Dec 5 (Reuters) – U.S. utilities are finally signing concrete supply deals with data-center operators as the artificial-intelligence wave sparks a surge in power demand, paving the way for higher profits in the coming quarters. Data centers are expected to account for 8% of the power generated in the U.S. by 2030, compared with 3% … Read more
** J.P. Morgan expects natural gas producers to benefit from three distinct demand trends; build-out of LNG export capacity, rising power demand from electrification and coal-to-gas switching ** Says expectations of record U.S. oil supply, OPEC+ barrels return in 2025, Non-OPEC 2025 supply growth and potential policy de-regulations due to Republicans gaining control of the … Read more
Equinor UK Ltd, a subsidiary of Equinor ASA (OSE: EQNR, NYSE: EQNR, “Equinor”) and Shell UK Limited, a subsidiary of Shell plc (LSE: SHEL, NYSE: ADR SHEL, AMS EURONEXT: SHELL, “Shell”) are to combine their UK offshore oil & gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. The incorporated joint venture … Read more
A 25% levy on imports would freeze out the Michigan and Wisconsin voters who helped propel him to victory. By Patricia Lopez The Midwest is in for a cold, costly winter if President-elect Donald Trump succeeds in imposing 25% tariffs on Canada and Mexico. The US buys nearly all the crude oil that Canada produces, but no region … Read more
(Reuters) U.S. energy regulators have another window of opportunity to clarify the role that giant fund firms should play in corporate ownership. It’s a good chance to resolve a nagging question for investors and stock issuers alike. In October BlackRock asked the U.S. Federal Energy Regulatory Commission to extend for another three years its permission … Read more
(Reuters) – OPEC+ has agreed to delay its plan to raise oil output until April 2025, an OPEC+ source told Reuters while its meeting was underway, to provide additional support for the oil market. The group will unwind its latest layer of output cuts gradually from April 2025 until 2026, the source said.
(Reuters) – U.S. crude stocks fell while gasoline and distillate inventories rose last week, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 5.1 million barrels to 423.4 million barrels in the week ended Nov. 29, the EIA said, compared with analysts’ expectations in a Reuters poll for a 671,000-barrel draw. Crude … Read more
(Reuters) – A single bank sold a large volume of U.S. oil futures contracts in early afternoon trading on Wednesday, a person with direct knowledge of the matter said, pushing prices down more than 1% within minutes and causing traders to scramble to decipher the reason. The sale, just hours ahead of an OPEC+ virtual … Read more
(Reuters) – Oil prices pared some gains on Thursday after a source told Reuters OPEC+ has agreed to delay a planned oil output hike until April 2025. Brent crude was up 24 cents, or 0.3%, to $72.55 a barrel at 1237 GMT. It had been at $72.84 before Reuters reported the delay. U.S. West Texas … Read more
Summary Shell won’t lead new offshore wind investments, it tells Reuters Shell Energy to split into power generation, trading units Changes are part of CEO Sawan’s review of strategy (Reuters) – Shell is stepping back from new offshore wind investments and is splitting its power division following an extensive review of the business that was once … Read more
(Reuters) – The oilfield service sector is poised for more consolidation in 2025, according to Deloitte’s 2025 Oil and Gas Industry Outlook, with President-elect Donald Trump expected loosen regulations on the U.S. oil and gas industry. The uptick in deals in the services sector would follow a wave of mega-mergers among oil producers, including Exxon … Read more
(Reuters) – U.S. crude oil production rose by 20,000 barrels per day (bpd) to a record 13.513 million barrels per day in the week ended Nov 29, data from the U.S. Energy Information Administration (EIA) showed on Wednesday. The previous weekly record for U.S. oil output was 13.50 million bpd, hit most recently in the … Read more
Lobito railway will transport critical minerals to Atlantic Effort by US to counter Chinese dominance of mining in Africa President Joe Biden meets Lobito Atlantic Railway workers at the Port in Lobito, on Dec. 4.Photographer: Andrew Caballero-Reynolds/AFP/Getty Images President Joe Biden is rounding off his trip to Angola by announcing $600 million in new financing for a … Read more
(Reuters) – Saudi oil giant Aramco, top oilfield services company SLB and Linde, the world’s largest industrial gases company, have signed an agreement to build a carbon capture and storage project in Jubail, Saudi Arabia. Aramco will own 60% of the project while SLB and Linde will hold 20% each, the companies said in a joint statement on … Read more
By Timothy Gardner WASHINGTON, Dec 3 (Reuters) – Meta (META.O) said on Tuesday it is seeking proposals from nuclear power developers to help meet its artificial intelligence and environment goals, becoming the latest big tech company to take interest in atomic power amid an expected boom in electricity demand. The company wants to add 1 … Read more
By Jarrett Renshaw Dec 3 (Reuters) – Biden administration officials will not finalize highly anticipated guidelines on new clean fuel production tax credits aimed at the airline and biofuel industries before they leave in January, three sources told Reuters, casting doubt on the future of a key piece of the U.S. president’s climate agenda. The … Read more
Summary OPEC+ to discuss oil policy on Dec. 5 US oil and fuel stockpiles rose last week Israel warns of renewed war in Lebanon South Korea president faces impeachment after martial law debacle Dec 4 (Reuters) – Oil prices were little changed on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts … Read more
Chris Wright has championed fossil fuels as a moral good and characterized climate change as modest Standing shoulder to shoulder with his employees, Chris Wright, chief executive officer of oilfield services company Liberty Energy Inc., held up his glass in a toast. “To your health and the longer lives and healthier lives of billions of people … Read more
By Curtis Williams HOUSTON, Dec 3 (Reuters) – Rising costs of building and equipping new U.S. liquefied natural gas plants will reduce the competitiveness of U.S. gas exports, LNG analysts at Poten & Partners predicted on Tuesday. U.S projects have faced rising construction costs, with Venture Global’s Plaquemines export plant under construction in Louisiana over … Read more
Dec 3 (Reuters) – Crescent Energy (CRGY.N) said on Tuesday it would acquire Carnelian Energy Capital-backed Ridgemar Energy’s assets in the Eagle Ford basin in Texas for a cash-and-stock deal of $905 million. The deal, which is expected to close in the first quarter of 2025, also includes an additional payment of $170 million by … Read more
Oil firm selects two auto industry executives to top posts Continues revamping of management team with outsiders HOUSTON, Dec 3 (Reuters) – Exxon Mobil (XOM.N) said on Tuesday that Dan Ammann, former president of General Motors (GM.N), will take over its largest and most profitable business early next year. Ammann, who joined Exxon two years … Read more
(Reuters) – The Biden administration on Tuesday ramped up its sanctions on Iran, targeting 35 entities and vessels that it said transported illicit Iranian petroleum to foreign markets as part of what the U.S. Treasury Department called Tehran’s “shadow fleet.” The sanctions build on those previously imposed on Oct. 11 and come in response to … Read more
Liam Mallon to retire after 34 years of service Dan Ammann appointed President, Upstream Company Barry Engle appointed President, Low Carbon Solutions SPRING, Texas–(BUSINESS WIRE)–ExxonMobil (NYSE: XOM) today announced Liam M. Mallon, president of ExxonMobil Upstream Company and vice president Exxon Mobil Corporation, will retire effective February 1, 2025. The Board of Directors has appointed Dan … Read more
(Reuters) – U.S. President Joe Biden’s administration has awarded over $100 billion in grants created by its signature climate law, the Inflation Reduction Act, a senior administration official said. The administration hopes the spending milestone will help to continue the deployment of clean energy even after President-elect Donald Trump, a climate change skeptic who has … Read more
Summary Slower demand, rising output beyond the group swells supply Global oil prices rangebound between $70 and $80/barrel OPEC+ to decide on planned UAE production increase from January (Reuters) – OPEC+ is likely at its meeting on Thursday to extend its latest round of oil output cuts until the end of the first quarter, four … Read more
By Gavin Maguire (Reuters) – Natural gas prices in Asia, Europe and North America have climbed by around 30% to 50% so far in 2024, and look set to keep rising over the coming months as forecasts for cold weather trigger higher heating demand in key consumer hubs. Active restocking of rapidly-declining gas inventories in Europe … Read more
Dec 3 (Reuters) – Oil prices climbed nearly 1% on Tuesday, as investors hone in on the outcome of an OPEC+ meeting later this week. Brent crude futures rose 76 cents, or 1.06%, to $72.59 a barrel by 1131 GMT, while U.S. West Texas Intermediate crude climbed 75 cents, or 1.1%, to $68.85. OPEC+ is … Read more
By Curtis Williams Most exported to Europe at higher prices Production could go even higher in December UK was major player in the market HOUSTON, Dec 2 (Reuters) – U.S. LNG exports to Europe surged in November as the world’s largest producer of the superchilled gas sent more cargoes to the continent and fewer to … Read more
NEW YORK, Dec 2 (Reuters) – Duke Energy (DUK.N) is pausing its assessment of certain U.S. energy infrastructure improvement loans, citing uncertainty over the future of funding under the Trump administration, according to a filing from last week. The electric utility told North Carolina regulators in a letter on Nov. 27 that it would put … Read more
The United States started the winter heating season with the highest levels of natural gas in storage since 2016, the U.S. Energy Information Administration said on Monday. Working natural gas in storage in the Lower 48 states ended the natural gas injection season with 3,922 billion cubic feet, according to estimates based on the EIA’s … Read more
U.S. natural gas futures fell nearly 5% to a more than a one-week low on Monday, pressured by an increase in output and forecasts for less cold weather expected to lower heating demand over the coming week. Front-month gas futures for January delivery on the New York Mercantile Exchange were down 15.2 cents, or 4.5%, … Read more
The cartel needs to be more honest about the implications of its drive to keep crude prices high. By Javier Blas The best scandals are those that start when someone, somewhere, decides to say something utterly shocking: the truth! A senior official of the OPEC+ oil cartel has said publicly what many thought privately — the … Read more
Summary Uncertain economic outlook could add to oversupply Lower prices accompanied by a trade war could damage economies Trump’s sway over prices is limited NEW YORK/LONDON, Dec 2 (Reuters) – Donald Trump has promised to “drill, baby, drill” to halve energy costs, a plan that sends shivers through the governments of emerging market oil producers anxious about … Read more
Summary Companies Malaysia, Cambodia, Vietnam, Thailand imports at issue Most solar panels installed in the US are made overseas Nov 29 (Reuters) – U.S. trade officials announced on Friday a new round of tariffs on solar panel imports from four Southeast Asian nations after American manufacturers complained that companies there are flooding the market with … Read more
Transporting construction and drilling equipment with heavy wheel loads is extremely challenging across soft ground, dense muskeg, or oversaturated clays—conditions typical of the oil sands regions of Athabasca, Peace River, and Cold Lake. These challenges are compounded by extreme winter weather and frozen ground. To make matters even more difficult, limited road-building resources make constructing … Read more
Paper-to-Polygons at Your Service The Unfortunate Reality of Data Storage Today It’s common for established energy companies to have amassed mountains of paper files through their acquisition work. Searching for, reporting on, and interpreting this information on a map is slow and painful. Making fast and informed project decisions while verifying and processing file information … Read more
At Kathairos Solutions, we’re always looking for ways to showcase the innovative technology driving our zero-emissions solutions. That’s why we partnered with Jessica Godfrey, Perma-Cyl Product Manager at Chart Industries, to bring you Tank Talks—a three-part video series diving into the incredible functionality of the tanks behind the Kathairos solution. From design to deployment, Jessica … Read more
In the fast-paced industries of oil and gas, construction & mining, the need for skilled labor is constant, yet project fluctuations often create periods of intermittent employment for workers. Recognizing this gap and offering a solution that benefits both companies and skilled professionals, Sideworx Connect has made its mark as a premier recruitment agency in … Read more
U.S. President-elect Donald Trump said on Saturday he discussed the border, trade and energy in a “very productive” meeting with Canadian Prime Minister Justin Trudeau amid fears of a trade war. Trudeau paid an unannounced visit to Florida on Friday evening and had dinner with Trump at his Mar-a-Lago residence, days after Republican Trump pledged … Read more
Summary Brent, WTI rise 1% China’s factory activity expands in November OPEC+ shifts oil policy meeting to Dec. 5 from Dec. 1 Dec 2 (Reuters) – Oil prices rose more than 1% on Monday, supported by strong factory activity in China, the world’s second-largest oil consumer, and escalating tensions in the Middle East, where Israel … Read more
HOUSTON, Nov 29 (Reuters) – Gas demand from the U.S. largest liquefied natural gas producers soared on Friday to near-record levels on cooler weather and fewer outages, according to preliminary data from financial firm LSEG. LNG export plants were expected to draw 14.6 billion cubic feet on Friday, the highest for the year and just … Read more
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