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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 …
U.S. Oil and Gas Output Curbed by Lower Prices: John Kemp Read More »
(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 …
Chevron Corp said on Sunday that non-essential personnel from its Blind Faith and Petronius facilities in Gulf of Mexico have been removed as Tropical Storm Debby approaches.“There has been no effect to production at our Chevron-operated assets due to the tropical weather,” the company added. Tropical Storm Debby is expected to strengthen rapidly into a …
Chevron Removes Non-Essential Personnel from Gulf of Mexico Sites as Debby Approaches Read More »
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 …
Exxon Delivers $9.2 Billion Second-Quarter Profit, Raises Output Target Read More »
(Reuters) – Chevron(CVX.N) reported second-quarter earnings on Friday that missed Wall Street estimates due to industry-wide pressure from lower refining margins and natural gas prices, sending its shares down 1.5% in premarket trading. The company earlier had warned oil output this quarter would slip and refining would suffer from turnarounds at two refineries in California. Refining margins …
Chevron Reports Q2 Earnings Miss on Weak Refining Margins Read More »
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 …
Shale-Gas Driller Ovintiv Expands Full-Year Production Targets Read More »
(Reuters) – U.S. oil and gas producer ConocoPhillips posted a second-quarter profit that beat Wall Street estimates on Thursday, benefiting from higher output and oil prices. The beat comes as ConocoPhillips is pursuing a $22.5 billion takeover of Marathon Oil, one of the largest deals of the quarter that is currently under review by the Federal …
ConocoPhillips Beats Q2 Profit on Higher Oil Production, Prices Read More »
Summary Profit down 19% quarter on quarter Weak refining margins and trading results weigh Plans a further $3.5 billion in buybacks (Reuters) – Shell reported second-quarter profit of $6.3 billion, a drop of 19% from the previous three months as refining margins and oil and gas trading weakened, though still beating analysts’ forecasts. The results were …
Shell Beats Forecasts With $6.3 Billion Second Quarter Profit Read More »
U.S. crude oil production fell in May in its first monthly decline since January, while fell natural gas output decreased to its lowest since February 2023, data from the U.S. Energy Information Administration showed on Wednesday. Crude oil production fell by 61,000 barrels per day (bpd) to 13.18 million bpd in May, as lower output …
U.S. Oil Output Falls in May for the First Time Since January, EIA Says Read More »
Summary BP boosts dividend by 10%, extends share buybacks Refining profits weighed by weak fuel demand, CEO says BP to develop new Gulf of Mexico oilfield (Reuters) – BP increased its dividend and extended its share repurchasing programme on Tuesday as it reported a forecast beating second-quarter profit of nearly $2.8 billion, with weak refining offset …
BP Raises Dividend as $2.8 Billion Quarterly Profit Beats Forecasts Read More »
