From Reuters Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas. Like dozens of other Permian startups, the firm then pursued a classic wildcatter’s strategy – borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale field. Today, Diamondback (FANG.O) is the
From Reuters Oil prices inched up on Friday, ending the week higher after stronger-than-expected U.S. economic data brightened the crude demand outlook and concerns over the safety of oil transport around the Strait of Hormuz threatened supply. Brent crude futures LCOc1 settled at $63.46 a barrel, up 7 cents. They clocked a weekly rise of about 1.7%. U.S. West Texas
From Reuters When Saudi Aramco was on the verge of a deal last year to buy a stake in an Indian oil refinery, its boss quickly boarded a company jet in Paris and flew to New Delhi. Chief executive Amin Nasser arrived unannounced early on April 11, 2018, finalised the agreement and signed it later that day. Negotiators had just
From CNBC Many cynics have long contended that the real reason the U.S. entered a slew of recent wars was only to protect American oil interests. But now it’s beginning to look like oil may be a major reason why the U.S. isn’t getting into a war with Iran. Believing that flies in the face of a common sentiment that
The shifting landscape of global energy 2014 marked the beginning of a new era in the oil and gas industry, said Bob Dudley, Group Chief Executive for BP’s (ticker: BP) 2015 Statistical Review of World Energy. Price volatility is nothing new to the industry, said Dudley, but “[prices] may well come to be viewed as symptomatic of a broader shifting
After 17 straight weeks of builds, Cushing sees a draw on crude inventories Global oversupply has prompted companies to sell production volumes on the future strip prices, pushing their production into storage hubs like Cushing, Oklahoma. Since the beginning of the year, the U.S. Department of Energy (DOE) reported massive crude oil inventory builds for 17 straight weeks, with inventory
