Exploration and Production (E&P)

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: 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 …

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

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: 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

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 …

Oil majors rejigger portfolios with $30-per-barrel price in mind

Oil majors rejigger portfolios with $30-per-barrel price in mind

Nasdaq


HOUSTON – Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 per barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry’s future.

Investors …

Comstock Resources, Inc. reports fourth quarter 2023 financial and operating results

Comstock Resources, Inc. reports fourth quarter 2023 financial and operating results

Oil and Gas 360


FRISCO, TX, Feb. 13, 2024 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2023.

Highlights of 2023‘s

Bayswater acquires new DJ assets & continues to expand Colorado footprint

Bayswater acquires new DJ assets & continues to expand Colorado footprint

Oil and Gas 360


NEWS PROVIDED BY

Bayswater Exploration & Production, LLC 

12 Feb, 2024, 13:08 ET

DENVERFeb. 12, 2024 /PRNewswire/ — Bayswater Exploration & Production (Bayswater), a Denver-based oil and natural gas development company, recently acquired …

Source: Reuters

Mexican tycoon Slim cites interest in more oil investments, growing stake in Talos

Investing


MEXICO CITY-Mexican tycoon Carlos Slim is interested in increasing his investments in the oil sector, including in U.S.-based Talos Energy (NYSE:TALO)’s projects, after the billionaire businessman bought a stake last year in a major offshore project discovered …

Source: Reuters

Why Endeavor Energy’s founder sold his company after years of rebuffing offers

Yahoo Finance


For years, Endeavor Energy founder Autry Stephens’ refusal to entertain acquisition offers for one of the most lucrative producers in the U.S. oil patch vexed some of his peers.

“It’s not for sale, it hasn’t been for sale, …

U.S. shale production to grow at “slower pace” in March 2024

U.S. shale production to grow at “slower pace” in March 2024

World Oil


(Bloomberg) – Oil production from the U.S. shale patch is expected to grow at a slower pace next month after a speed bump late last year knocked output off its record level.

Combined crude production from the seven …

Source: Reuters

Exclusive: OPEC Secretary General believes long-term demand outlook is robust

Nasdaq


DUBAI – Saudi Arabia’s decision to postpone oil capacity expansion plans should not be interpreted as an assessment that demand for crude is falling, OPEC’s Secretary General said on Tuesday.

“First of all I want to be clear I …

Diamondback Energy, Inc. and Endeavor Energy Resources, L.P. to merge to create a premier Permian independent oil and gas company

Diamondback Energy, Inc. and Endeavor Energy Resources, L.P. to merge to create a premier Permian independent oil and gas company

Oil and Gas 360


MIDLAND, Texas, Feb. 12, 2024 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) and Endeavor Energy Resources, L.P. (“Endeavor”), today announced that they have entered into a definitive merger agreement under which …

Source: World Oil

Zephyr Energy progresses oil drilling in Utah, reports production shut-ins in North Dakota

World Oil


(WO) – Rocky Mountain oil and gas company Zephyr Energy plc provided an update on its project in the Paradox basin, Utah, and its non-operated project in the Williston basin, North Dakota.

Paradox project. Zephyr’s operations team …

Source: CNBC

Saudi energy minister pins Aramco’s oil capacity halt on green transition

CNBC


Saudi’s state-controlled oil giant Aramco suspended its capacity expansion plans because of the green transition, Energy Minister Abdulaziz bin Salman said Monday, stressing that the future of energy security lies with renewables.

“I think we postponed this [Aramco capacity] …

Source: Reuters

TotalEnergies: States must admit transition would raise energy prices

Oil Price


Governments need to admit that the transition to low-carbon solutions would raise the price of energy globally, TotalEnergies chief executive Patrick Pouyanné told the Financial Times in an interview published on Monday.

“We think that fundamentally this energy …

Oil little changed as demand concerns offset Middle East tensions

Oil little changed as demand concerns offset Middle East tensions

Investing


NEW YORK – Oil futures were little changed on Monday as rising concerns about global demand caused the market to take a break after prices jumped about 6% last week on worries that Middle East tensions could cause supply …

Japex sees U.S. as ‘enticing’ destination for energy exploration

Japex sees U.S. as ‘enticing’ destination for energy exploration

Nasdaq


TOKYO – Japan Petroleum Exploration (Japex) 1662.T sees the United States as the most appealing investment destination for oil and gas exploration and production, despite political risks posed by this year’s election, its senior managing executive officer said on …

Source: World Oil

Argentina plans sweeping oil and gas asset sale to focus on shale production

World Oil


(Bloomberg) – Argentina’s biggest oil company, state-run YPF SA, is planning a sweeping asset sale under President Javier Milei to sharpen its focus on shale production and boost its share price.

The plan is part of a broader …

Source: Reuters

Exxon set to exit Equatorial Guinea

Oil Price


Exxon is leaving Equatorial Guinea after a three-decade presence in the OPEC member from Central Africa.

The supermajor told Bloomberg that it will transfer its holdings in the country to the government and that “Our focus now is …

Oil rises 1%, heads for weekly gain as Middle East conflict rages

Oil rises 1%, heads for weekly gain as Middle East conflict rages

Investing


Oil rallied after revisions to US data confirmed that inflation is ebbing, boosting confidence that the Federal Reserve will cut interest rates later this year.

West Texas Intermediate rallied above $77 a barrel. Prices have been buoyed by the …

Source: World Oil

Devon Energy in talks to acquire oil driller Enerplus

World Oil


(Bloomberg) – Devon Energy Corp., an Oklahoma City-based oil and gas company, is in talks to acquire Calgary-based driller Enerplus Corp., Reuters reported.

The companies have not come to an agreement, Reuters said, citing anonymous sources. It comes …

Source: Reuters

ConocoPhillips beats profit forecast as production hits record high

Oil Price


ConocoPhillips (NYSE: COP) reported on Thursday consensus-beating earnings for the fourth quarter of 2023, driven by record oil and gas production.

The U.S. oil and gas company booked fourth-quarter 2023 adjusted earnings of $2.9 billion, or …

California Resources Corporation to combine with Aera Energy

California Resources Corporation to combine with Aera Energy

Oil and Gas 360


Transaction highly accretive across key 2024E financial metrics

Complementary assets to significantly scale E&P business and expand leading carbon management platform

California Resources Corporation (NYSE: CRC) today announced the signing of a …

Range announces fourth quarter production and pricing

Range announces fourth quarter production and pricing

Oil and Gas 360


FORT WORTH, Texas, Feb. 06, 2024 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced fourth quarter 2023 expectations for production and pricing with fourth quarter production averaging approximately 2,207 Mmcfe per day. In addition, …