Energy News

Source: Reuters

Colombian offshore natural gas discovery smaller than anticipated, Ecopetrol determines

World Oil


(Bloomberg) – Colombia’s state energy company, Ecopetrol SA, has determined that a natural gas deposit in the Caribbean Sea that officials were counting on to shore up the nation’s dwindling reserves is significantly smaller than initially estimated.

Officials …

Source: World Oil

API: Biden’s tailpipe emissions ban “out of step” with American people

World Oil


(WO) — The American Petroleum Institute (API) issued a statement from President and CEO Mike Sommers in response to reports that the Biden administration is considering changing the implementation timeline for its proposed tailpipe emissions standards:

“Reports that …

Ethanol’s Last Stand: U.S. ethanol producers are on the cusp of calamity, but hopes are growing for policy-driven longevity

Ethanol’s Last Stand: U.S. ethanol producers are on the cusp of calamity, but hopes are growing for policy-driven longevity

Oil and Gas 360


Ethanol’s Last Stand

U.S. ethanol producers are on the cusp of calamity, but hopes are growing for policy-driven longevity.

Summary:

  • Ethanol Producers’ Last Stand: Declining gasoline demand forecasts present a catastrophic risk to an industry born
Source: Reuters

Chesapeake Energy to reduce Haynesville, Marcellus rig count following Southwestern natural gas megadeal

World Oil


(WO) – Chesapeake Energy announced that it is lowering prior capital expenditure guidance approximately 20% to $1.25 – $1.35 billion through rig count reductions and deferring completions and turn-in-lines in its 2024 outlook report.

Chesapeake is currently operating …

Chord Energy and Enerplus to combine in $11 billion transaction creating premier Williston-focused E&P Ccompany with top-tier shareholder returns

Chord Energy and Enerplus to combine in $11 billion transaction creating premier Williston-focused E&P Ccompany with top-tier shareholder returns

Oil and Gas 360


Enhanced Operating Scale to Drive Returns and Free Cash Flow; Combined Acreage Position
Totaling 1.3 Million Net Acres and Combined 4Q23 Production of 287,000 Boepd

Combined Company has Approximately 10 years of Low-Breakeven Inventory with Significant

Source: SM Energy

SM Energy reports 2023 results and 2024 operating plan

Oil and Gas 360


DENVERFeb. 21, 2024 /PRNewswire/ — SM Energy Company (the “Company”) (NYSE: SM) today announced certain fourth quarter and full year 2023 operating and financial results, year-end 2023 estimated net proved reserves and its

Source: Range Resources

Range announces fourth quarter 2023 results and 2024 guidance

Oil and Gas 360


Feb 21, 2024 at 4:15 PM EST

FORT WORTH, Texas, Feb. 21, 2024 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its fourth quarter 2023 financial results and plans for 2024.

Full-Year 2023 Highlights

Source: Reuters


Trans Mountain expansion may not give long-term price relief to Canada’s booming oil output

BOE Report


Canadian oil producers expect the discount on their crude to shrink significantly when the Trans Mountain pipeline expansion (TMX) starts this year, but the relief may be short-lived as surging supply looks set to exceed the country’s pipeline …

Source: Oil Price

Canadian oil and gas companies relinquish all Pacific Coast permits

Oil Price


Canada is celebrating a milestone as oil and gas companies have now voluntarily relinquished the last remaining permits for oil and gas exploration and development off its Pacific Coast.

Canada has a federal moratorium on all offshore oil …

Source: Reuters

Tumbling US natural gas prices prove unstoppable, hurting producers

Nasdaq


BRIDGEPORT, Texas – For nearly a year, U.S. natural gas producers have slammed the brakes on production as prices fall. But relentless output gains including from oil companies that pump gas as an oil byproduct have unleashed record supplies.…

Source: Reuters

Exclusive-Occidental explores $20 billion-plus sale of Western Midstream, sources say

Yahoo Finance


Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of close to $20 billion, including debt, according to people familiar with the matter.

Western Midstream shares …

Source: Reuters

Global oil demand hit another monthly record in December

Oil Price


Global oil demand rose by more than 500,000 barrels per day (bpd) in December from November, for the eighth monthly record in 2023, the latest data by the Joint Organizations Data Initiative (JODI) showed on Tuesday.

Rising demand …

Source: Reuters

CenterPoint to sell Louisiana, Mississippi natgas assets for $1.2 bln

Yahoo Finance


  • Transaction valuation represents approximately 32 multiple of 2023 Louisiana and Mississippi Local Distribution (LDC) earnings
  • Sale will enable company to efficiently recycle approximately $1 billion in anticipated after-tax cash proceeds to support industry-leading capital plan
  • Transaction also enables
Source: Oil Price

Saudi Aramco: 6 million bpd of global oil production is being lost every year

Oil Price


Global oil supply is sufficient now, but natural declines at oilfields mean that the world would need to find a Saudi Arabia every two years to offset these production drops, Saudi Aramco’s chief financial officer Ziad Al-Murshed has …

Source: Reuters

Exclusive: Biden administration to approve E15 gasoline expansion starting in 2025, sources say

Nasdaq


The White House will approve a request from a group of Midwest governors to allow year-round sales of gasoline with higher blends of ethanol, but will push the start date into next year, two sources familiar with discussions said.…

Source: World Oil

Guyana President calls for “immediate” development of natural gas resources

World Oil


(Bloomberg) – Guyana President Irfaan Ali called for the “immediate” development of its natural gas resources to make the South American country a regional energy powerhouse on top of its rapidly-growing oil exports.

The government is requesting that …

Transportation Oil Gas Congress 2024 on February 19-20, 2024 in Milan, Italy

Transportation Oil Gas Congress 2024 on February 19-20, 2024 in Milan, Italy

Oil and Gas 360


CO2 Debates: Steering the Course to a Low-Carbon Economy with Efficient CO2 Transportation

 

As the world grapples with the escalating climate crisis, the urgent need to transition to a low-carbon economy has never been more

Gabon to buy Carlyle’s oil business, preempting $1.3 billion sale

Gabon to buy Carlyle’s oil business, preempting $1.3 billion sale

Yahoo Finance


LONDON -Gabon’s national oil company has agreed to acquire Carlyle’s Assala Energy after it used its right to preempt the sale of the business for $1.3 billion to France’s Maurel & Prom, the firms said on Friday.

Maurel …

Source: Reuters

Eni smashes earnings estimates with record gas performance

Oil Price


Eni’s (NYSE: E) fourth-quarter and 2023 earnings exceeded consensus estimates as “record-breaking” performance in the gas and LNG division offset weaker oil and gas prices and refining margins.

The Italian energy major reported on Friday adjusted …

Source: Reuters

ANALYSIS-US refinery M&A stalls as buyers shun aging assets, uncertain future

Nasdaq


WASHINGTON/NEW YORK – The U.S. oil industry saw nearly $200 billion in upstream deals last year, but the refining sector missed out despite plenty of willing sellers as the energy transition away from fossil fuels accelerates and casts doubt …

February 16, 2024 - 12:30 pm Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Reuters

U.S. drillers scale back operations as gas prices tumble

Oil Price


U.S. natural gas producers are beginning to reduce drilling and investment as low prices weigh on their returns.

Reuters reports that natural gas prices in the U.S. hit the lowest in three and a half year, betraying drillers’ …

Source: Reuters

Australia set to join global clean energy subsidy race with new green fund, AFR reports

Nasdaq


SYDNEY – Australia plans to unveil a range of financial incentives to drive investment in the local clean energy sector and keep money and talent from being pulled overseas by subsidies in the U.S. and Europe, the Australian Financial …

Source: Oil Price

U.S. and EU discuss new “Robust Anniversary” sanctions on Russia

Oil Price


The United States and the EU, together with partners, discussed this week the potential of slapping “robust” new sanctions on Russia ahead of the second anniversary of the Russian invasion of Ukraine, a senior U.S. official told Reuters

Source: Reuters

JPMorgan Chase, BlackRock drop out of massive UN climate alliance in stunning move

Fox Business


JPMorgan Chase and institutional investors BlackRock and State Street Global Advisors announced Thursday that they are quitting or, in the case of BlackRock, substantially scaling back involvement in a massive United Nations climate alliance formed to combat global …

Source: Reuters

US House to vote on bill to reverse Biden’s LNG pause

US News


WASHINGTON – The U.S. House was expected to vote on Thursday on a bill that attempts to strip the power of President Joe Biden’s administration to freeze approvals of liquefied natural gas exports.

If it passes the Republican-controlled

Zephyr Energy clears key regulatory hurdle to progress well drilling project in Utah

Zephyr Energy clears key regulatory hurdle to progress well drilling project in Utah

World Oil


(WO) – Rocky Mountain-based oil and gas company Zephyr Energy plc has received state and federal Sundry Notice approvals for the amendment of the drilling permit related to the forthcoming “twinned” redrill of the State 36-2 well. These …

Source: Reuters

New York pension fund to divest some Exxon holdings

Yahoo Finance


The New York State Common Retirement Fund will restrict its investments in eight integrated oil and gas companies, including the divestment of a small share of its holdings in Exxon Mobil, New York Comptroller Thomas DiNapoli, who oversees …

Source: Reuters

Oxy beats expectations with robust Q4 results

Oil Price


Occidental Petroleum reported its strongest quarterly financial results in three years for the final three months of 2023, beating analyst expectations.

Net income attributable to shareholders came in at $1 billion for the period, which translated into $1.08 …

Source: Reuters

Oil rises over 1% on weaker dollar; slowing demand outlook caps gains

Yahoo Finance


NEW YORK – Oil prices rebounded from earlier losses on Thursday on the back of a weak dollar, but an International Energy Agency (IEA) report flagging slowing demand growth this year and a larger-than-expected jump in U.S. crude …

Source: World Oil

Diamondback becomes next Permian acquisition candidate on heels of Endeavor megadeal

World Oil


(Bloomberg) – Diamondback Energy Inc.’s blockbuster deal for Endeavor Energy Resources LP makes the company’s shares the best way to invest in the prolific Permian basin in Texas, according to Tortoise Capital Advisors LLC.

“Diamondback will become an …