Oil & Gas 360 – Page 128

Crescent Energy, SilverBow Resources form second-larger Eagle Ford player following $2.1 billion acquisition closing

August 2, 2024

World Oil (WO) – Crescent Energy Company announced the closing of its acquisition of SilverBow Resources, Inc. The transaction was closed ahead of schedule. The SilverBow integration is well underway, with approximately $35 million of the previously announced $65 – $100 million in annual synergies captured to date through an improved cost of capital resulting in reduced interest expense. Crescent

Exxon delivers $9.2 billion second-quarter profit, raises output target

August 2, 2024

BOE Report Exxon Mobil on Friday posted a better-than-expected $9.2 billion second-quarter profit based on rising output from its purchase this year of shale oil firm Pioneer Natural Resources. Higher profit “was driven by record production both in Guyana and in the Permian,” which offset lower natural gas and fuel prices, Chief Financial Officer Kathryn Mikells said. Net income was $9.24

BREAKING NEWS- Chevron’s $53 billion Hess merger delayed again as ExxonMobil arbitration drags into 2025

August 1, 2024

World Oil (Bloomberg) – Chevron Corp.’s $53 billion proposed takeover of Hess Corp. suffered another setback as an arbitration hearing to settle an ownership dispute with Exxon Mobil Corp. won’t be held until next year. The international arbitration panel handling Exxon’s claim that Chevron’s acquisition does not give it the right to control Hess’ stake in a Guyanese oil project

U.S. oil & gas Jobs are disappearing despite record production

August 1, 2024

Oil Price U.S. oil production is breaking records, but employment numbers have dropped in five out of six months this year as operational efficiencies allow operators to continue to boost production with fewer rigs and workers, the Texas Oil & Gas Association (TXOGA) said last week in a cautionary note. Texas, home to the biggest shale basin, the Permian, has seen crude

Shale drilling Ovintiv increases 2024 oil and gas production target on unexpected Permian success

August 1, 2024

World Oil (Bloomberg) – Shale driller Ovintiv Inc. increased its 2024 production target, the second oil and gas company to do so this year. The company expects to pump the equivalent of 570,000 to 580,000 bbl of crude this year, compared with the previous forecast of 545,000 to 575,000, according to a statement. At the mid ranges of those targets,

Dominion Energy posts fall in second-quarter profit on higher expenses

August 1, 2024

U.S. News Dominion Energy posted a fall in second-quarter profit on Thursday, as higher interest and maintenance costs weighed on the electric utility. Higher-for-longer interest rates continue to weigh on the utilities sector, making dividend-paying stocks such as REITs and utilities less attractive and driving up borrowing costs. The company’s interest expenses rose to $469 million in the second quarter,

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

Weekly Gas Storage: Inventories increase by 18 Bcf

August 1, 2024

Natural Gas Inventories as of July 26, 2024 The EIA has released its natural gas inventory report, showing a net increase of 18 Bcf as of July 26, 2024. Working gas in storage was 3,249 Bcf as of Friday, July 26, 2024, according to EIA estimates. This represents a net increase of 18 Bcf from the previous week. Stocks were

AI and the grid with natural gas and coal to the rescue?- oil and gas 360

AI and the grid, natural gas and coal to the rescue?

July 31, 2024

Oil and Gas 360 “Knowledge workers” anticipating a cheap energy/low emissions post-industrial work-from-home economy are having to confront the need for more industrial production of natural resources and infrastructure as the energy needs for the data centers making their work possible via the internet, cloud and now Artificial Intelligence (AI) are growing exponentially. Data centers are increasingly recognized as another

Oil market nears breakout point

July 31, 2024

Oil Price Crude oil prices have been tightly range-bound for about a year now, with bearish and bullish factors largely balancing each other out. But one Wall Street major believes the market is nearing a breakout point. The only question is whether the breakout will be a bearish or a bullish one. In a recent note, Bank of America analysts referred to

Colombia eyes 2029 start-up date from offshore natural gas assets in $300 million drilling investment

July 31, 2024

World Oil (Bloomberg) – Ecopetrol SA expects offshore natural gas from Colombia to come online as soon as 2029, two years later than previously anticipated and not in time to curb a looming fuel shortfall. Colombia is set to face a gap between its domestic supply of natural gas and total demand beginning next year. The fuel gap of around

Hess beat earnings estimates on robust Guyana output

July 31, 2024

Oil Price Hess Corp. (NYSE:HES) has posted an impressive second-quarter earnings report with its stake in prolific Guyana helping it exceed estimates. Hess reported Q2 2024 non-GAAP EPS of $2.62, beating the Wall Street consensus by $0.07 while revenue of $3.26B was good for a robust 40.5% Y/Y growth although it missed the consensus by $30M. The company saw a large increase in

Biden administration purchases over 4 MMbbl of crude oil for Strategic Petroleum Reserve

July 31, 2024

World Oil (Bloomberg) – The Biden administration announced Monday it has purchased 4.65 MMbbl of crude oil for the nation’s emergency cache as it continues refilling the depleted reserve. The Energy Department has been slowly replenishing the Strategic Petroleum Reserve, which reached a 40-year-low following an unprecedented drawdown in the wake of Russia’s invasion of Ukraine. In 2022, the Biden

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