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U.S. Refinery M&A Stalls as Buyers Shun Aging Assets, Uncertain Future

Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, Refineries / By

WASHINGTON/NEW YORK, Feb 16 (Reuters) – The U.S. oil industry saw nearly $200 billion in upstream deals last year, but the refining sector missed out despite plenty of willing sellers as the energy transition away from fossil fuels accelerates and casts doubt over the long-term value of aging U.S. refineries The growing number of operators looking to …

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Oil Slips as Weaker IEA Demand Outlook Offsets Rate Cut Hopes

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

(Reuters) – Oil slipped on Friday as a forecast of slowing demand by the International Energy Agency offset support from geopolitical tensions and hopes that the U.S. Federal Reserve might cut interest rates sooner than expected. Weighing on sentiment, the IEA said on Thursday that global oil demand growth was losing momentum and it trimmed its 2024 …

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Oil Output in North Dakota Fell in Dec., Despite Record Well Count

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

North Dakota’s oil production fell by 6,000 barrels per day in December to 1.27 million bpd, even as the number of producing wells climbed to a record high, monthly data from the state’s Industrial Commission showed on Thursday. Oil producers cut back on hydraulic fracturing activity ahead of expected colder weather and the holidays, reducing …

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Occidental Says CrownRock Deal Delayed by FTC Requests of ‘Everything’

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

(Reuters) – Occidental Petroleum  on Thursday said a U.S. regulator’s second request for information on the acquisition of shale producer CrownRock has pushed back the deal’s closing date to second half this year. The delay in Federal Trade Commission (FTC) approval of the $12 billion acquisition will make the Houston-based oil company postpone planned sales of …

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U.S. Awards SPR Contracts Worth $229.5 Million to ExxonMobil, BP, Others

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

The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 2.95 million barrels of oil worth about $229.5 million to four companies, the U.S. Energy Department said on Thursday. The U.S.-produced crude oil is being purchased for an average price of $77.81 per barrel, lower than the average of about $95 per barrel that …

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New York Pension Fund Further Restricts Investments in Exxon, Other Oil Companies

Conventional Energy, Latest, Oil, US News / By

The New York State Common Retirement Fund would restrict its investments in eight integrated oil and gas companies including Exxon Mobil, after a review of the companies’ readiness to transition to a low-carbon economy, New York Comptroller Thomas DiNapoli, who oversees retirement assets, said. While various universities and public pension funds have restricted oil and …

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Shale Executives Pledge Not to Grow (Too Much)

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

U.S. producers blew through forecasts last year, adding the equivalent of another Venezuela to global supplies. As reliably as warm weather returns to West Texas in late February, US shale executives are out on the road this earnings season pledging they’ll keep production growth modest during the next 12 months. The past 12 months offer reason for …

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U.S. Crude Stockpiles Rise, Products Draw Down as Refining Drops – EIA

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

U.S. crude oil stockpiles rose last week while gasoline and distillate inventories fell as refinery runs dropped to their lowest since December 2022, the Energy Information Administration said on Wednesday. Crude inventories rose by 12.0 million barrels to 439.5 million barrels in the week to Feb. 9, the EIA said, far exceeding analysts’ expectations in …

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Oil Holds Firm on OPEC Demand Forecast and U.S. Fuel Stocks

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

(Reuters) – Oil prices were little changed on Wednesday, holding on to Tuesday’s gains on a robust demand growth forecast from OPEC and a sharp decline in U.S. fuel stocks. Brent crude futures rose by 12 cents, or 0.14%, to $82.89 a barrel by 1235 GMT. U.S. West Texas Intermediate (WTI) crude futures were up …

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Oil Majors Rejig Portfolios with $30-Per-Barrel Price in Mind

Conventional Energy, Latest, Oil, US News / By

Summary As renewables advance, companies rush to shed costly oilfields Shareholder payouts taking more cash than capital expenditures (Reuters) – Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 per barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry’s …

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