Crude Oil News

PDC Energy, Inc. announces 2022 third quarter financial and operating results

PDC Energy, Inc. announces 2022 third quarter financial and operating results

Oil and Gas 360


November 2, 2022 at 4:15 PM EDT-  DENVER, Nov. 02, 2022 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” the “Company”, “we”, “us”, “our”) (Nasdaq:PDCE) today announced its 2022 third quarter financial and operating results.
PDC Energy, Inc. announces 2022 third quarter financial and operating results- oil and gas 360

2022 Third

Source: Reuters

Halliburton: The era of exponential growth in U.S. oil and gas is over

Oil Price


The era of “exponential” growth in the U.S. oil and gas industry is over as most shale firms are returning cash to investors instead of going into debt to drill more, according to Halliburton, the world’s largest fracking …

Surge Energy Inc. announces third quarter financial & operating results; and an operations update on strong drilling results in SE Saskatchewan/Sparky core areas

Surge Energy Inc. announces third quarter financial & operating results; and an operations update on strong drilling results in SE Saskatchewan/Sparky core areas

Oil and Gas 360


CALGARY, ABNov. 2, 2022 /CNW/ – Surge Energy Inc. (“Surge” or the “Company”) (TSX: SGY) is pleased to announce the Company’s financial and operating results for the quarter ended September 30, 2022, and …

Source: World Oil

Energy workforce council comments on President Biden’s remarks on gas prices

World Oil


With U.S. gasoline prices remaining high a week before midterm elections, President Joe Biden said he will attempt to levy additional taxes on oil corporations that record “windfall” profits without reinvesting in production, Bloomberg reported.

 

Biden …

Source: Reuters

How OPEC outplayed Biden

Oil Price


In December 1975, when memories of gas lines were fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the …

Source: Reuters

Oil prices slip ahead of Fed, U.S. crude stockpiles seen falling

BOE Report


LONDON – Oil prices slipped on Thursday ahead of an expected rate hike by the Federal Reserve, but found a floor as market participants eyed falling U.S. crude stockpiles and upcoming European sanctions on Russian barrels.

 

Brent …

U.S. crude oil inventories decrease by 3.1 million barrels

U.S. crude oil inventories decrease by 3.1 million barrels

Weekly Crude Oil Storage as of October 28, 2022

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.1 million barrels from the previous week.  At 436.8 million barrels, U.S. crude oil …

Source: Reuters

BP boosts buybacks as Q3 profit doubles to $8.2 billion

Oil Price


BP (NYSE: BP) announced a further $2.5 billion share buyback after more than doubling its Q3 profit from a year earlier, thanks to what it described as an “exceptional” gas marketing and trading result and higher …

Source: Reuters

Marathon Petroleum and Phillips 66 cruise past estimates on fuel demand surge

Reuters


Marathon Petroleum (MPC.N) and Phillips 66 (PSX.N) posted quarterly profits which cruised past Wall Street estimates on Tuesday, becoming the latest U.S. refiners to benefit from robust fuel demand and margins amid tight supplies.

U.S. refiners are posting strong …

ROK Resources announces addition of new director

ROK Resources announces addition of new director

Oil and Gas 360


REGINA, SK / ACCESSWIRE / October 31, 2022 / ROK Resources Inc. (“ROK” or the “Company“) (TSXV:ROK) is pleased to announce that it has added Tom MacInnis as a director of the …

API to Biden: Americans looking for solutions, not rhetoric

API to Biden: Americans looking for solutions, not rhetoric

World Oil


The American Petroleum Institute (API) today released the following statement from President and CEO Mike Sommers in response to President Biden’s remarks on gas prices:

 

 

API to Biden: Americans looking for solutions, not rhetoric- oil and gas 360

 

“Rather than taking credit for price declines and shifting …

November 1, 2022 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Diversified closes securitized financing

Oil and Gas 360


BIRMINGHAM, AL / ACCESSWIRE / October 31, 2022 / Diversified Energy Company PLC (LSE:DEC) (“Diversified” or the “Company”) is pleased to announce that on 27 October 2022 Diversified and Oaktree Capital Management, L.P. (“Oaktree) jointly closed …

Source: Bloomberg

The U.S. and UAE sign a $100 billion clean energy pact

Oil Price


The United States and the United Arab Emirates (UEA) signed on Tuesday a partnership expected to attract $100 billion in investment in clean energy projects worldwide, the White House said today.

 

The U.S. and the UAE have …

Source: CNBC

Oil up more than 2% as weaker dollar offsets China COVID-19 concerns

CNBC


Oil prices rose on Tuesday, recouping losses from the previous session, as a weaker U.S. dollar offset widening COVID-19 curbs in China that have stoked fears of slowing fuel demand in the world’s second-largest oil consumer.

 

Brent crude

November 1, 2022 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil majors expect Permian production growth to slow

Oil Price


Two Big Oil majors have said they expect oil production in the Permian to rise by less than they had initially planned this year, suggesting industry problems are indeed serious enough to hold back production growth in the …

Source: Reuters

OPEC raises long-term oil demand view, calls for investment

US News


ABU DHABI  -OPEC raised its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

 

Source: Reuters

Eni CEO: Europe will have to rely on U.S. oil to replace Russian supply

Oil Price


Europe is set to increase its reliance on oil imports from the United States after the EU embargo on Russian seaborne crude imports enters into force in early December, Claudio Descalzi, chief executive of Italy’s energy group Eni, …

Source: Reuters

COLUMN-Oil funds trapped between low inventories and slowing economy: Kemp

Nasdaq


LONDON – Portfolio investors’ oil positions are exhibiting significant week-to-week volatility as traders struggle to anticipate the net effect of an economic slowdown amid exceptionally low inventories of crude and diesel.

 

Hedge funds and other money managers purchased …

Source: Reuters

Oil poised for limited gains as economic risks loom-Reuters poll

Nasdaq


Oil prices will find support from OPEC+ output cuts and sanctions on Russia for the rest of the year and into the early part of 2023, a Reuters poll showed on Monday, but a recession could limit further gains.…

Source: Bloomberg

Novel asset-backed bonds lure shale sector away from bank loans

World Oil


(Bloomberg) — As big banks pull back on lending to oil and gas drillers, some U.S. energy companies are relying on a novel kind of bond to get the financing they need.

The bonds are backed by the …

Source: Reuters

OPEC expected to stick to view of long-term oil demand rise

Yahoo News


LONDON – OPEC is likely to maintain its view world oil demand will rise for another decade, longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two …

Source: CNBC

Pioneer joins strong Q3 oil lineup with forecast-beating profits

Oil Price


Pioneer Natural Resources became the latest oil major to report bumper profits for the third quarter, exceeding analyst expectations.

 

The result was made possible by stronger oil prices, with Pioneer enjoying an average price per barrel of …

U.S. rig count had a decrease of 3 this week, at 768

U.S. rig count had a decrease of 3 this week, at 768

Oil and Gas 360


This week’s Baker Hughes Rig Count shows that U.S. had a decrease of 3 over last week, resulting in a total count of 768 rigs. Canada had a decrease of 6 over last week, resulting in …

Source: Reuters

Global oil giants rake in massive profits in third quarter

Yahoo News


Global oil-and-gas giants including Exxon Mobil, Chevron and Equinor posted huge profits in the third quarter, benefiting from surging energy costs that have boosted inflation around the world and hit consumers hard.

Oil companies booked billions of dollars …

Source: Reuters

Eni’s profits soar on “Excellent” gas business

Oil Price


Eni (NYSE: E) reported on Friday third-quarter core earnings and net profit beating analyst expectations amid what the Italian energy group described as an “excellent performance” of its Global Gas & LNG Portfolio.

Eni’s adjusted net …

Source: Oil Price

Oil major earnings will reignite the windfall taxes debate

Oil Price


Despite weaker oil prices during the third quarter, the oil industry is still booking strong financial results. According to some, this is “awkward” because it is happening during a time of economic hardship. Besides being awkward, however, Big …

Source: Oil Price

Aramco unveils $1.5B mega VC fund for sustainability

Oil Price


Saudi Arabia’s national oil company Saudi Aramco has launched a $1.5 billion Sustainability Fund that will invest in technology supporting a “stable and inclusive” energy transition, making this among the largest-ever sustainability-focused venture capital funds in the world.…

Source: World Oil

House Republicans launch probe of Biden’s oil reserve release

World Oil


(Bloomberg) — House Republicans are launching an investigation into what they say could be the “potential misuse” by the Biden administration of the nation’s emergency oil reserves to lower gasoline prices, as well as White House deliberations over …

Source: Reuters

TotalEnergies books record quarterly profit as LNG business booms

Oil Price


TotalEnergies (NYSE: TTE) posted a record profit for the third quarter, driven by high energy prices and soaring prices of LNG as Europe scrambles to procure gas ahead of the winter.

 

TotalEnergies reported on Thursday …

Source: Reuters

Oil rises on strong crude demand, despite China fears

BOE Report


LONDON – Oil rose on Thursday, extending a rally of nearly 3% in the previous session, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China.

 …