(Bloomberg) – Chevron Corp.’s acquisition of Hess Corp. does more than give it a stake in the world’s fastest-growing oil field off the coast of Guyana and shale assets in the Bakken basin of North Dakota. It …
LONDON – Shell will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits, it said on Wednesday.
The staff
AUSTIN – The Railroad Commission of Texas assessed $2,425,495.50 in fines involving 597 enforcement dockets against operators and businesses at the Commissioners’ Conference on Tuesday. The Commission has primary oversight and enforcement of the state’s oil and gas …
(Bloomberg) – Europe’s oil majors seem to finally be winning back investors by refocusing on their core business, yet the valuation gap with their dealmaking U.S. peers remains stubbornly wide. After companies such as bp Plc embraced net …
Thanks to steady inflows in recent weeks, United States Oil ETF (NYSEARCA: USO) is once again the biggest oil exchange-traded fund in the world in terms of total assets, topping WisdomTree Brent Crude Oil fund for …
Blockbuster takeovers by U.S. oil and gas majors Exxon and Chevron this month may spark further consolidation in the energy industry after a quieter third quarter for mergers and acquisitions in the sector, analytics firm Enverus said.
There were …
Halliburton’s third-quarter profit beat market expectations on Tuesday as higher international drilling and equipment demand helped overcome weakness in North America. The increased demand comes as oil and gas companies reinvest their record profits from the market disruption …
Oil prices fell on Tuesday for the third straight session, after a flurry of slow economic data from Germany, the euro zone and Britain that weighed on the outlook for energy demand. Brent crude futures were down $1.76, or …
(WO) — Chevron Corporation has entered into a definitive agreement with Hess Corporation to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share. Under the terms of …
HOUSTON- For the past four years, the United States protected oil refiner Citgo Petroleum from creditors seeking to seize Venezuela’s foreign crown jewel for billions of dollars in claims. But on Monday, a U.S. judge will kick off an …
(Bloomberg) – A hot spot for Canadian oil drillers is emerging in a tiny corner of eastern Alberta, drawing companies including Canadian Natural Resources Ltd. and Baytex Energy Corp. in search of cheaper, lower-emissions heavy crude.
Oil drillers …
Unprecedented uncertainty in natural gas demand and policies and low levels of investment in new production risk creating fresh energy crises and undermining energy security and climate goals as it would stall the move away from coal, the …
(Bloomberg) – Venezuela has an opportunity to resuscitate the linchpin of its economy — oil — now that U.S. sanctions have been relaxed. The surprise move on Oct. 18 allows international companies to apply the full weight …
Oil prices slipped on Monday as investors continued to focus on the situation in the Middle East, where diplomatic efforts are intensifying in an attempt to contain the conflict between Israel and Hamas.
Oil slips as investors watch diplomatic …
(Bloomberg) – Senator Joe Manchin condemned the Biden administration’s decision to lift sanctions against Venezuela’s oil and gas sector, arguing the U.S. should instead turn to domestic crude production to fill any shortfall.
The administration is looking …
The U.S. Department of Energy said on Thursday it hopes to buy six million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January, as it continues its plan to refill the emergency stockpile.…
(Bloomberg) – War in the Middle East could cause the oil price to surge to $140 a bbl and bring the world to the brink of a recession, according to Ana Boata, head of economic research at Allianz …
As the fall 2023 borrowing base redetermination season approaches in the midst of an improved commodity price environment, lenders and producers are carefully monitoring the reserve-based lending market.
What’s next for reserve-based loans?
Around $7 trillion in global investments in natural gas supply are necessary to ensure enough gas and avoid supply crunches through 2050, according to the Institute of Energy Economics, Japan (IEEJ).
As countries look to cut emissions and …
This week’s Baker Hughes Rig Count shows that U.S. had an increase of 2 over last week, resulting in a total count of 624 rigs. Canada had an increase of 5 over last week, resulting in …
HOUSTON – Venezuelan state-run oil company PDVSA has begun contacting customers with crude supply contracts amid the temporary lifting of U.S. sanctions, two people familiar to the matter said on Thursday, moving to resume cash sales to global refiners.…
Oil prices extended gains on Friday and were on track to rise for a second week on heightened fears that the Israel-Gaza crisis may spread in the Middle East and disrupt supply from one of the world’s top-producing regions.…
Mergers in the U.S. shale patch have continued through the course of 2023 as companies jockey for assets that will fill in gaps in their acreage base. Two key basins have been the focus of much of this …
(Bloomberg) – Devon Energy Corp., an Oklahoma City-based oil and gas company, is studying major acquisition targets as it seeks to gain scale in U.S. shale, according to people familiar with the matter. Devon has held preliminary talks …
Investors are returning to oil and gas, drawn in by strict capital discipline and improving bottom lines. Fundraising on debt and equity markets is on the rise for the oil industry, at least in the United States. Still, …
WASHINGTON – U.S. oil refiners have cranked up output of diesel, heating oil and jet fuel for winter but are struggling to turn a profit because gasoline margins have fallen over 80% since the summer driving season ended.
Refiners, …
The EIA has released its natural gas inventory report, showing a net increase of 97 Bcf as of October 13, 2023.
Working gas in storage was 3,626 Bcf as of Friday, October …
