Exploration and Production (E&P)

Source: Reuters

Oil rises on lower U.S. stockpiles, demand recovery

Reuters


NEW YORK – Oil prices rose on Wednesday, heading for monthly and quarterly gains, after data showed U.S. crude stockpiles were shrinking and an OPEC report foresaw an undersupplied market this year.

The Brent crude contract for August, due …

Source: Reuters

Column: Rising oil price will draw response from consumers

Todayonline


LONDON – Oil prices have risen above the long-term average, once adjusted for inflation, and are likely to encounter increasing resistance from consumers if they continue to climb.

Front-month Brent futures are trading around $75 per barrel compared with …

Source: Reuters

OPEC bullish on oil market recovery but virus variants pose risk

Reuters


LONDON – OPEC sees a strong rebound in oil demand in the second half of 2021 with oil inventories shrinking but the producer group also sees coronavirus variants posing a risk to the recovery.

Demand in 2021 was expected …

Source: Reuters

Russia struggles to raise oil output despite price rally – sources

Reuters


MOSCOW – Russian oil production has declined so far in June from average levels in May despite a price rally in oil market and OPEC+ output cuts easing, two sources familiar with the data told Reuters on Monday.

Russia’s …

Source: Reuters

U.S. shale industry tempers output even as oil price jumps

Reuters


Even with oil prices surging toward $75 a barrel, U.S. shale producers are keeping their pledges to hold the line on spending and keep output flat, a departure from previous boom cycles.

This year’s run up in crude prices, …

Source: Reuters

Ahead of talks, OPEC forecasts point to oil supply deficit in August

Reuters


LONDON – OPEC’s forecasts point to an oil supply deficit in August and in the rest of 2021 as economies recover from the pandemic, suggesting the group and its allies have room to raise output at a meeting this …

Source: Reuters

Column: Oil prices soar even as consumption remains below trend

Reuters


LONDON – Global oil consumption is set to return to pre-pandemic levels by the first quarter of 2022, driven by a strong expansion in global manufacturing and freight transport as well as the gradual re-opening of major economies.

Booming …

Source: BOE Report

Oil dips but hovers near three-year highs on recovery signs

BOE Report


Oil prices dipped on Thursday but still held close to their highest in almost three years, supported by drawdowns in U.S. inventories and accelerating German economic activity.

Doubts about the future of the 2015 Iran nuclear deal that

Source: Reuters

Chevron has no plans to shrink conventional energy business

Nasdaq


U.S. oil major Chevron Corp CVX.N has no plans to shrink its oil and gas business for wind and solar energy unlike some rivals, Chief Financial Officer Pierre Breber said on Thursday, amid pressure from shareholders to lower carbon …

Source: Reuters

Uptick in prices lifts the mood in U.S. oil patch

Financial Post


U.S. energy company executives polled by the Federal Reserve Bank of Dallas have an optimistic outlook driven by upticks in activity and a jump in oil prices, according to a survey released on Wednesday.

Oil and gas producers …

Source: CNBC

Iran’s President-elect Raisi rules out meeting Biden as oil markets look to nuclear deal’s future

CNBC


DUBAI, United Arab Emirates — Iranian President-elect Ebrahim Raisi gave his first press conference since the country’s election, saying Monday his priorities would be to improve ties with regional neighbors and revive the 2015 nuclear deal — and at …

Source: Reuters

U.S. drillers add oil and gas rigs for second week in a row – Baker Hughes

Reuters


U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude prices rose to their highest since 2018, prompting some drillers to return to the wellpad.

The oil and gas …

Source: Reuters

Gulf states will take at least 10 years to end oil dependence: Moody’s

MSN News


Countries in the oil-exporting Gulf will remain heavily dependent on hydrocarbon production for at least the next 10 years as efforts to diversify economies have made limited progress since the 2014-15 oil price shock, Moody’s said.

The rating …

Source: BOE Report

Analysis: Biden may hinder oil and gas drilling even after court loss

BOE Report


Publisher’s Note: Kathleen Sgamma will be presenting at EnerCom’s The Oil & Gas Conference in August.

U.S. President Joe Biden’s administration has the power to stymie oil and gas development on government-controlled lands and waters, industry and environmental …

Source: Reuters

Exclusive: OPEC told to expect limited U.S. oil output growth, for now – sources

Reuters


LONDON – OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, OPEC sources said, giving it more power to manage the market in the short term before a …

Source: Reuters

Oil hits new high near $75 on demand rise, falling inventories

Reuters


LONDON -Oil gained for a fifth day on Wednesday, climbing towards $75 a barrel to its highest since April 2019, supported by a recovery in demand from the pandemic and a drop in U.S. crude inventories.

The American Petroleum …

Source: Reuters

Brace for huge oil volatility, U.S. trading group says

Reuters


LONDON – Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said.

“You could …

Source: Reuters

Three top executives exit Chesapeake Energy

Reuters


U.S. oil and gas producer Chesapeake Energy Corp said on Friday that three executives will leave the company, the latest exits this year after it launched a new chief executive search and emerged from bankruptcy.

Frank Patterson, executive vice …

Source: CNBC

Occidental to sell some Permian basin assets for $508 mln

Reuters


Occidental Petroleum Corp said on Thursday it would sell some of its acreage in Texas’ Permian basin to an affiliate of private equity-backed Colgate Energy Partners III LLC for $508 million.

The oil producer has cut jobs, production and …

Source: NPR

Big Oil (Probably) isn’t going away anytime soon. But it’s definitely changing

NPR


Big Oil is standing on the precipice of something. But no one can agree what it is. A long, slow decline? An abrupt collapse? A remarkable reinvention?

Mounting urgency about climate change has finally reached the boardrooms of …

Source: Reuters

Canada’s oil sands producers form alliance to achieve net-zero emissions by 2050

Reuters


Canadian oil sands producers said on Wednesday they would form an alliance to achieve net-zero greenhouse gas emissions from their operations by 2050, as the cash-rich firms come under pressure to meet the country’s goal on energy transition.

Oil …

Source: Reuters

Shell to step up energy transition after landmark court ruling

Reuters


LONDON – Royal Dutch Shell will seek ways to accelerate its energy transition strategy and deepen carbon emission cuts following a landmark Dutch court ruling last month, CEO Ben van Beurden said on Wednesday, a move that will likely

Source: Reuters

Column: Oil output restraint draws hedge fund buying: Kemp

Reuters


LONDON- Portfolio managers increased their positions in petroleum last week, reversing roughly half the sales over the previous three weeks, as benchmark oil prices started to break up through the recent ceiling.

Hedge funds and other money managers purchased …

Source: Reuters

Analysis: Market for U.S. oil acreage booms along with crude price recovery

Reuters


A recovery in the price of oil to more than two-year highs is offering a long-awaited opening to companies and private equity firms to shed unloved assets in the U.S. oil patch.

Sales of land parcels worth $6.9 billion …

Civitas adds premium assets in DJ Basin with all-stock acquisition of Crestone Peak Resources

Civitas adds premium assets in DJ Basin with all-stock acquisition of Crestone Peak Resources

Enhances Civitas’ Scale and Synergy Potential, with Addition of Crestone’s Highly Complementary and Adjacent Assets

Crestone Operations Support Civitas’ Commitment to Achieve Net-Zero Emissions

DENVER, June 07, 2021 (GLOBE NEWSWIRE) — Civitas Resources, Inc. (“Civitas” or the “Company”), a Colorado …

Source: CNBC

Russia and Saudi Arabia reject calls to end oil and gas spending, call IEA’s net-zero plan ‘unrealistic’

CNBC


LONDON — Two of the world’s largest oil-producing countries plan to defy the International Energy Agency’s recommendations and continue investing in oil and gas, rejecting calls to drastically scale back the use of fossil fuels despite a deepening climate …

Source: Reuters

Oil hits two-year high above $72 on OPEC+ discipline, demand hopes

Reuters


NEW YORK – Oil prices surged on Wednesday, hitting their highest in more than a year from a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear

Source: Reuters

OPEC+ sees tighter oil market despite output hike

Reuters


LONDON/MOSCOW – OPEC+, which on Tuesday rubber stamped an earlier decision to go ahead with production increases over the next two months, now sees the oil market tightening further than previously anticipated.

Under their existing plan, the Organization of …

EnerCom Exclusive: Has the time come to eliminate hydraulic fracturing and change how we drill the reservoir?

EnerCom Exclusive: Has the time come to eliminate hydraulic fracturing and change how we drill the reservoir?

Oil and Gas 360


The current mindset today in the upstream oil and gas industry is that unconventional reservoirs, such as shales, need to be hydraulically fractured to produce gas and oil because they are “tight”.


EnerCom Exclusive: Has the time come to eliminate hydrolic fracturing and change how we drill the reservoir?- oil and gas 360

If that premise is …

Source: Reuters

Big oil shareholders revolt over poor long-run returns: Kemp

Reuters


LONDON -Exxon Mobil’s shareholder revolt has been framed as a climate change issue, but it reflects broader dissatisfaction with the board’s strategy and failure to generate returns for shareholders in recent decades.

Many institutional investors are pressing the major …