Post Tagged with: "Production"

Colombia’s Ecopetrol 2020 net profit down 87.3%, to invest up to $15 billion by 2023

Colombia’s Ecopetrol 2020 net profit down 87.3%, to invest up to $15 billion by 2023

Reuters


BOGOTA – Colombia’s majority state-run oil company, Ecopetrol, will make up to $15 billion of organic investment between 2021 and 2023, it said on Tuesday, as it reported an 87.3% drop in 2020 net profit.Colombia's Ecopetrol 2020 net profit down 87.3%, to invest up to $15 billion by 2023- oil and gas 360The company will invest …

Source: Reuters

Oil producers eye long road to recovery as Texas begins to thaw

Reuters


NEW YORK – Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as …

Source: Reuters

Oil prices close to 13-month highs, supported by Texas cold snap

Reuters


LONDON- Oil prices hovered near 13-month highs on Tuesday, supported by a U.S. cold snap that shut wells in the oil-producing state of Texas, though gains were capped by a Norwegian wage deal that averted supply disruptions in Europe.…

Source: Reuters

Oil hits 13-month highs as market re-balances

Reuters


LONDON – Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in.

Brent crude was up 88 cents, or 1.4%, at $63.31 a barrel …

Northern Oil and Gas, Inc. Announces Business and Operations Update

Northern Oil and Gas, Inc. Announces Business and Operations Update

Oil and Gas 360


Northern Oil and Gas, Inc. Announces Business and Operations Update

Northern Oil and Gas, Inc. Announces Business and Operations Update- oil and gas 360

 

HIGHLIGHTS

  • Reaffirms mid-point of Q4 2020 production guidance and narrows range to 34,000 – 36,000 Boe per day
  • Reiterates 2021 $40+ WTI base case outlook
Source: Reuters

Battered energy sector could get reprieve from ‘golden cross’ chart signal

Reuters


Energy, Wall Street’s worst performing industry in 2020, could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday.

The bullish development in S&P 500 energy sector …

December 31, 2020 - 2:30 pm Commodity Pricing, Crude Oil News, Energy News
Source: Reuters

A historic oil price collapse, with worries headed into 2021

Reuters


NEW YORK – This year was like no other for oil prices.

Even as global prices end the year at about $51 a barrel, near the average for 2015-2017, it masks a year of volatility. In April, U.S. crude …

Source: Reuters

Analysis-U.S. shale oil just had its worst year and the pain could bleed into 2021

Reuters


HOUSTON/NEW YORK  – U.S. oil and gas shares and drilling activity are edging higher, but a disastrous year for the energy industry means the go-go days of the shale boom may be gone for good.

Deep spending cuts that …

Source: Reuters

OPEC cuts 2021 oil demand outlook again as pandemic impact lingers

Reuters


LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.…

December 14, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

U.S. offshore oil workers flee as storm Zeta heads toward Gulf of Mexico rigs

Reuters


HOUSTON – Oil producers on Monday were evacuating offshore production platforms in the U.S. Gulf of Mexico as the 27th named storm of the season strengthened overnight and looked likely to threaten the United States as a hurricane.

BP, …

October 26, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Offshore
Source: Reuters

ExxonMobil CEO warns of job cuts coming for employees in US, Canada

Fox Business


ExxonMobil Chairman and CEO Darren Woods warned that job cuts are coming for employees in the U.S. and Canada as part of an ongoing plan announced earlier this year to “redesign work processes and improve cost competitiveness.”

While …

October 22, 2020 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Jobs
Source: Reuters

Russia’s Novak says premature to talk about OPEC+ plans beyond 2020

Reuters


MOSCOW – Russia’s energy minister said on Tuesday it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed.

OPEC and …

October 20, 2020 - 12:07 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC+ will ensure oil prices do not plunge again, says OPEC chief

Reuters


LONDON – The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said on Thursday, adding that demand has been recovering more slowly …

Source: Reuters

Oil prices fall as supply concerns ease

Reuters


LONDON – Oil prices fell on Monday as force majeure at Libya’s largest oilfield was lifted, a Norwegian strike affecting production ended and U.S. producers began restoring output after Hurricane Delta.

Brent crude LCOc1 fell 57 cents, or 1.3%, …

Source: Reuters

OPEC, in major shift, says oil demand to plateau in late 2030s

Reuters


LONDON – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus …

Source: Reuters

Six Norway oil and gas fields shut as strike escalates

Reuters


OSLO – Six Norwegian offshore oil and gas fields were shut on Monday as more workers joined a strike over pay, companies and union officials said.

The strike will cut Norway’s total output capacity by just over 330,000 barrels …

October 5, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

OPEC September oil output rises for third month on Libya restart, Iran

Reuters


LONDON  – OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut …

Source: Reuters

ConocoPhillips forecasts smaller-than-expected loss, to resume buybacks

Reuters


ConocoPhillips COP.N on Wednesday forecast a smaller-than-expected quarterly adjusted loss and said it would resume buying back its shares after a historic collapse in crude prices forced the U.S. oil and gas producer to halt the program in April.…

Source: Reuters

Oil steadies as frail demand outlook offsets U.S. stock fall

Reuters


LONDON  – Oil prices steadied on Thursday, as the bullish impact of a fall in U.S. inventories was offset by a stronger dollar and a renewed wave of coronavirus cases in Europe that led several countries to reimpose travel …

Source: Reuters

U.S. energy firms tally damages from Hurricane Sally, begin restarts

Reuters


HOUSTON – Storm-tossed U.S. offshore energy producers and exporters began clearing debris on Thursday from Hurricane Sally and booting up idle Gulf of Mexico operations after hunkering down for five days.

The storm toppled trees, flooded streets and left …

September 17, 2020 - 11:30 am Closing Bell Story‎, Commodity Pricing, Crude Oil News, Energy News
Source: Reuters

Oil rises but bleaker demand outlook weighs

Reuters


LONDON – Oil prices rose on Tuesday, supported by hurricane supply disruptions in the United States, but forecasts of a slower than expected recovery in global demand from the pandemic weighed.

Brent crude LCOc1 was up 41 cents, or …

September 15, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Fox Business

Oil and gas industry assesses damage at refineries, plants

Fox Business


The energy industry is assessing damage caused by storm surges and high winds as Hurricane Laura cut a dangerous path across the coastlines of Texas and Louisiana, making landfall early Thursday.

Oil and gas producers evacuated platforms and …

Source: Reuters

OPEC trims 2020 oil demand, sees doubts about 2021 on virus fallout

Reuters


LONDON – World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year’s recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its …

Oil Profitability Around the World – or – What is the cost to keep their social programs running?

Oil Profitability Around the World – or – What is the cost to keep their social programs running?

RarePetro


Oil & Gas 360 Publishers Note: This is an outstanding piece from Kevin about world oil costs and what the countries need to make in order to keep up with their social programs. We have been covering this topic,

Source: Reuters

Brent at one-month high, U.S. oil tops $32 as lockdowns ease

Reuters


LONDON  – Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers.

Brent crude LCOc1 was up $2.32, …

Source: Forbes

Key Indicators On The Oil Price Path ‘After’ Covid-19

Forbes


Undoubtedly, the dominant factor in the oil market for the next twelve to twenty-four months will be the progress of the pandemic, which will reduce economic activity and thus oil demand to an uncertain degree and with unpredictable timing. …

Source: CNBC

Oil heads for another weekly gain on demand hopes and shut-ins

CNBC


Oil prices rose on Friday and were on course for a second consecutive week of gains as more countries moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic and as …

Source: CNBC

Oil prices could go negative again for reasons beyond just storage

CNBC


It’s not all about storage.

Yes, the world is watching the available amount of oil storage to try to figure out when the ‘tank tops’ and there’s simply no more space to fill with unneeded crude. There are, however, …

Source: CNBC

Oil falls back into the red in volatile session

CNBC


Oil alternated between gains and losses in a volatile trading session that at one point saw U.S. crude drop more than 20%. Traders continue to eye dwindling storage capacity worldwide, although some of the losses were offset by optimist …

Source: Reuters

Oil at two-decade lows, price of U.S. crude for delivery below zero

Reuters


LONDON – Benchmark Brent and U.S. oil futures for June delivery plunged to around two-decade lows on Tuesday, a day after U.S. May futures sank into negative territory for the first time in history as demand tumbled due to …

April 21, 2020 - 9:00 am Closing Bell Story‎, Crude Oil News, Energy News