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Hess Signals Exxon Arbitration Could Push a Sale into Next Year

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(Reuters) – An Exxon Mobil  arbitration case that could block the sale of Hess Corp to Chevron  could drag on until year-end, Hess said in a U.S. securities filing on Friday. The filing signals any closing of its $53 billion sale to Chevron could fall into next year, at least six months later than a prior goal of … Read more

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California Battery Plant is Among World’s Largest as Power Storage Booms

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(Reuters) – A major battery plant near Los Angeles will be among the largest in the world when it comes online later this year, promising to shore up California’s power grid during the peak summer season and help the state a meet ambitious climate goals. Calpine’s billion-dollar Nova Power Bank, built on the site of … Read more

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U.S. Finalizes Big Reforms to Federal Oil and Gas Drilling

New Mexico Drilling

(Reuters) – President Joe Biden’s administration on Friday finalized a range of reforms designed to boost returns and address environmental harms from oil and gas drilling on public lands. The new rules follow years of criticism from green and taxpayer groups that federal oil and gas development was not benefiting the public. Many of the … Read more

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IEA Trims Oil Demand Forecast on Weakness in Wealthier Countries

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(Reuters) – The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth on Friday, citing lower than expected consumption in OECD countries and a slump in factory activity. The Paris-based energy watchdog lowered its growth outlook for this year by 130,000 barrels per day (bpd) to 1.2 million bpd, adding that the … Read more

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Exxon Moves Forward with Sixth Oil Project in Guyana, Targets 1.3 million Bpd Output

Exxon Mobil has made a final investment decision for its sixth oil development project in offshore Guyana after receiving the required government and regulatory approvals, the company said on Friday.A consortium led by Exxon began crude output in Guyana in 2019, and has ramped up production to some 650,000 barrels per day (bpd) this year. … Read more

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OPEC Sees Robust Summer Oil Demand, Economic Upside Potential

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(Reuters) – OPEC on Thursday predicted robust fuel use in the summer months and stuck to its forecast for relatively strong growth in global oil demand in 2024, while saying there was a chance the world economy could do better than expected this year. The Organization of the Petroleum Exporting Countries, in a monthly report, … Read more

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OPEC Makes the Case for Oil Supply Restraints to Ease

Bloomberg The latest market forecasts from the world’s oil producer and consumer groups might as well be describing two different planets. Which one OPEC+ ministers believe they inhabit will be crucial for their production decision in June. The International Energy Agency is relatively downbeat on the outlook for demand. On Friday, it trimmed its 2024 forecast by … Read more

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U.S. Surpasses Renewable Energy Goal for Public Lands

(Reuters) – The Biden administration on Thursday said the U.S. had surpassed a goal of permitting more than 25 gigawatts of clean energy projects on public lands by 2025 and finalized a plan to slash project fees for wind and solar energy on federal acreage. WHY IT’S IMPORTANT The announcement marks the latest effort by … Read more

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Oil Rebounds on Mideast Tensions but Set for Weekly Loss

Texas Oil Pump

Summary Crude near six-month high Concern of fewer U.S. rate cuts weighs Market pares gains after IEA cuts 2024 demand growth view LONDON, April 12 (Reuters) – Oil rose over 1% on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though the market is set … Read more

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Biden Election Energy Politics: Biden Plans Sweeping Effort to Block Arctic Oil Drilling

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Half of National Petroleum Reserve-Alaska could be off-limits Companies say plan would violate leases, kill investment The US set aside 23 million acres of Alaska’s North Slope to serve as an emergency oil supply a century ago. Now, President Joe Biden is moving to block oil and gas development across roughly half of it. The initiative, set … Read more

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Investors Bet on Further Rise in U.S. Gasoline Prices: John Kemp

Portfolio investors have amassed one of the largest bullish positions in U.S. gasoline futures and options since before the coronavirus pandemic, anticipating that prices will continue climbing over the next few months. U.S. gasoline has emerged as the most attractive part of the petroleum complex for investors betting prices will rise further this year in … Read more

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Environmentalists Protest as Biden Administration Approves Huge Oil Export Terminal Off Texas Coast

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WASHINGTON (AP) — In a move that environmentalists called a betrayal, the Biden administration has approved construction of a deepwater oil export terminal off the Texas coast that would be the largest of its kind in the United States. The Sea Port Oil Terminal being developed off Freeport, Texas, will be able to load two … Read more

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UAE’s ADNOC Recently Eyed BP as Takeover Target

The United Arab Emirates’ state-owned oil company recently considered buying Britain’s BP but the deliberations did not progress beyond preliminary discussions, people familiar with the matter told Reuters. Abu Dhabi National Oil Company (ADNOC) ultimately decided BP would not be the right fit for its strategy, three people said. Political considerations also weighed on the … Read more

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COMMENTARY: Why You Shouldn’t Be Alarmed About Unusually Warm Temperatures – Alex Epstein

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Even with recent temperatures, which are a temporary anomaly, not the new normal, cold is a bigger problem than heat and fossil fuels keep us safer from both. By Alex Epstein Myth: Recent, unusually warm temperatures show that fossil fuels are making our climate more and more dangerous. Truth: Even with recent temperatures, which are a … Read more

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Exxon Mobil Raised Package of CEO Woods to $36.9 Mln in 2023

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(Reuters) – Exxon Mobil  Chief Executive Darren Woods received $36.9 million in total compensation for 2023, up nearly 3% from a year earlier, the oil major said in a regulatory filing on Thursday. And in proxy filing ahead of its May 29 annual meeting of shareholders, Exxon recommended its investors vote against all proposals submitted by … Read more

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Oil Rally Is Driving Texas Gas Prices Below Zero

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Producers are bringing more wells online, adding fuel to a glutted market. There’s so much natural gas flowing from Texas wells that producers are paying customers to take it off their hands. They can blame oil prices. With crude hovering near a six-month high, the companies extracting it are tapping a stash of wells they drilled but hadn’t … Read more

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Pipeline Share Sales Highest Since 2017 as Dividends Draw Buyers

Any deal right now would be well received: NBF’s Nowlan SS&C strategist sees gap between primary and secondary markets Bloomberg Dangling juicy dividends and ample liquidity at major institutional investors, shares of pipeline companies in North America have been selling at the fastest pace since 2017, and bankers say the market remains open for more. … Read more

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Biden, Kishida Eye Wind Power as Japan Worries About LNG Supply

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US moratorium on LNG export permits drew concern from Tokyo Japan joins effort to promote floating offshore wind energy   US President Joe Biden and Japanese Prime Minister Fumio Kishida pledged to intensify efforts to harness wind power and speed the transition to clean-energy amid concerns in resource-scant Japan over access to liquefied natural gas. “The United States remains … Read more

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Enphase Energy Launches Power Control Software for its Home Solar and Battery Systems

FREMONT, Calif., April 11, 2024 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced the launch of Enphase Power Control software that can integrate with the Enphase® Energy System™ in North America. Enphase Power Control dynamically controls the power produced by an … Read more

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Cenovus Energy to Invest $1.5 Billion in Ohio Refineries

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(Reuters) – Cenovus Energy  has announced a $1.5 billion investment in its Ohio refineries, including Lima and Oregon, according to a local media report on Wednesday. Ohio provides a “vital strategic location” that aids Cenovus’s decision to expand, said Doreen Cole, the company’s executive vice president, downstream, in a press release, quoted by the local media. Cenovus … Read more

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Biden Administration Says Enbridge Pipeline Shutdown Order Should be Reconsidered

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The Biden administration has urged a U.S. appeals court to tell a lower court to rethink its order that would require Canadian operator Enbridge to drain portions of an oil pipeline that runs through Native American tribal land in Wisconsin, according to a court filing made public on Wednesday. In an amicus, or friend-of-court, brief dated April … Read more

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U.S. Imports of Mexican Crude Oil Fall to Lowest on Record, EIA Says

U.S. weekly imports of Mexican crude oil fell to the lowest on record in the early April, as Mexico’s state energy company Pemex cut exports to supply more oil to its domestic refineries. The imports dropped to 209,000 barrels per day (bpd) in the week ended April 5, data from the U.S. Energy Information Administration … Read more

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U.S. Natgas Prices Hit 5-Week High on Rising Feedgas to Freeport LNG, Output Drop

Natural Gas Flame

U.S. natural gas futures edged up about 1% to a five-week high on Wednesday on an increase in feedgas to the Freeport LNG export plant and a drop in output as pipeline maintenance trapped gas in Texas and producers continued to reduce drilling activities after prices collapsed to 3-1/2-year lows earlier this year. Limiting price … Read more

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Biden Administration Says Enbridge Pipeline Shutdown Order Should be Reconsidered

enbridge pipeline 1200x810

The Biden administration has urged a U.S. appeals court to tell a lower court to rethink its order that would require Canadian operator Enbridge to drain portions of an oil pipeline that runs through Native American tribal land in Wisconsin, according to a court filing made public on Wednesday. In an amicus, or friend-of-court, brief dated April … Read more

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U.S. Crude Stocks, Gasoline and Distillate Inventories Rise – EIA

U.S. crude, gasoline and distillate inventories rose in the week ending April 5, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.8 million barrels to 457.3 million barrels in the week ended April 5, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.4 million-barrel rise. Crude stocks … Read more

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Oil Prices Slip as Inflation Concerns Offset Mideast Tensions

(Reuters) – Oil prices slipped on Thursday as persistent inflation dampened rate cut optimism but stayed near six-month highs as investors braced for a potential attack on Israeli interests by Iran. Brent crude futures were down 49 cents or 0.5% to $89.99 a barrel at 1030 GMT, while U.S. West Texas Intermediate crude futures lost … Read more

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U.S. Natgas Producers Cut Spending, Output to Cope with Low Prices

U.S. natural gas producers are curbing their output and spending on drilling activity as an oversupplied market has brought the prices of the commodity down to multi-decade lows. In recent months, commodity prices dropped on near-record output and low heating demand from a mild winter, leaving ample amounts of gas in storage. Below is a … Read more

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Jamie Dimon Calls Biden’s Push to Stop Oil and Gas Projects “Wrong” and ‘Enormously Naïve’

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Criticizes White House freeze on LNG approvals in annual letter to shareholders Bloomberg News Jamie Dimon said U.S. delays of liquefied natural gas projects were done for political reasons to pacify those who believe oil and gas projects should simply be stopped — a position he calls “wrong” and “enormously naïve.”The head of JPMorgan Chase … Read more

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Not Meeting Expectations: Renewable Energy Funds See Outflows on Concerns over Growth, Policies

(Reuters) – Global investors are increasingly moving away from the renewable energy sector funds this year due to concerns over the sector’s growth prospects and uncertainty over policies in a U.S. election year, fund data show. Renewable energy sector funds witnessed steady inflows in the past few years, bolstered by consumers willingness to pay more … Read more

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$200 Billion of M&A Wasn’t Enough in U.S. Oil Patch

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There are still too many energy companies chasing too little capital. By Javier Blas Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. He is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.” Even after a record $200 billion dealmaking frenzy last year, US oil and … Read more

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Diamondback Sells $5.5 Billion of Bonds for Endeavor Deal

The five-part offering includes a $1 billion, 40-year tranche M&A-related financing is helping fuel record high-grade sales Diamondback Energy Inc. borrowed $5.5 billion in the US investment-grade market to partly help fund its $26 billion takeover of Endeavor Energy Resources LP, joining other blue-chip companies capitalizing on robust investor demand to bring acquisition-related debt deals. Diamondback sold the bonds … Read more

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APA Corporation Provides First-Quarter 2024 Supplemental Information and Schedules Results Conference Call for May 2 at 10 a.m. Central Time

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HOUSTON, April 10, 2024 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain first-quarter 2024 financial and operational results. This information is intended only to provide additional information regarding current estimates management believes will affect results for the first-quarter 2024. It is provided to assist investors, analysts and others in formulating … Read more

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U.S. Electric Utilities Brace for Surge in Power Demand from Data Centers

(Reuters) – U.S. electric utilities predict a tidal wave of new demand from data centers powering technology like generative AI, with some power companies projecting electricity sales growth several times higher than estimates just months earlier. Nine of the top 10 U.S. electric utilities said data centers were a main source of customer growth, leading … Read more

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Chevron CEO’s Pay Rose 12% to $26.5 Million in 2023

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By Reuters Michael Wirth, chairman and CEO, Chevron Corporation speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S. October 18, 2021. REUTERS/David Swanson/FILE PHOTO April 10 (Reuters) – U.S. oil major Chevron’s  CEO Michael Wirth was paid $26.5 million in 2023, a 12.2% increase from the prior year, a securities filing … Read more

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China, India Top buyers of Russian Seaborne Fuel Oil, VGO in Feb, LSEG Data Shows

China and India remained the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in February, with both countries continuing to buy the fuels to partially replace crude oil, traders said and LSEG data showed. Since the European Union’s full embargo on Russian oil products went into effect in February 2023, the … Read more

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U.S. Oil Refiners’ Weekly Capacity Seen up 231,000 Bpd, IIR Says

U.S. oil refiners are expected to have about 1 million barrels per day (bpd) of capacity offline for the week ending April 12, increasing available refining capacity by 231,000 bpd, research company IIR Energy said on Wednesday. Offline capacity is expected to fall to 994,000 bpd in the week ending April 19, IIR added. The … Read more

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Raymond James Expects Global Oil, Gas Upstream Capex Spending to Rise 3% in 2024

Brokerage Raymond James says its global industry survey of upstream oil companies shows an uptick of 3% in capex spending in 2024, plateauing after 2023. ** Says global spending in 2024 would mark a fourth consecutive increase, albeit the slowest one – there is, however, a cumulative drop of 33% from the peak level of … Read more

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U.S. Natgas Flows to Texas Freeport LNG Export Plant Seen up on Tuesday

Natural Gas Terminal

The amount of natural gas flowing to Freeport LNG’s liquefied natural gas (LNG) export plant in Texas was on track to rise for a second day in a row on Tuesday, according to data from financial firm LSEG. Energy traders said gas futures were trading about 2% higher so far on Tuesday on the possibility … Read more

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Morgan Stanley Lifts Q3 Brent Crude Oil Forecast on Geopolitical Risk

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Morgan Stanley has raised its Brent crude oil price forecast for the third quarter of this year by $4 per barrel to $94, citing geopolitical risks. “That the degree of geopolitical risk in key oil producing regions has increased recently seems clear and uncontroversial,” the bank said in a note dated Monday. Brent futures rose … Read more

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Shell at Disadvantage to U.S.-Listed Rivals, says Former CEO

Shell’s former CEO, Ben van Beurden, said on Tuesday that European oil and gas companies will find it increasingly difficult to compete with U.S.-listed rivals. There are “a deeper pool of investors and capital in New York and the attitude is more positive towards oil and gas companies,” van Beurden, who stepped down in 2021, … Read more

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Oil Rises as Middle East Worries Offset U.S. Crude Stock Build

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(Reuters) – Oil prices rose on Wednesday after two days of losses as a deadlock in Gaza ceasefire talks renewed uncertainty about the security of supply from the Middle East and offset a bigger-than-expected build in U.S. crude inventories. Brent crude futures were up 30 cents, or 0.3%, at $89.72 per barrel at 1010 GMT, … Read more

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APA Corporation announces updates to Executive Leadership

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HOUSTON, April 09, 2024 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) has announced updates to its executive leadership team to coincide with a restructuring of its development function and the integration of the recently closed acquisition of Callon Petroleum. The changes are effective immediately. “Building on the momentum of our recently closed acquisition, we are … Read more

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Kathairos Launches Energy Influencer Spotlight: PennEnergy Resources Champions Innovative Methane Emissions Reduction Across Appalachia

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PITTSBURGH, PA [April 9, 2024] PennEnergy Resources, LLC, a leading player in the Appalachian Basin’s natural gas industry, is proud to announce its progressive achievements in emissions reductions of methane and other pollutants, as part of Kathairos Solutions’ Energy Influencers campaign. This initiative celebrates the industry’s frontrunners in environmental stewardship, showcasing PennEnergy’s commitment to responsible … Read more

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