Exploration & Production

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TotalEnergies Says Oil Production to Hit High End of Q2 Guidance

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By Reuters (Reuters) – French oil major TotalEnergies  said on Tuesday its second-quarter hydrocarbon production levels will hit the top end of its guidance range, while pressure on refining margins will be partly alleviated by higher refinery utilisation. WHY IT’S IMPORTANT TotalEnergies quarterly earnings are due on July 25, and investors are closely watching the company …

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Kuwait Announces ‘Giant’ Oil Discovery

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(Reuters) – Kuwait Petroleum Corporation (KPC) said on Sunday it had made a “giant” oil discovery in the Al-Nokhatha field east of the Kuwaiti island of Failaka, with oil reserves estimated at 3.2 billion barrels. KPC’s CEO Sheikh Nawaf Saud Nasir Al-Sabah said in a video posted by the company on X that the new …

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BP Is on Borrowed Time to Change – Or Else

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

If there’s an all-hands-on-deck response at the oil major’s headquarters, that message seems to be lost in translation for concerned investors. By Javier Blas Murray Auchincloss had a clear message to his shareholders days after becoming chief executive officer of BP Plc: “I’m focused on growing the value of BP.” Nearly six months since his …

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Shell’s Bet on Gas Boom Takes Shape with String of Deals

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

(Reuters) – Shell has replaced liquefied natural gas (LNG) volume it lost after exiting Russia in 2022 with a string of deals that underpin CEO Wael Sawan’s bet on growing demand for the fuel as he reduces the focus on renewable energy. The new projects in the United Arab Emirates and Trinidad and Tobago and the acquisition …

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Diamondback Reports Second-Quarter Average Realized Natgas Price of 10 Cents Per Mcf

Company Announcements, Energy Topics & Technology, Exploration & Production, Latest / By

U.S. oil and gas producer Diamondback Energy’s average unhedged realized price for natural gas was 10 cents per thousand cubic feet (Mcf) in the second quarter, the company said in a regulatory filing on Thursday. Natural gas prices have fallen in the reported quarter, hurt by a lower demand forecast, high output and excess inventories, …

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Exxon Signals Q2 Below Market Consensus, Excluding Pioneer Buy

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

(Reuters) – Exxon Mobil Corp on Monday signaled that lower refining margins across the industry and lower natural gas prices will reduce profits in the second quarter. A snapshot of operating factors affecting the quarter suggests earnings per share between $1.50 and $2.40, or about $8.3 billion, which is 17% below market consensus. The preview excludes …

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U.S. Oil Output, Demand Rose in April to Four-Month High, EIA Says

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 U.S. oil production and demand rose to a four-month high in April, according to the Energy Information Administration’s (EIA) Petroleum Supply Monthly report published on Friday. Total U.S. field production of crude oil rose by 72,000 barrels per day (bpd) month-over-month to 13.25 million bpd, the highest since December. Product supplied of crude oil and …

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Environmental Activists Win Landmark Ruling Over UK Oil Well Plan

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

(Reuters) – The UK’s highest court ruled on Thursday that planners must look at the impact of emissions on global warming before granting approval for oil wells, in a landmark case that climate activists said makes it easier to block fossil fuel projects. Environmental campaigners had argued that planning permission to retain and expand an …

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Phillips 66 Seeing Tightened Margins Following Trans Mountain Oil Pipeline Start-Up

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

U.S. refiner Phillips 66 said on Tuesday its margins have tightened after the expanded Trans Mountain pipeline project in Canada started up in May. The $24.84 billion expansion has nearly tripled the flow of crude from landlocked Alberta to Canada’s Pacific coast to 890,000 barrels per day (bpd). “We are still exporting Canadian crude from …

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Berkshire Hathaway Boosts Stake in Occidental Petroleum to Nearly 29%

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

(Reuters) – Billionaire Warren Buffett’s Berkshire Hathaway Inc. acquired another 2.95 million shares in Occidental Petroleum , a regulatory filing showed, bringing his stake in the U.S. oil producer’s common stock to nearly 29%. Berkshire disclosed in a U.S. Securities and Exchange Commission filing on Monday that it paid about $176 million in three separate purchases of …

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