US News - Today in Oil and Gas

Kimmeridge Ready to Negotiate Proposed Offer for SilverBow After Latest Rebuff

Energy Topics & Technology, Exploration & Production, Latest, Mergers and Acquisitions, US News / By mark

Kimmeridge Energy Management said on Monday it remained ready to engage with SilverBow Resources over its takeover bid, days after the U.S. oil and gas producer rejected the latest offer that valued it at $2.1 billion including debt. The activist investor, the top shareholder in SilverBow, in an open letter said the company did not …

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Oil Stays Near Five-Month Highs as Tighter Supply Looms

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

(Reuters) – Oil prices were steady on Monday near five-month highs as markets expect tighter supply from OPEC+ cuts and attacks on Russian refineries while upbeat Chinese manufacturing data supported an improving demand outlook. Brent crude was 10 cents lower at $86.90 a barrel by 1115 GMT after rising 2.4% last week. U.S. West Texas …

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U.S. Crude Oil Production Declined in January – EIA

Latest, Oil, US News / By mark

U.S. crude oil production fell in January to 12.533 million barrels per day (bpd), a 6% decline from December following cold weather that froze in some production, data from the Energy Information Administration showed on Friday. Crude oil output in Texas also fell in January to 5.361 million bpd, down about 5% from the month …

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Gas Producer SilverBow Says Kimmeridge Offer Is Far Too Low

Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Natural Gas, Oil, US News / By mark

SilverBow Resources Inc. says an offer by activist investor Kimmeridge Energy Management Co. to combine the Texas oil and natural gas producer with its own unit is far too low. The Houston-based company said in a letter to shareholders Thursday that Kimmeridge’s unsolicited offer to combine its Texas gas assets with SilverBow in exchange for 32.4 million shares priced at …

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Chesapeake Is Stockpiling New Gas Wells to Await Higher Prices

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

Chesapeake Energy Corp. plans to put 80 new natural gas wells into suspended animation by the end of this year with an eye to turning them on when prices for power-plant and heating fuel rebound from the lowest prices in years. The company already has drilled 15 such wells that are sitting in reserve, Chief Operating …

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Baltimore Fuel Suppliers Face Logistical Challenges After Bridge Collapse

Conventional Energy, Energy Topics & Technology, Latest, Oil, Pinned Primary, US News / By mark

NEW YORK, March 27 (Reuters) – Fuel suppliers in Baltimore will face some trucking delays and other minor logistical issues after the collapse of a major bridge earlier this week shut the city’s port indefinitely, market participants said on Wednesday. A cargo ship smashed into the Francis Scott Key Bridge on Tuesday, causing parts of …

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Canadian Oil Flows to L.A. as Trans Mountain Pipeline Start Nears

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, Oilsands, Pipelines, US News / By mark

Canadian crude shipments to Los Angeles are surging, a possible preview of how an expanded pipeline that’s nearing startup may redraw flows along the Pacific Coast. Three tankers carrying a total of 1.74 million barrels have sailed from Vancouver to the biggest U.S. West Coast city in March, the most in at least four years, according …

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Hess Board Recommends Shareholders Vote in Favor of Chevron Merger -Filing

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Mergers and Acquisitions, Natural Gas, Oil, US News / By mark

Hess Corp on Thursday said in a securities filing that its board unanimously recommended shareholders vote in favor of the company’s sale to Chevron Corp, and that Exxon Mobil had initially supported the deal. The $53 billion deal’s closing has been delayed by a second request for information by the U.S. Federal Trade Commission and by contract arbitration …

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Biden’s Oil Boom: How Fossil Fuels Thrived Despite the White House’s Climate Policies

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

Record oil production. Booming exports. Rapid jobs growth. Soaring CEO pay and shareholder returns. Almost no matter the metric, the U.S. oil and gas industry has flourished under President Joe Biden, even though his administration has pushed hard to transition the U.S. economy toward a carbon-free future to fight climate change. By Prinz Magtulis, Nichola …

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The $100 Oil Call Is Back – But There are Obstacles Ahead

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

Russia’s pledge to cut output has sparked talk of a return to triple digits, but there are obstacles ahead. Oil prices have the potential to rally to $100 a barrel by the end of the Northern Hemisphere’s summer, but there’s a lot that could send that forecast awry. Analysts at JPMorgan Chase & Co. have …

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