillips 66  is cutting more jobs to advance its strategic priorities and improve workforce efficiency, the company said on Tuesday. Phillips 66 spokesperson Al Ortiz confirmed that some jobs were being eliminated. “Phillips 66 continues to look to ways to position our organization to help advance its strategic priorities The …

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EIA Sees Tighter U.S. Oil Market for 2024, Lowers Price Outlook

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

(Reuters) – The U.S. Energy Information Administration on Tuesday forecast tighter supply and demand balances for U.S. oil markets this year, while also lowering its outlook for crude prices, according to its Short-Term Energy Outlook. The EIA lifted its forecast for 2024 U.S. oil demand by 100,000 bpd to 20.5 million bpd. It left its …

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Aramco CEO Says Oil Demand Is Strong and Recent Selloff Was Overreaction

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

Saudi oil giant sees demand “north of 106 million b/d” in 2025 “Robust” oil use points to “fairly healthy” market: CEO The selloff in global oil markets on perceived bad economic news was overdone because demand remains strong, according to top crude exporter Saudi Aramco. Brent crude dropped to almost $75 a barrel on Monday, …

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U.S. to Invest $2.2 Billion to Overhaul National Power Grid

Electricity Grid, Energy Topics & Technology, Latest / By

(Reuters) – The Biden administration said on Tuesday it is investing $2.2 billion to revamp the nation’s power grid to protect it against growing threats of extreme weather events. The U.S. government has been working to overhaul the country’s electric transmission system, which is under pressure from extreme weather conditions, as well as a growing number of …

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