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Oil Market Torpor Sends Investors to Other Commodities – John Kemp

Conventional Energy, Energy Topics & Technology, Finance, Latest, Oil, Tri-Pinned, US News / By

Global petroleum markets have become calm again after massive disruptions caused by the coronavirus pandemic, Russia’s invasion of Ukraine, and the sanctions imposed in response by the United States and its allies. Production and consumption are growing at similar rates; inventories are near normal; prices are close to average once adjusted for inflation; and volatility …

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Canada Increases Loan Guarantees for Trans Mountain to C$19 Billion

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

The Canadian government has guaranteed another C$1 billion ($731 million) in commercial loans for the Trans Mountain pipeline expansion, taking the total government-backed loan facility to C$19 billion, Trans Mountain’s quarterly earnings statement showed on Thursday. The expansion project, which has so far cost C$34 billion, nearly triples capacity to ship oil from Alberta to …

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U.S. Crude Stocks Fall, Gasoline and Distillate Inventories Rise – EIA

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

U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration said on Thursday. Crude inventories fell by 4.2 million barrels to 454.7 million barrels in the week ending May 24, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel draw. Crude stocks at …

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Exxon Vows to Be ‘Forceful Advocate’ for Shareholder Democracy

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

Opponents say lawsuit is attempt to silence dissenting voices Investors vote with board on all proposals at virtual meeting Exxon Mobil Corp. pledged to be a “forceful advocate” for shareholder rights as it confronts activist investors that the oil giant accuses of abusing the US proxy voting system. Chief Executive Officer Darren Woods vowed to “safeguard” annual meetings …

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Conoco’s Marathon Deal is Cheap and Cheerful

Energy Topics & Technology, Latest, Mergers and Acquisitions, US News / By

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Robert Cyran NEW YORK, May 29 (Reuters Breakingviews) – While rivals are going big and risky, ConocoPhillips is taking a cheerful boogie board ride on oil’s merger wave. The $139 billion oil driller said on Wednesday that it has agreed to buy rival Marathon …

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Double Eagle Explores $6.5 Billion Sale of Shale Oil Producer, Sources Say

Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Oil, Shale, US News / By

Prolific oil and gas developer Double Eagle is exploring a sale of its latest Permian Basin-based producer in a deal that could be worth more than $6.5 billion, including debt, according to people familiar with the matter. The Double Eagle team is expected to launch a sale process for the producer in the second half …

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Data Centers Could Use 9% of U.S. Electricity by 2030, Research Institute Says

Electricity Grid, Energy Topics & Technology, Latest, US News / By

Data centers could use up to 9% of total electricity generated in the United States by the end of the decade, more than doubling their current consumption, as technology companies pour funds into expanding their computing hubs, the Electric Power Research Institute said on Wednesday. Depending on the adoption pace of technology such as generative …

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ConocoPhillips to Buy Marathon Oil for $22.5 Bln in Latest Energy Merger

Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Oil, Tri-Pinned, US News / By

(Reuters) – ConocoPhillips  on Wednesday agreed to buy Marathon Oil  in a $22.5 billion deal, the latest in a series of mega-mergers in the oil and gas industry as companies look to bolster reserves. The U.S. oil and gas industry has been riding a consolidation wave over the last two years. Last year was one of …

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Weatherford Awarded Framework Extension with Equinor for Completions and Slot Recovery

Energy Topics & Technology, Latest, OFS-Oilfield Services, Press Releases / By

HOUSTON, May 28, 2024 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced it has been awarded a two-year frame agreement extension with Equinor, a multinational energy company, for the delivery of completions, liner-hangers, and slot recovery services. To deliver on this scope, Weatherford will offer its Accuview® downhole monitoring solutions with …

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More Hurdels Await Chevron Inches After Hess Shareholder Approval

Energy Topics & Technology, Latest, Mergers and Acquisitions / By

Approval from Hess shareholders was a win, but more hurdles await.   Chevron Corp. cleared the first major hurdle toward closing its $53 billion acquisition of Hess Corp. — and securing a share in one of the world’s most promising oil fields. The chief executive officers of the two companies may want to keep their …

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