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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 …
Permian’s Private Shale Explorers Expect Modest Growth Read More »
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 …
Oil Prices Settle Higher on Middle East Tensions Read More »
The Department of Energy’s loan office on Friday conditionally approved a $189 million loan to support the build-out of a methane monitoring network in key oil-producing basins that would provide real-time data for tens of thousands of oil and gas sites, which it estimates could prevent the equivalent of at least 6 millions tons of …
U.S. Approves $189 Million Loan for Real-Time Methane Monitoring Read More »
U.S. oil companies and refiners are likely to face another challenging 12 months in 2024, Bank of America (BofA) analysts wrote in a note on Friday, who expect Brent crude to average $80 per barrel this year. Crude futures lost over 10% in 2023 in a tumultuous year of trading marked by geopolitical turmoil and …
Southwestern Energy and Chesapeake Energy are close to a merger that would create a roughly $17-billion company that would rank as one of the largest U.S. natural-gas producers, the Wall Street Journal reported on Friday. The deal could come together as soon as next week, the report said, citing people familiar with the matter, provided …
Southwestern and Chesapeake Energy Near $17-Billion Merger Read More »
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 …
Exxon Mobil to Take $2.5 Billion Writedown on California Assets Read More »
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. …
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 …
Summary U.S. Secretary of State Blinked visits Middle East Euro zone inflation rose in December U.S. employment data out 1330 GMT LONDON, Jan 5 (Reuters) – Oil prices gained on Friday, as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening. Brent crude …
The longer natural gas prices stay lower in 2024 and drilling and related activity pulled back, the market could overshoot to both the downside and upside next year as it seeks to find an equilibrium, EQT’s financial head Jeremy Knop said. U.S. natural gas futures ended 2023 with the biggest percentage decline since 2006 due …
U.S. Natgas Producers Seek to Balance Production Cuts, Demand Rebound Read More »
