Exploration and Production (E&P)

Source: Reuters

U.S. shale producer EOG sticks to 4% annual output growth

US News


U.S. shale oil producer EOG Resources on Friday said it expects to deliver roughly 4% oil and gas volume growth this year, and hold a similar trajectory in 2023, as inflation and supply chain problems continue to snarl

Source: Reuters

Exclusive: Saudi, UAE save oil firepower in case of winter supply crisis

Yahoo Finance


LONDON/DUBAI – OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the …

Source: Northern Oil and Gas

NOG declares $0.25 quarterly cash dividend, 32% increase over prior quarter, and provides share repurchase update

Oil and Gas 360


Publishe’s Note: Northern Oil and Gas will be presenting on Monday, August 8, 2022 at 11:20 a.m. (MST) at  EnerCom Denver- The Energy Investment Conference next week on August 8-10, 2022. You can still register to

Source: CNBC

Oil major BP boosts dividend as quarterly profits jump on high commodity prices

CNBC


Publisher’s Note: BPX Energy will be the lunch keynote on Monday, August 8, 2022 at EnerCom Denver- The Energy Investment Conference. Please register and schedule your one-on-one meetings with presenters at  EnerCom Denver.

LONDON — U.K. oil giant …

Source: Reuters

Oil outshines stocks and dollar in 2022

US News


LONDON – Oil prices are proving resilient to global economic recession fears and have outperformed major equity indices and the U.S. dollar so far this year as Western sanctions on Russia further limit supplies to an already tight

Source: Reuters

Shale drilling climbs to levels not seen since early pandemic

World Oil


(Bloomberg) — Shale explorers are searching for oil at rates not seen since the early weeks of the pandemic as high crude prices incentivize drilling.

 

 

Oil rigs operating in US fields increased by 6 this week …

Source: Reuters

Exxon posts record-breaking second-quarter profit

Yahoo Finance


HOUSTON – Exxon Mobil Corp on Friday posted its biggest quarterly profit ever on the back of soaring energy prices and as it kept a tight rein on spending.

 

The top U.S. oil producer reported second-quarter net …

Source: Reuters

Oil rises as dollar strength eases, but Fed weighs

US News


HOUSTON – Oil prices rose over 1% on Monday, bolstered by supply fears, a dip in the U.S. dollar and stronger equity markets, but prices seesawed as some worried rising U.S. interest rates would weaken fuel demand.

Brent

Source: Bloomberg

Libyan oil production hits 1 million barrels a day

World Oil


(Bloomberg) — Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country where output had more than halved since mid-April.

 

The OPEC member, home to Africa’s largest crude …

Oil exploration picking up as drillers shrug off recession threat

Oil exploration picking up as drillers shrug off recession threat

World Oil


(Bloomberg) — Schlumberger said annual sales will rise the most in 11 years as concern over inadequate energy supplies outweighs recessionary fears among major oil explorers.

 

Citing the biggest jump in demand for its services in more …

Source: World Oil

U.S. State Department adviser thinks Middle Eastern oil producers will boost supply

World Oil


(Bloomberg) — A U.S. energy envoy said he is confident Persian Gulf producers will increase oil output after President Joe Biden’s visit to Saudi Arabia, where he met with regional leaders.

 

“Based on what we heard on …

Source: World Oil

Biggest private oil producer in the U.S. not for sale after founder’s death

World Oil


(Bloomberg) — Mewbourne Oil Co., the largest private oil producer in the U.S., said it will remain in the hands of its controlling family after the recent death of its eponymous founder.

Curtis Mewbourne, who started the company …

Source: World Oil

Energy investor: Shale drillers must speed up climate pledges

World Oil


Publisher’s Note: Civitas Resources will be participating at EnerCom Denver-The Energy Investment Conference on August 7-10, 2022. Register to attend.

(Bloomberg) — More U.S. shale producers should aim for net-zero emissions, while drillers that have already made climate …

Source: World Oil

Biden expects more Saudi oil after trip to kingdom

World Oil


(Bloomberg) — President Joe Biden said he expects further oil supply increases from Saudi Arabia to help tame fuel costs at home after a landmark meeting with the kingdom’s rulers.

 

Biden’s trip didn’t result in an immediate …

Source: Reuters

With world in energy shock, Saudi oil cushion gets very thin

Reuters


When French President Emmanuel Macron whispered in Joe Biden’s ear last month that top global oil exporter Saudi Arabia has very little additional capacity to increase output, the U.S. President looked surprised.

Biden is due to land in Riyadh …

TechnipFMC awarded integrated FEED (iFEED™) contract by Equinor for BM-C-33 Project in Brazil

TechnipFMC awarded integrated FEED (iFEED™) contract by Equinor for BM-C-33 Project in Brazil

Oil and Gas 360


NEWCASTLE & HOUSTON, July 5, 2022 — TechnipFMC (NYSE: FTI) has signed a Letter of Intent with Equinor Energy do Brazil Ltda., a subsidiary of Equinor ASA (Equinor), for an integrated Front End Engineering and Design …

Source: Reuters

The price of frac sand has spiked 150% for Permian oil producers

World Oil


(Bloomberg) — Bumping along the desolate highways of the Permian Basin, the world’s busiest oil field, there are long stretches where all you see are drilling rigs, sage brush and miles upon miles of sand. That’s why it’s …

Source: World Oil

‘No question’ Saudi Arabia needs to produce more oil, Boris Johnson says

World Oil


(Bloomberg) — U.K. Prime Minister Boris Johnson urged Saudi Arabia to ramp up oil production, seeking to cool record fuel prices in an echo of comments last week from President Joe Biden.

 

“There may be some question …

Source: Reuters

Biden to ask Persian Gulf producers to boost oil output during Middle East trip

World Oil


(Bloomberg) — President Joe Biden said he’ll ask U.S. allies in the Persian Gulf region to boost oil production when he meets with them during a trip to Saudi Arabia next month, one of the key avenues he …

PDC Energy announces approval of Broe Oil and Gas Development Plan Permit adding to existing multi-year inventory of Colorado development drilling locations

PDC Energy announces approval of Broe Oil and Gas Development Plan Permit adding to existing multi-year inventory of Colorado development drilling locations

Oil and Gas 360


DENVER, June 29, 2022 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq: PDCE) announced today that the Colorado Oil and Gas Conservation Commission (“COGCC”) approved the Company’s Broe Oil & Gas Development Plan

Source: Reuters

Oil extends gains as major producers flag capacity limits

CNBC


Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while political unrest in Libya and Ecuador added to those supply …

Source: World Oil

Permian Basin facing new environmental rules that could curb drilling

World Oil


(Bloomberg) — The Biden administration is considering triggering tougher anti-smog requirements that could curb drilling across parts of the Permian Basin, the world’s biggest oil field that straddles Texas and New Mexico.

The Environmental Protection Agency is weighing …

Source: Reuters

Analysis: Sizzling U.S. energy stock rally confronts global growth worries

Nasdaq


NEW YORK – A scorching rally in U.S. energy shares has left investors facing a tough decision: hold on despite growing worries that global growth will slow or lock in profits in one of the few areas of the …

Source: World Oil

Saudi Aramco’s profit soars as oil prices and output jump

World Oil


Aramco, which last week surpassed Apple Inc. to become the world’s most valuable company, followed Big Oil rivals such as Shell Plc and BP Plc in reporting bumper earnings for the first quarter. Like them, the Saudi …

Source: Reuters

Aramco topping Apple shows oil is king in energy-short 2022

World Oil


(Bloomberg) — Saudi Aramco taking the crown of the world’s most valuable company from Apple Inc. underscores investors’ appetite for oil and gas as the countries around the globe battle rampant inflation and fear of energy shortages.

Buying …

Source: Reuters

U.S. oil output slips as higher costs hit drillers

World Oil


(Bloomberg) — Weekly U.S. crude oil production declined for the first time in three months, signaling that soaring costs across the oil fields may be preventing drillers from expanding output.

The decline hits as the oil-consuming nations are …

Source: CNBC

Big Oil braces for shareholder revolt over climate plans in proxy voting season

CNBC


LONDON — Some of the world’s largest corporate emitters face the prospect of a shareholder rebellion this month, with climate-related votes poised to spike throughout the proxy season.

Oil and gas majors on both sides of the Atlantic are

Source: Reuters

Shale explorers Diamondback, Devon boost payouts over production

World Oil


(Bloomberg) — Shale drillers Diamondback Energy Inc., Devon Energy Corp. and Coterra Energy Inc. are boosting dividends while keeping oil output flat despite pleas from President Joe Biden to increase supplies and help take some the edge off …

Source: Reuters

Chevron’s profit nearly quadruples, Wall Street underwhelmed

Reuters


HOUSTON – Chevron Corp’s first-quarter profit leapt from the same period a year ago to its highest in 10 years, benefiting from the surge in oil and gas prices in the aftermath of Russia’s invasion of Ukraine.

The second-largest …

Source: Reuters

Phillips 66 beats profit estimates, to resume share buybacks

Yahoo Finance


U.S. refiner Phillips 66 on Friday promised to resume share buybacks in the current quarter, after posting a quarterly profit that surpassed Wall Street expectations as demand for fuel and refined products hovered near pre-pandemic levels.

Western sanctions …