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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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U.S. Natgas Producers Seek to Balance Production Cuts, Demand Rebound

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

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 …

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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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U.S. Natgas Prices Rise 4% to One-Month High Ahead of Storage Report

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

U.S. natural gas futures climbed about 4% to a one-month high on Thursday on a drop in daily output and forecasts for colder weather and higher heating demand over the next two weeks than previously expected. That price increase came ahead of a federal report expected to show last week’s storage withdrawal was smaller than …

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COMMENTARY: Climate Alarmists Like the IEA Want Oil and Gas Sector to Embrace Its Own Extinction – It’s Not Realistic

Direct Air Capture, Latest, Net Zero, US News / By

In the long debate over climate change, there have been two broad rivers of thought. The dominant stream of thought held by governments, NGOs and the United Nations is that the “solution” to climate change lies in radical curtailment of greenhouse gas (GHG) emissions at any cost. The current fixation is to bring global GHG …

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APA Corporation to Acquire Callon Petroleum Company in All-Stock Transaction

Latest, Press Releases, Tri-Pinned, US News / By

Complements and enhances APA’s asset base in the Permian Basin; expected to be accretive to key financial metrics; Adds to APA’s high-quality, short-cycle development inventory and increases oil mix; and Strengthens APA’s position as a leading, diversified independent E&P with pro forma production of more than 500,000 barrels of oil equivalent (BOE) per day and …

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Shell backs BP in fight Over Venture Global LNG Exports

Conventional Energy, Latest, LNG, US News / By

Curtis Williams Jan 3 (Reuters) – Shell PLC (SHEL.L) has joined BP PLC (BP.L) in its battle against Venture Global LNG, accusing the liquefied natural gas (LNG) producer of denying it and other customers access to supplies while exporting more than $18 billion worth of the superchilled gas, according to a filing with U.S. regulators. Venture Global’s Calcasieu Pass …

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