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January 5, 2023

Saudi’s won’t let oil stay at $75: Pioneer CEO- oil and gas 360

Saudi’s won’t let oil stay at $75: Pioneer CEO

January 5, 2023

Oil Price OPEC is likely to cut oil production again, Pioneer Natural Resources CEO said at a Goldman Sachs Conference in Miami on Thursday.   “Saudi is not going to let Brent stay around $75 a barrel,” Scott Sheffield said, adding that it wouldn’t surprise him “if they had another cut.” Sheffield believes that oil futures will stay in backwardation going forward,

U.S. oil majors focus on cost discipline in spending plans- oil and gas 360

U.S. oil majors focus on cost discipline in spending plans

January 5, 2023

Oil Price As Exxon and Chevron focus more on shareholder returns and less on speculative spending, they are both reining in investments in large international oil projects and focusing more on investing in the Americas. Chevron says it’ll use 70% of its capital allocation for production on oil fields in the U.S., Argentina and Canada, while Exxon says they will

Exxon expects yet another strong quarter- oil and gas 360

Exxon expects yet another strong quarter

January 5, 2023

Oil Price Exxon expects to book another strong quarter in financial results, with profit for October-December 2022 seen at $15.4 billion, according to a securities filing Reuters quoted in a report.   Analysts have estimated that the supermajor’s full 2022 net profit could hit $56 billion, which would be a record high. The record result would come on the back of wild price volatility

Canada moves forward with one of the “world’s largest” carbon capture and storage projects- oil and gas 360

Canada moves forward with one of the “world’s largest” carbon capture and storage projects

January 5, 2023

World Oil (WO) —The Pathways Alliance, representing Canada’s largest oil sands producers, has entered into a Carbon Sequestration Evaluation Agreement with the Government of Alberta.   The agreement enables the Alliance to immediately start a detailed evaluation of its proposed geological storage hub, one of the world’s largest carbon capture and storage (CCS) projects. This will help further assess the

Tokyo Gas to purchase U.S. natural gas producer for $4.6 billion- oil and gas 360

Tokyo Gas to purchase U.S. natural gas producer for $4.6 billion

January 5, 2023

World Oil (Bloomberg) — A Tokyo Gas Co. unit is in advanced talks to buy U.S. natural gas producer Rockcliff Energy in a deal worth about $4.6 billion, including debt, a person with knowledge of the matter said.     Houston-based TG Natural Resources, which is majority-owned by Tokyo Gas, is discussing purchasing Rockcliff from private equity firm Quantum Energy

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