Exploration and Production (E&P)

Source: Reuters

Oil up nearly 5% on possible extension of Saudi output cuts

Reuters


BENGALURU – Oil prices rose nearly 5% on Thursday on a possible extension of voluntary output cuts by Saudi Arabia into April, as OPEC ministers and their allies continued to deliberate about the future of supply cuts.

Brent crude …

Source: Reuters

OPEC+ meet on oil output with Saudi, Russia seeing fragile recovery

Reuters


DUBAI/MOSCOW – Ministers from OPEC+ group of oil producers met on Thursday to decide whether to keep output steady or agree a modest increase, with Saudi Arabia and Russia saying a recovery in demand for crude remained fragile.

Saudi …

Source: Reuters

House Democrats seek reform of federal lands drilling program

Reuters


WASHINGTON – U.S. Democratic lawmakers in Congress on Tuesday introduced a set of bills to reform federal oil and gas leasing regulations, including by raising royalty rates and toughening cleanup requirements.

The bills would update decades-old laws governing oil …

Source: Reuters

OPEC president says oil market rebalancing, pandemic still a risk

Reuters


LISBON- The global oil market is rebalancing after damage to demand wrought by the COVID-19 pandemic was met with curbs on output by producers from the Organization of the Petroleum Exporting Countries (OPEC), the group’s president said on Tuesday.…

Source: Reuters

U.S. shale output won’t return to pre-pandemic levels: Occidental CEO

Reuters


NEW YORK  – The oil industry is recovering from a collapse in demand triggered by the coronavirus pandemic, but U.S. shale production will not recover to levels seen before the pandemic, Occidental Petroleum Chief Executive Vicki Hollub said on …

Source: CNBC

Texas freeze helps rival oil exporters like Saudi Arabia ‘tremendously,’ may influence OPEC decisions

CNBC


The shock winter storm in Texas that left millions without power and took dozens of lives also froze a major local commodity: the Lone Star State’s oil production, slashing some 4 million barrels per day from U.S. output.

The …

Source: Reuters

Oil set for steady gains as economies shake off pandemic blues

Reuters


Oil prices will stage a steady recovery this year as vaccines reach more people and speed an economic revival, with further impetus coming from stimulus and output discipline by top crude producers, a Reuters poll showed on Friday.

The …

Source: Reuters

Oil producers eye long road to recovery as Texas begins to thaw

Reuters


NEW YORK – Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as …

Source: Reuters

U.S. shale could face weeks of depressed oil production due to cold

Reuters


HOUSTON – The U.S. deep freeze will wreak havoc on oil and gas production for several days if not weeks, according to industry experts, as companies deal with frozen equipment and a lack of power to run operations.

Texas …

Source: Reuters

Oil mixed on U.S. production fall, possible Saudi output rise

Reuters


LONDON – Oil prices were mixed on Wednesday, underpinned by a major supply disruption in the southern United States this week where a winter storm hit Texas, but pressured by reports that Saudi Arabia plans to increase output in …

Source: Reuters

U.S. crude output to decline more than previously forecast in 2021: EIA

Reuters


NEW YORK – The government lowered its outlook for U.S. crude oil production in 2021, with expected output set to average 11.02 million bpd for the year, the U.S. Energy Information Administration (EIA) said on Tuesday.

 

Oil prices …

Source: Reuters

Oil erases gains after hitting 13-month highs

Reuters


LONDON – Oil hit 13-month highs on Tuesday, supported by supply cuts, a weaker dollar and optimism over a recovery in fuel demand, but retraced some of its recent gains in early U.S. trading.

Brent crude futures for April …

Source: Reuters

Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers

Reuters


TORONTO – Hedge funds are turning bullish on oil once again, betting the pandemic and investors’ environmental focus has severely damaged companies’ ability to ramp up production.

Such limitations on supply would push prices to multi-year highs and keep …

Source: CNBC

Wall Street turns positive on Exxon after a brutal year. But some experts warn it could get much worse

CNBC


U.S. oil giant Exxon Mobil endured a dreadful year by virtually every measure in 2020.

The Irving, Texas-based company reported four consecutive quarters of losses, incurred the biggest write-down in its modern history, laid off thousands of employees, saw

Source: Reuters

Brent near $60 as OPEC+ cuts tighten oil market

Reuters


LONDON – Brent crude prices are approaching $60 a barrel, a one-year high, driven in large part by OPEC+ cuts that are set to keep the oil market in deficit this year.

The coronavirus pandemic ravaged oil demand as …

Source: Reuters

Royal Dutch Shell Plc Fourth Quarter 2020 Interim Dividend

Oil and Gas 360


The Hague, February 4, 2021 – The Board of Royal Dutch Shell plc (“RDS” or the “Company”) today announced an interim dividend in respect of the fourth quarter of 2020 of US$ 0.1665 per A ordinary …

Source: Reuters

Pandemic pushes Exxon to historic annual loss, $20 billion cut in shale value

Reuters


HOUSTON -Exxon Mobil Corp on Tuesday posted a historic annual loss after the COVID-19 pandemic hammered energy prices and the company reduced the value of shale gas properties by more than $20 billion.

loss, $20 billion cut in shale …

Source: Reuters

Oil prices near 1-year highs after stocks drawdown, supply deficit forecast

Reuters


LONDON – Both benchmark oil contracts hovered near their highest levels in about a year on Wednesday, boosted by a drawdown in U.S. crude and gasoline stocks that added to demand recovery hopes fueled by OPEC+’s forecast of a …

Source: Reuters

ConocoPhillips reports fourth-quarter and full-year 2020 results; announces quarterly dividend

Oil and Gas 360


The 2020 results discussed herein reflect the performance of ConocoPhillips prior to the acquisition of Concho, which closed in January 2021.

ConocoPhillips (NYSE: COP) today reported a fourth-quarter 2020 loss of $0.8 billion, or ($0.72) per …

Source: Reuters

Oil prices reach highest in nearly a year as producers restrain output

Reuters


LONDON  – Oil prices rose more than 2% on Tuesday, reaching its highest in nearly 12 months after major producers showed they were reining in output roughly in line with their commitments.

Brent crude was up $1.31, or 2.3%, …

Source: Reuters

Oil prices gain as inventories fall and demand picks up

Reuters


LONDON – Oil prices rose on Monday buoyed by falling inventories and hopes of a swifter global economic recovery, although halting vaccine rollouts and renewed travel restrictions capped gains.

Brent crude was up 57 cents, or 1%, at $55.61 …

Source: Reuters

Chevron announces fourth quarter 2020 results

Oil and Gas 360


 

  • Fourth quarter loss of $665 million; adjusted loss of $11 million
  • Annual capital spending down 35 percent
  • Increased 2020 dividend per share for 33rd consecutive year

Chevron Corporation (NYSE: CVX) today reported a loss of …

Source: Reuters

Big Oil hits brakes on search for new fossil fuels

Reuters


LONDON – Top oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the coronavirus crisis triggered spending cuts.

Acquisitions of new onshore and offshore exploration …

Source: Reuters

BP’s oil exploration team swept aside in climate revolution

Reuters


LONDON – Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.

Its geologists, engineers and scientists have

U.S. crude output to decline less than previously forecast in 2021: EIA

U.S. crude output to decline less than previously forecast in 2021: EIA

Reuters


NEW YORK – U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous forecast …

Touchstone Announces Extension of Lease Operatorship Agreements

Touchstone Announces Extension of Lease Operatorship Agreements

Touchstone Announces Extension of Lease Operatorship Agreements Canada NewsWire…

December 30, 2020 - 8:24 am Exploration and Production (E&P), Press Releases
Ring Energy, Inc. Announces Results of Fall 2020 Redetermination of Its Senior Credit Facility

Ring Energy, Inc. Announces Results of Fall 2020 Redetermination of Its Senior Credit Facility

Company Also Pays Down Revolver and Adds Additional Oil Hedges

MIDLAND, Texas–(BUSINESS WIRE)– Ring Energy, Inc. (NYSEAM: REI) (“Ring” or the “Company”) announced today the results of its fall 2020 redetermination of its $1 billion senior revolving credit facility (“Credit …

December 23, 2020 - 10:52 am Exploration and Production (E&P), Press Releases
ConocoPhillips Makes Large Oil Discovery Offshore Norway

ConocoPhillips Makes Large Oil Discovery Offshore Norway

OilPrice

ConocoPhillips has made a large oil discovery in the Norwegian Sea close to a producing oilfield, the U.S. oil and gas company said on Tuesday.

Preliminary estimates point to the field containing between 75 million barrels and 200 million …

FG, Shell, Agip lose bid to stop Abacha’s suit to reclaim Malabu’s OPL 245

FG, Shell, Agip lose bid to stop Abacha’s suit to reclaim Malabu’s OPL 245

Shell 

A Federal High Court in Abuja has rejected moves by the Federal Government, Shell Nigeria Exploration, Nigeria Agip Exploration Company and others to prevent the hearing of a suit seeking to reclaim the Oil Prospecting License (OPL) 245 originally …

December 22, 2020 - 1:42 pm Exploration and Production (E&P)
Source: Reuters

Oil’s rally, fueled by vaccine progress, is running out of steam

Reuters


NEW YORK -The oil market has rallied almost 40% in the last two months, pushing benchmarks to nine-month highs, in a euphoric response to progress on COVID-19 vaccines that has investors thinking the end of the coronavirus pandemic is …