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Shale’s Shift to All-Stock Deals Gives It Muscle Against OPEC Maneuvers

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

APA Corp.’s $2.6 billion purchase of Callon Petroleum Co. extends the industry’s strategy of lining up drilling sites without piling on debt. Permian Basin oil and natural gas output may grow in 2024, though at a slower pace than last year. The new year in the shale patch kicked off much as the old one ended, with a hefty all-stock takeover. …

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Oil Tankers Continue Red Sea Movements Despite Houthi Attacks

CDN and International News, Conventional Energy, Latest, Oil / By

(Reuters) – Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed. The attacks have driven up shipping costs sharply along with insurance premiums, but have had less impact than …

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Oil Rises Over a $1 as Middle East Crisis, Inflation Fight in Focus

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

Summary Hapag-Lloyd to continue avoiding Red Sea/Suez Canal 300,000 bpd of supply still offline in Libya American Petroleum Institute weekly data due at 2130 GMT (Reuters) – Oil prices rose by more than $1 on Tuesday after sliding in the previous session as markets weighed Middle East tensions against demand worries and rising OPEC supply. …

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Permian’s Private Shale Explorers Expect Modest Growth

Conventional Energy, Latest, Oil, Shale, US News / By

Survey finds closely held group planning less than 5% increase Explorers say they need crude to be above $70 to make a profit By David Wethe – Bloomberg Most of shale’s private explorers in the Permian are planning modest growth this year as one of the main engines of US oil expansion downshifts amid volatile commodity …

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Oil Prices Settle Higher on Middle East Tensions

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

Summary U.S. Secretary of State Blinken visits Middle East U.S. employment data shows increased hiring and wages Rig count declines for third time in four weeks Maersk diverts vessels from Red Sea for foreseeable future (Reuters) – Oil prices settled higher on Friday as U.S. Secretary of State Antony Blinken began a week-long sweep through …

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EXPLAINED: How Houthi Red Sea Attacks Are Disrupting World Trade

CDN and International News, Conventional Energy, Latest, Oil / By

By Paul Wallace and Alex Longley – Bloomberg A wave of missile and drone strikes on ships plying the Red Sea has caused the biggest disruption to global trade since the pandemic. The attacks are the work of Yemen’s Iran-backed Houthi militants. They say they are targeting vessels with links to Israel to protest against its military campaign in the Gaza …

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Exxon Mobil to Take $2.5 Billion Writedown on California Assets

Conventional Energy, Latest, Oil, US News / By

Oil giant cites California’s regulatory environment for charge Chevron also writing down value of some Golden State assets By Kevin Crowley Exxon Mobil Corp. warned investors of a $2.5 billion write down of the value of some California operations. The impairment to be recorded in fourth-quarter earnings is “primarily” related to its Santa Ynez operations off the …

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Reliance on Fossil Fuels Remains Virtually Unchanged Despite Trillions for ‘Clean Energy’

Conventional Energy, Latest, Natural Gas, Oil, US News / By

By Elmira Aliakbari, Julio Mejía, and Jason Clemens At COP28, the recent United Nations climate change conference in the United Arab Emirates, bureaucrats, politicians and activists from nearly 200 countries gathered to push for a “transition away from fossil fuels” and continue and indeed expedite efforts to achieve a global net-zero “carbon footprint” by 2050. …

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