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U.S. oil and gas production rebounded sharply in February after extensive disruption the previous month caused by freezing wells and other outages stemming from Winter Storm Heather in the middle of January. Nationwide crude and condensates output jumped by 0.6 million barrels per day (b/d) in February reversing a decline of 0.7 million b/d in …
U.S. Oil and Gas Production Rebounds After Winter Storm: Kemp Read More »
Norway will add a new oil and natural gas development in the North Sea, extending the life of a nearby field that has been in operation for over three decades. Okea ASA will operate the Bestla project, due to come on-stream in the first half of 2027, with total investments forecast to be about 6.3 billion …
Norway to Add Another Oil Field in North Sea With Bestla Tie-In Read More »
(Reuters) – Operators drilling for oil in Texas are scrambling to dispose of their excess natural gas amid a supply glut and weak prices, prompting an uptick in flaring requests. The Railroad Commission of Texas (RRC), which regulates the state’s oil and natural gas industry, last week approved 21 exemption requests from operators, mostly in …
Texas Operators Turn to Flaring Amid Weak Gas Prices Read More »
(Reuters) – Financial details of Shell’s vast oil and gas trading business are some of the company’s closest-held secrets. Documents in a lawsuit filed by a former employee, however, revealed its U.S. crude trading regularly earns around $1 billion every year. Testimony by a former head of Shell’s U.S. crude trading division filed in a Texas …
Shell Earns $1 Billion a Year From U.S. Crude Trading, Court Filing shows Read More »
Hess Corp set May 28 for a special meeting of shareholders to vote on Chevron Corp ‘s $53 billion buyout offer, the company said in a securities filing on Friday. Chevron last October offered to acquire Hess Corp in a move to gain a foothold in oil-rich Guyana’s lucrative offshore fields. The deal has been stalled …
Hess Sets May 28 Shareholder Vote on Chevron Buyout Read More »
FTC recently sued to block Tapestry’s high-end handbag deal Lawmakers called for more scrutiny of oil deals in March Exxon Mobil Corp. expects US antitrust regulators to approve its $60 billion acquisition of Pioneer Natural Resources Co. by the end of June despite increased government scrutiny of corporate mergers. “We continue to expect the deal is going to …
Exxon Expects FTC to Approve Pioneer Deal by Mid-Year, CFO Says Read More »
(Reuters) – Oil giant Chevron Corp beat estimates for first-quarter profit on Friday as higher production volumes in the U.S. helped offset a hit from weak natural gas prices and fuel margins. The second largest U.S. oil producer posted a profit of $5.5 billion in the quarter ended on March 31, down from $6.57 billion, or …
Chevron Posts Q1 Profit Beat With Oil Production Gains Read More »
(Reuters) – Phillips 66 missed quarterly profit estimates due to a decline in refining margins led by underperformance at its Gulf Coast operations, sending the refiner’s shares down 5.5% in premarket trading on Friday. Refiner margins have scaled back from the peaks achieved after Russia’s invasion of Ukraine in 2022, amid a rise in global refining …
Phillips 66 Misses First-Quarter Profit Estimates on Weaker Margins Read More »
HOUSTON, April 26 (Reuters) – Exxon Mobil Corp on Friday missed analysts’ estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains. The largest U.S. oil company, which is in the process of closing a $60 billion deal for top shale oil producer …
Exxon Misses on Q1 Profit Despite Big Gains in Guyana Read More »
EQT Corp., the largest US producer of natural gas, is now taking output cuts through May as prices hover near four-year lows because of weak demand. The company also reduced its sales guidance for 2024. The move underscores that this year’s low natural gas prices aren’t sustainable for the industry. US gas futures have touched …
EQT Cuts Sales Guidance, Plans to Curtail Production Through May Read More »
