Finance

Source: Oil Price

Top oil fund books largest outflows since 2016 on OPEC+ uncertainty

Oil Price


The world’s top oil fund, United States Oil ETF (NYSEARCA: USO), booked on Tuesday its biggest daily outflows since December 2016 amid heightened volatility ahead of the OPEC+ meeting which was scheduled for the coming weekend …

Source: Oil Price

Clean Energy start-ups are struggling as they wait for government aid

Oil Price


Some American clean energy and technology startups are struggling to keep afloat while waiting for the U.S. Administration to disburse the pledged loans and funds under the landmark Inflation Reduction Act (IRA).

Several startups have already filed for …

Source: Reuters

INSIGHT-Giant batteries drain economics of gas power plants

Nasdaq


LONDON – Giant batteries that ensure stable power supply by offsetting intermittent renewable supplies are becoming cheap enough to make developers abandon scores of projects for gas-fired generation world-wide.

The long-term economics of gas-fired plants, used in Europe and …

November 21, 2023 - 11:30 am Closing Bell Story‎, Energy News, Finance, Power Generation
Source: Reuters

Brent, US crude futures climb over 2% as OPEC cuts expected

Investing


Brent and U.S. crude futures climbed more than 2.5%, gaining $2 a barrel on Monday, as further supply cuts in OPEC+ production are expected in the coming weeks.

Brent crude futures were up $2.19 to $82.80 a barrel by …

Source: Oil Price

Climate concerns haven’t crippled big oil funding

Oil Price


The global push for decarbonization hasn’t impacted either the access to external capital or the cost of capital for oil and gas companies, S&P Global Ratings and S&P Global Commodity Insights said in a new report.

Most …

Source: Oil Price

France’s new ESG rule could result in $7.6 billion of oil and gas divestments

Oil Price


France’s new regulation, which will not allow funds invested in fossil fuel companies with new development plans to use a national ESG label, could result in forced divestments of $7.6 billion (7 billion euros) of oil and gas …

Source: Reuters

Chevron takeover of Hess resurrects multi-billion dollar tax shield

Yahoo Finance


Chevron’s deal to buy Hess HES.N will unlock $15 billion worth of tax benefits that had once been relegated to the accounting dustbin, as the combined company takes advantage of Hess’s past losses to cut future payments, according …

Empire Petroleum announces results for third quarter 2023

Empire Petroleum announces results for third quarter 2023

Oil and Gas 360


~ Strategic Initiatives Executed in Q3 Further Position Empire for Long-Term Success ~

~ Continuing to Make Significant Progress on Starbuck Drilling Program ~

TULSA, Okla. – mpire Petroleum (NYSE American: EP) (“Empire” or the “Company”),

Suncor Energy Announces $1.5 Billion Medium Term Note Offering

Suncor Energy Announces $1.5 Billion Medium Term Note Offering

All financial figures are in Canadian dollars, unless noted otherwise Calgary, Alberta–(Newsfi…

November 9, 2023 - 6:19 pm Finance, Oil Sands, Press Releases
Targa Resources Corp. Prices $2.0 Billion Offering of Senior Notes

Targa Resources Corp. Prices $2.0 Billion Offering of Senior Notes

HOUSTON, Nov. 06, 2023 (GLOBE NEWSWIRE) — Targa Resources Corp. (“Targa” or the &#…

November 6, 2023 - 4:43 pm Finance, Press Releases
Source: Reuters

U.S. investors rebuff big oil climate shareholder resolutions

US News


LONDON – Big U.S. investors at the top five western oil firms’ shareholder meetings this year rebuffed an activist group’s resolutions to align their emission targets with the Paris climate pact, in contrast to some European peers, voting

Source: Reuters

Oil up 2% as war rages in Middle East and investors await Fed statement

Yahoo Finance


NEW YORK – Oil prices climbed about 2% on Wednesday on worries the conflict in the Middle East could disrupt oil supplies and ahead of an expected U.S. Federal Reserve announcement that could provide clues about future interest …

Athabasca Oil Announces 2023 Third Quarter Results with Record Adjusted Funds Flow, Free Cash Flow and Leismer Production along with Continued Share Buybacks

CALGARY, Alberta, Nov. 01, 2023 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (&#x201C…

November 1, 2023 - 6:00 am Finance, Oil Sands, Press Releases
Source: Reuters

Marathon Petroleum tops profit estimates on strong fuel demand

Oil Price


Strong U.S. fuel demand helped Marathon Petroleum (NYSE: MPC) easily beat analyst estimates after reporting on Tuesday an adjusted net income of $3.2 billion for the third quarter of 2023. Adjusted earnings per share came in …

Source: Reuters

Chevron’s third-quarter profit slumps, shares fall 5% on earnings miss

Investing


HOUSTON – Chevron (NYSE:CVX) posted a third-quarter profit that missed Wall Street estimates by a wide margin, sending its share price down in pre-market trading. Oil company earnings have slumped from record year-ago levels as crude prices …

Source: Reuters

Phillips 66 books Q3 profit below expectations

Oil Price


U.S. refiner Phillips 66 (NYSE: PSX) reported on Friday adjusted earnings of $4.63 per share for the third quarter, missing analyst expectations despite stronger refining margins compared to the second quarter.

 

Phillips 66, which also …

Source: Reuters

Warren Buffet snaps up more Occidental Petroleum

Oil Price


Berkshire Hathaway (BRKA: BRKB) has expanded its stake in Occidental Petroleum (OXY) with a purchase of another 3.9 million shares this week, according to a Securities and Exchange Commission regulatory filing.

 

Warren Buffet’s holding company now …

Source: Reuters

RBC: The U.S. could tighten the oil sanctions on Iran

Oil Price


The United States is likely to tighten the sanction enforcement on Iran’s crude oil exports over the Hamas-Israel war and the Iranian backing of Hamas, Helima Croft, the head of global commodity strategy at RBC Capital Markets, told …

Source: Reuters

Chevron’s Hess acquisition delivers “richly-valued” oil independent

World Oil


(Bloomberg) – Chevron Corp.’s acquisition of Hess Corp. does more than give it a stake in the world’s fastest-growing oil field off the coast of Guyana and shale assets in the Bakken basin of North Dakota. It …

Source: World Oil

Texas regulator assess over $2 million in penalties against oil, gas operators

World Oil


AUSTIN – The Railroad Commission of Texas assessed $2,425,495.50 in fines involving 597 enforcement dockets against operators and businesses at the Commissioners’ Conference on Tuesday. The Commission has primary oversight and enforcement of the state’s oil and gas …

Source: World Oil

Value gap between European, U.S. oil majors “stubbornly wide” amidst Exxon, Chevron megadeals

World Oil


(Bloomberg) – Europe’s oil majors seem to finally be winning back investors by refocusing on their core business, yet the valuation gap with their dealmaking U.S. peers remains stubbornly wide. After companies such as bp Plc embraced net …

Source: Reuters

United States oil ETF is once again world’s largest oil fund

Oil Price


Thanks to steady inflows in recent weeks, United States Oil ETF (NYSEARCA: USO) is once again the biggest oil exchange-traded fund in the world in terms of total assets, topping WisdomTree Brent Crude Oil fund for …

Source: Reuters

US energy M&A slows in Q3, but October’s mega deals to spark activity – Enverus

Nasdaq


Blockbuster takeovers by U.S. oil and gas majors Exxon and Chevron this month may spark further consolidation in the energy industry after a quieter third quarter for mergers and acquisitions in the sector, analytics firm Enverus said.

There were …

Source: Reuters

Analysis: Mega transatlantic oil mergers less likely after Exxon, Chevron deals

Yahoo Finance


LONDON – The prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said.

Speculation that Chevron and Exxon might …

Source: Reuters

A tale of setbacks as Venezuela’s Citgo heads to US auction

Nasdaq


HOUSTON- For the past four years, the United States protected oil refiner Citgo Petroleum from creditors seeking to seize Venezuela’s foreign crown jewel for billions of dollars in claims. But on Monday, a U.S. judge will kick off an …

Source: Reuters

Oil heavyweights Chevron, Repsol, Eni to benefit from Venezuelan sanctions relief

World Oil


(Bloomberg) – Venezuela has an opportunity to resuscitate the linchpin of its economy — oil — now that U.S. sanctions have been relaxed. The surprise move on Oct. 18 allows international companies to apply the full weight …

Source: Reuters

US seeks to buy 6 million barrels for oil reserve by January

Nasdaq


The U.S. Department of Energy said on Thursday it hopes to buy six million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January, as it continues its plan to refill the emergency stockpile.…

Where are the borrowing bases headed?

Where are the borrowing bases headed?

Haynes and Boone


As the fall 2023 borrowing base redetermination season approaches in the midst of an  improved commodity price environment, lenders and producers are carefully monitoring the reserve-based lending market.

 

What’s next for reserve-based loans?

 

 

 

 

 
Source: Oil Price

Global natural gas supply needs $7 trillion investment to meet demand

Oil Price


Around $7 trillion in global investments in natural gas supply are necessary to ensure enough gas and avoid supply crunches through 2050, according to the Institute of Energy Economics, Japan (IEEJ).

As countries look to cut emissions and …

Source: Reuters

Venezuela pursuing former oil clients after US sanctions lift

Nasdaq


HOUSTON – Venezuelan state-run oil company PDVSA has begun contacting customers with crude supply contracts amid the temporary lifting of U.S. sanctions, two people familiar to the matter said on Thursday, moving to resume cash sales to global refiners.…