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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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Critical Enbridge Line 5 Energy Project Approved in Positive Sign for Ontario, Quebec and Michigan

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

Michigan regulators give green light to Enbridge Line 5 tunnel By Will Gibson Follow CEC on LinkedIn  CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter A key artery in the network supplying Michigan, Ontario and Quebec with essential petroleum products has cleared a critical hurdle to continue operations. In December, Michigan’s Public Service Commission approved a …

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OPEC December Oil Output Rises Before New Cuts, Angola Exit – Survey

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

(Reuters) OPEC oil output rose in December, a Reuters survey found on Friday, as increases in Iraq, Angola and Nigeria offset ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market. The Organization of the Petroleum Exporting Countries pumped 27.88 million barrels per day (bpd) last month, the …

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Biden Administration Slowly Puts Oil Back into the SPR Emergency Stash – Here are Some SPR Facts

Conventional Energy, Latest, Oil, US News / By

The administration of President Joe Biden is slowly putting oil back into the Strategic Petroleum Reserve, after selling a record amount from the emergency stockpile in 2022. Here are some facts about the SPR and U.S. efforts to buy oil back to fill it. WHAT IS THE SPR? It is the world’s largest emergency oil …

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Oil Extends Gains on Middle East Supply Worries

Conventional Energy, Latest, Oil, Pinned Primary / By

Summary Shutdown of Libya’s Sharara oilfield tightens supply U.S. crude inventories fall more than expected -API Coming up: EIA supply report, 1600 GMT (Reuters) – Oil rose by about 1% on Thursday, extending gains on concerns over Middle Eastern supply after disruptions at an oilfield in Libya and heightened tensions relating to the Israel-Hamas war. …

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U.S. Seeks 3 Mln barrels of Crude for Strategic Reserve

Conventional Energy, Latest, Oil, US News / By

The U.S. is seeking to buy up to 3 million barrels of U.S.-produced sour crude oil for delivery in April to help replenish the Strategic Petroleum Reserve (SPR), the Department of Energy said in a statement on Wednesday. President Joe Biden’s administration is slowly purchasing oil for the SPR after it sold a record 180 …

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