Dec 3, 2021 (Bloomberg) Oil producers in the Permian Basin must do more to disclose and stop the leak of methane, a powerful greenhouse gas, a House committee wrote in a letter to 10 major oil companies. The letter from the House Science Committee was sent to some of the largest fossil fuel producers in the Permian Basin, … Read more
Dec 3, 2021 (Bloomberg) Oil slid for a sixth straight week, marking the longest stretch of weekly declines since 2018, as the omicron variant jolts markets and OPEC+ continues to hike supply.West Texas Intermediate crude futures fell 2.8% this week. The spread of the omicron variant has investors concerned about any potential hit to demand … Read more
Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE by Michelle Heath and Aaron Foyer The United Nations Emissions Gap Report 2021, published in lead up to COP26, found that global temperatures could rise 2.7degrees centigrade by the end of the century. Global Temperature Increase by 2100 The new and updated nationally determined contributions (NDCs) as of … Read more
Dec 3 (Reuters) – U.S. energy firms this week maintained the number of oil and natural gas rigs with oil prices on track to fall for a sixth week in a row. The U.S. oil and gas rig count, an early indicator of future output, held at 569 in the week to Dec. 3, keeping … Read more
It’s been a roller-coaster ride for natural gas this year, with most of the time spent climbing to newer heights. Spot contracts in Asia and Europe surged to a record, triggering factory closures and bankrupting energy retailers from Singapore to the U.K. Higher prices also meant storage facilities weren’t replenished as much as usual, and … Read more
NEW YORK, Dec 2 (Reuters) – The U.S. administration plans to propose in days the amount of biofuels oil refiners must blend into their fuel mix this year and next year, as it reaches out to lawmakers to discuss the move, three sources familiar with the matter said. President Joe Biden’s administration has delayed decisions … Read more
Summary OPEC+ agrees to add another 400,000 bpd in January Oil prices have tumbled from October’s three-year highs Omicron, release of U.S. reserves put pressure on price U.S. wants OPEC to pump more as Biden’s ratings suffer LONDON, Dec 2 (Reuters) – OPEC and its allies agreed on Thursday to stick to their existing policy … Read more
Dec 2, 2021 (Bloomberg) The Energy Department division that has doled out billions to projects including a squid-skin inspired shirt to regulate body temperature is training its sights on a new target: reducing the emission of a powerful greenhouse gas from the oil, gas and coal industries. The Advanced Research Projects Agency-Energy, which funds experimental energy … Read more
Dec 3, 2021 (Bloomberg) Oil jumped after the OPEC+ alliance left the door open to reversing its decision to boost output, with the impact of the omicron Covid-19 variant on demand remaining highly uncertain.West Texas Intermediate climbed above $68 a barrel after closing higher on Thursday following the producer group’s decision. OPEC+ agreed to add 400,000 … Read more
December 02, 2021 HOUSTON, Dec. 02, 2021 (GLOBE NEWSWIRE) — Dril-Quip, Inc. (NYSE: DRQ) (the “Company” or “Dril-Quip”) announced today that its Board of Directors has appointed Kyle F. McClure as its Vice President and Chief Financial Officer effective January 1, 2022. Mr. McClure, age 46, has most recently served as Chief Financial Officer of Airswift, a … Read more
LAUNCESTON, Australia, Dec 2 (Reuters) – In stark contrast to crude oil, natural gas appears to be largely immune to the potential impact of the new Omicron coronavirus variant, with prices in all three major regions trading more on expectations around winter supply and demand. For Asian liquefied natural gas futures that means steady as … Read more
U.S. shale oil producers will increase capital spending by nearly a fifth next year as they deploy more rigs and inflation bites, according to Rystad Energy AS.Expenditures will rise to $83.4 billion in 2022, the highest since the Covid-19 pandemic emerged in early 2020, with more than half of the increase due to “service price … Read more
Accord Financial is pleased to announce that it closed a $15M facility for an oil and gas services company. Our newest client provides transportation, environmental and related services to the Oil and Gas sector. With operations in Alberta and BC, this company, a leader in its field, needed a solid financing structure to return to … Read more
Dec 2 (Reuters) – Chesapeake Energy Corp (CHK.O) said on Thursday it would buy back up to $1 billion of stocks, becoming the latest shale producer to focus on shareholder returns, as energy prices recover from pandemic lows. The company’s shares rose 3.5% to $59 in premarket trading. Profit and cash-flow of shale oil and gas producers … Read more
(Bloomberg) The U.S. will become “energy dominant” as its low-cost supplies of oil and natural gas give the nation an edge amid surging global fuel prices, according to Bank of America.As the world moves to cleaner sources of power, prices for crude oil, gas and other hydrocarbons will remain high and volatile in places such as Europe … Read more
Dec 2, 2021 (Bloomberg) OPEC nations added far more oil in November than required by their plans to restore halted production, as one member overcame nagging disruptions and another flouted its limit. The Organization of Petroleum Exporting Countries added 350,000 barrels a day last month, almost 40% more than specified in its schedule for reviving supplies … Read more
Dec 2, 2021 (Bloomberg) Oil declined ahead of an OPEC+ meeting to decide on supply with the spread of the omicron variant muddying the demand outlook.The group is gathering with the oil market going through one of its most volatile trading periods. West Texas intermediate, which slipped into a bear market after hitting multiyear highs in … Read more
Dec 1 (Reuters) – The U.S. natural gas market has stopped worrying about winter. Just two months ago, U.S. gas futures were signaling alarm that the nation may not have enough gas in storage to adequately supply homes and businesses with heat throughout the winter. With December’s arrival, however, forecasts have shifted dramatically, and the … Read more
December 01, 2021 HOUSTON (December 1, 2021) – Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has completed the sale of its interest in the Permian to ConocoPhillips for $9.5 billion in cash. The agreement covers the sale of Shell’s 225k net acres and existing production of around 175 thousand barrels equivalent per day. As noted … Read more
LONDON, Nov 30 (Reuters) – Portfolio managers were already selling oil even before news of the Omicron coronavirus variant sent prices into a tailspin on Nov. 26, and the resulting lack of buyers probably worsened the sell off. Hedge funds and other money managers sold the equivalent of 28 million barrels in the six most … Read more
Summary Success will be defined by lower fuel prices, not amount of oil released -Turk Biden gave officials flexibility in the release plan Biden administration also discussing merits of oil export ban WASHINGTON, Dec 1 (Reuters) – The Biden administration could adjust the timing of its planned release of strategic crude oil stockpiles if global … Read more
December 01, 2021 MIDLAND, Texas, Dec. 01, 2021 (GLOBE NEWSWIRE) — Rattler Midstream LP (NASDAQ: RTLR) (“Rattler”), a subsidiary of Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced the closing of the previously announced drop down transaction with Diamondback. Rattler, through its operating subsidiary, acquired certain water midstream assets from Diamondback for $160 million in … Read more
OTTAWA, Dec 1 (Reuters) – Formal talks between Canada and the United States over a disputed Michigan pipeline should start soon, Ottawa said on Wednesday, the latest development in an affair souring bilateral relations. Last month Canada invoked a 1977 treaty with the United States to trigger negotiations over Enbridge Inc’s (ENB.TO) Line 5, which Michigan … Read more
Dec 1 (Reuters) – U.S. natural gas futures dropped almost 7% on Wednesday to a three-month low on forecasts for mild winter weather, record output and ample amounts of gas in storage. Front-month gas futures for January delivery fell 30.9 cents, or 6.8%, to settle at $4.258 per million British thermal units (mmBtu), their lowest … Read more
LONDON, Dec 1 (Reuters) – Carbon capture and storage (CCS) services for large industrial emitters could break even in the next 10 years if emitting a tonne of carbon costs around 100 euros per tonne, Equinor’s (EQNR.OL) CCS chief said at the Reuters Next conference . CCS transports CO2 from where it is emitted, typically a smokestack, … Read more
BASRA, Iraq, Dec 1 (Reuters) – Iraq is considering a proposal made by U.S. oil service company Halliburton (HAL.N) for buying Exxon Mobil’s (XOM.N) stake in the southern West Qurna 1 oilfield, a senior Basra Oil Co. Official said in a press conference on Wednesday. “Halliburton submitted a proposal seeking the possibility to buy Exxon stake in West … Read more
HOUSTON, Dec 1 (Reuters) – Exxon Mobil (XOM.N) on Wednesday set annual capital spending through 2027 at $20 billion to $25 billion, allocating money to low-carbon projects and extending its previously projected spending rate for two years. The top U.S. energy producer slashed costs after a historic $22.4 billion loss last year. But an oil-price rebound … Read more
(Bloomberg) The oil and gas market may be tightening amid historically low investment levels, but that won’t change Royal Dutch Shell Plc’s strategy to shift from fossil fuels. Shell is one of many European majors that have pledged to shrink its traditional hydrocarbon business, while increasing investments in clean energy. While some critics have raised concerns … Read more
Nov 30, 2021 (Bloomberg) The U.S. is trying to re-focus its energy relationship with top Middle East OPEC countries, notably Saudi Arabia, after a period of tension between Washington and Riyadh over high oil prices. Amos Hochstein, the top American energy diplomat, held meetings this week with officials in the Middle East, including Saudi Energy Minister … Read more
WASHINGTON — Michigan Gov. Gretchen Whitmer has abruptly abandoned her federal court case aimed at shutting down the cross-border Line 5 pipeline. Instead, Attorney General Dana Nessel says Whitmer will concentrate the government’s efforts on a long-standing state court action against pipeline owner Enbridge Inc. that was originally filed in 2019. In a statement, Nessel … Read more
Nov 30, 2021 (Bloomberg) Shale drillers’ newfound commitment to production discipline appears to be paying off as crude plunges toward a bear market. While West Texas Intermediate crude is poised for the biggest monthly loss since the beginning of the coronovirus pandemic, its collapse isn’t dragging down equities the way it used to. The S&P Oil … Read more
Nov 30, 2021 (Bloomberg) Texas’s top oil and gas regulator voted Tuesday to more clearly define who’ll be at the top of the list to keep receiving electricity during severe winter weather, closing an earlier draft loophole that critics said would’ve let any operator pay just $150 to opt-out of expensive upgrades. The Texas Railroad Commission, which regulates the oil … Read more
Dec 1, 2021 (Bloomberg) Oil rebounded from another sharp drop as OPEC ministers prepared to meet amid booming volatility. West Texas Intermediate rallied as much as 4.6% after shedding almost $4 on Tuesday. That selloff was driven by escalating concerns over the impact on demand of the omicron virus variant and prospects for a faster tapering … Read more
(Bloomberg) Stay on top of the revolutions reshaping the auto world — from EVs to self-driving technology — by signing up for Hyperdrive’s newsletter here. Elon Musk tweeted early this week that he will be on Tesla’s next earnings call in January and provide an “updated product roadmap.” He’ll also talk about this year’s “supply chain nightmare.” Musk sees everything that … Read more
(Bloomberg) President Joe Biden didn’t mince words as he blamed the oil industry for gasoline prices running at a seven-year high. “Gas supply companies are paying less and making a lot more,” he said in televised remarks from the White House last week. “That’s unacceptable.”Within minutes, the oil industry and its congressional backers pointed fingers … Read more
November 30, 2021 MIDLAND, Texas, Nov. 30, 2021 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”) announced today a series of leadership changes. Russell Pantermuehl, currently Executive Vice President and Chief Engineer, will retire from his current role at the end of 2021 after having worked at Diamondback since August 2011, prior to the … Read more
HOUSTON, Nov 30 (Reuters) – Exxon Mobil (XOM.N) will brief Wall Street on Wednesday on its future spending plans, with investors looking for how it will balance oil and low-carbon initiatives without compromising shareholder returns. This year, the largest U.S. oil producer slashed costs by slowing several big expenditures while boosting investment in low-carbon ventures. The … Read more
NEW YORK, Nov 30 (Reuters) – U.S. crude oil production fell 3.5% in September after Hurricane Ida temporarily halted most crude production in federal waters of the Gulf of Mexico, according to a monthly report from the U.S. Energy Information Administration on Tuesday. Crude output dropped 380,000 barrels per day to 10.809 mln bpd from … Read more
TAYLOR, Michigan, Nov 29 (Reuters) – Two Democratic U.S. senators said on Monday they are in talks with a key fellow Democrat over his objections to a proposal to provide a $4,500 tax incentive for union-made U.S. electric vehicles as part of the “Build Back Better” legislation before the Senate. Earlier this month, Democratic Senator … Read more
Nov 30, 2021 Omicron won’t derail the rally for global stocks, according to JPMorgan Chase & Co. strategists, adding another voice to the tone of cautious optimism in the market after the recent sharp pullback. “Sporadic setbacks,” such as the emergence of omicron should be viewed “in the context of higher natural and vaccine-acquired immunity, significantly lower … Read more
Nov 30, 2021 (Bloomberg) Soaring commodity prices and supply chain bottlenecks threaten to push up the cost of batteries seen as crucial in the fight against climate change.Higher raw material costs could push the average price of a lithium-ion battery pack to $135 per kilowatt-hour in 2022, a 2.3% gain from this year’s level, according to … Read more
Nov 30, 2021 (Bloomberg) Oil resumed its slide after Monday’s rebound as fears that the omicron variant may resist vaccines sent risk assets tumbling. West Texas Intermediate futures fell 2.2% as part of a broader retreat among commodities and equities as a top drugmaker reiterated warnings that the new strain could withstand existing inoculations.Brent crude also … Read more
LONDON, Nov 30 (Reuters) – The oil and gas industry risks a huge workforce shortage as more than half of workers in the sector seek to move into the renewable energy industry, a survey published on Tuesday showed. The survey conducted as part of a report by recruitment firm Brunel and Oilandgasjobsearch.com showed that 43% … Read more
WHO says Omicron poses very high global risk Travellers considering to cancel, delay trips Airlines scrambling to limit impact Asian jet fuel cracks slide, time spread flips to contango SINGAPORE, Nov 30 (Reuters) – Global jet fuel markets stayed under pressure on Tuesday as more countries expanded border restrictions to keep the new Omicron coronavirus … Read more
Understanding Energy In the Face of Climate Change The general public has very little understanding about how important energy is in our lives and the different forms of energy. This easy to understand video explains all that energy does for us, why we absolutely can’t do without it, and why the world will need to … Read more
Nov 29, 2021 (Bloomberg) The Biden Administration’s energy envoy reiterated that the U.S. stands ready to release more crude from the Strategic Petroleum Reserve if the need arises.“I think we wanted to do something that was impactful for the market and that also had the ability and the flexibility to allow us to do that again … Read more
Nov 29 (Reuters) – U.S. natural gas futures slid more than 10% on Monday, erasing gains from a post-Thanksgiving rally in the previous session, hurt by forecasts for lower-than-usual heating demand over the next two weeks. On their first trading day as the front-month, gas futures for January delivery had dropped 58.1 cents or 10.6% … Read more
Nov 29, 2021 (Bloomberg)Energy producers — not the transition to a greener economy — are a key reason for soaring natural gas and power prices in Europe, according to International Energy Agency Executive Director Fatih Birol.The price spike is the result of factors including demand growth, supply outages and extreme-weather events, “but also — I … Read more
Nov 29 (Reuters) – U.S. motorists could see gasoline prices fall below $3.00 a gallon in the coming weeks after crude futures posted their steepest losses since April 2020 on Friday as a new coronavirus variant threatened to extend the pandemic. A further fall in pump prices from seven-year year highs hit in October would … Read more
Nov 29 (Reuters) – Morgan Stanley on Monday cut its first quarter 2022 Brent crude price forecast to $82.50 per barrel from $95 on market expectations that the Omicron coronavirus variant could turn into a major headwind for oil demand. The market appears to be pricing in the possibility that the new variant could prompt … Read more
Nov 29, 2021 (Bloomberg) Saudi Arabia’s Energy Minister Abdulaziz bin Salman played down the likely fallout from the new coronavirus variant that pummeled oil markets last week.“I’m a very relaxed person. I’m not concerned,” the minister said when asked how the new strain may affect demand. Abdulaziz, who was speaking to reporters in Dhahran in the … Read more
Nov 29, 2021 (Bloomberg) Oil rebounded from one of its biggest ever daily drops as traders assessed the risks to global demand from the Omicron variant of Covid-19 and the potential response by OPEC and its allies.Brent rallied as much as 5.2%, climbing along with West Texas Intermediate. The World Health Organization warned the new strain could have … Read more
Nov 29, 2021 (Bloomberg) OPEC and its allies will discuss their response to the Omicron variant of the coronavirus at their meeting this week, although their knowledge of the potential impact on oil markets remains limited.The comments on Monday from Russia and Saudi Arabia, the leaders of OPEC+, are the latest sign the group may reconsider its planned January production … Read more
November 29, 2021 Houston, Tx, Nov. 29, 2021 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced it has closed an agreement with a group of lenders for a new first lien delayed draw term loan facility (the “Term Loan”) for up to $235 million bearing interest of LIBOR … Read more
By Current SCM When you think of a bullwhip, your mind might envision something out of an Old Western or Indiana Jones. But the Bullwhip Effect is actually an important concept in economics and supply chain management. This article guides you through the Bullwhip Effect in supply chain, and how it might have a much … Read more
Independent, Unbiased Well Placement Solutions roundLAB’s Estimated Drill String Interference Calculator (eDSI™) estimates optimal non-mag spacing for MWD based on wellbore location, trajectory, and BHA configuration. Inadequate non-mag spacing is a common source of MWD survey error often leading to inaccurate well placement. roundLAB’s eDSI™ model’s downhole components and estimates the potential magnetic field of … Read more
Bitumen is produced from the Canadian oil sands by a variety of techniques, predominately mining or steam assisted gravity drainage wells. It is a high molecular weight, complex hydrocarbon that has a very high viscosity. At 30⁰C, it is not uncommon to see viscosity in the 100,000 cP range, which is about the consistency of … Read more
Steel Reef’s Story Steel Reef manages midstream oil and gas infrastructure in Saskatchewan and US. Among their responsibilities is to ensure hydrocarbons are safely captured, processed and transported in pipelines and facilities. In order to accomplish this efficiently with good ESG ratings, Steel Reef has adopted a unique ethos. Its corporate culture enables and encourages … Read more
Nov 24 (Reuters) – U.S. energy firms added oil and natural gas rigs for a record 16 months in a row as crude prices in recent weeks rose to a seven-year high, prompting some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose six to … Read more
Nov 26 (Reuters) – The Biden administration proposed a slew of changes on Friday to the nation’s federal oil and gas leasing program, including hiking fees on drilling companies to keep them out of sensitive wildlife and cultural zones. The recommendations followed a months-long review aimed at ensuring drilling on federal lands and waters benefits … Read more
Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Nov 25th 2021 by Michelle Heath and Aaron Foyer The rise of Tesla as the top electric vehicle manufacturer and the first trillion-dollar automaker has fueled investments into the sector over the past few years. But there are concerns speculation has driven much of rise for EV-related companies … Read more
Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE Average fuel consumption of new light-duty vehicles, 2005-2019 litres of gasoline equivalent Courtesy of The IEA A recent joint report between the Global Fuel Economy Initiative (GFEI) and the International Energy Agency (IEA) indicates that, in recent years, only minor improvements have been seen regarding the … Read more
Summary Source says Russia not concerned yet by variant impact on OPEC+ Oil plunges more than 10% OPEC+ meets on Dec. 2 LONDON/MOSCOW, Nov 26 (Reuters) – OPEC+ is monitoring developments around the new coronavirus variant, sources said on Friday, with some expressing concern that it may worsen the oil market outlook less than a … Read more
Summary Activist calls on insurers to sue big oil companies The latest volley in ongoing climate campaign Munich Re, Swiss Re CEOs push for gradual transformation The current debate is too shallow – Hannover Re CEO FRANKFURT, Nov 26 (Reuters) – A prominent activist is calling on insurers like Swiss Re to explore suing major … Read more
Summary New coronavirus variant detected in South Africa New variant may worsen oil outlook before OPEC+ Dec 2 meet OPEC panel sees surplus growing in first quarter Nov 26 (Reuters) – Oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors … Read more
Nov 26, 2021 (Bloomberg) The two worlds of finance — public and private — came together like never before at the COP26 summit in Glasgow. Bankers and financiers showed up in full force at an event outside the venue where they rolled out carefully orchestrated pledges and laid out their visions for how markets can solve the climate crisis. … Read more
Nov 26, 2021 (Bloomberg) Oil fell sharply as a new Covid-19 strain raised concerns about the outlook for demand and sent global markets spiraling.Futures in New York tumbled toward $73 a barrel and benchmark Brent shed as much as 6%, the most since July. The emergence of the new strain has seen several nations curb travel from South … Read more
Nov 25 (Reuters) – The United States will sell 32 million barrels of crude from four Strategic Petroleum Reserve (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said as it auctions oil to try to lower global prices. International oil prices have held above $80 a barrel even … Read more
Nov 24, 2021 (Bloomberg) The U.S. Department of the Interior approved the construction of a wind farm off the coast of New York that will provide power for 70,000 homes.The South Fork Wind project, a joint venture between Orsted AS and Eversource Energy, will consist of 12 turbines located 35 miles east of Montauk Point in … Read more
A worldwide push toward electrification is causing a three-year wave of initial public offerings in the electric vehicle space that could raise about $100 billion until the end of 2023, according to Bank of America Corp.Growing investments in the sector, spanning from batteries to charging cars, will see companies spin off units as well as … Read more
Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE The phrase ‘cleantech’ often summons images of wind turbines or that countertop composter you’re thinking of buying. But let’s be honest, you aren’t going to start growing vegetables with homemade fertilizer anytime soon. However, when you look beyond the flashier cleantech headlines, you’ll find solutions … Read more
DUBAI, Nov 25 (Reuters) – The United Arab Emirates is fully committed to the OPEC+ agreement and has no “prior stance” ahead of an upcoming meeting on Dec. 2, state news agency WAM reported on Thursday. “The energy ministry confirms that the United Arab Emirates is fully committed to the cooperation agreement with OPEC+ and … Read more
Nov 23 (Reuters) – As the Biden administration and allies scramble to deliver more oil to market through stockpile releases, shale producers are tapping the brakes on reinvestment, according to new data, a sign of the widening split between U.S. oil companies and Washington. That restraint has become the latest friction point between oil producers … Read more
Nov 25, 2021 (Bloomberg) Oil was steady after OPEC said a planned coordinated release of reserves may swell a crude surplus expected early next year. Futures in New York traded near $78 a barrel. The projection was made by the producer group’s advisory body — the Economic Commission Board — ahead of an OPEC+ meeting next week. Some … Read more
Nov 24 (Reuters) – U.S. liquefied natural gas (LNG) company Cheniere Energy Inc (LNG.A) said Wednesday its marketing arm agreed to sell LNG to a unit of Chinese natural gas distribution company Foran Energy Group Co Ltd (002911.SZ) for 20 years starting in January 2023. Analysts said the deal should move Cheniere closer to making a final investment … Read more
By Reuters Staff (Reuters) – JP Morgan expects crude oil demand to surpass 2019 levels by March 2022, driven by a rebound in economic activities and countries reopening their borders, the bank said in a research note on Wednesday. The bank expects global oil demand to grow 3.5 million barrels per day (bpd) in 2022 … Read more
Nov 24 (Reuters) The United States uses more gasoline than any other nation in the world, and lately Americans have grown concerned about the swift rise in costs at the pump. The White House on Tuesday announced plans to release millions of barrels of oil from strategic reserves in coordination with other nations in hopes … Read more
(Bloomberg) U.S. Senator Elizabeth Warren is asking the CEOs of nearly a dozen of the nation’s top natural gas producers why so much of the heating fuel is being exported heading into winter as Americans face rising utility bills. In a statement Tuesday, Warren accused ConocoPhillips, EQT Corp., Exxon Mobil Corp. and eight other natural gas producers of … Read more
Nov 24, 2021 (Bloomberg) President Joe Biden sounded deeply frustrated. Inflation was heading toward a 30-year high and Americans, rich and poor, could see the price of gasoline going up almost daily. Politically, oil was toxic for the White House.”The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil … Read more
Nov 24, 2021 (Bloomberg) The clock is ticking for banks, insurers and asset managers still providing support to oil, gas and coal producers. It’s not just the moral imperative—that fossil-fuel use is destroying the atmosphere and life on Earth with it. It’s that their financial health requires leaving such companies behind. According to Moody’s Investors Service, financial institutions in the … Read more
Nov 24, 2021 (Bloomberg) Oil held on to Tuesday’s surge following the announcement of a coordinated release of strategic petroleum reserves, but the additional supply is unlikely to solve ongoing strength in some pockets of the oil market.Brent futures traded around $82 a barrel after climbing 3.3% on Tuesday. The total SPR release by the U.S., … Read more
(Bloomberg) –In August, President Joe Biden invited Detroit automakers to the White House lawn to promote electric vehicles. Tesla wasn’t included. The snub was noticeable, but I get it — Biden is a big union ally; organized labor is absent from Tesla’s U.S. factories; Michigan is a critical swing state that Biden won in 2020 and will … Read more
Nov 23, 2021 (Bloomberg) –The pace of oil and gas drilling in Canada next year will exceed levels seen before the pandemic as producers ride the global energy rally, an industry group said. The number of oil and gas wells forecast to be drilled in 2022 will rise 27% to 6,457, the most since 2018, … Read more
Canada has been striving to meet its environmental commitments, bolster its economy, and create a lower carbon energy sector. Reducing methane and other greenhouse gas (GHGs) emissions in the oil and gas sector is an important part of accomplishing this goal. The Government of Canada has committed to reducing methane emissions from the oil and … Read more
“Cybersecurity: technologies, processes and practices designed to protect networks, computers, programs and data from attack, damage, or unauthorized access.” Today’s employees are connected to the Internet all day every day, communicating with colleagues and stakeholders, sharing critical information, and jumping from site to site. With hackings, data breaches and ransomware attacks on the rise, it … Read more
COVID-19 has changed everything about the way we do business – and sales are no exception. If you’ve wondered what virtual sales means, this article will break down the differences between virtual selling and traditional sales and give you the tips, tools and techniques you need to take advantage of this new era we find … Read more
WASHINGTON (AP) — President Joe Biden on Tuesday ordered 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including India, the United Kingdom and China. The U.S. action is aimed at global energy markets, but also at U.S. voters who … Read more
Nov 23, 2021 (Bloomberg) European natural gas futures rose on Tuesday after the U.S. imposed its latest sanctions aimed at Russia’s Nord Stream 2 pipeline, a move the Kremlin says is “illegal.” Benchmark European gas futures rose as much as 8.7% to 91.34 euros a megawatt-hour and the U.K. equivalent increased as much as 7% to 226 pence … Read more
Nov 23, 2021 (Bloomberg) Oil declined with India set to announce a modest oil stockpile release on Tuesday, the start of a U.S.-led effort by the world’s biggest consumers to tap reserves and tame high fuel prices.Futures in New York fell below $76 a barrel. India is said to be planning a 5-million barrel release from its stockpiles, … Read more
November 22, 2021 HOUSTON, Nov. 22, 2021 (GLOBE NEWSWIRE) — Exterran Corporation (NYSE: EXTN) publishes its 2021 sustainability report, giving investors, customers, employees, vendors and other community stakeholders a closer look at the Company’s commitment to providing sustainable, environmentally conscious solutions for the oil, gas, water and power markets. President and CEO Andrew Way says … Read more
WASHINGTON, Nov 22 (Reuters) – Democrats in the U.S. House of Representatives on Monday urged President Joe Biden to release crude oil from the U.S. Strategic Petroleum Reserve (SPR) and reinstate – at least temporarily – a ban on oil exports to help drive down surging energy prices. The Democrats told Biden in a letter … Read more
Gas prices grow along with inflation as this sign at a gas station shows in San Diego, California, U.S. November, 9, 2021. REUTERS/Mike Blake/File Photo WASHINGTON, Nov 22 (Reuters) – President Joe Biden launched an aggressive attack on gasoline prices last week, enlisting China and other nations in a possible joint release of oil reserves, … Read more
LONDON, Nov 23 (Reuters) – OPEC+ has produced less oil than its agreed output targets, drawing scrutiny from the United States and other major consumers which want more crude from the group. The International Energy Agency (IEA) said OPEC+ production was below its target in both September and October by more than 700,000 barrels per … Read more
WASHINGTON (AP) — A Democratic plan to impose a fee on methane emissions from oil and gas wells has cleared a key hurdle, but it faces strong opposition from the oil and gas industry and criticism by centrist Sen. Joe Manchin. The proposed fee on methane — a powerful pollutant that contributes to global warming — was included in … Read more
Summary OPEC+ worries faster supply hike may cause glut in 2022 Yet OPEC+ already struggling to pump more oil Biden seeks oil stocks release as OPEC+ sticks to plan Faster output increase will reduce capacity buffer LONDON, Nov 23 (Reuters) – U.S. pressure on OPEC+ to pump more oil and cool red-hot crude prices has … Read more
WASHINGTON, Nov 22 (Reuters) – U.S. President Joe Biden is preparing to announce the release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, Bloomberg reported on Monday, citing multiple unnamed sources. The Biden administration has asked a wide range of countries, including China, to consider … Read more
Nov 22, 2021 (Bloomberg) Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases crude reserves in coordination with other nations. Futures closed up 1.1% in New York on Monday. The OPEC+ group of producers may adjust plans to raise crude production if … Read more
Network to collect emissions at dozens of ethanol facilities Opponents say project may further use of coal What’s touted as the world’s largest carbon capture and sequestration project is facing headwinds from farmers and environmentalists even as John Deere & Co. and New York financiers are investing in the $4.5 billion endeavor. The Midwest Carbon Express is … Read more
MUMBAI, Nov 22 (Reuters Breakingviews) – Green and black are increasingly clashing. Reliance Industries (RELI.NS) and Saudi Aramco (2222.SE) will re-examine a plan first unveiled more than two years ago for the oil colossus to pump $15 billion into the Indian conglomerate’s refining operations. The impasse reflects how quickly investment decisions are being upended by the energy transition. … Read more
Nov 22, 2021 (Bloomberg) –Oil steadied after four weeks of losses as traders weighed the chance that the U.S., China and Japan will tap national crude reserves as concerns over accelerating inflation intensify. Futures in New York traded near $76 a barrel after losing almost 6% last week. President Joe Biden has been talking about a possible … Read more
Nov 22, 2021 (Bloomberg) BP Plc has kicked off a hiring campaign to fill jobs in its fledgling hydrogen business.The U.K. oil and gas major is initially looking to fill some 100 hydrogen jobs to work on projects from Spain to Australia. It’s among a raft of global energy companies stepping up investment in the clean-burning … Read more
Nov 21, 2021 (Bloomberg) The world economy is approaching the northern hemisphere winter in disarray, unable to shake off the coronavirus crisis amid persisting supply disruptions, soaring prices and resurgent outbreaks.Global surveys of purchasing managers this week are likely to point that way. Among the outcomes anticipated by economists are slowing manufacturing and services activity throughout … Read more
Early this year, we published a report highlighting the accuracy of The Ventbuster® in ultra-low flow detection. Specifically, that its precision measurements have brought to light new understandings around thermogenic gas effects on flowing and shut in-pressures. The report is available for download here. The Ventbuster® has been commercially available for a year. During this time, … Read more
The inefficiencies weren’t obvious to management. Like many others, the oil producer was managing distinct functional areas with the usual service providers, all with their own systems. It was a logical separation of duties. After all, it’s the status quo, even for some of the leanest energy firms. But by bringing in Oplii, an operations … Read more
By Tony Czuczka Nov 21, 2021 (Bloomberg) President Joe Biden will give a speech on the economy and combating inflation on Tuesday as markets await his decision on the next Federal Reserve chair and possible moves to bring down U.S. energy prices. For the U.S. central bank, Biden is choosing between Chair Jerome Powell and Fed … Read more
(Bloomberg) The White House’s push for releases of oil from national reserves is already fully priced into the market following the drop in crude prices in recent weeks, according to Goldman Sachs Group Inc.The U.S. is likely to sell at least 20 million to 30 millions barrels of crude from the Strategic Petroleum Reserve and reports … Read more
(Bloomberg)World fertilizer prices continue to soar as tightening supplies send costs up for farmers and consumers across the globe. In India, contract pricing for the nutrient potash skyrocketed 59% to $445 per metric ton, according to Bloomberg’s Green Markets. In Northwest Europe, potash prices rose 1.7%, the most since 2015. And in the U.S., the … Read more
Nov 20, 2021 (Bloomberg) Central Appalachia coal prices at a 12-year high could give West Virginia a boost just as President Joe Biden needs to persuade its Senator Joe Manchin to support a $2 trillion tax-and-spending package that includes climate-change measures. Biden’s Build Back Better package now moves to the Senate after the House passed … Read more
By Allison McNeely (Bloomberg) A growing cohort of smaller companies that survived the cold depths of the pandemic say now they’re in danger because the economy is too hot. Mattress sellers, flooring manufacturers and makers of clean energy equipment are warning that stretched supply chains and runaway freight bills have pushed them to the brink … Read more
Nov 19, 2021 (Bloomberg) The spending bill House Democrats passed Friday and sent to the Senate calls for the largest-ever investment in fighting climate change: $555 billion on clean power, electric vehicles and resilience to global warming. The White House has said the bill, which faces an uncertain fate in the Senate, sets the U.S. on … Read more
Nov 19 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as crude prices rose to a seven-year high last week, prompting some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose seven to … Read more
Nov 19, 2021 (Bloomberg) Reliance Industries Ltd. scrapped a plan announced more than two years ago to sell a 20% stake in its oil-to-chemicals unit to Saudi Arabian Oil Co. as the Indian company focuses on its renewable energy investments. “Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that … Read more
LONDON, Nov 19 (Reuters) – OPEC+ compliance with oil production cuts stood at 116% in October, up from 115% the previous month, internal data seen by Reuters showed, indicating the group continues to produce less than its agreed targets. Compliance for participating OPEC members in the group rose from 115% in September to 121% in … Read more
Nov 19 (Reuters) – U.S. natural gas producers will face billions of dollars in hedging losses for 2022 as the global energy crunch boosts gas prices to multi-year highs, research by consultancy Rystad Energy showed on Friday. Expectations of strong LNG demand for months boosted U.S. futures to a 12-year high in early October, with … Read more
Summary Austria to enter full lockdown next week Rising cases in Europe may lead to further restrictions Top economies weighing oil release to ease prices Impact likely to be short-lived, Goldman says LONDON, Nov 19 (Reuters) – Oil prices fell sharply on Friday towards $78 a barrel as a fresh surge in COVID-19 cases in … Read more
November 18, 2021 HOUSTON, Nov. 18, 2021 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“Targa” or the “Company”) announced today that Targa NGL Pipeline Company LLC (“Targa NGL Pipeline”), a wholly owned subsidiary of the Company, has launched an open season commencing November 18, 2021 and closing December 17, 2021 to gauge shipper interest … Read more
Nov 18, 2021 (Bloomberg)Losing Line 5, an oil and propane pipeline that the governor of Michigan is trying to shut, would impose a significant constraint on U.S. energy supplies, according to the boss of fuel supplier Suburban Propane Partners LP. “I think it’s a very misguided thought that we can do without the amount of propane … Read more
Nov 17, 2021 (Bloomberg) Diversified Energy Co. will increase the number of defunct oil and gas wells that it plugs each year and invest $15 million to find and fix leaks along its assets, executives told investors during a presentation Wednesday.The Alabama-based natural gas producer said it plans to use aerial surveys to spot fugitive emissions … Read more
Nov 18, 2021 (Bloomberg) The Biden administration has a new response to soaring oil and gasoline prices it sees as politically perilous: blaming big oil.The latest example came Thursday morning when White House Chief of Staff Ronald Klain tweeted a link to an article about decreasing oil prices. “Oil prices are falling,” Klain said. “Now, when will the … Read more
Nov 18, 2021 (Bloomberg) Helmerich & Payne Inc. suffered its worst decline since early in the pandemic as the biggest U.S. oil-rig operator posted a steeper-than-expected loss and warned of ballooning costs amid worsening energy-industry inflation. Helmerich announced capital spending will more than triple to $270 million in the fiscal year that began Oct. 1, far … Read more
Nov 18 (Reuters) – The Texas electric grid could suffer a massive shortfall in generating capacity in a winter deep freeze, potentially triggering outages similar to those in February, according to a report on Thursday by an electric reliability authority. The assessment by the North American Electric Reliability Corp (NERC), a nonprofit regulatory authority, comes … Read more
Nov 18, 2021 (Bloomberg) The global energy crisis that many blame on efforts to move away from fossil fuels is actually giving new momentum to the shift to renewables in Canada, according to some of the bankers helping oil-sands producers navigate that transition. That’s because, for all the doubt that’s been cast on the reliability of solar … Read more
The pier at Dominion’s Cove Point liquefied natural gas (LNG) plant on Maryland’s Chesapeake Bay is seen in this picture taken February 5, 2014. REUTERS/Timothy Gardner/File Photo Nov 18 (Reuters) – U.S. natural gas futures gained about 3% on Thursday as liquefied natural gas (LNG) exports climbed to near record highs as the sixth liquefaction … Read more
Nov 18, 2021 (Bloomberg) The leaders of the U.S., Canada and Mexico will hold their first in-person meeting since President Joe Biden’s election on Thursday, with skirmishes looming over energy and trade as the nations emerge from the pandemic.Biden will host Canadian Prime Minister Justin Trudeau and Mexican President Andres Manuel Lopez Obrador at the White … Read more
Nov 17, 2021 (Bloomberg) Demand for coal will remain strong for at least two more decades even as nations take action to decarbonize, according to New Hope Corp., a major Australian exporter.“Many communities, particularly the large cities of Asia, will require coal for affordable and accessible base load energy provided by our customers to power homes … Read more
Nov 18, 2021 (Bloomberg) Mark Siffin’s love affair with the Permian era started when he was a teenager on a surfboard in Hawaii. He was bobbing off the coast of Oahu when Diamond Head, the state’s most recognizable landmark, caught his eye. Its formation, the product of a volcanic eruption many millennia ago, fascinated him. … Read more
Nov 18, 2021 (Bloomberg) With the biggest member of the world’s No. 1 oil cartel readying its first-ever green bond, sustainable investors are debating what to make of it. Saudi Arabia’s plan to enter the market for green bonds marks a watershed moment. Some investors say it represents an encouraging step for the oil-addicted Gulf state … Read more
Nov 18, 2021 (Bloomberg) Oil steadied near a six-week low as China said that it’s carrying out work on a release of crude from strategic reserves.West Texas Intermediate recouped earlier losses to trade above $78 a barrel. The move suggests that China and the U.S. — the world’s two biggest oil consumers — are willing to work together … Read more
Nov 17, 2021 (Bloomberg) President Joe Biden and his Chinese counterpart Xi Jinping discussed the merits of releasing oil from their strategic petroleum reserves to ensure stability in global energy markets.Monday’s virtual summit didn’t make any decisions on the issue and both sides put forward their own views on the subject, according to officials familiar with … Read more
Nov 17, 2021 (Bloomberg) Oil companies spent $191.7 million buying drilling rights in the Gulf of Mexico on Wednesday, during a robust government auction that underscored the industry’s appetite for new crude as the White House seeks to shifts the U.S. away from fossil fuels.Analysts said bidding was driven by interest in lower-carbon crude from the … Read more
Nov 17, 2021 (Bloomberg) Exxon Mobil Corp. submitted bids for 94 drilling leases in shallow waters near the Texas coastline, an apparent step forward for a giant proposed carbon-capture project close to Houston’s industrial corridor. The oil explorer faced no competition for the leases across underwater hills and valleys with names such as Brazos and High … Read more
Nov 17, 2021 (Bloomberg) Corporate tax changes proposed in President Joe Biden’s $2 trillion spending plan threaten to undercut his ambitious climate goals and undermine clean-power development, according to energy companies that oppose it. The latest version of the spending package, which is still being debated in the U.S. Congress, includes a minimum tax of 15% … Read more
By John Kemp LONDON, Nov 17 (Reuters) – U.S. shale producers have added extra drilling rigs much more slowly than during the recoveries that followed the last two oil price slumps, limiting output and helping push local prices to their highest level for seven years. But the number of active rigs and total production are … Read more
Nov 17, 2021 (Bloomberg) Some U.S. lawmakers are seizing on the energy price surge to revive long-standing legislation that would subject the OPEC oil cartel to the same antitrust laws used more than century ago to break up Standard Oil’s monopoly.The “No Oil Producing and Exporting Cartels Act” — known as NOPEC — would allow the … Read more
Nov 17, 2021 (Bloomberg)| A twenty-minute stroll through The Hague — the pretty but low-key city that houses The Netherlands’ government — takes you from the prime minister’s office to the workplace of someone who’s arguably even more powerful: the CEO of Royal Dutch Shell Plc.But when Ben van Beurden, who’s worked at Shell since … Read more
By Julian Lee Nov 17, 2021 (Bloomberg) The oil market is about to swing into a healthy supply surplus if the world’s big international energy forecasters are to be believed.The scale of that shift — so critical to what the price of crude does next — is heavily dependent on something that leading producer countries … Read more
Nov 17, 2021 (Bloomberg) Oil traded near $80 with the market’s gaze still centered on the chances of the U.S. and China tapping their strategic reserves. West Texas Intermediate crude declined 0.7%, paring its earlier loss. During a virtual summit this week, the U.S. asked China to release oil reserves, the South China Morning Post reported. … Read more
EV’s latest Video of the Month showcases how the application of RestrictionVA, supported by Optis technology, helped an operator in Canada understand and overcome a restriction in their unconventional well. The operator was midway through a frac, when they experienced a hold-up at around 2,500 metres, which they suspected to be a casing collapse. With … Read more
Nov 16, 2021 (Bloomberg) U.S. President Joe Biden’s plans to accelerate the transition away from fossil fuels and cut emissions is a “prayer,” not a workable policy, said Charif Souki, chairman of natural gas export project developer Tellurian Inc.The transition to cleaner sources of power will be more difficult than most realize, meaning that fuels such … Read more
Nov 16, 2021 (Bloomberg) A U.S. trade court has reinstated a tariff exemption on some imported solar panels, a decision that benefits domestic clean-energy developers.Former President Donald Trump last year eliminated a loophole that exempted double-sided solar panels from import duties, but that “constituted an action outside the president’s delegated authority,” U.S. Court of International Trade Judge … Read more
PRODUCT FEATURE Hazloc Heaters is pleased to announce the introduction of the XEC1 ProTektor Series of explosion-proof convection air heaters certified to the most current Canadian and American Division and Zone system standards (CCSAUS). The XEC1 ProTektor Series of explosion-proof convection air heaters are designed for maximum heating performance and to provide primary or supplementary heating … Read more
Summary U.S., some European state oppose Russian-backed pipeline Surging gas prices push Europe to find more supplies Russian lawmaker says delays not in interest of EU FRANKFURT, Nov 16 (Reuters) – Germany’s energy regulator has suspended the approval process for a major new pipeline bringing Russian gas into Europe, throwing up a new roadblock to … Read more
Nov 16, 2021 (Bloomberg) To see just how tight the New York gasoline market is take a look at the nation’s largest fuel pipeline. The value for space on the Colonial Pipeline’s main gasoline line rose to 4 cents per gallon on Monday, the highest in nearly two years, according to data from S&P Global Platts. … Read more
Nov 16, 2021 (Bloomberg) Global oil prices may rise to as high as $120 by the middle of next year as the ability of OPEC+ to meet demand is at risk from under-investments and sanctions, according to a Rosneft PJSC executive. “Today OPEC+ countries can’t increase production to the extent necessary to meet demand,” Otabek Karimov, … Read more
CALGARY — A legal battle between Canadian company Enbridge Inc and the U.S. state of Michigan over Enbridge’s Line 5 oil pipeline will be heard in federal court, a judge ruled on Tuesday, dismissing Michigan’s motion to have the case sent back to state court. Line 5 ships 540,000 barrels per day of crude and … Read more
Efforts underway to hire and train local laborers and military veterans INDIANAPOLIS, Nov. 16, 2021 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA”), a leading infrastructure construction company with renewable energy and specialty civil expertise, announced today that it has been awarded a 50-megawatt (MWAC) solar contract to construct the Turkey Creek … Read more
FRISCO, TX, Nov. 16, 2021 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today announced it has closed on the sale of the previously announced divestiture of its Bakken shale non-operated properties for total consideration of $154 million, before selling expenses with an effective date of October 1, 2021. The properties … Read more
By Geoffrey Cann COP26 may be behind us, but the hard work is still in front of us. Digital innovations can help oil and gas companies exceed their ESG commitments. What Exactly is ESG? For clarity, E is for environmental, S is for social and G is for governance. These days ESG is short hand … Read more
Japanese utility company Jera is investing $2.5 billion into the expansion of Freeport LNG near Houston 2021/11/15 JERA Co., Inc. (“JERA”) has decided to invest, through its subsidiary JERA Americas Inc., in Freeport LNG Development, L.P. (“FLNG”), which operates the Freeport LNG project in the United States, and has concluded a securities purchase agreement with … Read more
LONDON, Nov 16 (Reuters) – Petroleum futures and options continued to see light profit-taking by hedge funds and other money managers last week, as oil prices drifted lower from the three-year highs set in late October. Portfolio managers sold the equivalent of 9 million barrels in the six most important contracts in the seven days … Read more
Electric cars sit charging in a parking garage at the University of California, Irvine January 26, 2015. REUTERS/Lucy Nicholson/File Photo Nov 16 (Reuters) – The California Energy Commission (CEC) has approved a three-year $1.4 billion plan to help California achieve its electric vehicle charging and hydrogen refueling goals. The CEC said the plan, approved on … Read more
Nov 16, 2021 (Bloomberg) OPEC said the global oil market will switch from being under- to over-supplied as early as next month as the economic rebound from the coronavirus pandemic falters.The group’s Secretary-General Mohammad Barkindo comments come in the shadow of U.S. politicians putting pressure on President Joe Biden to bring down gasoline prices, possibly by … Read more
Nov 16, 2021 (Bloomberg) Russia’s controversial Nord Stream 2 pipeline faces another delay after Germany suspended a key step in the approval process, sending European gas prices surging as much as 12%.German energy regulator halted the certification process necessary before the new link from Russia can start, it said in a statement. The suspension will allow … Read more
Nov 16, 2021 (Bloomberg) Oil rose above $81 a barrel in New York as investors waited to see whether the U.S. will release crude from emergency reserves to cool prices. West Texas Intermediate climbed 0.6%, after earlier adding as much as 1.2%. Prices have rebounded this year as the global economic recovery bolsters demand, and with … Read more
Nov 16, 2021 (Bloomberg) The tightness in global oil markets that propelled prices to a seven-year high is starting to ease as production recovers in the U.S. and elsewhere, the International Energy Agency said.Demand growth remains robust, but supply is catching up and changes in oil stockpiles seen in October suggest “the tide might be turning,” … Read more
Nov 16, 2021 (Bloomberg) Coal mining chief executives said the fuel they produce is far from being consigned to history, regardless of stricter global climate action agreed at the COP26 summit last week.Demand remains robust in Asia and has picked up in Europe and North America as well this winter, executives speaking at the Financial Times Commodities … Read more
Nov 15, 2021 (Bloomberg)Oil output in the Permian Basin is projected to hit a record as the largest U.S. shale patch leads the recovery in domestic production from its Covid-19 induced slump.Supplies from the prolific oil field of West Texas and New Mexico are set to increase to 4.95 million barrels a day in … Read more
November 15, 2021 Q3 revenue up 72% as Company posts gains across all service offerings Q3 adjusted EBITDA improves by 10% Increase in customer activity driven by higher commodity prices and steady recovery from pandemic impact Company amends credit facility and obtains waiver LONGMONT, Colo., Nov. 15, 2021 (GLOBE NEWSWIRE) — Enservco Corporation (NYSE American: … Read more
FORT WORTH, Texas, Nov. 15, 2021 (GLOBE NEWSWIRE) — Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today its financial results for the third quarter ended September 30, 2021. Third Quarter 2021 Highlights and Recent Developments Production sales of 2,426 MBoe for the third quarter of 2021, or 26.4 MBoe … Read more
DENVER, Nov 15 (Reuters) – U.S. oil producers are struggling to find enough crews, vehicles and equipment to take advantage of rising global demand and a seven-year high in crude prices, say executives at oilfield service firms. The problems are preventing the world’s top oil producer and consumer, the United States, from responding to higher … Read more
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File Photo WASHINGTON, Nov 15 (Reuters) – The Biden administration is considering tapping the U.S. Strategic Petroleum Reserve to cool oil prices, which are … Read more
#ADNOC MD and GCEO, H.E. Dr Sultan Al Jaber, opened #ADIPEC with a speech which called for ‘progress with pragmatism’ during the energy transition. He also highlighted ADNOC’s steps towards reducing its carbon emissions intensity and called on partners to join the company in ambitious growth plans across its value chain.
An Exxon sign is seen at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young HOUSTON, Nov 15 (Reuters) – Workers locked out of their jobs at an Exxon Mobil (XOM.N) oil refinery this week begin casting ballots in a vote that will decide the fate of the United Steelworkers … Read more
ABU DHABI, United Arab Emirates (AP) — Energy ministers from across the developing world gathered in the emirate of Abu Dhabi on Monday and stressed the need for continued investment in fossil fuel production — a message just days after these same nations joined around 200 countries in accepting a compromise deal aimed at limiting … Read more
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson /File Photo BEIJING, Nov 15 (Reuters) – It is business as usual for global fossil fuel companies in the near-term after the COP26 … Read more
Nov 15, 2021 (Bloomberg) Oil fell as U.S. President Joe Biden faced more calls to tap the Strategic Petroleum Reserve to tackle surging gasoline prices. West Texas Intermediate sank 1% Monday, while Brent also fell. Senate Majority Leader Charles Schumer, a fellow Democrat, urged Biden at the weekend to release oil from the nation’s emergency … Read more
Nov 15, 2021 (Bloomberg)Saudi Arabia and the United Arab Emirates signaled OPEC+ will continue raising oil output cautiously and won’t bow to U.S. pressure to pump faster. President Joe Biden, concerned that gasoline prices at a seven-year high are stoking inflation in America, has called on the 23-nation alliance to turn on the taps and bring down … Read more
Nov 15, 2021 (Bloomberg) Royal Dutch Shell Plc announced a major overhaul of its legal and tax structure that will see the company walk away from the Netherlands amid deteriorating relations with what’s been its home country for a century. The changes come as Shell is battling activist investor Dan Loeb, who’s demanding the company split … Read more
Nov 15, 2021 (Bloomberg) The world’s biggest oil and gas companies and many OPEC+ energy ministers are meeting in Abu Dhabi this week for the Adipic conference — one of the first major in-person events for the industry since the onset of the coronavirus pandemic. The Organization of Petroleum Exporting Countries and its allies are likely … Read more
Nov 15, 2021 (Bloomberg) The Glasgow Climate Pact is a message to investors and executives that the march to net zero is accelerating. The agreement, negotiated by almost 200 nations over two weeks, isn’t the pact that some were hoping for. But it sets out a vision for a world that radically cuts back coal usage, eliminates fossil-fuel subsidies … Read more
Kingsway Instruments and Fluke are proud to share the future of Leak Detection and Partial Discharge with the Fluke ii910 Acoustic Imager. Introducing the Fluke ii910 Precision Acoustic Imager. Finally, an easy way to detect, locate, and analyze leaks and partial discharge in one tool. Building on the game changing ii900 that was introduced in … Read more
LEARN MORE In the rapidly evolving energy industry, staying on top of market trends can be complex and overwhelming. As difficult as it is to stay up to speed with so many moving pieces, having a comprehensive view of the energy market is critical to making the best business decisions. Now, there’s a way to stay … Read more
(Bloomberg)Activist investor Carl Icahn plans to nominate 10 directors at Southwest Gas Holdings Inc. on Monday in an attempt to replace the entire board.The billionaire investor, who owns a 4.9% stake in Southwest Gas, has been waging a battle at the Las Vegas utility after its announced deal to acquire the pipeline company Questar last month. Icahn … Read more
Surging oil and natural gas prices are spurring production increases from West Texas to the Upper Great Plains that probably will lift output to levels not seen since the early days of the pandemic, according to Rystad Energy AS.U.S. shale-oil production is expected to reach 8.68 million barrels a day in December, which would be … Read more
Reuters Nov 12 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for a third week in a row as oil prices rose to a near seven-year high, prompting some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose six to … Read more
After six years and many late nights haggling, a deal has finally been struck on the rules governing global trading in offsets. The details are arcane and complicated but here’s a look at what it means for the planet, companies, and countries. 1. How does it cool the planet? One of the biggest challenges in the fight … Read more
Electricity, Energy, Renewable Energy Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE by Michelle Heath and Aaron Foyer Organizations like Lazard try to estimate the cost of electricity, known as the Levelized Cost of Electricity (LCOE), by source. For the last several years, the price of renewable electricity prices, including both wind and solar, have been cheaper than fossil fuels … Read more
Nov 14, 2021 (Bloomberg) Oman said there was no need for OPEC+ to accelerate oil-production increases, signaling at least some members of the group will continue to resist U.S. pressure for more crude.OPEC+ is already raising daily supply by 400,000 barrels per month and that’s enough, Oman’s Energy Minister Mohammed Al-Rumhy said in an interview in Abu Dhabi, … Read more
Kaombo Norte floating oil platform is seen at night off the coast of Angola, November 8, 2018. REUTERS/Stephen Eisenhammer/File Photo DUBAI, Nov 12 (Reuters) – Several African countries plan to exploit their oil and gas reserves to tackle poverty and energy shortages, representatives gathered in Dubai said this week in the face of pressure to … Read more
Nov 12, 2021 (Bloomberg) NextEra Energy Inc. has applied to build transmission lines that would carry electricity from new wind turbines off the coast of New York. The company, which calls itself the world’s biggest generator of wind and solar power, filed proposals with the regional grid operator, the New York Independent System Operator. NextEra’s plan … Read more
Nov 12, 2021 (Bloomberg) One hour after U.S. government data showed on Wednesday that American inflation had soared to a 31-year high, President Joe Biden vowed to fight the surge as “a top priority.”Key to his administration’s response, Biden said in a statement, would be addressing the rising cost of energy — what he described as … Read more
MOSCOW, Nov 12 (Reuters) – Russia’s Rosneft (ROSN.MM) the world’s second-biggest oil company by output after Saudi Aramco, warned on Friday of a potential “super cycle” in global energy markets, raising the prospect of even higher prices as demand outstrips supply. Surging oil prices, boosted by rebounding economies worldwide, lifted Rosneft’s net profit to 314 billion … Read more
AUSTIN, Texas, Nov. 12, 2021 (GLOBE NEWSWIRE) — via InvestorWire — Laredo Oil, Inc. (“Laredo Oil”) (OTC: LRDC) announces today it has received a reserve report from an independent petroleum engineering firm estimating that interests of proved undeveloped, probable undeveloped and contingent reserves, and forecasts of economics attributable to certain properties in the Western Williston Basin … Read more
Nov 12, 2021 (Bloomberg) Oil headed for its longest run of weekly losses since March as President Joe Biden kept investors guessing about whether he’ll act to tame prices that have helped to stoke a surge in U.S. inflation, hurting consumers. West Texas Intermediate fell 1.5%, putting crude on course for a third weekly fall. Biden … Read more
LONDON, Nov 11 (Reuters) – Oil prices are expected to stabilise near current levels over the next few months, then decline progressively over the course of next year, according to the latest forecasts from the U.S. Energy Information Administration. The EIA expects output increases from OPEC+, U.S. shale firms and other oil producers will outpace … Read more
LONDON, Nov 12 (Reuters) – Shipping companies that transport the world’s coal are in the crosshairs of some financial backers who are cleaning up their businesses in the absence of a truly global drive by nations to renounce the dirtiest fossil fuel. In a sign of investors taking the initiative, six European firms collectively representing … Read more
Texas Railroad Commission Chairman Wayne Christian, a frequent critic of climate-change activists and alternative energy, is facing an increasingly crowded field for re-election next year. The staunch Donald Trump supporter who leads the Lone Star state’s top oil regulator is seeking a second term on the three-person panel. Less than four months away from the … Read more
Nov 11, 2021 (Bloomberg) California’s gasoline prices are only two cents away from hitting an all-time high as fuel prices have soared nationwide just two weeks ahead of the Thanksgiving holiday.Retail prices in the state of California were averaging $4.65 per gallon, just two cents shy of hitting the record high set in 2012, according to … Read more
By David Wethe (Bloomberg) Civitas Resources Inc., a Colorado shale driller created via a series of mergers earlier this year, said it has accumulated enough credits to cover its 1 million tons of annual carbon emissions from the company’s oilfield activities. The credits cover emissions from the company’s operations and the power and heat its … Read more
Nov 11, 2021 (Bloomberg) Talks on creating a global carbon market ran into new obstacles, highlighting how difficult it will be to break a six-year deadlock on an issue seen as a key benchmark of success for COP26. Negotiations on carbon trading exposed fault lines late Thursday with countries disagreeing on how to account for emissions … Read more
Summary Volvo Cars, Ford, GM aim for 100% zero-emission vehicles Volkswagen, Toyota, Stellantis not part of pledge United States, China and Germany missing from pledge GLASGOW, Nov 10 (Reuters) – (This November 10 story corrected to read Volvo Cars in bullet point, paragraphs 9 and 12) A group of countries, companies and cities committed on … Read more
Nov 11, 2021 On the waterfront of Cape Town in South Africa this week, one of the thorniest parts of the debate about climate change has been playing out in real time. Oil ministers from across the continent, in town for Africa Energy Week, encountered small protests by environmental groups asking them to leave their … Read more
Nov 11, 2021 Oil fluctuated as investors weighed the odds that the White House will intervene to cool prices, with President Joe Biden saying that reversing inflation is now his top priority, particularly in energy.West Texas Intermediate bounced between gains and losses, but was still down about $4 from its high for the week. The … Read more
OPEC+ is focused on ensuring a steady supply of crude to global markets and isn’t targeting a specific price, Iraqi Oil Minister Ihsan Abdul Jabbar said Thursday. The producer group aims to add all of the 400,000 barrels a day it has targeted for each month, and will review the pace of production hikes in … Read more
Nov 11, 2021 (Bloomberg) COP26 climate talks are entering the endgame, and all-night sessions are getting increasingly fraught. At stake is how quickly the world will cut emissions in the next decade — a crucial period to curb global warming — and whether a functional market for trading carbon can be created. As negotiators brace to go into extra time, running low on … Read more
Midland, TX, Nov. 11, 2021 (GLOBE NEWSWIRE) Third Quarter 2021 Highlights Rental revenue of $16.2 million, an increase of 4% when compared to the second quarter of 2021 and 9% when compared to the third quarter of 2020. Net loss of $1.3 million ($0.10 loss per basic and diluted share) an improvement of $0.7 million … Read more
(Bloomberg) President Joe Biden faces growing pressure from fellow Democrats to address rising gasoline prices by taking steps that include a possible ban on oil exports and the release of crude from the nation’s strategic reserves.Eleven Democratic senators, including several known for their concerns on climate change, urged Biden in a letter this week to … Read more
FREEDOM IS NOT FREE – Please take a moment today to remember all those that served and sacrificed, past and present, to give you the freedom you enjoy today.
By Keith Laing Nov 9, 2021 (Bloomberg) President Joe Biden’s administration is targeting one of the tougher sources of climate-warming greenhouse gases with a plan that calls for the U.S. aviation sector to reach net-zero emissions by 2050.Aviation has been more challenging to decarbonize than automobiles, which can essentially run on batteries, but Biden’s 40-page plan … Read more
GLASGOW, Nov 10 (Reuters Breakingviews) – Europe’s Maersk Drilling (DRLCO.CO) and U.S. rival Noble (NE.N) have droll timing. The pair announced a transatlantic merger on Wednesday, just as negotiators at Glasgow’s COP26 climate talks unveiled the first fruits of their labours. That included a draft pledge to phase out subsidies for fossil fuels. For the drillers, it thus sounds like … Read more
An oil tanker is docked while oil is pumped into it at the ships terminal of PDVSA’s Jose Antonio Anzoategui industrial complex in the state of Anzoategui April 15, 2015. REUTERS/Carlos Garcia Rawlins//File Photo Summary Shipping accounts for nearly 3% of CO2 emissions Industry goal not aligned with 2015 climate deal Unclear how new plan … Read more
Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud is surrounded by media during the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 10, 2021. REUTERS/Phil Noble GLASGOW, Nov 10 (Reuters) – Saudi Arabia’s top energy official said on Wednesday that efforts to combat climate change should not undermine global energy … Read more
Nov 9, 2021 (Bloomberg) The U.S. government projected that the global oil market will become oversupplied and prices will fall by early next year, cooling expectations that the White House may tap the nation’s emergency reserves. Supply increases next year from OPEC nations as well as U.S. drillers will ultimately pressure prices lower. The U.S. benchmark … Read more
Nov 10, 2021 (Bloomberg) India has declined to update its official climate goal at the United Nations climate negotiations, holding out for rich countries to first offer $1 trillion in climate finance by the end of the decade.The resistance from India stands in contrast to its surprise announcement on Nov. 1, just as COP26 negotiations got underway, that … Read more
Nov 9, 2021 (Bloomberg) Larry Fink is among Wall Street’s most outspoken leaders when it comes to climate change. He also just placed a bid on a major fossil-fuel asset. BlackRock Inc., which he built into the world’s largest money manager, was among finalists to acquire a stake in Saudi Aramco’s natural-gas pipeline network — a … Read more
Nov 10, 2021 (Bloomberg) Oil rose after a U.S. government report forecast oversupply next year, cooling expectations for an emergency stockpiles release. West Texas Intermediate edged up 0.3%. The White House didn’t announce an SPR release on Tuesday and said it continues to look at all the tools it has available to limit the impact of … Read more
The oil and gas sector is currently facing the most challenging business environment in recent years. With the increasing adoption of more stringent environmental regulations across Canada and the United States, operators are moving forward with the installation of technologies that serve a vital purpose: emission reduction. Operators rely on this emissions reduction equipment to … Read more
Endurance Technologies Inc. is pleased to announce that we have recently signed an exclusive distribution agreement for the Country of Bahrain with Marubeni-Itochu Tubulars Asia and TriMark Tubulars Ltd. The agreement gives these two companies exclusive rights to distribute our ENDURALLOY® production tubing, casing, and components within this market with our full technical support. About … Read more
Common issues with sample systems can include plugging, sample collection and user unfamiliarity. With our smart sample systems data is pulled in real-time and distributed in a networked approach. We use a cellular modem to provide remote monitoring and diagnostics capabilities. User configurable HMI’s put process data at an Operators fingertips, this can make a … Read more
“In five years, the invoice won’t exist as we know it today.” This is just one example of the many thought-provoking statements presented during the 2021 SPARK Conference. Since its inception, the driving purpose of the SPARK Conference is to help energy professionals navigate present and potential future challenges through process automation, analytics and digitalization … Read more
Welcome to EnergyNow — every day, we publish the latest news and analysis to keep our readers up to date on what’s happening in the energy industry. Sign Up Here to get the day’s top stories delivered straight to your inbox. Video marketing is on the rise, and for good reason; videos have been shown … Read more
WASHINGTON, Nov 9 (Reuters) – The White House said on Tuesday it is not contemplating shutting down Enbridge Inc’s (ENB.TO) Line 5 pipeline after Canada last month invoked a 1977 treaty with the United States to trigger bilateral negotiations over it. Line 5 is at the center of a long-running environmental dispute between Calgary, Alberta-based Enbridge … Read more
By John Kemp (John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Nov 9 (Reuters) – The White House is reviewing its policy options to reduce the price of gasoline at the pump and expects to make an announcement in the next few days, the secretary of energy said in … Read more
Continued to Generate Free Cash Flow, Reduce Debt and Increase Liquidity Position November 09, 2021 THE WOODLANDS, Texas, Nov. 09, 2021 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the third quarter 2021. Highlights and Recent Key Items Sold 8,243 barrels of oil … Read more
November 08, 2021 INDIANAPOLIS, Nov. 08, 2021 (GLOBE NEWSWIRE) – Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with renewable energy and specialty civil expertise, today announced its financial results for the quarter ended September 30, 2021. Third Quarter Highlights (As compared to third quarter 2020) Record … Read more
November 08, 2021 HOUSTON, Nov. 08, 2021 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced results of operations for the third quarter 2021 and provided an update on 2021 guidance for capital expenditures. Highlights Reported average daily production of 17,728 Boepd during third quarter 2021, a 14% increase … Read more
November 09, 2021 HOUSTON, Nov. 09, 2021 (GLOBE NEWSWIRE) — Vantage Drilling International (“Vantage” or the “Company”) reported a net loss attributable to controlling interest of approximately $21.7 million or $1.66 per diluted share for the three months ended September 30, 2021, based on the weighted average shares outstanding, as compared to a net loss … Read more
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