Exploration and Production (E&P)

OPEC+ plans to keep oil production cuts unchanged

OPEC+ plans to keep oil production cuts unchanged

Oil Price


The OPEC+ group doesn’t have any plans to alter the current oil production policy and cuts when the alliance’s monitoring panel meets next week, OPEC+ delegates told Bloomberg on Friday.

OPEC’s Joint Ministerial Monitoring Committee (JMMC), which takes …

Oil heads for weekly gain on US growth and Middle East concerns

Oil heads for weekly gain on US growth and Middle East concerns

US News


LONDON -Oil eased on Friday but was heading for a second weekly gain as positive U.S. economic growth and signs of Chinese stimulus boosted demand sentiment, while Middle East supply concerns added further support.

The United States, the

Source: Reuters

Tullow Oil on track to deliver $600 million free cash flow over next 2 years

Nasdaq


West Africa-focused Tullow Oil TLW.L said on Wednesday it was on track to deliver about $600 million free cash flow over the next two years to achieve its stated target of $800 million from 2023 to 2025, sending its …

Source: Reuters

Traders turn bearish on U.S. oil

Oil Price


Traders are selling West Texas Intermediate futures in anticipation of further strong production growth. As a result, prices are weakening further despite the uncertainty of such an outlook.

In fact, expectations from the industry and the EIA are …

Rystad Energy expects strong demand to drive oil prices higher

Rystad Energy expects strong demand to drive oil prices higher

Oil Price


Global oil demand remains pretty solid and could surprise to the upside this year, tightening market balances and potentially leading to higher prices, Claudio Galimberti, head of global oil macro research at Rystad Energy, told Bloomberg in an …

Oil prices little changed as fundamentals weigh on geopolitical risk premium

Oil prices little changed as fundamentals weigh on geopolitical risk premium

BOE Report


Oil prices were little changed in Asian trading on Wednesday as weak demand and a recovery in supply limited the market’s reaction to mounting geopolitical risk.

The front-month March contract for Brent crude inched up 5 cents to …

Source: Reuters

Russia’s fossil fuel revenues continue to fall

Oil Price


Russia’s fossil fuel export revenues continued to fall in December from November, as income from oil and gas exports has been dropping since September, a new analysis by the Centre for Research on Energy and Clean Air (CREA) …

Oil prices edge up with signals mixed on crude supply outlook

Oil prices edge up with signals mixed on crude supply outlook

US News


NEW YORK – Oil prices inched up Tuesday, as traders weighed production outages in the U.S. and tensions in the Middle East and Europe against rising crude supply in Libya and Norway.

Brent crude futures were up 30

Source: Reuters

Chevron to sell Duvernay shale assets following major Hess acquisition

World Oil


(Bloomberg) – Chevron Corp. has begun marketing its Duvernay shale holdings in Alberta as the oil giant divests assets following its agreement to buy Hess Corp.

Chevron plans to shed all of its 70% stake in the Western …

Source: World Oil

Freezing weather knocks out millions of barrels of Permian, Bakken oil production

World Oil


(Bloomberg) – The wintry weather that blanketed parts of Texas in snow and hammered North Dakota with extreme cold has knocked out millions of barrels of U.S. oil production, and the industry is expected to need weeks to …

Interest jumps in US auction of shares in parent of Venezuela-owned Citgo

Interest jumps in US auction of shares in parent of Venezuela-owned Citgo

Nasdaq


Dozens of companies have rushed in recent weeks to obtain data and join a U.S. court-ordered auction of shares in a parent of Houston-based oil refiner Citgo Petroleum, Venezuela’s foreign crown jewel, according to people familiar with the matter, …

Oil rises as geopolitics counter demand concerns

Oil rises as geopolitics counter demand concerns

Investing


LONDON-Oil prices rose on Monday as traders weighed the impact of wars in the Middle East and Ukraine on oil supply against economic headwinds dampening global oil demand.

Brent crude rose 90 cents to $79.46 a barrel by 1450 …

Source: Reuters

Oilfield services giant SLB tops profit estimates amid overseas business strength

Investing


Investing.com — Oilfield services giant SLB (NYSE:SLB) has reported fourth-quarter profit that topped analyst estimates and bumped up its dividend.

Houston-based SLB posted a 21% jump in net income attributable to shareholders, excluding charges and credits, to …

Source: Reuters

Europe, Africa crude market tightens on Red Sea disruptions, China demand

Nasdaq


The Brent crude market structure and some physical markets in Europe and Africa are reflecting tighter supply resulting partly from concern about shipping delays due to vessels avoiding the Red Sea, according to traders, LSEG data and analysts.

The …

Source: Oil Price

9 million barrels of Saudi and Iraqi oil delayed amid Red Sea chaos

Oil Price


Tankers carrying nearly 9 million barrels of oil from Saudi Arabia and Iraq will delay their deliveries as they have diverted away from the Red Sea/Suez Canal route in recent days, and are now headed on the longer …

Top oil and financial firms made $424 billion in windfall profits in two years

Top oil and financial firms made $424 billion in windfall profits in two years

Oil Price


The biggest oil companies and the top financial institutions generated combined windfall profits of as much as $424 billion in the two years to June 2023, a report by ActionAid and Oxfam showed this week.

ActionAid and Oxfam …

Source: CNBC

Oil prices rise on strong IEA and OPEC demand estimates

CNBC


Oil prices rose on Thursday as the IEA joined producer group OPEC in forecasting relatively strong growth in global oil demand this year, with price impetus also coming from disruption to U.S. output and geopolitical risks in the Middle …

ExxonMobil, Mexico Pacific to bring Permian gas to global markets with third LNG deal

ExxonMobil, Mexico Pacific to bring Permian gas to global markets with third LNG deal

World Oil


(WO) – Mexico Pacific has signed a third long-term Sales and Purchase Agreement (“SPA”) with ExxonMobil LNG Asia Pacific (“EMLAP”) for an additional 1.2 MMtpa of liquefied natural gas (“LNG”) from Train 3 of Mexico Pacific’s Saguaro Energia …

BP appoints Murray Auchincloss as permanent CEO

BP appoints Murray Auchincloss as permanent CEO

CNBC


LONDON — Oil and gas major BP appointed Murray Auchincloss as permanent CEO, the company said Wednesday.

His appointment comes roughly four months after his predecessor Bernard Looney resigned after less than four years in the post, citing undisclosed …

Source: Reuters

Saudi oil price cut driven by weak market, not policy shift

Nasdaq


LONDON – Saudi Arabia’s cut in official crude oil selling prices to Asia reflects weaker fundamentals of supply and demand, and does not imply a looming shift in OPEC+ policy or a fight for market share, analysts and industry …

Source: World Oil

Freezing temperatures in U.S. shut in over half of North Dakota’s oil production

World Oil


(Bloomberg) – Freezing temperatures sweeping the U.S. shut in more than half of North Dakota’s oil production and curbed refinery operations in Texas.

The outage in the second-largest U.S. shale basin briefly lifted West Texas Intermediate futures. Physical …

Source: CNBC

Oil falls as China’s economic recovery disappoints, dollar strengthens

CNBC


Oil fell more than $1 on Wednesday as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. dollar strength dented investor’s risk appetite.

Brent crude futures fell $1.23, or …

Source: Reuters

Market to be short oil from 2025 onwards, Occidental CEO at Davos

Nasdaq


DAVOS, Switzerland – The oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand, Occidental Petroleum Chief Executive Vicki Hollub said on Tuesday.

Hollub, who spoke on the …

Deep freeze cuts North Dakota oil production by 280,000 Bpd

Deep freeze cuts North Dakota oil production by 280,000 Bpd

Oil Price


Freezing temperatures have slashed North Dakota’s crude oil production by up to 280,000 barrels per day (bpd) in recent days, according to estimates from the North Dakota Pipeline Authority as of Sunday, reported by Reuters.

Natural gas production …

Source: Oil Price

Oil lobby warns Biden about anti-oil policies

Oil Price


“American voters are watching.” This is what the president of the American Petroleum Institute had to tell the federal government at an API event this week. Voters are watching, and they are less than thrilled with the current …

Source: CNBC

Oil slips about 1% despite Middle East conflict

CNBC


Oil prices slipped on Monday with traders watching out for supply disruption risk in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea.

Brent crude

Source: Reuters

How fracking helped the U.S. become the world’s top LNG exporter

Oil Price


In 2003, the late author and investment banker Matther Simmons predicted that with “certainty,” by 2005 the U.S. would enter a long-term natural gas crisis for which the only solution was “to pray.” T. Boone Pickens and a …

Prairie Operating announces acquisition of producing E&P assets

Prairie Operating announces acquisition of producing E&P assets

Oil and Gas 360


HOUSTON, Jan. 11, 2024 (GLOBE NEWSWIRE) — Prairie Operating Co. (Nasdaq: PROP; the “Company” or “Prairie”) today announced it has entered into a definitive agreement to acquire the assets of Nickel Road Operating LLC (“NRO”) for …

Oil rises 3% as some tankers avoid Red Sea after strikes

Oil rises 3% as some tankers avoid Red Sea after strikes

Investing


LONDON – Oil prices climbed about 3% on Friday, as some oil tankers diverted course from the Red Sea following overnight air and sea strikes by the United States and Britain on Houthi targets in Yemen after attacks on …

Source: Reuters

Chesapeake Energy Corporation and Southwestern Energy to combine to accelerate America’s energy reach

Oil and Gas 360


OKLAHOMA CITY and SPRING, TexasJan. 11, 2024 /PRNewswire/ — Chesapeake Energy Corporation (NASDAQ: CHK) and Southwestern Energy Company (NYSE: SWN) today announced that they have entered into an agreement to merge in …