Exploration and Production (E&P)

How a new Middle East alliance could reshape the global energy landscape

How a new Middle East alliance could reshape the global energy landscape

Oil Price


Iran and Iraq last week agreed to create a series of executive committees aimed at increasing cooperation in all areas of the energy sector and beyond. Given that the U.S. is now the world’s leading producer of crude …

U.S. defense official visits Guyana over threat to oil-rich Essequibo

U.S. defense official visits Guyana over threat to oil-rich Essequibo

Oil Price


As tensions with Venezuela continue to simmer over President Nicolas Maduro’s attempt to annex oil-rich Essequibo from Guyana, the U.S. is sending a top defense official to Guyana to discuss the situation.

U.S. Deputy Assistant Secretary of Defense …

Source: Reuters

Trans Mountain oil pipeline request heads to Friday regulatory hearing

Nasdaq


WINNIPEG, Manitoba – The Canada Energy Regulator (CER) will conduct a hearing on Friday about Trans Mountain Corp’s TMC.UL request for a change in construction to complete expansion of its oil pipeline from Alberta to British Columbia, according to …

Oil prices firm on Middle East crisis and Libya outage

Oil prices firm on Middle East crisis and Libya outage

Investing


LONDON – Oil prices rose on Tuesday as the Middle East crisis and a Libyan supply outage reduced the previous day’s heavy losses.

Brent crude futures were up $1.07, or 1.41%, at $77.19 a barrel by 1515 GMT and …

Shale tycoon Harold Hamm wants to lure Gen Z to the oil industry

Shale tycoon Harold Hamm wants to lure Gen Z to the oil industry

Oil Price


Shale tycoon Harold Hamm and U.S. and European supermajors are looking to support university courses in petroleum engineering and related disciplines in a bid to attract young talent to the industry that’s not viewed favorably by Millennials and …

Jefferies Financial Group: Permian’s private shale operators expect modest growth in 2024

Jefferies Financial Group: Permian’s private shale operators expect modest growth in 2024

World Oil


(Bloomberg) – Most of shale’s private operators in the Permian basin are planning modest growth this year as one of the main engines of U.S. oil expansion downshifts amid volatile commodity prices.

A survey of closely held oil …

Ex Goldman analyst Currie expects bumper year for commodities

Ex Goldman analyst Currie expects bumper year for commodities

Oil Price


Commodities, including crude oil, are set for a good year, which could turn into “fantastic” if planned interest rate cuts materialize, according to veteran analyst Jeff Currie, who left Goldman Sachs last year after nearly 30 years at …

US judge clears way for more Venezuela creditors to join Citgo auction

US judge clears way for more Venezuela creditors to join Citgo auction

Nasdaq


HOUSTON, Jan 8 (Reuters) – A U.S. judge on Monday granted a large group of Venezuela-linked creditors rights to participate in a January auction of shares in the parent of Houston-based refiner Citgo Petroleum.

A precedent-setting lawsuit by Canadian …

Trio Petroleum restarts production from California’s McCool Ranch oil field

Trio Petroleum restarts production from California’s McCool Ranch oil field

World Oil


(WO) – Trio Petroleum Corp, a California-based oil and gas company, provided an update on the restart of the McCool Ranch oil field.

On Oct. 18, 2023, the company announced its acquisition of an approximate 22% working interest …

Source: CNBC

Oil falls as Saudi price cuts counter Middle East worries

CNBC


Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East.

Brent crude slid …

Exxon earnings to drop on California offshore exit, weaker prices

Exxon earnings to drop on California offshore exit, weaker prices

Yahoo Finance


HOUSTON – Exxon Mobil Corp warned on Thursday it would write down about $2.5 billion of California assets in the fourth quarter, and said lower energy prices reduced operating profits.

The snapshot by the largest U.S. oil producer …

Angola quit OPEC to sustain oil production above 1MMbpd, top official states

Angola quit OPEC to sustain oil production above 1MMbpd, top official states

World Oil


(Bloomberg) – Angola quit OPEC because its quota limits hindered the country’s plans to stabilize crude production above 1 MMbpd, according to the country’s top oil official.

The African nation’s December exit from OPEC came after the group …

bp renews drilling logistical services contract with Danos for Gulf of Mexico assets

bp renews drilling logistical services contract with Danos for Gulf of Mexico assets

World Oil


(WO) – Danos has secured a contract with bp to renew its comprehensive drilling logistical services for the integrated energy company’s Gulf of Mexico assets, building on a relationship that began in 2017.

Leveraging the company’s 76 years …

Oil prices rise over $1 on Middle East tensions

Oil prices rise over $1 on Middle East tensions

Nasdaq


LONDON – Oil prices gained on Friday, as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to try and prevent the Israel-Gaza conflict from widening.

Brent crude futures LCOc1 were up 44 cents, or 0.57%, …

APA Corporation increases oil production from Permian basin with $4.5 billion Callon Petroleum acquisition

APA Corporation increases oil production from Permian basin with $4.5 billion Callon Petroleum acquisition

World Oil


(WO) – APA Corporation and Callon Petroleum Company have entered into a definitive agreement under which APA will acquire Callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s net debt. Under the terms of …

Source: Reuters

Phillips 66 in talks for non-core assets sale: CEO

Investing


U.S. refiner and petrochemical manufacturer Phillips 66 (NYSE:PSX) is in active discussions for a sale of its non-core assets, Chief Executive Mark Lashier said on Thursday during an energy conference.

Last year, the company said it would …

Source: Reuters

Oil falls on massive US fuel inventory builds

Yahoo Finance


(Reuters) -Oil prices fell 2% on Thursday, largely unwinding an earlier rally, as massive weekly gasoline and distillate stock builds overshadowed a larger-than-expected crude stock draw.

Brent crude fell by $1.57, or 2%, to $79.01 a barrel by …

Source: Oil Price

“Oil Five” sovereign wealth funds pass $4 trillion mark

Oil Price


The sovereign wealth funds of the Gulf Cooperation Council members topped $4 trillion last year, which was an all-time high.

Called the “Oil Five”, the group of top sovereign wealth funds includes three entities from the United Arab …

Source: World Oil

Pioneer Natural Resources Scott Sheffield officially retires, new CEO begins role

World Oil


(WO) – Pioneer Natural Resources Company announced that Richard (“Rich”) P. Dealy has commenced his new role as Chief Executive Officer (CEO), and Scott D. Sheffield has transitioned to the non-executive role of Special Advisor to the CEO, …

Source: Reuters

Chevron to take up to $4 billion in charges in Q4

Nasdaq


Jan 2 (Reuters) – Chevron CVX.N said on Tuesday it would take non-cash writedowns on U.S. oil and gas production, primarily in California, and for securing abandoned wells and pipelines in the U.S. Gulf of Mexico that had been …

Diversified closes value enhancing asset sale

Diversified closes value enhancing asset sale

Oil and Gas 360


BIRMINGHAM, AL / ACCESSWIRE / January 2, 2024 / Diversified Energy Company PLC (LSE:DEC)(NYSE:DEC) is pleased to announce that it has closed an innovative transaction (the “Transaction”) that has allowed the Company to unlock additional value …

Source; Reuters

Oil prices fall as economic headwinds offset worries about Red Sea

Yahoo Finance


HOUSTON (Reuters) -Oil prices dipped during the first session of 2024, with economic headwinds from interest rate jitters unraveling gains from worries that tensions in the Red Sea could disrupt supplies.

Brent crude was down 62 cents, or …

Source: Reuters

OPEC+ set to hold monitoring meeting in early February

Nasdaq


LONDON/DUBAI, Jan 2 (Reuters) – OPEC+ plans to hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) in early February, though an exact has not been decided, three sources from the alliance said.

OPEC+, which comprises the Organization …

Source: Oil Price

Unpacking the top energy stories of 2023

Oil Price


Following last year’s chaos in the energy sector, there were fewer big energy stories in 2023. I think there was one really big story that is yet well-known, and then a big drop after that.

There were major …

Source: World Oil

Biden administration purchases 3 MMbbl of U.S.-produced oil for Strategic Petroleum Reserve

World Oil


(WO) — On Dec. 26, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced that contracts have been awarded for the acquisition of 3 MMbbl of U.S.-produced crude oil for the Strategic Petroleum Reserve (SPR).

According …

Source: World Oil

QatarEnergy to supply crude oil to Shell for five years in “first ever” contract agreement

World Oil


(WO) – QatarEnergy has announced a five-year crude oil supply agreement with Shell International Eastern Trading Company, Singapore (Shell).

The agreement stipulates the supply of up to 18 MMbbl per annum of Qatar Land and Qatar Marine crude …

Source: Reuters

Slow demand set to keep oil price near $80/b in 2024, Reuters poll shows

Nasdaq


Dec 29 (Reuters) – International oil prices are likely to stay near $80 a barrel in 2024, a Reuters poll showed on Friday, as analysts predicted weak global growth would cap demand, while geopolitical tensions could provide support.

The …

Source: Oil Price

U.S. shale growth could exceed forecasts in 2024

Oil Price


U.S. crude oil production has overwhelmingly exceeded earlier forecasts and has grown at a much faster pace this year, offsetting much of the OPEC+ efforts to push up prices by coordinated supply reductions.

U.S. production growth is expected …

Source: World Oil

Crescent Point Energy to increase Canadian oil production with Hammerhead acquisition

World Oil


(WO) – Crescent Point Energy Corp. has successfully completed its acquisition of Hammerhead Energy Inc., an oil and liquids-rich Alberta Montney producer. The company is also provided its formal 2024 guidance and five-year plan, which are significantly enhanced …

ProFrac Holding Corp. completes refinancing of senior secured term loan and enhances financial flexibility

ProFrac Holding Corp. completes refinancing of senior secured term loan and enhances financial flexibility

Oil and Gas 360


WILLOW PARK, TexasDec. 27, 2023 /PRNewswire/ — ProFrac Holding Corp. (NASDAQ: ACDC) (“ProFrac”, or the “Company”) today announced that, on December 27, 2023, it completed the refinancing of its existing Senior Secured Term Loan