October 12, 2023 – Oil & Gas 360

Exxon’s historic purchase of shale driller Pioneer to usher in new era of oil mergers in Permian basin

October 12, 2023

World Oil (Bloomberg) —Exxon Mobil Corp.’s $59.5 billion acquisition of Pioneer Natural Resources Co., the biggest U.S. energy deal in decades, is poised to usher in a new era of industry-shifting takeovers. The shale sector is a hotbed of consolidation talk as oil companies compete for the best drilling portfolios in the Permian basin, North America’s biggest source of crude.

ANALYSIS-Canada may struggle to recoup $26 billion cost of Trans Mountain pipeline

October 12, 2023

Nasdaq Canada faces an uphill battle to recoup the roughly C$35 billion ($25.74 billion) in taxpayers’ money it has sunk into the Trans Mountain oil pipeline, as uncertainty over shipping tolls and a limited pool of buyers cloud the asset’s unique strategic value. The federal government plans to sell Trans Mountain once a long-delayed expansion to nearly triple the flow

Exxon CEO to save $2 billion with Pioneer purchase with minimal job cuts

October 12, 2023

World Oil (Bloomberg) – Exxon Mobil Corp. expects to trim annual costs by about $2 billion as it integrates the $60 billion purchase of Pioneer Natural Resources Co., said Chief Executive Officer Darren Woods. About two-thirds of the savings will come from squeezing more oil out of the U.S. Permian basin via improved fracking methods and other technological improvements, Woods

OPEC leaves oil demand growth forecast unchanged despite economic uncertainty

October 12, 2023

Oil Price Global oil demand is set to rise by 2.4 million barrels per day (bpd) this year and by another 2.2 million bpd next year amid improving Chinese economy, OPEC said on Thursday, leaving its demand forecast for both 2023 and 2024 unchanged, despite fears of slowing economies and demand destruction. Developing economies, led by China, will account for

U.S. crude oil production surges to record high in Q3 2023, EIA reports

October 12, 2023

World Oil (Bloomberg) – U.S. crude oil production surged to a record during the third quarter and is expected to climb further above 13 MMbpd as the nation increasingly plays a vital role in supplying global markets. U.S. oil production jumped to 13.13 MMbpd last quarter and is forecast to rise to 13.16 MMbpd in the fourth quarter, according to

Weekly Gas Storage: Inventories increase by 88 Bcf- oil and gas 360

Weekly Gas Storage: Inventories increase by 84 Bcf

October 12, 2023

Natural Gas Inventories as of October 6, 2023 The EIA has released its natural gas inventory report, showing a net increase of 86 Bcf as of October 6, 2023. Working gas in storage was 3,529 Bcf as of Friday, October 6, 2023, according to EIA estimates. This represents a net increase of 84 Bcf from the previous week. Stocks were

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories increase by 10.2 million barrels

October 12, 2023

Weekly Crude Oil Storage as of October 6, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 10.2 million barrels from the previous week. At 424.2 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year, according to the EIA crude oil and

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