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Occidental Delays CrownRock Output Goals, Turns to Debt Reduction

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

Occidental Petroleum on Thursday said it will focus on cutting debt and catching up with promised production goals before an eagerly anticipated expansion of its cash distribution program. The U.S. oil producer posted better-than-expected second quarter results on Wednesday, largely due to strong production in Colorado, lower operating costs and onetime strong midstream earnings, which …

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Biden Offers $1.45 Billion in Financing for Georgia Solar Plant

Latest, Renewable Energy, Solar, US News / By

Qcells plans largest US facility for silicon ingots and wafers Company has been pulling out of China due to US solar tariffs The Biden administration is offering Qcells as much as $1.45 billion in conditional financing to construct the biggest US plant producing silicon ingots and wafers, the building blocks of solar panels. The conditional …

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What the History-Making Elections of 2024 Could Mean for Energy

Energy Commentary, Energy Topics & Technology, Latest, US News / By

A new government in the UK, gridlock in France and the dramatic face-off in the US will have consequences for investment and the transition to clean fuels. By Bloomberg News Energy and climate change have been on the ballot around the world this year. Here’s a scorecard of what to expect on infrastructure, power and renewables …

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Maersk Changes Its Tune on LNG With Big Ship Order

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Shipping giant A.P. Moller-Maersk A/S is in the process of securing 50-60 vessels as part of its fleet renewal program, including ships that will be able to run on liquefied natural gas, a fuel the company has criticized in the past. The order is for a mix of owned and chartered dual-fuel vessels totaling 800,000 twenty-foot equivalent units — a …

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Diamondback Curtails Some Oil Production to Reduce Gas Output

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

Lack of pipeline capacity for excess gas hinders profits Firm still expects to beat original 2024 oil output forecasts Diamondback Energy Inc. reduced some of its oil production in the second quarter to trim natural-gas output because there isn’t enough pipeline capacity to ship gas that’s pumped alongside the crude. After years of operators flaring …

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Oil Prices Steady After Two Days of Gains

Conventional Energy, EnergyNow News and Press Releases, Latest, Oil, Tri-Pinned, US News / By

(Reuters) – Oil prices held steady on Thursday after two sessions of gains, with growing supply risks in the Middle East offsetting demand concerns that had pushed prices to their lowest since early 2024 at the start of the week. Brent crude futures fell 8 cents, or 0.1%, to $78.25 a barrel by 1100 GMT. …

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US Natural Gas Producers Eye More Output Cuts as Prices Sink

Conventional Energy, Latest, LNG, US News / By

(Reuters) Major U.S. natural gas producers are preparing to further curtail production in the second half of 2024, after prices sank nearly 40% over the past two months. Henry Hub gas futures have dropped to around $2 per million British thermal units (mmBtu), while in West Texas, Waha prices have turned negative a record number …

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Trump Says US Needs to Fill Up the Strategic Oil Reserves -Fox News Interview

Conventional Energy, Latest, Oil, US News / By

Republican presidential candidate Donald Trump says he will fill up the U.S. Strategic Petroleum Reserve if elected to another White House term in November. “I was filling that up at levels that they’ve never seen before. We have to fill up the strategic reserves immediately,” he said in an interview with Fox News. Democratic President …

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US Crude Stockpiles Fall, Fuel Inventories Rise, EIA Says

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

(Reuters) U.S. crude oil stockpiles fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.7 million barrels to 429.3 million barrels in the week ended Aug. 2, the EIA said, compared with analysts’ expectations in a Reuters poll for a 700,000-barrel draw. Crude stocks …

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U.S. Court Overturns FERC’s Authorization for NextDecade’s Rio Grande Project

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

A U.S. court has overturned the Federal Energy Regulatory Commission’s (FERC) authorization for NextDecade’s Rio Grande LNG project for not issuing a supplemental environmental impact statement, the company said on Tuesday. The facility has been in development for several years, suffering repeated delays, and phase 1 is now expected to reach completion by early 2029 …

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