Bloomberg News Police vans cordoned off Berlin’s Adlon Kempinski hotel Tuesday as environmental protesters attempted to disrupt an energy conference, splashing green paint against the side entrance of the luxury venue by the Brandenburg Gate. Inside, the global liquefied natural gas industry gathered to debate its future. Having largely turned the page on energy price … Read more
Group makes fifth reduction to estimate amid signs of weakness Alliance agreed last week to delay, slow revival in its output OPEC cut oil demand growth forecasts for this year and next for a fifth straight month, making its deepest reduction to the 2024 outlook so far after agreeing to extend its supply curbs. The Organization … Read more
The U.S. government is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House, Bloomberg News reported on Tuesday. The details of the new measures are not yet finalized but President Joe Biden’s team was considering … Read more
U.S. President-elect Donald Trump said on Tuesday that any person or company investing at least $1 billion into the U.S. “will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals.” The statement, posted on his social media platform Truth Social, did not offer further details. Trump’s transition team … Read more
(Reuters) – U.S. power producers have raised total generation to new highs in 2024, fuelled mainly by record natural gas-fired output alongside a sharp jump in generation from renewable sources. Natural gas plants remain the key pillar of U.S. generation, accounting for a record 42% of total power production from January through November, according to … Read more
(Reuters) – Oil prices climbed 1% on Wednesday as market participants anticipated a rise in demand from top importer China following Beijing’s latest plans to boost economic growth. Brent crude futures gained 75 cents, or 1.04%%, to $72.94 a barrel by 1011 GMT, while U.S. West Texas Intermediate crude futures rose 75 cents, or 1.09%, … Read more
Oilfield service companies ramped up hiring in November, adding 1,890 jobs in the sector, according to data from trade group Energy Workforce & Technology Council released on Monday. WHY IT’S IMPORTANT Oilfield service hiring can serve as an indicator of the health of the sector. Companies bringing on more employees could imply more drilling to … Read more
By Reuters (Reuters) – ExxonMobil on Wednesday said annual project spending will rise to between $28 billion and $33 billion between 2026 and 2030, following the acquisition of U.S. shale producer Pioneer Natural Resources. The top U.S. oil producer laid out a five-year plan to increase earnings by $20 billion and cash flow by $30 billion to … Read more
‘Gas is well suited for’ data centers’ 24/7 power needs: CEO Strazik is ‘cautious’ on when onshore wind will improve The head of GE Vernova Inc., which makes equipment for wind farms and gas-fired power plants, said electricity demand to run data centers is favoring the fossil fuel over the renewable energy source — at least, … Read more
(Reuters) – U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. The EIA projected that dry gas production will ease from a record 103.8 billion cubic feet per day in 2023 to … Read more
(Reuters) – U.S. net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said on Tuesday, pointing to higher U.S. production and lower refinery demand. The EIA expects the United States to produce 13.52 million bpd in 2025, up … Read more
(Reuters) – The U.S. Department of Energy said on Tuesday it is not able to complete reviews of two liquefied natural gas projects in Louisiana until an independent regulatory body finishes its environmental assessments. The DOE said it has to wait for the Federal Energy Regulatory Commission, or FERC, to finish its work before it … Read more
(Reuters) – Average U.S. gasoline prices fell below $3 a gallon for the first time in over three years on Monday, extending a run of bargains at the pump for consumers who have faced soaring inflation in recent years. Fuel prices have been declining steadily since the end of the peak summer driving season, helping boost … Read more
Summary Oil keeps most of Monday’s gains with hopes for China stimulus Syria rebels set up government; banks, oil sector to reopen Tuesday China: first annual crude import growth in seven months (Reuters) – Oil prices slipped on Tuesday as concerns eased about the fallout from the overthrow of Syria’s president, despite support from China’s … Read more
U.S. natural gas futures rose over 3% to more than a one-week high on Monday, helped by a shift in short-term forecasts to cooler weather that would lead to increased gas demand for heating. Front-month gas futures for January delivery on the New York Mercantile Exchange were up 12 cents, or 3.9%, to $3.20 per … Read more
The Biden administration will offer oil and gas drilling leases in Alaska’s Arctic National Wildlife Refuge at a sale on Jan. 9, the U.S. Interior Department said on Monday. The agency will make 400,000 acres available to drillers at the auction, the minimum required by a 2017 law that mandated the sale. (Reporting by Nichola … Read more
Syria’s 13-year civil war crippled the country’s energy sector, making it highly reliant on imports from Iran. Below are facts about Syria’s energy sector. ** Syria has not exported oil since late 2011, when international sanctions came into force, and has become dependent on fuel imports from Iran to keep power supplies running. ** Prior … Read more
Companies to invest up to $5.8 billion on entity through 2030 Offshore wind has struggled as costs soared in recent years BP Plc and Jera Co., Japan’s biggest electricity producer, will merge their offshore wind businesses as the British oil major seeks to cut its exposure to the troubled green power sector. The new company — JERA … Read more
Equinor has closed the planned sale of its assets in Nigeria and Azerbaijan for a total consideration of up to $2 billion, completing exits from the two countries after some 30 years, the Norwegian oil and gas firm said on Monday. The divestments, first announced in 2023 and completed in recent weeks, will boost cash … Read more
OKLAHOMA CITY, Dec. 09, 2024 (GLOBE NEWSWIRE) — Rick Muncrief, 66, has announced his retirement from the position of President and Chief Executive Officer and member of the Board of Directors of Devon Energy Corporation (NYSE: DVN), effective March 1, 2025. The board of directors has appointed Clay Gaspar, currently Devon’s Chief Operating Officer, to … Read more
Igor Sechin, the head of Russia’s largest oil producer Rosneft, on Saturday said he approved of U.S. President-elect Donald Trump’s proposals to defend domestic energy producers. Speaking at a conference in Qatar, he said that Trump’s promises during his election campaign involved “fitting” economic measures, including protecting domestic energy producers and the market. Trump’s return … Read more
The problem with attacks on ESG is that investors seem happy with the returns — and it’s their money By Stephen L. Carter Stephen L. Carter is a Bloomberg Opinion columnist, a professor of law at Yale University and author of “Invisible: The Story of the Black Woman Lawyer Who Took Down America’s Most Powerful Mobster.” … Read more
Oil driller trims green budget to $1.5 billion from $2 billion Chevron is prioritizing profits over oil production next year Chevron Corp. is cutting low-carbon investments by one-fourth as the oil explorer trims spending across the board and prioritizes profits over energy output. Chevron plans to spend $1.5 billion on 2025 emission-reductions efforts and alternative energy … Read more
The federal government’s bet on the Trans Mountain pipeline expansion may pay off sooner than expected Bloomberg News The expansion of Canada’s Trans Mountain pipeline represented a US$24 billion bid to help the country’s oil producers reduce their near-total reliance on the United States market. That’s a bet that may pay off sooner than expected if President-elect Donald … Read more
A co-chair of the U.S. Congressional artificial intelligence task force urged federal energy regulators this week to support the development of data centers directly connected to power plants, citing national security and competition for global AI dominance, according to a letter seen by Reuters dated Dec. 5. U.S. Congressman Jay Obernolte said the Federal Energy … Read more
(Reuters) – It was likely a fairly easy decision for OPEC+ to once again delay plans to increase oil output. The soft state of global demand is by itself sufficient reason to justify the decision at Thursday’s meeting of the group to defer winding back some of its production cuts until at least April. But weak demand … Read more
Oilfield services provider Flowco Holdings said on Friday it has filed for a U.S. initial public offering, the latest to capitalize on the recent revival in investor appetite for newly listed stocks. The U.S. IPO market, which had largely avoided large deals for nearly three years, is experiencing a revival as improving investor sentiment and … Read more
(Reuters) – Qatar has no concerns about U.S. President-elect Donald Trump’s promise to lift a cap on liquefied natural gas (LNG) exports, Qatar’s Energy Minister Saad al-Kaabi said on Saturday, adding his country would cope with any competition. “And you know even if you open up LNG and say we’re going to export another 300 … Read more
Summary Brent, WTI both up over 1% after two-week declines China signals loosened monetary policy next year to spur growth Overthrow of Syria’s Assad fuels regional uncertainty Dec 9 (Reuters) – Oil prices climbed by more than 1% on Monday as top importer China flagged its first move toward a loosened monetary policy since 2010 aiming to … Read more
Dec 6 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in eight weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by seven to 589 in the week to … Read more
(Reuters) – OPEC+ at its Dec. 5 meeting made further changes to its oil production policy, by delaying a planned increase in output further into next year as it faces a weaker oil demand outlook. The oil producer group on Thursday pushed back the start of oil output rises by three months until April 2025 and extended … Read more
Oil prices fall on supply glut fears despite OPEC+ output cut extension Summary Brent and WTI both down more than 1%, post weekly loss Even with OPEC+ restraint, analysts see oversupply in 2025 US drillers add oil and gas rigs for first time in 8 weeks US job growth rebounds in November; unemployment rate rises … Read more
Summary Chevron supports U.S. policy on Venezuela, aims for better future for Venezuelans Wirth suggests setting limits on use of strategic petroleum reserve (Reuters) – Chevron, the only U.S. oil producer now working in Venezuela’s oilfields, has not held any discussions with President-elect Donald Trump’s team over the company’s operations in the country, CEO Michael Wirth said … Read more
Will Provide Additional Natural Gas Capacity to Serve Growing Market Needs DALLAS–(BUSINESS WIRE)–Energy Transfer LP (NYSE: ET) today announced that it has reached a positive final investment decision (FID) for the construction of an intrastate natural gas pipeline connecting Permian Basin production to premier markets and trading hubs. The new large-diameter pipeline, previously called the … Read more
Goldman Sachs on Friday maintained its forecast for Brent oil to average $76 per barrel in 2025, citing a balanced market situation, with lower OPEC+ supply offsetting an unexpected surge last month in commercial inventories at Organisation for Economic Co-operation and Development countries. “We maintain our annual average Brent forecasts of $76/bbl in 2025 and … Read more
Calgary, Alberta–(Newsfile Corp. – December 6, 2024) – Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) (“Canadian Natural” or the “Company”) announces it has completed the acquisition of Chevron Canada Limited’s (“Chevron”) Alberta assets, which include a 20% interest in the Athabasca Oil Sands Project (“AOSP”) and a 70% operated interest in light crude oil and liquids rich Duvernay … Read more
BP is seeking buyers for a stake in its U.S. natural gas pipeline network, four people with knowledge of the matter said. The British energy company could raise up to $3 billion from the sale, two of the people said, with one of them adding that BP may sell up to a 49% stake in … Read more
Natural gas, wheat and other commodities are poised for a rollercoaster ride on geopolitical tensions and shifting forecasts for cold. A winter forecasting enigma is poised to send prices for energy and food on a bumpy ride in the next few months, with commodities from natural gas to wheat at risk of breakneck gains against a backdrop of geopolitical … Read more
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
Summary Brent and WTI set for weekly loss Even with OPEC+ restraint, analysts see oil oversupply in 2025 (Reuters) – Oil prices fell on Friday as analysts continued to forecast a supply surplus in 2025 despite the OPEC+ decision to postpone planned supply increases and extend deep output cuts to the end of 2026. Brent … 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
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
COPENHAGEN, Dec 5 (Reuters) – Denmark’s latest offshore wind farm tender in the North Sea has failed to attract any bids, authorities said on Thursday, in a further setback for the industry. After a year of challenges, the global offshore wind industry no longer has much prospect of hitting the lofty targets set by governments … 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
(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) – 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
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
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
SINGAPORE–(BUSINESS WIRE)– Coal use and emissions from power generation in Asia will surge in coming decades unless there is significant new supply of U.S. liquefied natural gas (LNG), a new study by data and analytics company Wood Mackenzie has shown. The study, commissioned by the Asia Natural Gas & Energy Association (ANGEA), models energy demand, … Read more
Canadian Prime Minister Justin Trudeau visited Donald Trump’s Florida resort on Friday to meet with the U.S. President-elect, days after Trump threatened to slap tariffs on Canadian imports over border-related concerns.Trudeau, whose public itinerary did not list a scheduled visit to Florida, was seen leaving a hotel in West Palm Beach, Florida, to go to … Read more
(Reuters) – U.S. natural gas futures climbed more than 3% on Friday and were on track for a monthly gain, driven by forecasts for colder weather that should boost heating demand and force utilities to start pulling more gas from storage. Front-month gas futures for January delivery on the New York Mercantile Exchange were up … Read more
(Reuters) – Mexico’s President Claudia Sheinbaum said on Friday her administration had a plan to deal with the possible imposition of U.S. tariffs on Mexican crude oil, after President-elect Donald Trump threatened a blanket 25% import tax this week. “If it were to happen by all means we have a plan, but ideally it would … Read more
Summary U.S. crude stockpiles fell more than expected this week Analysts cite outlook for looser 2025 supply and demand balance OPEC+ shifts meeting to Dec. 5, could further delay output hike (Reuters) – Oil prices edged lower on Friday and posted a weekly decline of more than 3%, pressured by easing concern over supply risks … Read more
Keeping sanctions on Moscow’s LNG production would help Washington sell more US fuel to the world. Liquefied natural gas has turned America into an energy export superpower, and President-elect Donald Trump wants to ship even more of the super-cooled fuel to the world. Tightening — or just maintaining — sanctions on Russian production would help. … Read more
(Reuters Breakingviews) – Israel and Hezbollah’s peace deal is a key step on the path to a calmer Middle East – and, in theory, lower oil prices. On Tuesday, the U.S. and France managed to broker an agreement which reduces one aspect of crude’s geopolitical risk premium. But Iran and Donald Trump’s presidency are significant … Read more
(Reuters) – The OPEC+ alliance of oil-producing countries has postponed its next meeting on output policy to Dec. 5 from Dec. 1 to avoid a conflict with another event, OPEC said on Thursday. A summit of Gulf Arab countries is due to be held in Kuwait City on Dec. 1 which several OPEC+ ministers plan … Read more
Summary U.S. crude stockpiles fell more than expected this week Analysts cite outlook for looser 2025 supply and demand balance OPEC+ shifts meeting to Dec. 5, could further delay output hike LONDON, Nov 29 (Reuters) – Oil prices fell on Friday, heading for a weekly drop of more than 3%, pressured by easing concern over … Read more
Summary Malaysia, Cambodia, Vietnam, Thailand imports at issue Most solar panels installed in the US are made overseas Nov 29 (Reuters) – U.S. trade officials are expected to announce 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 … Read more
FBI has been investigating Exxon Mobil consultant Cyber spying operation targeted hundreds of Exxon Mobil critics Leaked documents later cited by Exxon Mobil and others in court filings (Reuters) – The FBI has been investigating a longtime Exxon Mobil consultant over the contractor’s alleged role in a hack-and-leak operation that targeted hundreds of the … Read more
Texas leads states suing money managers including State Street Case cites coal prices, alleged collusion against producers BlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust law by boosting electricity prices through their investments, in the highest-profile lawsuit yet against the beleaguered ESG industry. Texas Attorney … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since early October, energy services firm Baker Hughes said in its closely followed report on Wednesday. The oil and gas rig count, an early indicator of future … Read more
The incoming administration’s “drill, baby, drill” demand will fall on deaf ears unless rising prices encourage more production. By Liam Denning There is a certain mental model of the US energy system that envisions a giant valve hidden beneath the Resolute Desk. The notion that the president can smoothly dial energy flows and prices up and … Read more
Sales of new energy vehicles have reached a tipping point Forecasters expect fuel consumption will decline rapidly Bloomberg News From Tesla chargers in the ancient alleys that surround the Forbidden City in Beijing to lonely highway rest stops with charging posts in the western deserts, signs of the electrification of China’s transport fleet — and … Read more
EU general court says pipeline couldn’t avoid internal gas law Controversial Baltic Sea gas link was partly destroyed in 2022 Russia’s controversial Nord Stream 2 pipeline lost the latest round of its legal fight against European Union gas market rules, in a largely symbolic court defeat for the now-shuttered project. Gazprom PJSC-controlled Nord Stream 2 should have foreseen that … Read more
Summary India still 10% short of 2022 renewables target Rise in renewables bids leaves 30 GW without contracts India aims to raise clean power capacity to 500 GW by 2030 NEW DELHI, Nov 28 (Reuters) – Bribery allegations against Adani Group founder Gautam Adani have highlighted the growing problem India’s renewable energy developers face in … Read more
Company expects regulatory changes in Trump’s second term Sees North American natural gas demand growing as much as 30% BP Plc anticipates strong growth in the US as President-Elect Donald Trump improves regulations on the oil and gas industry just as artificial intelligence boosts energy demand. “We look forward to the Trump presidency,” BP Chief Executive Officer Murray Auchincloss said … Read more
Summary Tariffs could raise US fuel prices by 10%, analysts say Many refineries configured to run heavy Canadian grades Midwest refineries most reliant on Canadian crude imports Gulf Coast refiners have some capacity to import more OPEC oil (Reuters) – U.S. President-elect Donald Trump’s pledge to impose tariffs on Canada would drive up fuel prices for … Read more
Summary Israel says ceasefire with Hezbollah violated OPEC+ delays meeting to Dec. 5 from Dec. 1 US gasoline stocks showed surprise increase last week Oil prices remain depressed by low demand in U.S., China LONDON, Nov 28 (Reuters) – Oil prices ticked up on Thursday, after Israel said its ceasefire with Lebanese armed group Hezbollah … Read more
By Maha El Dahan, Alex Lawler and Vladimir Soldatkin Iraqi, Saudi, Russian officials hold meeting in Iraq Talks come ahead of Sunday’s OPEC+ meeting Azerbaijan says OPEC+ might consider oil cuts rollover DUBAI/LONDON/MOSCOW, Nov 26 (Reuters) – OPEC+ nations are discussing a further delay to a planned oil output hike that was due to start … Read more
(Reuters) – Donald Trump’s transition team is putting together a wide-ranging energy package to roll out within days of his taking office that would approve export permits for new liquefied natural gas (LNG) projects and increase oil drilling off the U.S. coast and on federal lands, according to two sources familiar with the plans. The … Read more
Asia prices of liquefied natural gas could jump to above $20 per million British thermal units (mmBtu) if European gas supply tightens this winter, an analyst at Goldman Sachs told reporters on Wednesday. “That’s the near-term dynamic, given this vulnerability of Europe, the lack of spare capacity, the loss of the residual Russian volumes currently … Read more
Oil prices are undervalued due to a market deficit, with the potential risk to Iran’s supply from possible sanctions under U.S. President-elect Donald Trump, according to the heads of commodities research at Goldman Sachs and Morgan Stanley. “We think that oil prices are about $5 per barrel undervalued relative to the fair value based on … Read more
Summary Court adviser proposes new bidding round beginning next month Opposition to Elliott affiliate’s offer prompts a re-launch Ownership change at oil refiner Citgo unlikely before mid-2025 (Reuters) – An auction of shares in a Citgo Petroleum (PDVSAC.UL) parent to pay claims against Venezuela needs to be overhauled, a court adviser recommended on Tuesday, conceding … Read more
Nov 26 (Reuters) – Chevron (CVX.N) said on Tuesday that California’s recently enacted legislation on oil refineries needing to maintain minimum fuel stocks was “flawed,” according to a letter sent by the company to state Congress members. California, the most populous U.S. state, consistently experiences some of the nation’s highest average gas prices, leading to … Read more
After running more than 24 hours over time, COP29 finally sealed a deal on climate finance. By Siobhan Wagner Early on Sunday morning, negotiators from nearly 200 nations reached a deal to triple the amount of money available to help developing economies confront a rapidly warming world. This was the main focus of what was dubbed the Finance … Read more
Some US utilities say rising demand from data centers means fossil fuels will be needed for longer Big US utilities’ climate goals are in peril as artificial intelligence turbocharges electricity demand and Donald Trump’s reelection signals policy shifts that would favor fossil fuels. These companies all have ambitious targets to cut their carbon emissions, most often to reach … Read more
Summary Ceasefire between Israel and Hezbollah came into effect on Wednesday OPEC+ considering delaying oil output increase, sources say Analysts see oil prices as undervalued (Reuters) – Oil prices held steady on Wednesday as markets evaluated a ceasefire deal between Israel and Hezbollah while also anticipating Sunday’s OPEC+ meeting, where the group could delay a … Read more
Executive order on energy could restart export permit approval Broad energy package planned for Trump’s first days in office President-elect Donald Trump’s transition team is crafting an executive order to lift a moratorium on natural gas export permits that was put in place by the Biden administration, people familiar with the matter said. The move … Read more
Deal enables EQT to pay down a term loan and credit facility It will give Blackstone stakes in Mid-Atlantic gas pipelines Funds managed by Blackstone Inc. agreed $3.5 billion of investment as part of a new joint venture with EQT Corp., enabling the US natural gas producer to reduce its debt. The deal will give the private equity … Read more
By Bruno Venditti | Graphics/Design: Sam Parker Ranked: Top Countries by Natural Resource Value This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. Natural resources are the backbone of modern manufacturing, necessary to produce everything around us. According to 2021 data … Read more
Canadian oil and gas producers fall after Donald Trump pledged big tariffs on imports from its neighbor on Monday The U.S. president-elect said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border Cenovus Energy, Imperial Oil, Suncor Energy and Canadian Natural Resources down between … Read more
The oil giant was crucial in making sure none of the major outcomes called for nations to move away from fossil fuels. Saudi Arabia and its allies had two words they didn’t want to see repeated in a COP29 deal: “fossil fuels.” The faction got their way after two weeks of bitter negotiations in Azerbaijan, reversing … Read more
By Ron Bousso and Marwa Rashad LONDON, Nov 26 – TotalEnergies (TTEF.PA) will pause investment in its Adani Green energy project until there is further clarity on a U.S. bribery case against Indian billionaire Gautam Adani, the French group’s CEO, Patrick Pouyanne, said on Tuesday. The French company, which holds close to a 19.8% stake … Read more
(Reuters) – OPEC is unlikely to unwind voluntary production cuts in the short term, executives of global commodity trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Forum in London on Tuesday. OPEC+ is discussing a further delay to a planned oil output hike that was due to start in January, two sources … Read more
(Reuters) – U.S. oil and gas lobbying groups said on Tuesday they were wary of President-elect Donald Trump’s threat of tariffs on Canada and Mexico, saying such policies could affect consumers, industry and security. Trump, who takes office on Jan. 20, vowed to impose a 25% tariff on imports from Canada and Mexico, two of … Read more
(Reuters) – Australia’s Woodside Energy expects the global market for liquefied natural gas (LNG) to grow by 50% in the coming decade, its CEO said on Tuesday. “Over the last decade the LNG market grew by 50%. We anticipate it will grow by another 50% in the coming decade,” Meg O’Neill told the Energy Intelligence … Read more
Citigroup cuts price target on U.S.-based oil and gas companies as challenges for the energy sector carry over into 2025 Brokerage sees no scope for OPEC+ to reverse production cuts in 2025, leaving an est. 8 mln barrels per day (mbpd) of global oil market capacity on the sidelines Says “while we expect OPEC+ to … Read more
The global supply of new liquefied natural gas could take longer to come on stream than expected by the International Energy Agency, with predictions differing by a year or more, Norway’s Equinor said on Tuesday. The IEA expects a wave of LNG to come to market in late 2025 or into 2026 as projects are … Read more
Summary Adani Green at centre of U.S. indictment of billionaire founder Adani aims to develop world’s biggest renewables park Partner TotalEnergies not to invest more in Adani for now Adani Green targets 50GW production by 2030 NEW DELHI, Nov 26 (Reuters) – Betting big on the clean energy goals of Indian Prime Minister Narendra Modi, … Read more
(Reuters) – The supply of oil and gas will be plentiful, with oil markets being “comfortable” this year and next unless major geopolitical escalation happens, the head of the International Energy Agency (IEA) Fatih Birol told a conference in Norway on Tuesday. Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain … Read more
Started clock ticking on Chapter 11 filing by EV battery maker For Northvolt AB, the Swedish startup that became a poster child for Europe’s electric-driving future, the route to collapse started in June when BMW AG cancelled a multi-billion-dollar order. Back then, few saw the significance of the move, which effectively started a countdown that would culminate … Read more
Summary Israel and Hezbollah close to ceasefire deal OPEC+ could leave output cuts in place from Jan. 1 Trump says he will impose 25% tariff on Canadian, Mexican goods President-elect plans to increase U.S. oil drilling (Reuters) – Oil prices rose on Tuesday after falling more than $2 a barrel in the previous session as … Read more
Goldman Sachs expects no near-term impact on global gas supplies due to the potential approval for proposed U.S. liquefaction projects, as they would need government clearance as well as long-term contracts to go ahead, it said in a note on Monday. President-elect Donald Trump’s team plans to roll out an energy package within days of … Read more
U.S. oil and gas producers are unlikely to radically increase production under president-elect Donald Trump as companies remain focused on capital discipline, a senior executive at Exxon Mobil said on Tuesday. “We’re not going to see anybody in ‘drill, baby, drill’ mode,” Liam Mallon, head of Exxon’s upstream division, told the Energy Intelligence Forum conference in … Read more
The North Dakota governor would have an unusually broad portfolio as Trump’s energy czar and Interior Secretary. By Patricia Lopez North Dakota Governor Doug Burgum, chosen by President-elect Donald Trump to lead the Department of the Interior, could end up being one of the most quietly influential members of the Cabinet. He will also have … Read more
(Reuters) – BP Chief Executive Murray Auchincloss said that global oil demand continued to surprise to the upside, speaking at the Energy Intelligence forum in London on Monday. He said oil demand kept rising on average by more or less 1% each year, depending on economic circumstances. BP expected robust oil consumption for the next … Read more
(Reuters) – The association that represents the interests of some of the most important oil service providers in Mexico asked state company Pemex to pay overdue debts totaling 103.6 billion pesos ($5.1 billion), a letter made public on Monday shows. In the letter dated Nov. 15 and addressed to the country’s energy and finance ministers … Read more
(Reuters) – All three liquefaction trains at Freeport LNG’s export plant in Texas were expected to be back in service on Monday, according to preliminary data from financial firm LSEG. Freeport told environmental regulators that liquefaction Train 2 tripped while operating around midday on Nov. 22 due to an issue with a compressor system, resulting … Read more
(Reuters) – Oil prices fell more than 2% on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict, citing unnamed senior U.S. officials. Brent crude futures were down 2.45%, or $1.84, at $73.34 a barrel by 11:17 a.m. CST (1717 GMT), while U.S. … Read more
More From Irina Slav It has been a tough last week for climate finance negotiators, UN officials, Northvolt’s executives, one of India’s wealthiest men, the UK government, the EU, and me, because I can’t resist a temptation, especially when it’s staring me in the face and making EV sounds. So, buckle up because a lot’s … Read more
PITTSBURGH, Nov. 25, 2024 /PRNewswire/ — EQT Corporation (NYSE: EQT) announced today that it has entered into a definitive agreement with funds managed by Blackstone Credit & Insurance (“BXCI”), to form a new midstream joint venture (the “JV”) consisting of EQT’s ownership interest in high quality contracted infrastructure assets: (i) Mountain Valley Pipeline, LLC – … Read more
Texas Pacific Land Corp.’s value has soared as Big Tech plows cash into sprawling US data centers A Texas land company founded during the Wild West era more than a century ago is becoming an unlikely beneficiary of market euphoria over artificial intelligence. Dallas-based Texas Pacific Land Corp., which employs 100 people, has seen its … Read more
Summary India’s Gautam Adani charged in US over alleged bribes SEC investigation dates back at least two years FBI seized Adani nephew’s electronics in 2023 (Reuters) – In June of 2020, a renewable energy company owned by Indian billionaire Gautam Adani won what it called the single largest solar development bid ever awarded: an agreement to … Read more
By Gavin Maguire (Reuters) – President-elect Donald Trump’s support for the fossil fuel sector and climate scepticism have sparked dismay throughout the global climate tracking community, and fears that his policies may reverse global energy transition momentum. His campaign speeches included pledges to boost domestic oil and natural gas output and to remove mandates on electric … Read more
Summary Nominations to Austria unchanged in recent days Gazprom halted flow to Austria’s OMV in mid-November (Reuters) – Russian gas exports to Europe through Ukraine have been stable on Monday despite a contractual row between Kremlin-owned Gazprom and Austria’s OMV , which halted gas flows to the Vienna-based company this month. Russia stopped gas supplies to OMV in … Read more
By Clyde Russell (Reuters) – Concerns that Europe is facing a natural gas supply crunch this winter are overblown, with the liquefied natural gas (LNG) market already stepping up to avoid any shortfall, albeit at higher prices. European natural gas prices climbed to the highest level in two years last week, with the benchmark front-month contract … Read more
THE WOODLANDS, Texas, Nov. 25, 2024 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced the addition of a new senior technical executive. Mr. James J. Parr joins Ring as Executive Vice President, Exploration and Geosciences. Mr. Parr is an experienced petroleum geologist with over 30 years of energy … Read more
(Reuters) – Goldman Sachs expects Brent prices to average around $80 per barrel this year, despite a 2024 deficit and geopolitical uncertainty, citing an anticipated 0.4 mb/d surplus next year, the bank said in a note on Thursday. “Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price … Read more
Summary Wright says fossil fuel extraction can end poverty Trump’s DOE pick seen pursuing ‘energy dominance’ agenda Wright does not view carbon emissions as pollution (Reuters) – President-elect Donald Trump’s pick to lead the energy department believes fossil fuels are the key to ending world poverty which, he says, is a greater problem than climate … Read more
Bloomberg News Suncor Energy Inc.’s crude output from wells in Alberta rose to a record in October on gains at the Firebag oilsands site, which the producer’s chief executive has called a “rock star” operation. Suncor’s wells in the province produced about 284,000 barrels a day last month, the most in data stretching back to 2018 and … Read more
There are now just 3 weeks to go until the Methane Mitigation America Summit kicks off in Houston, Texas from December 3-5, 2024, and by joining us there, you can benefit from attending with over 200 oil and gas industry peers. We have a wide range of sessions available centered around the current state of … Read more
Author: David Booker, CTO, Sensors Inc. The importance of OGMP 2.0 and methane emission management An Overview of OGMP 2.0 The Oil and Gas Methane Partnership 2.0 (OGMP) is an international initiative that aims to reduce methane emissions in the oil and gas industry by improving the accuracy of reporting standards and committing to emission … Read more
Summary Total owns 20% of Adani Green, has board seat Adani denies bribery allegations Total to pause financial flows to Adani businesses Total not informed of US investigation PARIS, Nov 25 (Reuters) – French oil major TotalEnergies SE was not informed of a U.S. investigation into possible bribery and corruption at Adani Green Energy Limited, it said on … Read more
Summary Northvolt co-founder urges EU not to give up EV battery dream Firm has filed for bankruptcy protection, needs $1.0-$1.2 bln EU hopes hit by weak EV sales, production issues, China strength (Reuters) – Northvolt’s financial collapse deals a blow to Europe’s plan to set up its own battery industry to power electric cars, stirring … Read more
Worked with Elon Musk at Tesla before heading up Swedish EV battery maker Bloomberg News Northvolt AB chief executive Peter Carlsson is stepping down as the Swedish battery maker embarks on a restructuring under bankruptcy court protection. Carlsson, a co-founder of Northvolt, has led the electric-vehicle supplier since its inception in 2016. He raised billions … Read more
Summary Iran to hold nuclear talks with European powers on Nov 29 OPEC+ scheduled to meet on Dec. 1 China’s crude imports to rebound in Nov Nov 25 (Reuters) – Oil prices steadied on Monday following 6% gains last week, with mounting tensions between Western powers and major oil producers Russia and Iran raising fears … Read more
Summary Plan includes lifting Biden’s pause on LNG export licenses Trump will seek to expedite drilling permits on federal land Trump to seek to boost sales of offshore oil drilling leases Reuters) – Donald Trump’s transition team is putting together a wide-ranging energy package to roll out within days of his taking office that would … Read more
(Reuters) – J.P. Morgan sees the price of Brent oil averaging $73 per barrel (/bbl) in 2025 and expects it to close the year firmly below $70/bbl, with U.S. West Texas Intermediate at $64/bbl, the bank said in a note on Friday. “Our view on 2025 has remained largely unchanged over the past year: we … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since early October, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future … Read more
Summary Russia will keep testing hypersonic missile in combat US imposes new sanctions on Moscow China crude oil imports set to rebound in November Nov 22 (Reuters) – Oil prices climbed about 1% on Friday, settling at a two-week high, as the intensifying war in Ukraine this week boosted the market’s geopolitical risk premium. Brent … Read more
HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today announced that it has completed its acquisition of Marathon Oil Corporation (NYSE: MRO). “This acquisition of Marathon Oil is a perfect fit for ConocoPhillips, adding to our deep, durable and diverse portfolio while meeting our strict financial framework,” said Ryan Lance, chairman and chief executive officer. “Marathon Oil adds high-quality, low cost of … Read more
(Reuters) – U.S. energy infrastructure providers are on pace to post their best year in many, as investors hedge against volatility in the commodity markets and wager on long-term demand fueled by the rise of power-guzzling technologies such as generative AI. The Alerian Midstream Energy Index, which tracks major North American pipeline and storage companies, … Read more
By Julio Mejía and Elmira Aliakbari At the Conference of the Parties (COP29) in Azerbaijan, António Guterres, the United Nations Secretary-General, last week called for a global net-zero carbon footprint by 2050, which requires a “fossil fuel phase-out” and “deep decarbonization across the entire value chain.” Yet despite the trillions of dollars already spent globally pursuing this target—and the … Read more
(Reuters) – The COP29 climate summit presidency released a draft finance deal on Friday that would have developed nations take the lead in providing $250 billion per year by 2035 to help poorer nations – a proposal that drew criticism from all sides. World governments represented at the summit in the Azerbaijan capital Baku are … Read more
(Reuters) – U.S. natural gas futures dropped about 5% on Friday as higher prices in recent weeks has finally prompted producers to start boosting output and on forecasts for less cold weather over the next two weeks than previously expected. After closing at a one-year high on Thursday, front-month gas futures for December delivery on … Read more
(Reuters) – Major U.S. utilities are expected to spend heavily on upgrading their electric lines and grids over the next five years to cater to power-hungry sectors, although experts worry that their plans to raise rates sharply to offset higher costs may face regulatory hurdles. In the past few weeks, about nine utilities had raised … Read more
NEW YORK (AP) — Bitcoin topped $98,000 for the first time Thursday, extending a streak of almost daily all-time highs since the U.S. presidential election. The cryptocurrency has rocketed more than 40% in just two weeks. Now, bitcoin is at the doorstep of $100,000 and investors do not appear to be phased by gravity or … Read more
By Reuters (Reuters) – The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting. OPEC+ countries, which are pumping around half the world’s oil, are taking all necessary decisions to maintain market stability, Novak also … Read more
Eight claims center on gas exporter’s spot sales, plant build Company has signaled plans to go public amid customer disputes Pending arbitration claims against liquefied natural gas exporter Venture Global LNG Inc. from several of its customers have grown to nearly $6 billion, according to a bond document seen by Bloomberg. Claims in cases by eight separate … Read more
Company failed to secure a lifeline for its battery-cell business in a faltering market for electric vehicles Bloomberg News Northvolt said its main factory will operate as usual during the reorganization. “The company will continue to make deliveries to customers, while fulfilling obligations to critical vendors and payment of wages to employees,” according to the … Read more
U.S. natural gas futures jumped about 7% to a one-year high on a surprise weekly withdrawal from storage, forecasts for colder weather and rising gas flows to liquefied natural gas export plants. The U.S. Energy Information Administration said utilities pulled 3 billion cubic feet (bcf) of gas from storage during the week ended Nov. 15. … Read more
Bloomberg News Bloomberg NewsTesla Inc. promised to drop the wall on its so-called charging “walled garden” two years ago, making its Superchargers accessible to all EVs. In turn, virtually every brand in the auto industry pledged to put Tesla ports in its electric vehicles.Those commitments, once fulfilled, will make Tesla the standard for automobile plugs in America, particularly … Read more
(Reuters) – Oil prices held steady on Friday, on track for a weekly rise of 5%, as the Ukraine war intensified and Chinese imports were set to increase in November. Brent crude futures climbed 33 cents, or 0.44%, to $74.56 a barrel by 1008 GMT. U.S. West Texas Intermediate crude futures rose 27 cents, or … Read more
Summary US gas output to fall in 2024 for first time since 2020 US spot gas prices to rise over 40% in 2025 from 2024 levels US LNG exports to jump 14% in 2025 over levels in 2024 (Reuters) – U.S. natural gas producers will boost output in 2025 following a series of production cuts … Read more
An in-depth interview I did about Liberty Energy CEO Chris Wright, who was recently nominated for Secretary of Energy. By Alex Epstein For the last several months, whenever I was asked who should be the next Secretary of Energy, I emphatically answered: Chris Wright! So I was thrilled when Chris was nominated last Saturday for … Read more
By Andy Home LONDON, Nov 21 (Reuters) – Donald Trump has described the Inflation Reduction Act (IRA) as a “green scam” and vowed to repeal it after he returns to the White House in January. This is bad news for sectors such as electric vehicles (EV) and wind power, which have been major recipients of … Read more
NEW DELHI, Nov 21 (Reuters) – Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for conspiring with executives of a formerly New York listed company to devise a $265 million scheme to bribe Indian officials to boost their solar energy business. Adani Group denied the allegations as “baseless”, while Indian government officials haven’t … Read more
By Mrinalika Roy Nov 21 (Reuters) – Shale gas producers in the U.S. Permian Basin are sounding out data-center operators building up capacity to power a boom in AI applications, aiming to ease the pressure from a nearly two-year slump in the prices of the commodity. Devon Energy (DVN.N), Expand Energy (EXE.O), Diamondback Energy (FANG.O), … Read more
Chinese buyers to take 14 million tons starting from 2026 American gas exports to China halted for much of 2019 The US has boosted sales of liquefied natural gas to China this year, although the surge may not last if the incoming Trump administration collides with Beijing over trade. China imported 63% more of the super-chilled fuel … Read more
.Korea and Turkey have opposed a deal during OECD’s Paris talks EU, US working to finalize deal this week on financing cuts The EU, US and other countries are hammering out a plan to throttle tens of billions of dollars of financial support for foreign oil and gas projects, weeks before President-elect Donald Trump moves into the … Read more
Summary Container shipping firms are at the vanguard of the green push Order books reflect uncertainty over supplies of cleaner fuels Dual-fuel LNG ships make up the bulk of container ship orders Shippers invest in other green fuels like methanol, ammonia, hydrogen LOS ANGELES, Nov 21 (Reuters) – Container shipping companies like Maersk , CMA … Read more
(Reuters) – U.S. Gulf Coast commercial crude oil imports rose to 2 million barrels per day (bpd) last week, the highest since July 2020, data from the U.S. Energy Information Administration showed on Wednesday. The data, which excludes purchases made for the country’s Strategic Petroleum Reserve, showed Gulf Coast crude oil imports rose by about … Read more
(Reuters) – OPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and difficult to deepen supply cuts because some members want to pump more, sources and analysts said. The Organization of the Petroleum Exporting Countries and its allies … Read more
Several investors have already dropped out of Northvolt’s rescue talks Bloomberg News Sweden’s Northvolt AB hired restructuring expert Paul O’Donnell to oversee its main factory unit, as time runs short for the struggling battery maker to mend its finances outside of bankruptcy court. O’Donnell, who has helped Thames Water engage with creditors, will become chairman of Northvolt … Read more
Peers including Volkswagen AG and Stellantis NV have issued profit warnings in recent months Bloomberg News Ford Motor Co. will look to eliminate another 4,000 positions in Europe, further retrenching within a region where the transition to electric vehicles is losing traction industry-wide. The reductions — which amount to about 14 per cent of Ford Europe’s … Read more
The US president-elect wants to apply “maximum pressure” on Iran to curb revenue going back to Tehran. That’s easier said than done. Bloomberg News US President-elect Donald Trump wants to ratchet up sanctions pressure on Iran in order to curb oil revenue and thus the regime’s ability to fund proxy militias. A flotilla of aging … Read more
Summary Market concerns about escalation of Russia-Ukraine war OPEC+ may delay output increases in December U.S. crude inventories rose by 545,000 barrels last week (Reuters) – Oil prices rose on Thursday as Russia and Ukraine launched missiles at each other, overshadowing the impact of a bigger-than-expected increase in U.S. crude inventories. Brent crude futures rose … Read more
Summary Data centers increase reliance on fossil fuels, delaying transition to clean energy Utilities add gas plants, delay retirements to meet data-center demand Data companies’ green pledges fall short, rely on existing clean power (Reuters) – A spike in electricity demand from the world’s big data providers is raising a worrying possibility for the world’s … Read more
(Reuters) – United States exports of LNG to Europe are set to jump in the coming weeks after the price spread between domestic natural gas and Europe’s main gas pricing hub hit one-year highs. The price differential between U.S. Henry Hub natural gas futures – the U.S. gas price benchmark – and the TTF gas … Read more
(Reuters) – U.S. natural gas futures climbed about 4% to a five-month high on Wednesday on forecasts for colder weather over the next two weeks than previously expected, which should cause utilities to start pulling gas out of storage to meet rising heating demand around the U.S. Thanksgiving day holiday next week. In addition, the … Read more
(Reuters) – U.S. crude stocks and gasoline inventories rose while distillate stockpiles fell in the week ending November 15, the Energy Information Administration said on Wednesday. Crude inventories rose by 545,000 barrels to 430.3 million barrels last week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 138,000-barrel rise. Crude stocks … Read more
Three regulated natural gas transmission pipelines with total capacity of more than 3.7 Bcf/d across the Upper Midwest Premier assets with a high-quality demand-pull customer base Connected to DTM’s existing assets and strategically located to take advantage of strong power demand fundamentals (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced that it … Read more
Major oil and gas companies have ramped up investments in the biofuels sector, betting on sustainable aviation fuel (SAF), with 43 projects expected to be up and running by 2030, consultancy Rystad said in a report. The energy research firm indicates that investments by industry giants such as ExxonMobil, Chevron, BP, Shell, TotalEnergies, and Eni could add 286,000 … Read more
Summary Al Ghais emphasizes reducing emissions, not choosing energy sources OPEC supports carbon capture to mitigate fossil fuel impact Gas Exporting Countries Forum advocates for natural gas projects (Reuters) – OPEC Secretary General Haitham Al Ghais on Wednesday told the COP29 climate summit in Baku that crude oil and natural gas were a gift from … Read more
Summary Preliminary deal for 100,000 metric tons over several years Arkansas must first set lithium royalty rate Exxon sees lithium demand rising despite Trump’s EV comments Exxon still deciding on which direct lithium extraction technology to use HOUSTON, Nov 20 (Reuters) – Exxon Mobil said on Wednesday it has signed a non-binding lithium supply deal … Read more
(Reuters) – The return to service of BP’s Whiting, Indiana refinery has been delayed, industry sources said. BP started the planned turnaround activity at its 435,000 barrel-per-day refinery in late September. The refinery began restarting units involved in the turnaround in early November. A source said at least two of the units have experienced startup … Read more
(Reuters) – Oil was broadly stable on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia offset data showing rising U.S. crude stocks. Brent crude futures for January were up 22 cents, or 0.3%, to $73.53 a barrel at 1026 GMT. U.S. West Texas Intermediate crude futures for … Read more
By Robert Cyran NEW YORK, Nov 19 (Reuters Breakingviews) – Want to know how much oil the United States could produce? Don’t look at the occupant of the White House for direction. Over the past five decades, it has not mattered. President-elect Donald Trump may want oil companies to “drill, baby, drill” but more important … Read more
(Reuters) – Oil production in North Dakota, the third-largest producing state in the U.S., rose by 20,000 barrels per day (bpd) to 1.2 million bpd in September, monthly data from the state’s Industrial Commission showed on Tuesday. September’s production was the highest since April but will likely outpace October’s output, after wildfires crossed into key … Read more
Bloomberg News The US president-elect’s pick to lead the Environmental Protection Agency has embraced CCS technology. US President-Elect Donald Trump is promising plenty of 180-degree pivots when it comes to energy. Yet one priority of the current administration is likely to stick. Carbon capture and storage has bipartisan support, with advocates touting it as an important tool … Read more
CALGARY — Donald Trump’s return to the White House is good news for Canada’s energy sector and an opportunity for TC Energy Corp., the CEO of the Calgary-based pipeline company said Tuesday. François Poirier made the comments in a phone interview following TC Energy’s investor day presentation in Toronto. He said the former U.S. president’s … Read more
(Reuters) – Germany is expanding its natural gas import options to replace Russian supply, whose suspension on the route to Austria has set European energy markets on edge, and as part of its decarbonisation efforts. Below are details on terminals being developed to host floating storage regasification units (FSRUs) to receive seaborne liquefied natural gas … Read more
by Terry Winnitoy, EnergyNow The Keystone XL Pipeline, proposed in 2008, was designed to transport Canadian crude oil from Alberta to refineries in the United States, specifically to Steele City, Nebraska, and onward to refineries in Illinois and Texas, as well as to an oil pipeline distribution center in Cushing, Oklahoma. Spanning approximately 1,179 miles … Read more
Summary Soaring costs, project delays and limited investment put targets out of reach Offshore wind seen as crucial to decarbonizing power industry Industry urges more government support Nov 18 (Reuters) – After a year of canceled projects, broken turbines, and abandoned lease sales, the global offshore wind industry no longer has much chance to hit … Read more
(Reuters) – TC Energy said on Tuesday it expects 2025 core profit to be in the range of about C$10.7 billion ($7.63 billion) to C$10.9 billion ($7.78 billion), higher than its 2024 forecast, due to rising demand for natural gas and electrification. The U.S. Energy Information Administration, in its latest short-term energy outlook report, saw the … Read more
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay … Read more
U.S. oilfield services firm Liberty Energy said on Monday it plans to appoint Ron Gusek as its CEO if current Chief Executive Chris Wright is confirmed as the U.S. Secretary of Energy. President-elect Donald Trump named Wright, who founded Liberty in 2011, as his pick to lead the energy department on Saturday. Wright’s appointment is … Read more
Summary Johan Sverdrup field partially resumes output Biden allows Ukraine to use U.S. weapons to strike into Russia U.S. crude slips into contango, suggesting easing supply tightness (Reuters) – Oil slipped on Tuesday pressured by the restart of production at Norway’s Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war … Read more
The appointment of a fracking industry veteran points to an emphasis on US fossil fuel production over preventing damage to the environment. By Liam Denning A giant in the fracking industry may soon be keeping the US nuclear arsenal in working order. This weekend’s nomination of Chris Wright, chief executive of Liberty Energy Inc., an oilfield … Read more
COP 29 leaders are demanding over a $1 trillion a year in climate reparations from the US and other successful nations. They don’t deserve a nickel. By Alex Epstein COP 29 is calling for over $1 trillion in annual climate reparations A major theme of COP 29 is that the world should set a “New … Read more
(Reuters) – Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China and forecasts of a global oil surplus weighed on markets. Brent crude futures were up 55 cents, or 0.8%, to $71.59 a barrel at 0954 GMT, while U.S. West Texas … Read more
By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. Bloomberg News Having “Trump” and “nuclear” in the same sentence can induce anxiety (it once did in his nominee for secretary of state, … Read more
Separating its aerospace and automation arms, like Elliott has suggested, would make moonshot combinations with the likes of GE and Rockwell more plausible. Bloomberg News Breaking Honeywell International Inc. up would make the company simpler. It would also create opportunities for monster-sized deals. Elliott Investment Management this week disclosed a more-than $5 billion stake in Honeywell, one of the … Read more
You’re invited to join Presto Geosystems for a live, 1-hour webinar to explore how to strengthen road, highway, and bridge infrastructure resilience with geocells. Webinar Description Infrastructure development for highways and road corridors faces many challenges when it comes to project design and construction. Building asphalt or concrete roadways over soft soils requires thick base … Read more
How Technology Helps Garner Information from Work Already Done In this free on-demand webinar Mark Woloszyk and Steve Robins of ESG get into a discussion about what can go wrong when your team lacks accurate GIS land-mapping data. From near death experiences to million-dollar mistakes, bad or missing data can put your team, your project, … Read more
A new Gold Rush is taking shape on a quiet stretch of Kansas prairie. There, a clutch of startups backed by the likes of Bill Gates are searching below the surface for naturally occurring hydrogen, a fuel that can generate power without adding to climate change. Finding it in vast quantities would revolutionize the energy … Read more
Summary Austria’s OMV not receiving Gazprom’s gas for second day OMV seeks to recover damages from Gazprom Slovakia says still great interest in Russian gas Data shows Russian transit via Ukraine steady (Reuters) – Russian gas flows to Austria were suspended for a second day on Sunday because of a pricing dispute, but other buyers … Read more
By Scott Disavino Nov 15 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in four weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, … Read more
Summary Utilities lobby for preserving clean energy and EV tax credits Trump plans to eliminate $7,500 EV tax credit EEI members emphasize IRA benefits for growth and consumers BAKU, Nov 16 (Reuters) – The U.S. utility industry wants the incoming Trump administration and Republican-led Congress to preserve clean energy and EV tax credits in the … Read more
President-elect Donald Trump said on Friday that he was creating a National Energy Council to coordinate policies to boost U.S. energy production that will be led by his pick for interior secretary, North Dakota Governor Doug Burgum. The National Energy Council will represent federal departments and agencies involved in permitting and regulating all forms of … Read more
Austria’s energy company OMV was informed by Gazprom that the Russian gas producer would halt deliveries of natural gas via Ukraine to OMV from 0500 GMT on Nov. 16 following OMV winning an arbitration case. Supplies of Russian gas to Europe via Ukraine may completely stop from Jan. 1 2025 after the current five-year deal … Read more
Liberty Energy CEO has said there is no climate crisis Trump cites goals of deregulation, getting US energy dominance President-elect Donald Trump nominated Chris Wright, who runs a Colorado-based oil and natural gas fracking services company, to lead the Energy Department. Wright, the chief executive officer of Liberty Energy Inc., has no previous Washington experience. He’s made a name … Read more
(Reuters) – North Dakota regulators on Friday approved Summit Carbon Solutions’ application for a permit to run a section of its carbon dioxide pipeline through the state and store the captured greenhouse gas underground. The unanimous vote by the three-member Public Service Commission is a critical step for Summit’s hopes to build the biggest carbon … Read more
US energy secretary says ongoing study to finish by year-end Analysis to guide if LNG export licenses serve public interest The Biden administration won’t decide on any natural gas-export permits before the presidential term ends in late January, Energy Secretary Jennifer Granholm signaled. New permits have been on hold for most of this year as government analysts researched the … Read more
Midland, Texas, Nov. 14, 2024 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced financial results for the three months ended September 30, 2024. The Company also updated its prior guidance for the full … Read more
Summary Austria’s OMV stopped receiving Russian gas OMV seeks to recover damages from Gazprom OMV says Gazprom failed to deliver to its German unit Germany’s Scholz calls Putin (Reuters) – Russian gas giant Gazprom continued to pump steady volumes of gas to Europe via Ukraine on Saturday, but supplies to Austrian energy company OMV were halted hours … Read more
We need energy freedom to increase climate resilience and drive energy innovation By Alex Epstein Climate debates often focus on exactly how much rising CO2 levels will impact the global climate.The truth is, there is a lot of uncertainty here.What is certain is that we need energy freedom to achieve climate resilience and energy innovation.Here are … Read more
Summary Brent, US crude futures fall on the week China’s oil refiners in Oct run 4.6% less crude year-on-year Major forecasters indicate slowing global crude demand growth Strong US economic data leaves Dec Fed rate cut in the balance HOUSTON, Nov 15 (Reuters) – Oil prices settled down more than 2% on Friday as investors … Read more
Nov 14 (Reuters) – U.S. energy sector mergers are set to close 2024 on a high note after a blockbuster 2023 when the total deal value hit a record $250 billion, as companies double down on efforts to augment their oil and gas reserves. Deals worth $12 billion were disclosed in the quarter ended Sept. … Read more
The president-elect has said he’ll exit the Paris climate accord and ramp up oil and gas production. President-elect Donald Trump has been crystal clear: His second term will be an assault on climate policy. On the campaign trail, he vowed to “drill, baby, drill” for more oil and gas and inveighed against offshore wind farms. He attacked President Joe … Read more
U.S. natural gas futures slid about 3% to a one-week low on Friday on an increase in daily output and forecasts for less cold weather in late November than previously expected. That mild late November weather should reduce heating demand and allow utilities to continue injecting more gas into storage for another week. Capping price … Read more
COP 29 seeks net-zero, which would radically increase climate danger and ruin billions of lives By Alex Epstein COP 29 seeks net-zero—rapidly eliminating fossil fuels—in the name of protecting us from climate danger. In reality, net-zero would radically increase climate danger and ruin billions of lives. Good people should condemn COP and embrace energy freedom. … Read more
TotalEnergies, BP, Equinor and Shell commit $500 million to boost energy access PARIS, Nov 15 (Reuters) – Oil and gas majors TotalEnergies, BP, Shell and Equinor pledged on Friday to invest $500 million to increase access to affordable energy, primarily in sub-Saharan Africa, south and southeast Asia. That is about 0.7% of some $70 billion in net … Read more
Benchmark U.S. West Texas Intermediate (WTI) crude oil will cost $60-$80 per barrel in the foreseeable future, shale producer Devon Energy’s chief executive officer told attendees at an energy conference in Dallas on Wednesday. That price forecast is within the range where U.S. crude has traded for much of the year. It settled at $68.43 … Read more
‘Slight’ limits likely on Biden clean energy tax incentives GOP also likely to roll back Biden environmental regulations Republicans are poised to pave the way to expand fossil fuel development, roll back Biden-era environmental regulations and curtail President Joe Biden’s signature climate law after securing unified control of Congress and the White House. Republicans completed the feat … Read more
Green funds took off the last time the Republican won the White House—but this time is different. Photographer: Christmas / Alamy When Donald Trump first won the White House in 2016, his victory created one of the all-time best sales pitches for green-minded investment funds: If Washington wasn’t going to push for a transition to … Read more
By Ross Kerber (Reuters) – The opinions expressed here are those of the author, a columnist for Reuters. A rare bright spot for environmentalists in last week’s U.S. election results came in Washington State, where voters easily defeated an attempt to end the state’s carbon market by a margin of 62% to 38%. Analysts said the result … Read more
By Shariq Khan EIA expects US refining margins to be unchanged next year Margins have declined sharply since 2022 due to slowing demand, higher supplies NEW YORK, Nov 13 (Reuters) – U.S. refiner margins for gasoline and diesel will be relatively unchanged next year, the U.S. Energy Information Administration said on Wednesday, signaling relief for … Read more
By Timothy Gardner and Vivian Sequera Stricter targeting of Iranian oil could be tempered by China concerns Trump will need to determine if sanctions can help achieve his goals Foreign ports, refineries processing Iran exports could be targeted WASHINGTON/CARACAS Nov 13 (Reuters) – President-elect Donald Trump’s pick of U.S. Senator Marco Rubio for secretary of … Read more
The Need A global oil producer and distributor needed a vision technology solution for various aboveground facilities across the U.S. to quickly detect early-stage releases and enable much more timely definitive validation and response at a starting threshold well below that of traditional non-visual leak detection systems such as mass balance and pressure. The Solution … Read more
(Reuters) – Oil prices were steady on Friday, heading for a weekly loss, as investors mulled waning Chinese demand and a possible slowing of the U.S. Federal Reserve’s interest rate cut path. Brent crude futures dropped 30 cents, or 0.41%, to $72.26 a barrel by 1238 GMT. U.S. West Texas Intermediate crude futures were down … Read more
Supply from the U.S., Brazil, Canada and Guyana is set to grow Oil drums sit stacked in a warehouse at Jacobi Oil Service, Inc. in Floyds Knobs, Ind. Global oil markets are facing a surplus next year as Chinese demand continues to falter. Photo by Luke Sharrett /Bloomberg Global oil markets face a surplus of … Read more
Data centers make it harder to retire fossil-fuel plants Demand also spiking from new factories and electric vehicles The boom in power demand from data centers and artificial intelligence creates a conflict between maintaining a reliable grid and cutting carbon emissions, according to the head of Dominion Energy Inc. “There’s a little bit of tension there … Read more
(Reuters) – With U.S. President-elect Donald Trump two months away from taking office and able to act on his campaign promises, energy executives are lining up to offer new proposals to the mix. Trump has vowed to scrap offshore wind projects, roll back climate regulations, open more federal lands and waters to oil and gas … Read more
Shale producer Ovintiv announced a $2.38-billion all-cash acquisition of oil assets from Paramount Resources on Thursday, expanding its presence in Canada’s Montney shale play. The shale formation, a 50,000-square-mile (32-million acre) area spanning northern Alberta and British Columbia, is considered one of Canada’s most attractive oil and gas-producing regions due to its strong economics. “The assets come with … Read more
By Nichola Groom (Reuters) – The U.S. oil and gas industry on Tuesday called on President-elect Donald Trump to scrap many of President Joe Biden’s policies aimed at fighting climate change, saying the measures threaten jobs, consumer choice and energy security. The American Petroleum Institute (API), the nation’s top oil and gas trade group, urged … Read more
The latest IEA’s Monthly Oil Statistics report including August 2024 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 2.7% in August 2024 compared to August 2023. Refinery gross output of total products decreased by 0.3% on a year-on-year basis. Net deliveries of total products stayed flat in August 2024 compared to August 2023. Oil stock levels … Read more
The amount of gas flowing to the seven big operating U.S. liquefied natural gas export plants was on track to rise to a nine-month high on Thursday as feedgas to a few plants hit multi-week highs, according to data from financial firm LSEG. The energy market cares about feedgas flows to U.S. LNG plants because … Read more
Transaction to Significantly Expand Existing Montney Premium Oil Inventory, Company to Exit Uinta Basin with Asset Sale Highlights: Agreement reached to acquire approximately 109,000 net acres and approximately 70 thousand barrels of oil equivalent per day (“MBOE/d”) in the core of the Alberta Montney for $2.377 billion (C$3.325 billion) Acquisition will add approximately 900 total net well … Read more
Cuts will come mainly in Pioneer’s Irving and Midland offices More than 1,900 Pioneer employees were offered Exxon roles Exxon Mobil Corp. plans to lay off 397 employees from Pioneer Natural Resources Co. after purchasing the Permian Basin operator for $63 billion earlier this year. The cuts representing almost 20% of Pioneer’s pre-merger staff will come in seven … Read more
Summary Statistics office conducts oil, gas investment survey 2024 forecast steady vs August, 2025 outlook raised Rising costs drive up price of new field developments (Reuters) – Investment in Norwegian oil and gas projects will rise to a record this year and may increase further in 2025 as inflation pushes up the costs of development, … Read more
Summary Sees supply exceeding demand by over 1 mln bpd in 2025 IEA raises 2024 demand growth forecast by 60,000 bpd Leaves 2025 demand growth projection steady at 990,000 bpd (Reuters) – Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said on Thursday, … Read more
Venture Global LNG is planning to raise about $3 billion from its initial public offering in New York that could come as soon as this year, according to people familiar with the matter. Venture Global is working with banks, including Goldman Sachs and JPMorgan Chase, on the listing plans, the people said. The Arlington, Virginia-based … Read more
The private equity owner of Ridgemar Energy is exploring a sale of the U.S. oil and gas producer that could value the company at more than $1 billion, including debt, people familiar with the matter told Reuters on Wednesday. Ridgemar, which is backed by Carnelian Energy Capital, is working with investment bankers at RBC Capital … Read more
(Reuters) – Oil prices were largely steady on Thursday, with traders holding fire after declines earlier this week on a stronger U.S. dollar and worries about rising supply amid slow demand growth. Brent crude futures edged 17 cents higher to $72.45 a barrel at 1203 GMT. U.S. West Texas Intermediate crude futures were up 14 … Read more
(Reuters) – Global oil demand will fall to around 80 million to 100 million barrels per day by 2035 in a net-zero environment, BP’s chief U.S. economist told an energy conference in Dallas on Wednesday. Crude oil demand is about 102 million barrels of oil per day now, and the forecast assumes renewables and more … Read more
Deal is with Franklin Mountain and Avant Natural Resources It expands Coterra’s reach on New Mexico side of Permian Texas oil and natural gas producer Coterra Energy Inc. has reached agreements with two closely-held companies to buy assets in the Permian Basin for $3.95 billion. Coterra will pay for the assets from Franklin Mountain Energy and Avant … Read more
Nov 13 (Reuters) – U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration said in its Short Term Energy Outlook on Wednesday. EIA projected power demand will rise to 4,090 billion kilowatt-hours in 2024 and 4,158 billion kWh in 2025. That compares with 4,012 billion kWh in … Read more
By Shariq Khan and David French NEW YORK, Nov 13 (Reuters) – The private equity owner of Ridgemar Energy is exploring a sale of the U.S. oil and gas producer that could value the company at more than $1 billion, including debt, people familiar with the matter told Reuters on Wednesday. Ridgemar, which is backed … Read more
Trump gives Elon Musk mission to cut costs, slash red tape Summary Musk and Ramaswamy will lead efficiency department DOGE intended to dismantle bureaucracy, cut regulations, restructure agencies Musk and Ramaswamy’s work to conclude by July 4, 2026 Will take ‘advice and guidance’ from outside government, work with OMB Ramaswamy says he is withdrawing from … Read more
Iran has made plans to sustain its oil production and export and is ready for possible oil restrictions from a Trump administration in the U.S., Oil Minister Mohsen Paknejad said on Wednesday, according to the oil ministry’s news website Shana. In 2018, then-U.S. President Donald Trump withdrew from a 2015 nuclear pact with Iran and … Read more
By Alex Lawler Makes fourth cut in 2024 oil demand growth forecast Cuts view on Chinese demand growth to 450,000 bpd IEA to publish updated forecasts on Thursday LONDON, Nov 12 (Reuters) – OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other … Read more
Summary Brent, WTI up about 0.7% Tightness in physical market offsets demand outlook – ANZ To come: API weekly US stockpile report at 2130 GMT Nov 13 (Reuters) – Oil prices held near their lowest in two weeks on Wednesday, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and … Read more
Summary RWE, Siemens Energy expect delays to offshore projects RWE launches buyback due to cooling renewables environment Siemens Energy: future US projects could be affected MUNICH/FRANKFURT Nov 13 (Reuters) – Two of the world’s biggest renewables players on Wednesday warned of challenges for the U.S. offshore wind sector under a presidency led by Donald Trump, … Read more
Summary Biden administration seeks EU alignment on methane standards for LNG imports EU law to impose methane limits on oil and gas imports from 2030 Trump plans to reverse Biden’s methane regulations BAKU, Azerbaijan, Nov 13 (Reuters) – President Joe Biden’s administration has asked the European Union to ensure liquefied natural gas shipments that meet … Read more
Bloomberg News The chief executive of Exxon Mobil Corp. on Tuesday discouraged President-elect Donald Trump from withdrawing the US from the landmark Paris climate pact, arguing that would mean forfeiting a chance to push for “common sense” carbon-cutting policy on the world stage. “The way you influence things is to participate, not to exit,” Darren Woods said in an interview during … Read more
Darren Woods tells COP that demand will keep rising, and the world needs an energy transition that’s profitable for companies like his. Bloomberg News For the second year running, the chief executive officer of the largest US oil company made an appearance at the COP climate talks. And Darren Woods, seen as a climate criminal by many … Read more
Bloomberg News A major US oil industry lobbying group is pushing for President-elect Donald Trump and the Republican-controlled Congress to boost offshore crude-lease sales, reform permitting and quickly process applications related to liquefied natural gas shipments. The requests made by the American Petroleum Institute on Tuesday are part of the Washington group’s new “5 Point Policy … Read more
A $9 billion plan to entomb CO2 emissions has a distinctly non-environmental attraction for the people of the Great Plains: It could allow the region to keep pumping oil and burning coal. Jason Erickson is a landman on the ranches and farms of western North Dakota. Traditionally, the title refers to someone who brokers the … Read more
John Podesta, the top US negotiator, struck at apologetic note at the opening of this year’s COP29 summit. The top US representative to COP29 defended his country’s progress in cutting planet-warming carbon emissions on Monday, insisting that much of it will endure despite President-elect Donald Trump’s vow to retreat from the fight against global warming. Yet John … Read more
HOUSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced its third quarter 2024 financial results. The earnings release and accompanying financial schedules can be accessed via the Investor Relations section of the company’s website, oxy.com. The earnings release is also available on the U.S. Securities and Exchange Commission’s website at sec.gov. The company will hold a … Read more
– Fiscal Q1 Revenues Up 6% Y/Y to $21.9 Million, Driven by Record Oil Production – – Fiscal Q1 Net Income Increases to $2.1 Million; Adjusted EBITDA up 21% Y/Y to $8.1 Million – HOUSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its … Read more
HOUSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced financial and operating results for the third quarter of 2024. Key Highlights AGI facility online and treated 1.7 Bcf for the third quarter 2024 Vermejo (a Monument Draw two-well pad) has been completed and is flowing … Read more
Donald Trump has begun the process of choosing a cabinet and selecting other high-ranking administration officials following his presidential election victory. Here are the early picks and top contenders for some of the key posts overseeing defense, intelligence, diplomacy, trade, immigration and economic policymaking. Some are in contention for a range of posts. SUSIE WILES, … Read more
By Shariq Khan and David French Exxon confirms sale of assets, declines to disclose buyer and valuation Hilcorp won auction for the assets with offer of around $1 billion – sources NEW YORK, Nov 12 (Reuters) – Top U.S. oil producer Exxon Mobil Corp (XOM.N) has agreed to sell conventional oil drilling assets in the … Read more
Summary Azerbaijan president: We should not be blamed for fossil fuels Comments highlight tension at heart of climate talks U.N. chief Guterres tells world leaders to ‘pay up’ Many world leaders absent from the summit BAKU, Nov 12 (Reuters) – Azerbaijani President Ilham Aliyev used a keynote speech at the COP29 climate summit to lash … Read more
By Antony Currie BAKU, Nov 12 (Reuters Breakingviews) – “I’m not going to Baku, and very few of my peers are either”. So said a senior figure at an influential European asset manager, in a chat last month with Breakingviews. Throw in the election of climate change sceptic Donald Trump as U.S. president, and the … Read more
Investment is the largest ever in a single stock for Elliott Honeywell urged to consider breaking up like industrial peers Elliott Investment Management has built a $5 billion-plus position in Honeywell International Inc. and is pushing the industrial giant to pursue a break up. The activist investment firm wants Honeywell to separate into two standalone companies, one focused … Read more
Republicans eye Washington trifecta with Congress, White House Johnson faces prospect of narrow majority, complicating agenda President-elect Donald Trump will meet with House Speaker Mike Johnson on Wednesday, according to a person familiar with their plans, as Republicans await the prospect of scoring a trifecta in Washington with control of both chambers of Congress and the White House. The … Read more
Summary Most of Canada’s 4 million bpd of oil exports to go U.S. U.S. cannot easily replace Canadian barrels Stronger U.S. dollar could benefit Canadian producers, says analyst (Reuters) – Canada’s energy industry does not expect U.S. President-elect Donald Trump’s broad plans for protectionist trade measures will include tariffs on Canadian oil imports, because many … Read more
A flare burns off excess gas from a gas plant in the Permian Basin in Loving County, Texas, U.S., November 21, 2019. REUTERS/Angus Mordant/File Photo Summary Repeal of methane fee likely during Trump presidency Methane fee starts at $900 per metric ton in 2024 Applies to facilities emitting over 25,000 T of CO2 equivalent annually … Read more
Summary Appeals court dismisses 2021 ruling Friends of the Earth says will continue to fight polluters COP29 take place in Baku to seek progress on curbing emissions (Reuters) – Oil and gas major Shell (SHEL.L) on Tuesday won an appeal against a landmark ruling that required it to accelerate carbon reduction efforts, dealing a blow to campaigners … Read more
Commission president spoke to Trump about energy, other topics US is already top source of LNG for the European Union European Commission President Ursula von der Leyen has an idea for reducing the bloc’s consumption of Russian liquefied natural gas: import more from America. That’s among the subjects she mentioned during a recent phone call with US … Read more
By Rakshit Jain Mapped: Renewable Energy by Country (2022 Data) This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. As of 2024, the global average for electricity generated from renewable sources is 29%. While all countries vary on this metric, wealth is not the … Read more
U.S. natural gas futures held near a five-week high on Tuesday as the market took a breather after soaring 9% in the prior session, with forecasts for lower demand than previously expected over the next two weeks offsetting a drop in output and expectations heating demand will rise when the weather turns seasonally cold in … Read more
(Reuters) – Oil prices were little changed on Tuesday, awaiting further price direction from OPEC’s monthly report, while investor disappointment over China’s latest stimulus plan and oversupply concerns limited gains. Brent crude futures rose 38 cents, or 0.5%, to $72.21 a barrel, by 0944 GMT. U.S. West Texas Intermediate crude futures were up 36 cents, … Read more
Fossil-fuel executives backed the Republican’s campaign but don’t necessarily share his views on production growth. Pumpjacks operate on oil wells in the Permian Basin, Texas. Bloomberg Days before being elected the 47th US president, Donald Trump made a bold promise that he’d slash energy prices by 50%. “I’ll get those guys drilling,” he told supporters … Read more
The annual U.N. climate summit began on Monday with some prominent leaders planning to skip the event ahead of tough talks on finance and trade, after a year of weather disasters that have emboldened developing countries’ demands for cash. Delegates gathering in Azerbaijan’s capital, Baku, hope to resolve the COP29 summit’s top agenda item – … Read more
Nearly 200 nations meeting at an annual United Nations summit this week must now consider how to avoid catastrophic climate change without help from the world’s biggest economy. This year’s United Nations’ climate talks were never going to be easy. The world is in the midst of two major wars in Ukraine and the Middle East. COP29, as the summit … Read more
Summary Energy and LNG executives express relief at Trump’s election win Expect regulations will ease under new administration Environmental groups promise fight to block LNG expansion (Reuters) – U.S. liquefied natural gas developers awaiting permits for new export projects this week expressed confidence President-elect Donald Trump will ease the way for their multi-billion-dollar expansion plans. Their … Read more
(Reuters) – President-elect Donald Trump is considering North Dakota Governor Doug Burgum to be his new “energy tsar”, the Financial Times reported on Friday. Burgum is Trump’s preferred candidate for the role, the newspaper reported citing people familiar with the discussions, adding that former energy secretary Dan Brouillette is also a contender. The new energy … Read more
(Reuters) – More than a quarter of U.S. Gulf of Mexico oil and 16% of natural gas output remained offline in the aftermath of storm Rafael, the U.S. offshore energy regulator reported on Sunday. There were 482,790 barrels of oil and 310 million cubic feet of natural gas production shut-in on Sunday, offshore regulator Bureau … Read more
Summary Brent, WTI falls over 1% on China, US dollar strength China’s latest stimulus package fell short of expectations US storm Rafael subsides Nov 11 (Reuters) – Oil prices fell on Monday, after China’s stimulus plan disappointed investors seeking fuel demand growth in the world’s No. 2 oil consumer and as the U.S. dollar edged … Read more
(Reuters) – U.S. energy firms this week kept the number of oil and natural gas rigs operating unchanged for a record third week in a row, according to energy services firm Baker Hughes’ data going back to 1987. The oil and gas rig count, an early indicator of future output, was steady at 585 in … Read more
U.S. natural gas futures soared about 10% to a five-week high on Monday on a drop in daily output over the past few days and forecast for much cooler weather and more heating demand over the next two weeks than previously expected. That heating demand should cause utilities to start pulling gas out of storage … Read more
More From Irina Slav Ever since I discovered (two days ago) that, according to Google, I’m a “public figure”, whatever that means, I’ve felt an urge to shower the world with my opinions. By a happy coincidence this week has presented us with an abundance of opinion-provoking events. Obviously, we begin with the U.S. elections. … Read more
(Reuters) – U.S. President-elect Donald Trump’s transition team has prepared executive orders and proclamations on withdrawing from the Paris climate agreement and shrinking the size of some national monuments to allow more drilling and mining, the New York Times reported on Friday. Trump is also expected to end the pause on permitting new liquefied natural … Read more
Summary WTI settles 2.7% lower, as hurricane risk recedes; Brent falls 2.3% Over 23% of US Gulf of Mexico oil output shut in as of Friday China stimulus deemed insufficient to support oil demand On weekly basis, oil gained 1% on Trump victory in U.S. election NEW YORK, Nov 8 (Reuters) – Oil prices settled … Read more
Summary US buys 2.4 million bbls of crude for SPR for April-May delivery US has bought 59 mln bbls in total after 180 mln sale Revenue of nearly $17 bln from 2022 sale, but Congress rescinded about $2 billion Trump would have to work with Congress to keep replenishing SPR WASHINGTON, Nov 8 (Reuters) – … Read more
(Reuters) – Over 23% of crude oil production and 10% of natural gas output in the U.S. Gulf of Mexico was shut in response to Hurricane Rafael, the U.S. Bureau of Safety and Environmental Enforcement said on Friday. Energy producers had shut in 408,830 barrels per day of oil production and nearly 201 million cubic … Read more
(Reuters) – EOG Resources said on Friday its debt levels in the near term would put the oil and gas producer in a position to allocate more than 100% of free-cash-flow for shareholder returns. Shares of the company rose 4.8% to $132.54 in afternoon trade. The company said it would raise its debt balance to … Read more
(Reuters) – The Biden administration said on Friday it has bought its last batch of oil for the Strategic Petroleum Reserve after selling a record amount from the facility in 2022 to counter fuel prices that had risen after Russia’s invasion of Ukraine. The Department of Energy said it had bought 2.4 million barrels of … Read more
By Sourasis Bose and Srivastava Vallari Nov 8 (Reuters) – Icahn Enterprises (IEP.O), headed by billionaire activist investor Carl Icahn, said on Friday it has submitted a proposal to boost its stake in Texas-based refiner CVR Energy (CVI.N) to 81.3%. The investment company, which already owns about 66.3% of CVR Energy, said it wants to … Read more
By Erwin Seba Gasoline stocks at two-year low have refiners increasing runs CVR, Valero increase fourth quarter utilization rates HOUSTON, Nov 8 (Reuters) – U.S. oil refiners this quarter expect to run their plants at above 90% of their crude processing capacity on low inventories and improving demand for gasoline and diesel, executives and industry … Read more
(Reuters) – The European Union could consider replacing Russian liquefied natural gas (LNG) imports with those from the United States, European Commission President Ursula von der Leyen told reporters on Friday. “We still get a lot of LNG from Russia and why not replace it by American LNG, which is cheaper for us and brings … Read more
By Daphne Psaledakis and Marianna Parraga WASHINGTON/HOUSTON, Nov 7 (Reuters) – The U.S. Treasury Department on Thursday extended a license protecting Venezuela-owned Citgo Petroleum from bondholders to March 2025, a key decision amid a seven-year-long legal case in which the refiner’s parent might be auctioned to pay creditors. Citgo’s parent, PDV Holding, was found liable … Read more
Midland, Nov. 07, 2024 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE: NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, announced today that Ian Eckert will join the company’s executive leadership team as its new Chief Financial Officer no later than January … Read more
HOUSTON, Nov. 08, 2024 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported third-quarter 2024 results. Third-Quarter Results Reported net income attributable to PAA of $220 million and net cash provided by operating activities of $692 million Delivered solid Adjusted EBITDA attributable to PAA of $659 million … Read more
Duke CFO says the pace of the energy transition could change Trump supports fossil fuels and may roll back pollution rules Duke Energy Corp. said it would consider shifting its plans for coal plants if Donald Trump follows through on his promises to terminate rules that stifle power-plant pollution. In the event of a regulatory rollback, the utility … Read more
Officials are racing to finish study on LNG export impacts Study could slow down but not stop Trump LNG expansion efforts The Biden administration is racing to complete a study that could complicate President-Elect Donald Trump’s plan to immediately approve new liquefied natural gas export terminals, according to people familiar with the matter. The study, … Read more
Companies are seeing unprecedented requests for connections Energy Transfer, Williams, Kinder Morgan tout opportunity If there’s one thing that’s exciting pipeline companies this earnings season, it’s the ‘tremendous’ gas demand they’re expecting from the growing use of artificial intelligence and data center needs. Utilities are bracing for the largest increase in power demand in a … Read more
(Reuters) – Oil and gas producers in the United States expect to find it easier to ramp up production and exploration under the incoming second administration of Donald Trump. Finding local and lucrative markets for their wares may be the bigger challenge. Producers expect the new administration to streamline permit processes relating to fossil fuel … Read more
(Reuters) – President-elect Donald Trump has promised to overhaul U.S. energy policy, with an aim of maximizing the country’s already record-high oil and gas production by rolling back regulation and speeding up permitting. Who will he choose to run the key departments and agencies to get this work done? Here are some of the names … Read more
(Reuters) – Oil prices fell on Friday on receding fears over the impact of Hurricane Rafael on oil and gas infrastructure in the U.S. Gulf while investors also weighed up fresh Chinese economic stimulus. Brent crude oil futures lost $1.17, or 1.55%, to $74.46 a barrel by 1051 GMT. U.S. West Texas Intermediate (WTI) crude … Read more
Year-to-date inflows more than 3% lower amid wider slowdown Local refiners have been reducing throughput on weaker margins Bloomberg Oil imports into China sank again last month, highlighting soft consumption in the largest buyer just as traders weighed the implications of Donald Trump capturing the White House and potential supply rises from OPEC+. Imports contracted … Read more
Citi forecasted on Wednesday that U.S. President-elect Donald Trump’s second term could exert downward pressure on oil through 2025, with Brent crude forecasted to average at $60 per barrel, primarily due to potential trade tariffs and increased oil supply. The bank notes that Trump’s influence on OPEC+, which is made up of the Organization of … Read more
Nov 6 (Reuters) – Duke Energy (DUK.N) said on Thursday it estimates the total cost to restore facilities damaged by Hurricanes Debby, Milton and Helene to be in the range of $2.4 billion to $2.9 billion. Duke, the largest utility covering North and South Carolina, saw the hurricanes hit its service territories in the past … Read more
By Seher Dareen Company’s US natgas pipeline unit earnings rise to C$1.33 bln from C$782 mln LNG exports, coal plant retirements, AI data centres drive North America natgas demand Nov 7 (Reuters) – TC Energy (TRP.TO) reported a third-quarter profit ahead of analysts’ estimates on Thursday as it transported more natural gas through its pipelines in … Read more
HOUSTON, Nov 7 (Reuters) – Energy infrastructure company New Fortress Energy (NFE.O) expects slightly lower liquefied natural gas (LNG) volumes in fourth quarter 2024 because of repairs it performed on a valve in October, CEO Wesley Edens said on Thursday. Its floating LNG facility offshore of Altamira, Mexico, completed its commissioning process and was operating … Read more
Americans who say they care about global warming need to push back against the next administration’s worst impulses. By Mark Gongloff In poll after poll, Americans say they care about climate change. But then again, they also say they care about democracy, women’s rights and other such ideals. And yet for the second time in three elections, they … Read more
(Reuters) – Global solar capacity has reached a record 2 terawatts (TW) of capacity, with more added in the last two years than the previous 68 combined, exclusive data from the sector’s global industry group shared with Reuters showed. The updated figures have not previously been published, and the Global Solar Council said they give … Read more
(Reuters) – Halliburton fell short of analysts’ estimates for third-quarter profit on Thursday, as a slowdown in drilling activity in North America weighed on demand for its oilfield services and equipment. Producers have kept a tight lid on production in North America since the downturn in oil prices in 2020 and weak natural gas prices. North … Read more
Summary Biden-era clean energy subsidies would likely survive Reduction in offshore wind leasing likely Solar, wind energy costs have dropped sharply Oil, gas output already at record highs (Reuters) – Donald Trump’s return to the White House will refocus the nation’s energy policy onto maximizing oil and gas production and away from fighting climate change, but the … Read more
(Reuters) – Pipeline operator TC Energy’s third-quarter profit beat Wall Street estimates on Thursday, helped by higher volumes of liquids transported through its system. U.S. imports of crude oil from Canada reached a record in July, benefiting pipeline firms such as TC Energy. Additionally, the U.S. Energy Information Agency said gas consumption in the United … Read more
Summary US dollar near four-month high after Trump win China’s October crude oil imports fall Trump expected to ramp up sanctions on Iranian oil Hurricane Rafael shuts 17% of Gulf of Mexico oil output (Reuters) – Oil slipped on Thursday, extending a sell-off triggered by the U.S. presidential election, as a strong dollar and lower crude … Read more
Win empowers him to attack climate policies he’s dubbed a scam Republican will also push policies to produce more oil and gas Donald Trump’s victory promises to shake up US energy and environmental policy, with sweeping implications for oil production, offshore wind development and electric vehicle sales. The win empowers him to deliver on his … Read more
(Reuters) – U.S. crude oil, gasoline and distillate inventories rose last week, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 2.1 million barrels to 427.7 million barrels in the week ending Nov. 1, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.1 million-barrel rise. Crude stocks … Read more
(Reuters) – Former President Donald Trump’s return to the White House could mean tougher enforcement of U.S. oil sanctions against Iran, potentially trimming global supplies, but his administration could struggle to get China, Iran’s top crude customer, to cooperate, analysts said. Cracking down on OPEC-member Iran would support global oil prices, but the effect could … Read more
The president-elect advocates more drilling, high tariffs and fewer climate restrictions. Bloomberg Whatever policies he ultimately pursues, Donald Trump’s return to the White House looks certain to send shock waves through global energy markets. In his victory speech, the president-elect said he’d take charge of any decisions relating to “liquid gold,” a pledge that oil … Read more
China faces a squeeze on supplies of cheap Iranian crude, which make up about 13% of imports by the world’s biggest buyer of oil, if Donald Trump ramps up enforcement of sanctions on Tehran after his return as U.S. president in January. Trump, who won Tuesday’s election, Edison Research projected, is expected during his second … Read more
(Reuters) – Shares in European clean energy groups plummeted on Wednesday after Donald Trump was elected president of the United States, as investors fretted over a potential dismantling of U.S. support for renewables and climate policy. Trump had vowed to scrap offshore wind projects through an executive order on his first day in office and to roll back climate regulations implemented under President … Read more
Calgary, Alberta and Houston, TX – GLJ Ltd. (“GLJ”) and Energy Fuse Group LLC (“Energy Fuse”) are pleased to announce the formation of a joint venture aimed at project implementation with industry leading engineering and geosciences products and services for Carbon Sequestration and Enhanced Oil Recovery (EOR) projects across the United States. This strategic partnership … Read more
Summary Trump’s victory driven by voter concerns on economy and immigration His second term could reshape executive branch, increase political polarization Kamala Harris falls short, had warned of threats to democracy PALM BEACH, Florida, Nov 6 (Reuters) – Donald Trump was elected president, capping a remarkable comeback four years after he was voted out of the White … Read more
Summary Brent, WTI fall over 1% as US dollar strengthens Trump recaptures White House after divisive campaign US crude oil stocks rise higher than projection, sources cite API (Reuters) – Oil prices fell on Wednesday as the U.S. dollar rallied on Donald Trump’s election as president. Investors believe a Trump presidency will bolster the dollar as interest … Read more
Nov 5 (Reuters) – Oil and gas producers began shutting in U.S. Gulf of Mexico output and pulling workers off platforms on Tuesday ahead of a late hurricane season storm threatening offshore fields. The U.S. National Hurricane Center warned of steady to rapid intensification over the next 24 to 36 hours, with Tropical Storm Rafael … Read more
By Arunima Kumar and Nicole Jao Nov 5 (Reuters) – Oil refiner Marathon Petroleum (MPC.N) reported its third-quarter earnings on Tuesday, beating Wall Street estimates on better-than-expected throughput and utilization rates even as global refining margins decline. The Findlay, Ohio-based company announced an additional $5 billion share repurchase program, and now has $8.5 billion available … Read more
(Reuters) – U.S. natural gas futures fell about 4% on Tuesday on forecasts for mild weather to continue through late-November, keeping heating demand lower than usual for this time of year and allowing utilities to add more gas into storage for at least a couple more weeks. Analysts projected utilities injected more gas than normal … Read more
Investors ramped up oil futures and options trading in October to record levels in a bid to hedge growing uncertainty as war rages on in the Middle East and a bearish 2025 supply and demand outlook looms, triggering big swings in crude prices. Hedging can help producers reduce risk and protect their production from sharp … Read more
Bloomberg America may be looking a little frail of late, with polarization at home and multiplying challenges to its authority from allies and foes alike. There’s still a lot riding on the outcome of the US presidential election for the world, not just in terms of political relations and the balance of trade, but in existential matters … Read more
The latest in American exceptionalism is exporting 50% more oil than Saudi Arabia while trying to prod the world towards net zero. Bloomberg It sounded like the top American climate diplomat really meant it: “We are moving away from fossil fuels,” said John Kerry, in one of his last acts as the US negotiator at the close … Read more
(Reuters) – The difference in prices for U.S. shale oil in West Texas and at Houston has widened in the last two months on dwindling pipeline space to move the crude to the export hub on the Gulf Coast, pricing data showed. Record crude production at the top U.S. oilfield in the Permian basin that … Read more
(Reuters) – OPEC+ oil supply cuts and recent efforts to unwind them have increased volatility in energy markets and hampered investment in new production, the CEO of Italian energy company Eni said on Monday. Speaking at an industry event in Abu Dhabi, Claudio Descalzi said he expected high volatility in the energy markets experienced in … Read more
A late season tropical storm predicted to intensify into a category 2 hurricane in the U.S. Gulf of Mexico this week could reduce U.S. oil production by about 4 million barrels, researchers said. Storm Rafael was in the Caribbean Sea late on Monday and expected to enter the Gulf of Mexico on a track that … Read more
MIDLAND, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the third quarter ended September 30, 2024. THIRD QUARTER HIGHLIGHTS Q3 2024 average production of 26,978 bo/d (49,370 boe/d), an increase of 2.4% from … Read more
Summary Chinese solar firms build new plants in Indonesia and Laos U.S. has expanded tariffs on other Southeast Asian nations In Vietnam, Chinese solar companies cut output, lay off workers (Reuters) – Some of the biggest Chinese-owned solar factories in Vietnam are cutting production and laying off workers, spurred on by the expansion of U.S. … Read more
Diamondback Stockholders, This letter is meant to be a supplement to our earnings release and is being furnished to the Securities and Exchange Commission (SEC) and released to our stockholders simultaneously with our earnings release. Please see the information regarding forward-looking statements and non-GAAP financial information included at the end of this letter. Endeavor Closing: … Read more
FORT WORTH, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter and nine months ended September 30, 2024, and provided updated 2024 production guidance. Highlights Third Quarter 2024 Sales volumes averaged 51,346 barrels of crude oil equivalent per day … Read more
HOUSTON, Nov. 05, 2024 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported third quarter 2024 results. Third quarter 2024 net income attributable to Targa Resources Corp. was $387.4 million compared to $220.0 million for the third quarter of 2023. The Company reported adjusted earnings before interest, income taxes, … Read more
Treasuries, Mexican peso rise as traders adjust wagers Oil rise as OPEC+ delays output hike, Iran steps up rhetoric The dollar dropped and US Treasuries rallied as investors walked back bets on Donald Trump winning the presidential election after weekend polls indicated Kamala Harris was gaining ground. An index of the greenback dropped the most in six weeks. Ten-year Treasury yields fell 10 … Read more
(Reuters) – Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close U.S. presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December. Brent crude futures ticked up 16 cents, or 0.2%, to $75.24 a barrel … Read more
The difference in prices for U.S. shale oil in West Texas and at Houston has widened in the last two months on dwindling pipeline space to move the crude to the export hub on the Gulf Coast, pricing data showed. Record crude production at the top U.S. oilfield in the Permian basin that straddles Texas … Read more
Exxon, Chevron, Shell, BP post production gains as crude drops OPEC plans to add barrels to the market starting in December Exxon Mobil Corp. and Chevron Corp. capped Big Oil earnings season by revealing blockbuster increases in fossil fuel production — just as OPEC and its allies are preparing to increase the supply of crude into the global market. The … Read more
What is the most important issue to American voters? Summary Harris leads among women, Trump among men, polls show Trump may declare victory on election night despite uncounted ballots Harris would be first woman, Black woman, South Asian American president Control of Congress also at stake with Republicans having easier Senate path (Reuters) – The … Read more
(Reuters) – The Organization of Petroleum Exporting Countries (OPEC) is very positive on demand for oil in both the short and long term, Secretary General Haitham Al Ghais said at an energy industry event in Abu Dhabi on Monday. “There are some challenges, but the picture is not as negative as some make it sound,” … Read more
Nov 4 (Reuters) – The Canadian government on Monday released draft regulations that would cap emissions of greenhouse gases from the oil and gas sector by 35% from 2019 levels, slightly less than initially envisaged. The regulations would create a cap-and-trade system designed to recognize better-performing companies and give an incentive to higher-polluting firms to make their production processes … Read more
(Reuters) – OPEC oil output rebounded in October from its lowest this year the previous month as Libya resolved a political crisis, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain. The Organization of the Petroleum Exporting Countries pumped 26.33 million barrels … Read more
HOUSTON, Texas, Nov. 4, 2024 /PRNewswire-PRWeb/ — Fortuna Operating (“Fortuna”), the operating arm of North Hudson Resources Partners, LP (“North Hudson”) non-operated investment platform, is pleased to announce a drilling partnership with a top-tier Canadian operator for working interest in a seven-well development program. The wells are located in the core of the Duvernay and … Read more
Michigan winter temperatures expected to drive up energy use DTE Energy is connecting its customers to resources and information to help them manage use and keep bills affordable DETROIT, Nov. 01, 2024 (GLOBE NEWSWIRE) — Forecasts for the coming winter suggest temperatures may not dip as low as in recent years, but energy use is … Read more
Activists would push a new Republican administration to boost coal-fired power, block EPA science and challenge models of global warming. Activists who dispute the severity of human-caused climate change are quietly preparing to seize their moment should Donald Trump win a second term. Pushed to the political fringes during Joe Biden’s presidency, they are now laying the groundwork … Read more
By Clyde Russell (Reuters) – Geopolitical uncertainty will probably garner the lion’s share of the blame for OPEC+’s decision to once again delay raising crude oil output, but weak demand, especially in Asia, is more significant. Eight members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, pushed back their … Read more
Summary Orsted flags higher costs at US offshore wind project Vestas shares drop after profit margin warning Both say green power demand to grow despite election outcome Harris supports offshore wind; Trump has vowed to scrap projects Orsted’s Q3 operating profit fell 14% (Reuters) – Demand for green power in the United States will grow … Read more
Chemical maker LyondellBasell Industries on Friday detailed its long-announced plan to permanently shutter its 263,776 barrel-per-day (bpd) Houston oil refinery in the first quarter of 2025. The planned closing marks the latest in a wave of U.S. refinery closures as motor fuel demand is expected to peak this decade and decline under pressure from renewable … Read more
Background Sideworx Connect, a staffing and recruiting company, has evolved far beyond it’s traditional scope. Although known for providing experienced workers in various industries, the company has also proven its capability to act as a Prime Contractor. This case study explores Sideworx Connect’s role as the Prime Contractor for Longshore Resources’ water transfer operations in … Read more
ESG’s Pandell Whitestar Integrated Solution is Ready to Streamline Energy Asset Management in America On the heels of acquiring Whitestar this spring, we are delighted to announce our new Pandell Whitestar integrated solution for energy companies. Learn how to solve key challenges in energy land siting and asset management by leveraging a combination of robust … Read more
Clashing visions of who should bear burden of US taxes Diverging paths on energy transition, international trade The US election on Tuesday will have far-reaching economic consequences, ranging from how Americans are taxed to how the country trades with the rest of the globe. Democrat Kamala Harris and Republican Donald Trump present starkly different policy … Read more
Summary Brent up 2.9%, WTI up 3.1% OPEC+ delays December output hike by one month Focus on US election US Fed decision, China NPC meet this week Nov 4 (Reuters) – Oil prices rose about 3% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for … Read more
(Reuters) – U.S. energy firms kept the number of oil and natural gas rigs operating unchanged for a second week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, held at 585 to Nov. 1. Baker … Read more
Republican Donald Trump and Democrat Kamala Harris have a couple of things in common on the issue of U.S. energy policy: both say they want to expand production and keep prices down for consumers. The core difference is that Harris says she wants to do so in a way that favors clean energy technologies crucial … Read more
Harris and Trump have both touted the promise of lower energy bills while campaigning for president — but they’ve laid out starkly different visions for how to get them. The outcome of next week’s US presidential election is poised to have profound implications for a handful of multi-billion-dollar energy projects. Republican Donald Trump, who has … Read more
Alternative investment manager is leaning into data centers Operators of the facilities looking for new power sources Soaring demand for data centers to support artificial intelligence and cloud-computing will boost global spending in the sector to $250 billion a year, according to KKR & Co. The US is the biggest developer of data centers. That infrastructure … Read more
U.S. energy regulators rejected an amended interconnection agreement for an Amazon data center connected directly to a nuclear power plant in Pennsylvania, a filing showed on Friday. Members of the Federal Energy Regulatory Commission said the agreement to increase the capacity of the data center located on the site of Talen Energy’s Susquehanna nuclear generating … Read more
(Reuters) – U.S. oil producers Exxon Mobil and Chevron posted better-than-expected third-quarter profits on Friday, outperforming their European rivals, as record U.S. oil production cushioned the blow from a plunge in fuel margins. The two focused on expanding oil and gas production as rivals BP and Shell spent heavily on wind, solar and renewables that … Read more
Summary Iran prepares possible strike on Israel from Iraq, Axios reports Exxon reports record global production US job growth almost stalled in October Investors focus US election NEW YORK, Nov 1 (Reuters) – Oil prices edged up on Friday on reports Iran was preparing a retaliatory strike on Israel from Iraq in coming days, but … Read more
(Reuters) – U.S. exports of liquefied natural gas in October rose to the third highest level this year as cooler weather, one extra day of shipments and no major outages boosted output, data from financial firm LSEG showed. Output hit nearly 7.56 million metric tons (MT) in October, up 4% from September’s 7.26 MT. September’s … Read more
HOUSTON/MARACAY, Nov 1 (Reuters) – Venezuela’s oil exports rose to a four-year high, approaching 950,000 barrels per day in October, boosted by growing crude output and more sales to India and the United States, according to shipping data and documents from state firm PDVSA. The increase happened despite a large storage terminal fire last month, … Read more
Iran’s leadership and allies are bracing for what they would regard as a dreadful outcome of the imminent U.S. presidential election: A return to power of Donald Trump. Opinion polls suggest the Republican Trump and Democratic Vice President Kamala Harris remain locked in a close contest. But Iranian leaders and their regional allies in Lebanon, … Read more
While Lightning sales are up this year, they are far short of Ford’s ambitious expectations Bloomberg News Ford Motor Co. plans to shut down the Michigan factory that produces its F-150 Lightning plug-in pickup truck, its signature electric vehicle, through the end of the year as demand for EVs continues to wane. The move is the latest … Read more
Summary Output hits nearly 4.6 million barrels of oil and gas per day Shareholder returns reach 20% with expanded dividend Shares rise nearly 2% in premarket trading (Reuters) – Exxon Mobil on Friday beat Wall Street’s third quarter profit estimate, boosted by strong oil output in its first full quarter that includes volumes from U.S. shale … Read more
Summary Chevron’s earnings fell from a year ago despite beating profit expectations CEO Michael Wirth emphasizes cost cuts and portfolio optimization Chevron plans to move HQ to Texas, open $1-billion engineering center in India (Reuters) – Chevron Corp beat Wall Street estimates for third-quarter profit on Friday, helped by higher oil and gas output, but … Read more
(Reuters) – Enbridge posted a more than twofold jump in its third-quarter profit on Friday, as the Canadian pipeline operator benefited from steady oil demand. Data from the U.S. Energy Information Administration showed that total U.S. oil consumption rose in July to the highest seasonal level since 2019. Demand for gasoline was also at the highest seasonal levels … Read more
(Reuters) – Wind farms have generated a record share of U.S. electricity production so far in 2024, and are the second largest source of clean power behind nuclear plants in the U.S. generation system. Shortages of parts, jumps in labour costs and drawn-out development timelines have slowed the pace of wind farm construction in the … Read more
(Reuters) – Tokyo Gas is in talks with Woodside Energy over taking a stake in a multi-billion-dollar Louisiana liquefied natural gas (LNG) export project, according to two people familiar with the discussions. Woodside, an Australian oil and gas producer, this month closed on a $1.2 billion buy of developer Tellurian Inc, which put itself on … Read more
(Reuters) – U.S. oil production rose 1.5% in August to a monthly record high of 13.4 million barrels per day (bpd), the U.S. Energy Information Administration (EIA) said in its monthly oil and natural gas production report. That tops the prior record high of 13.31 million bpd in December 2023, the data showed. In top … Read more
EQT Corp projected data centers and coal plant decommissioning could boost natural gas demand by up to 10 billion cubic feet per day by 2030, the Appalachian basin-based natural gas producer said on a post-earnings conference call on Wednesday. Shares of the company were up more than 2% in afternoon trading, buoyed by an uptick … Read more
Summary Iran prepares strike on Israel from Iraq, Axios reports Investors also focused on US election and China’s NPC meeting next week (Reuters) – Oil prices rose more than 2% on Friday after reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days, though benchmarks were still set for … Read more
Oil and gas extraction has seen the fastest labor productivity gains of any sector in the past decade. In a dusty swath of sagebrush country near the Texas-New Mexico border, engineers at oil producer Matador Resources Co. encountered a problem. Conventional wisdom called for drilling four wells into the ground and then horizontally to access layers of … Read more
Bloomberg News A surge in energy demand from technology giants that are rapidly developing cloud computing and artificial intelligence — known as hyperscalers — is becoming a major boon for the fossil fuel industry. That’s was the view of Murray Auchincloss, chief executive officer of BP Plc, who sees the technology sector’s hunger for reliable energy supplies … Read more
(Reuters) – U.S. offshore wind developers put on a brave face at a conference this week, touting their ability to work with leaders from both political parties, although privately attendees fretted that things could get rough for them if Republican Donald Trump wins the Nov. 5 presidential election. The Republican nominee and former president has … Read more
Deal still needs the approval of Neuquen Province, person says Exxon is exiting Vaca Muerta shale patch to focus elsewhere Exxon Mobil Corp. has agreed to sell most of its assets in Argentina’s Vaca Muerta shale patch to Pluspetrol SA, according to people familiar with the matter. The province of Neuquen, where the assets are located, has … Read more
(Reuters) – U.S. liquefied natural gas exports this year will rise about 2%, analysts estimate, the smallest annual increase since 2016 when the first big U.S. LNG export plant opened, launching a boom that drove the country’s producers to the top of world gas exporters. Slower gains reflect delays and production outages and the absence … Read more
(Reuters) – Facebook owner Meta Platforms will buy all the output of Engie’s planned U.S. Sypert solar power plant, the French utility said on Thursday, in line with attempts to use renewable sources to cover a data-led surge in demand. The plant, with an estimated output of 260 megawatts (MW), is expected to start operating in … Read more
(Reuters) – Oil and gas producer ConocoPhillips topped Wall Street estimates for third-quarter profit on Thursday and hiked its full-year output forecast on a boost from higher production, sending its shares up 3% at $106.7 in premarket trading. Commodity price volatility has been in focus in the past few months, driven by several factors including the … Read more
Summary Shell extends $3.5 bln share buybacks Strong LNG sales offset drop in refining Debt drops to lowest since 2015 LONDON, Oct 31 (Reuters) – Shell reported on Thursday third-quarter profits of $6 billion that exceeded forecasts by 12% as higher liquefied natural gas (LNG) sales offset a sharp drop in oil refining and trading … Read more
Chevron earnings fail to cover dividends, buybacks Delayed Hess deal a drag on the company’s share price Guyana volumes crucial for long-term oil output gains (Reuters) – Five years ago, Chevron CEO Michael Wirth won Wall Street acclaim as the No. 2 U.S. oil company briefly achieved a market value larger than Exxon Mobil’s after he … Read more
(Reuters) – Oil prices stabilized on Thursday after rallying the previous day on stronger than expected U.S. fuel demand and reports that producer group OPEC+ could delay a planned output increase. Traders are now awaiting the outcome of the U.S. presidential election on Nov. 5 and whether ceasefires can be brokered in the Middle East. … Read more
By Alex Lawler, Olesya Astakhova and Dmitry Zhdannikov Output hike of 180,000 bpd due to proceed in December Decision on delay could come as soon as early next week Sources cite concern about economic backdrop and demand LONDON/MOSCOW, Oct 30 (Reuters) – OPEC+ could delay December’s planned increase to oil production by a month or … Read more
U.S. imports of crude oil from Saudi Arabia hit a near four-year low last week, U.S. government data showed on Wednesday, as Canada’s Trans Mountain pipeline sent more oil to the U.S. West Coast. The $24.84 billion Trans Mountain pipeline (TMX) expansion started in May, nearly tripling capacity to Canada’s Pacific Coast to 890,000 barrels … Read more
Both electric carmakers have emerged as breakout threats to legacy automakers Bloomberg News BYD Co. Ltd. notched up another win over Tesla Inc. on Wednesday, reporting quarterly revenue that beat Elon Musk’s carmaker for the first time since the pair have gone head-to-head in global electric vehicles sales. Revenue for China’s best-selling automaker soared 24 per cent year-on-year to 201.1 billion … Read more
By Ron Bousso and Arunima Kumar LONDON, Oct 30 (Reuters) – The British government will increase a windfall tax on North Sea oil and gas producers to 38% from 35% and extend the levy by one year, finance minister Rachel Reeves announced on Wednesday. Presenting the first budget under the new Labour government, Reeves said … Read more
By Georgina Mccartney HOUSTON, Oct 30 (Reuters) – U.S. gasoline stockpiles fell unexpectedly last week to a two-year low on strengthened demand, the Energy Information Administration (EIA) said on Wednesday, while crude inventories also posted a surprise drawdown as imports slipped. Gasoline stocks (USOILG=ECI) fell by 2.7 million barrels in the week ending Oct. 25 … Read more
By Curtis Williams A return of US-China trade tensions could undercut gas exports Harris campaign has no comment on Biden LNG permitting pause Re-exporting LNG to avoid tariffs could disrupt other sales HOUSTON, Oct 30 (Reuters) – U.S. exporters of liquefied natural gas (LNG) could face new hurdles if Republican Donald Trump wins the presidential … Read more
ConocoPhillips is exploring a sale of some of its shale operations in the Permian Basin worth more than $1 billion, two years after an unsuccessful attempt to find a buyer for the same assets, people familiar with the matter said on Wednesday. The Houston, Texas-based oil and gas producer is looking to shed some non-core … Read more
My full interview with Rita Panahi of Sky News Last week I was interviewed by Rita Panahi of Sky News Australia on a number of important topics: Kamala Harris’s true position on fracking The destructive consequences to Canada and the free world of the Biden-Harris administration cancelling the Keystone XL pipeline The myth that fossil … Read more
(Reuters) – Phillips 66 beat quarterly profit estimates on Tuesday as strength in its chemicals and midstream segments helped the refiner more than offset a slump in refining margins from lackluster fuel demand. The company, which owns nearly 72,000 miles of U.S. pipeline systems, has moved more fuel this year than before as it expands … Read more
Summary Move marks latest effort to increase oil reserve after 2022 sale Unclear how much money is left to buy more oil Future SPR replenishment depends on Congress amid political challenges (Reuters) – The U.S. on Monday said it is seeking up to 3 million barrels of oil for the Strategic Petroleum Reserve for delivery … Read more
WASHINGTON, Oct 30 (Reuters) – The Bill Gates’ funded reactor company TerraPower and ASP Isotopes said on Wednesday they have struck a deal to produce a new fuel, now only made in commercial amounts in Russia, for an expected next generation of nuclear power plants. WHY IT’S IMPORTANT Nuclear power gets support from both major U.S. … Read more
Summary Clean energy net fund outflows exceed $11 bln this year Competition from China and fossil fuel returns Renewables valuations at near 3% discount to market MSCI Global Alternative Index down 18% this year MILAN, Oct 30 (Reuters) – Renewable energy shares, reeling from an investor retreat, face extended uncertainty as the U.S. election has added to … Read more
CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. … Read more
OKLAHOMA CITY, Oct. 29, 2024 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “company”) today reported third quarter 2024 financial and operating results. In addition, the company provided its preliminary 2025 capital and operating plan and announced details regarding its enhanced capital return framework. On October 1, 2024, Expand Energy announced … Read more
The upcoming U.S. election could pose a bearish risk to global natural gas markets, specifically liquefied natural gas (LNG), despite the anticipated limited near-term impact on domestic markets, Goldman Sachs said on Tuesday. “Any significant changes to U.S. sanctions or tariff policies would potentially soften LNG and thus European and Asian gas markets at the … Read more
Summary Brent, WTI inch up 0.5% Markets eye potential Israel-Hezbollah peace deal U.S. crude inventories unexpectedly fall – API To come: US EIA weekly data at 1430 GMT (Reuters) – Oil prices held steady near one-month lows on Wednesday, after sliding in the previous two sessions, as markets weighed a potential ceasefire between Israel and … Read more
Santos in Australian Federal Court over alleged greenwashing Questions raised over gas exporter’s net zero ambitions One of the world’s first legal challenges over corporate greenwashing kicked off in an Australian court, with an activist shareholder group claiming natural gas producer Santos Ltd. misled investors on its climate targets. The Australasian Centre for Corporate Responsibility said Monday in … Read more
(Reuters) – A U.S. auction of offshore wind development rights in the Gulf of Maine on Tuesday drew bids for only half of the eight offered leases, for a total of just $21.9 million in high bids, in the latest sign of deep industry malaise. The sale was a stark display of the lack of … Read more
Summary New rules add some specific equipment and reporting requirements Applies to projects with more than 15,000 PSI, or more than 350F Regulators expect rise in ultra-high pressure projects BP awards SLB a key contract for ultra-high pressure Kaskida project HOUSTON, Oct 29 (Reuters) – The Bureau of Safety and Environmental Enforcement (BSEE) rolled out … Read more
Climate goals, data centers driving interest in atomic sector Amazon, Google, Microsoft have recently done power deals Some of the world’s biggest managers of private capital are making moves to finance and invest in nuclear power plants, latching onto a revival in the sector driven in part by tech giants’ electricity-intensive AI ambitions. Carlyle Group … Read more
Summary Asia’s demand for US LNG expected to continue rising Canal could have more room for LNG vessels following new reservation system LNG vessels had access to long-term reservations starting in January PANAMA CITY/HOUSTON, Oct 29 (Reuters) – The Panama Canal aims to regain vessel traffic carrying U.S. liquefied natural gas to Asia as demand … Read more
Liquefied natural gas shipping rates have hit multi-year lows and may extend losses going into 2025, analysts and shipping sources said, with new tankers being added at a faster rate than LNG production is rising and spot demand still tepid. New LNG tankers, built in anticipation of rising U.S. exports after a plunge in Russian … Read more
Commentary By Gavin Maguire (Reuters) – An enduring drought across much of the western United States has caused a drop in U.S. hydro power generation to a 23-year low so far in 2024, data from the U.S. Energy Information Administration (EIA) shows. The fall in hydro generation has been somewhat overshadowed by the climb in … Read more
Plans to cut thousands of jobs and slash wages as Europe’s biggest automaker tries to halt its tailspin Bloomberg News Volkswagen AG plans to close at least three factories, eliminate thousands of jobs and slash wages for tens of thousands of German workers as Europe’s biggest automaker tries to halt its tailspin. The proposals to fix … Read more
Residents of liberal Berkeley will get to vote on a second attempt to curb use of the fuel in buildings. When residents of Berkeley, California, vote in next week’s presidential election, they’ll also get a say on a renewed attempt to clamp down on polluting fossil fuels. On the ballot is “Measure GG,” an initiative … Read more
By Georgina Mccartney Study examines proposed drilling restrictions to protect public from oil and gas pollution Restrictions could result in 12.5 million barrels lost in first year, study says Environmental advocate argues health costs outweigh revenue loss NEW YORK, Oct 25 (Reuters) – New Mexico, the second-largest oil-producing state in the U.S., is studying new … Read more
(Reuters) – President Joe Biden’s administration on Tuesday will kick off a sale of offshore wind development rights for eight areas off the coasts of northern New England, a key test of industry appetite for new investment after a year of high-profile setbacks. The auction of nearly 1 million acres (404,680 hectares) in the Gulf … Read more
U.S. natural gas futures dropped about 8% on Monday on forecasts for mild weather through at least mid-November, less demand next week than previously expected and an increase in output in recent days. Another factor weighing on gas prices was a 6% drop in oil futures on Monday after a limited Israeli attack on Iran … Read more
Summary Brent, WTI recover 1% after falling 6% in previous session US seeks oil barrels for the Strategic Petroleum Reserve Global oil demand growth remains below average on sluggish economic activity in China – BP CEO Tensions in the Middle East remain high (Reuters) – Oil prices rose on Tuesday after tumbling 6% in the … Read more
Global oil prices are falling sharply after a retaliatory strike by Israel over the weekend targeted Iranian military sites rather than its energy infrastructure as had been feared. Prices for crude spiked globally on October 2 after Iran fired nearly 200 missiles into Israel, part of a series of rapidly escalating attacks between Israel and … Read more
Summary Entire 410,000-bpd plant due for shutdown around mid-2025 Half of capacity already mothballed Dalian govt pushed for refinery relocation after accidents Potential replacement in Changxing island still under evaluation SINGAPORE, Oct 28 (Reuters) – PetroChina is set to shut its largest domestic oil refinery around mid-2025, sources said, the country’s first major closure at … Read more
Company to support projects in Brazil’s pre-salt fields, reinforcing position as a leading provider of flexible pipe for deepwater and high CO2 projects Local manufacturing boost Brazilian economy, strengthen energy supply chain HOUSTON and LONDON, Oct. 28, 2024 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Monday significant contracts with Petrobras to … Read more
By Clyde Russell SYDNEY, Oct 28 (Reuters) – For those seeking an answer to the question as to what the Middle East conflict risk premium is in the price of crude oil, the 5.3% drop in Brent futures early on Monday provides some enlightenment. Global benchmark Brent contracts dropped as low as $71.99 a barrel in … Read more
Oil prices tumbled more than $3 a barrel on Monday after Israel’s retaliatory strike on Iran over the weekend bypassed Tehran’s oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East. Both Brent and U.S. West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at … Read more
By Gavin Maguire LITTLETON, Colorado, Oct 25 (Reuters) – Utilities in the United States have relied on fossil fuels to generate a larger share of electricity than their counterparts in China since June, seriously undermining U.S. claims to be a leader in energy transition efforts. U.S. utilities have relied on fossil fuels to generate an … Read more
by EnergyNow Staff Data centers, the backbone of modern digital infrastructure, require substantial power for several reasons. They host thousands of servers, networking equipment, and storage systems, which collectively enable the functioning of the internet, cloud computing, artificial intelligence (AI), and big data analytics. As the demand for digital services has grown, so too … Read more
By Reuters MOSCOW, Oct 25 (Reuters) – Russia is ready to continue pumping gas through Ukraine after the current gas transit deal expires at the end of the year, but sees indications Ukraine may not be willing to extend the contract, Russian President Vladimir Putin said on Friday. Ukraine has already said it does not want … Read more
By Scott Disavino Oct 25 (Reuters) – U.S. energy firms kept the number of oil and natural gas rigs unchanged this week, with the count falling by two in October, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future … Read more
(Reuters) – Here’s a brief summary of the outcome of the BRICS summit: XI AND MODI – Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met just two days after New Delhi announced that it had reached a deal with Beijing to resolve a four-year military stand-off on their Himalayan frontier. LOTS OF … Read more
Summary Trump pledges rollback of Biden’s climate law as a top priority Trump allies, fundraisers benefit from the IRA’s key tax credits At least 7 allies, or the companies they run, hold investments in projects eligible for IRA subsidies WASHINGTON, Oct 25 (Reuters) – Donald Trump has promised to gut U.S. President Joe Biden’s climate subsidies if elected. But … Read more
What Is Geocell Technology? Geocell technology, a powerful yet simple solution, utilizes a network of honeycomb-like interconnected cells to confine infill, preventing movement and enhancing stability. As the industry’s most complete geocell system, the GEOWEB System (geocells) transforms loose, cohesionless soils into strong, stable foundations, ideal for applications ranging from roadways to steep embankments. GEOWEB … Read more
Companies that profit from fossil fuels claim the increase in electricity demand driven by data centers will trigger investment in clean energy — in the long run. Big energy companies are making the case that skyrocketing electricity demand from data centers — and the need to build more power sources to meet it — will … Read more
Health care, energy also among businesses with most at stake Retailers would face major impact from tariff increases The US election on November 5 will be a clash of visions that reverberates through the global economy for years to come. Kamala Harris and Donald Trump in some cases have skirted how they will handle pivotal … Read more
NEW YORK, Oct 25 (Reuters) – Constellation Energy (CEG.O) is making its case to restore the operating license for its Three Mile Island nuclear power plant in the first public meeting before the U.S. Nuclear Regulatory Commission on Friday on the unprecedented project to restart a retired reactor. Constellation, which announced last month that it … Read more
(Reuters) – Oil prices settled higher on Friday and gained 4% on the week, with investors taking stock of the ongoing conflict in the Middle East as well as the U.S. election next month. Brent crude futures settled up $1.67, or 2.25%, at $76.05 a barrel. U.S. West Texas Intermediate crude settled up $1.59, or … Read more
(Reuters) – U.S. natural gas futures climbed about 2% to a two-week high on Friday on lower output so far this month and a jump in global gas prices that could boost demand for more U.S. liquefied natural gas (LNG) exports. Earlier in the session, U.S. gas futures were down on forecasts for mild weather … Read more
(Reuters) – Private equity firm Blackstone is in advanced talks to acquire minority stakes in the interstate natural gas pipelines owned by EQT Corp for about $3.5 billion, people familiar with the matter said on Friday. If the talks are successful, the deal would help the natural gas producer slash the debt pile it accumulated … Read more
HOUSTON, Oct. 24, 2024 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today reported the signing of definitive agreements to form a joint venture in the Garrington and Harmattan areas of Alberta, Canada, in the Western Canadian Sedimentary Basin. In partnership with a leading Calgary-based private operator, Epsilon will earn a … Read more
(Reuters) – Oil prices were heading for a weekly gain of almost 3% as Friday’s prices ticked higher, with traders kept on edge by simmering tensions in the Middle East ahead of a planned resumption in Gaza ceasefire talks in the coming days. Brent crude futures rose 76 cents, or 1.02%, to $75.14 a barrel by 1214 … Read more
Preferred equity deal will support six US solar projects Blackstone closed a $7.1 billion clean energy fund last year Blackstone Inc. is investing $288 million in energy storage and solar company Pine Gate Renewables, as part of its push toward financing renewable energy. Blackstone Credit and Insurance, or BXCI, is providing the preferred equity, which will be … Read more
By Arathy Somasekhar US shale producers continue to restrain production growth Companies such as Enbridge expand capacity on existing lines Deepwater oil export projects struggle to attract customers HOUSTON, Oct 24 (Reuters) – Top executives of two U.S. energy pipeline operators on Thursday ruled out building new crude oil lines to move volumes out of … Read more
(Reuters) – U.S. crude oil refiner Valero Energy Corp said on Thursday it is considering a range of options that could include selling its two California refineries due to growing regulatory pressure in the state. Chief Executive Lane Riggs said during a conference call “all options are on the table” for the company’s two California … Read more
HOUSTON, Oct 24 (Reuters) – Federal regulators on Thursday gave an Exxon Mobil (XOM.N) and Qatar Energy LNG joint venture a 3-year extension to finish building their Golden Pass LNG plant, a regulatory document showed. The extension was granted due to delays caused when lead construction contractor Zachry Holdings filed for bankruptcy in March, according … Read more
U.S. energy pipeline operator Enterprise Products is not considering adding a new crude oil line out of the Permian shale field in West Texas, co-CEO Jim Teague said on Thursday. A wave of consolidation in the top U.S. shale field has concentrated output in the hands of companies that are promising to restrain output so … Read more
U.S. natural gas futures climbed about 4% to a one-week high on Thursday on forecasts for cooler weather and more heating demand over the next two weeks than previously expected and on rising prices for gas in global markets that should boost the value of U.S. liquefied natural gas (LNG) exports. Front-month gas futures for … Read more
(Reuters) – European gas prices are still subject to upward pressure due to rising demand in Asia and concerns over future supply of Russian and liquefied natural gas (LNG), the CEO of Norwegian oil and gas producer Equinor said on Thursday. “Winter is approaching, and European demand will depend on the weather and temperature. A … Read more
by EnergyNow Staff Carbon offsets are a tool used to mitigate the environmental impact of greenhouse gas (GHG) emissions. They allow individuals, businesses, or governments to compensate for the emissions they produce by investing in projects that either remove carbon dioxide (CO2) from the atmosphere or prevent further emissions. The concept is that by supporting … Read more
Revenue of $906.5 million Net income attributable to ChampionX of $72.0 million Adjusted net income of $85.9 million Adjusted EBITDA of $197.5 million Income before income taxes margin of 11.2% Adjusted EBITDA margin of 21.8% Cash from operating activities of $141.3 million and free cash flow of $108.1 million THE WOODLANDS, Texas, Oct. 23, 2024 (GLOBE NEWSWIRE) — ChampionX … Read more
Projects 50% growth next year over its 2023 production volumes Bloomberg News Tesla Inc. surpassed Wall Street estimates for earnings in the third quarter and projected a slight increase in deliveries for the current year, reflecting a rebound in demand for its electric vehicles. The company on Wednesday reported adjusted earnings of 72 cents per share for … Read more
Offshore drilling provider Transocean is in talks to merge with rival Seadrill Ltd, Bloomberg News reported on Wednesday, citing people familiar with the matter. The companies are discussing the potential structure of the combination, it said. However, a final decision has not been made and the companies could choose to remain independent, Bloomberg reported. Seadrill … Read more
By Annie Lee Lithium ore at a mine in Minas Gerais state, Brazil.Photographer: Dado Galdieri/Bloomberg A substance seen as critical to the green energy revolution, lithium, is at risk of a future supply crunch. Even though a recent surplus of the metal has been crashing prices, demand for lithium is set to grow by almost … Read more
(Reuters) – Oil prices rose more than 1% on Thursday, reversing some of the previous session’s losses, as the Middle East conflict and reports of North Korean troops ready to help Russia in Ukraine kept traders on edge ahead of the U.S. presidential election. Brent crude futures were up $1.26, or 1.7%, to $76.22 a … Read more
U.S. crude oil inventories rose sharply last week as imports ticked higher, while gasoline stocks rose unexpectedly as refineries ramped up output after seasonal maintenance, Energy Information Administration (EIA) data showed on Wednesday. Crude inventories rose by 5.5 million barrels to 426 million barrels in the week ending Oct. 18, the EIA said, compared with … Read more
Goldman Sachs expects oil prices to average $76 a barrel in 2025 based on a moderate crude surplus and spare capacity among major producers, with concerns easing over a potential disruption in Iranian supply, it said in a note on Tuesday. “Overall, we still see the medium-term risks to our $70-85/bbl range as two-sided but … Read more
By Yogi Schulz Energy consumption forecasting has become more complex due to economic and population growth uncertainties. While the pace of the energy transition will not determine global energy consumption, it will determine the mix of various energy sources throughout the forecast period. Forecasting how the mix of various energy sources will evolve adds more … Read more
JPMorgan Chase is in talks to resume trading physical liquefied natural gas (LNG) after more than a decade, Bloomberg News reported on Wednesday, citing people familiar with the matter. The bank has had talks with at least three projects under development in the Gulf Coast to get a long-term LNG supply, the report said. The … Read more
HOUSTON, Oct. 23, 2024 /CNW/ — Shell Energy North America (US), L.P. (SENA), a subsidiary of Shell plc (Shell), has signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. This acquisition secures long-term supply and capacity offtake for Shell in the … Read more
Oct 23 (Reuters) – NextEra Energy’s third-quarter profit beat Wall Street estimates on Wednesday, helped by strength in its renewables unit. Growing demand from AI-backed data centers, along with homes and businesses using more electricity for heat and transportation, has brightened forecasts for utilities this year. The S&P index tracking utilities jumped 18.4% in the third … Read more
(Reuters) – U.S. oil refiners’ third quarter profits are expected to fall from last year on weakening margins as fuel demand softened and new refining capacity came online, energy analysts said. Refiners have come off favorable pricing and strong demand after the pandemic and Russia’s invasion of Ukraine boosted margins to record levels. U.S. gasoline … Read more
(Reuters) – Electric vehicles (EVs) were supposed to supercharge demand for metals such as lithium, nickel and cobalt. Yet prices for all three EV battery inputs have fallen to such bombed-out levels that producers are curtailing output and deferring new projects. This is partly a problem of oversupply. Explosive price rallies in 2021 and 2022 … Read more
While solar deployment is accelerating, bottlenecks in the wind industry are jeopardizing the chance to meet a global target to triple renewable capacity by 2030. The world’s green power goal has a wind problem. At the COP28 climate talks in Dubai last year, leaders from more than 130 nations agreed to triple renewable power capacity by the end of the … Read more
(Reuters) – Oil prices fell on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though futures were still up about 2% this week as traders factored in continuing conflict in the Middle East. Brent crude futures dropped $1.14, or 1.5%, to $74.90 a barrel by 1255 GMT. U.S. West Texas Intermediate … Read more
Oct 22 (Reuters) – Cheniere Energy expects China gas demand to grow to more than 600 billion cubic meters (bcm) by 2040 from 400 bcm today, a company executive said at the Asia Gas Markets conference on Tuesday. “There’s no doubt that gas demand growth in China, in absolute terms, is substantially driven by energy … Read more
Senior energy official says that the policy on gas is working Geoffrey Pyatt says he couldn’t speculate on future sanctions Bloomberg News The US will continue to “tighten the screws” on Russian liquefied natural gas exports to deprive Moscow of funds for its war in Ukraine, according to a senior State Department energy official. “Our … Read more
A U.S. appeals court on Monday appeared likely to reject a challenge by environmental groups to the Biden administration’s decision to approve exports from a planned $39 billion liquefied natural gas project in Alaska. Two members of a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit posed skeptical questions … Read more
Insurers from Cameroon, Kyrgyzstan among firms covering fleet Western sanctions have forced tankers to operate in secret One of the energy market’s open questions since Russia’s invasion of Ukraine has been who’s insuring the tankers moving Moscow’s petroleum against the risk of a catastrophic oil spill. The answer is that while some are still covered by the … Read more
A new natural gas pipeline could help reduce poverty in the underdeveloped Yucatan — but it poses a challenge to Sheinbaum’s push to cut emissions Under the crystalline waters off southeast Mexico, workers are laying a pipeline that President Claudia Sheinbaum is counting on to underpin an economic boom and lift millions from poverty. The $4.5 billion … Read more
(Reuters) – Cuba’s national grid collapsed on last Friday, leaving the entire population of 10 million people without electricity and underscoring the precarious state of the Communist-run country’s infrastructure and economy. Restoration of service is under way but long-term challenges will remain. WHY DID THE GRID COLLAPSE? Cuba’s electrical grid and oil-fired power plants are … Read more
Exclusive insights for the Oil and Gas industry. Read Now. With ongoing international climate efforts and growing pressure to meet methane emissions reduction targets, 2025 is expected to be a crucial year for evaluating global progress in mitigating the worst effects of climate change. Building on the momentum from previous years, the U.S. remains focused … Read more
Summary Blinken arrives in Israel in US push for peace Worries over slowing Chinese demand growth weigh on prices Firm dollar adds to the pressure (Reuters) – Oil prices steadied near $74 a barrel on Tuesday as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing … Read more
Summary Refiners may need to mix lighter WTI Midland with heavier crude Alternatively, refiners could convert units, requiring large investments Dated Brent benchmark may weaken up to 50 cents per barrel (Reuters) – Companies drilling for the crude that turned the U.S. into the world’s top oil producer face an unexpected dilemma: their West Texas … Read more
Australia’s top energy firm Woodside Energy sees an opportunity to beef up LNG sales to Japan, including supply from the United States, where the company just bought Tellurian and its LNG export project, CEO Meg O’Neill said on Monday. With this new position in the U.S., Woodside will be able to “offer our Japanese buyers … Read more
MADRID, Oct 21 (Reuters) – Spanish oil major Repsol has put on hold planned green hydrogen projects in Spain with an electrolysis capacity of 350 megawatts (MW) due to an unfavourable regulatory environment, a spokesperson told Reuters on Monday. The company had already warned that regulatory uncertainty, including the possibility that a windfall tax on energy companies and … Read more
Summary Court gets an earful from firms opposing proposed bid Heated opposition to negotiating exclusivity, breakup fee offer Final recommendation on sale could be stalled until January HOUSTON, Oct 21 (Reuters) – Key terms of a proposed court agreement with a U.S. hedge fund seeking to gain control of oil refiner Citgo Petroleum from Venezuela … Read more
Summary Qatar facing increasing competition from US, UAE Competitors offer flexible terms, cheaper prices Talks with Japan, South Korea buyers stalled Destination clause, terms of contracts among key disagreements Japan long term LNG outlook remains uncertain Oct 21 (Reuters) – Qatar is finding it hard to agree new deals to supply liquefied natural gas (LNG) … Read more
BOSTON, Oct. 18, 2024 (GLOBE NEWSWIRE) — Elevate Renewables (“Elevate” or the “Company”), a leading battery storage development company is pleased to announce that its Innovative Inertia Project at the Devon Generating Station in Milford, CT. has been selected to receive $27.5 million in federal funding under the U.S. Department of Energy’s Grid Resilience and Innovation Partnerships … Read more
CALGARY — Nearly six months after its opening, the Trans Mountain pipeline expansion is boosting Canada’s energy sector as promised — but questions still linger about who will pay for the project’s massive cost overruns. By a variety of measures, the expensive and contentious pipeline project is bearing fruit as more Canadian oil reaches the … Read more
(Reuters) – Oil prices rose on Monday, recouping some of last week’s more than 7% decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.16, or 1.6%, to $74.22 a barrel at 1036 GMT. U.S. West … Read more
. Bloomberg News One of the most crucial events of the year — the US presidential election on Nov. 5 — is days away. For Wall Street, the race between Vice President Kamala Harris, the Democratic candidate, and Republican former President and nominee Donald Trump adds a layer of volatility at a time when uncertainty about interest rates, … Read more
Summary Saudi Aramco: World may still need over 100 mln bpd oil in 2050 Oil demand outlook solid despite energy transition goals Saudi Aramco: Asia needs greater say in transition policies (Reuters) – Progress in the energy transition in Asia is far slower, much less equitable and more complicated than many have expected, the head … Read more
What to Know About the BRICS Group of Countries Rivaling the G-7 The BRICS group of emerging-market powers — the acronym stands for Brazil, Russia, India, China and South Africa — has gone from a slogan dreamed up at an investment bank two decades ago to a real-world club that controls a multilateral lender. It almost doubled in size in 2024, … Read more
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the fourth time in five weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 585 in the week … Read more
The $5 trillion industry’s move against clean energy and green technology may prove more damaging than political pushback over “woke” capitalism. By Sheryl Lee, Ishika Mookerjee and Christopher Udemans The fast money on Wall Street has taken a close look at key sectors in the green economy and decided to bet against them. Despite vast green stimulus packages in … Read more
(Reuters) – Mexican state oil company Pemex (PEMX.UL) will curb the activity of its exploration and production arm in the last quarter of the year as it seeks to save up to 26.8 billion pesos ($1.35 billion), an internal document showed on Friday. In deferring spending at PEP, as the arm is known, the heavily … Read more
By Javier Blas In what should be one of the least surprising developments, global electricity demand is soaring everywhere as the world moves to electrify everything. Out go gasoline cars, in come electric vehicles; out go gas boilers, in come heat pumps; and so on and so forth. That’s the energy transition. There’s a catch, … Read more
HOUSTON–(BUSINESS WIRE)–Global energy technology company SLB (NYSE: SLB) today announced that it has entered into a definitive agreement to sell its interests in the Palliser Block located in Alberta, Canada. The Palliser Block consists of oil and gas wells, surface facilities, a pipeline network and certain oil and gas development rights. The transaction, which is … Read more
Settlement is a legal-first for fracking under certain rules Private oil producer is run by billionaire Jeff Hildebrand Hilcorp Energy Co., the privately held oil producer run by billionaire Jeff Hildebrand, will pay a $9.4 million civil penalty for failing to reduce emissions of methane and volatile gases in New Mexico. It’s the first settlement to … Read more
Crude prices have fallen even as US announces more sanctions Yellen says latest steps could be ‘prelude’ to more action A week ago, the US government imposed yet more sanctions on Iran’s oil trade. Crude prices have sagged more than $5 a barrel since. The decline was largely driven by indications that Israel is going to avoid … Read more
(Reuters) – The U.S. on Friday announced nearly $2 billion in grants to protect its aging power grid against the growing threat of extreme weather fueled by climate change. BY THE NUMBERS This round of funding for the Grid Resilience and Innovation Partnerships program is for 32 projects across 42 U.S. states. About 950 miles … Read more
A new pipeline carrying shale natural gas from west Texas toward export hubs on the U.S. Gulf Coast has eased constraints that crashed local prices this year, and will help pave the way for higher U.S. oil production, energy executives said. Pipeline companies largely quit adding new capacity following the pandemic, when shale production dried … Read more
Company expects to beat goal of $3 billion in investor returns Schlumberger is often a bellwether for oil and gas industry SLB headquarters in Houston.Photographer: Mark Felix/Bloomberg SLB, the world’s biggest oilfield services provider, warned that spending growth by oil explorers has waned in the past few months as customers take a cautious approach amid … Read more
Summary Brent, WTI post largest weekly declines since Sept. 2 China’s economy grew at the slowest pace in Q3 since early 2023 Biden says there is potential to end Israel and Iran conflict in Middle East for a while US crude output at record high, while oil stocks fall, EIA says HOUSTON, Oct 18 (Reuters) … Read more
(Reuters) – U.S. natural gas futures held near a one-month low on Friday as a bullish rise in the amount of gas flowing to liquefied natural gas (LNG) export plants offset bearish forecasts that mild weather will keep heating demand low through early November. Front-month gas futures for November delivery on the New York Mercantile … Read more
(Reuters) – U.S. weekly oil field production rose by 100,000 barrels per day (bpd) to a record 13.5 million bpd during the week ended Oct. 11, the U.S. Energy Information Administration (EIA) said in its weekly Petroleum Status Report on Thursday. Reporting by Scott DiSavino and Arathy Somasekhar Editing by Marguerita Choy
(Reuters) – Oilfield services firm SLB’s (SLB.N) third-quarter profit rose 13% and beat analysts’ estimates on Friday on steady demand for its equipment and technology in international market and from offshore projects in North America. However, the company warned of limited spending by international producers in a weak oil price environment. SLB, which gets 81% … Read more
Supporting the development of several advanced small modular reactors Bloomberg News Alphabet Inc.’s Google sees nuclear power as a key part of its strategy to get around-the-clock clean energy to operate artificial intelligence facilities, Michael Terrell, senior director of energy and climate, said on Bloomberg Television. Earlier this week, Google announced its first investment in nuclear power … Read more
Combination of shareholders, lenders and customers are participating in the bridge funding Bloomberg News Northvolt AB is closing in on a US$300 million rescue package that includes debt and equity, according to people familiar with the matter, buying time for the cash-strapped Swedish battery maker to stabilize production and line up longer-term financing. A combination of … Read more
(Reuters) – U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday. Crude inventories fell by 2.2 million barrels to 420.6 million barrels in the week ended Oct. 11, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.8 million-barrel rise. Crude stocks at … Read more
(Reuters) – Oil production in North Dakota rose 10,000 barrels-per-day (bpd) to 1,179,000 bpd in August, monthly data from the state Industrial Commission showed. The data was released on the North Dakota Industrial Commission’s monthly index report page and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission’s general … Read more
Spot LNG shipping rates are declining atypically this year Vessel additions, trade patterns help curb cost of transport Ships that carry liquefied natural gas are being built faster than new supplies of the fuel can come to market, helping to lower transport costs and cushioning consumers from paying even more for energy this winter. The … Read more
HOUSTON, Oct 17 (Reuters) – Cheniere Energy (LNG.N) moved one step closer to producing first liquefied natural gas from a Corpus Christi, Texas, expansion project on Thursday after it received permission from federal regulators to put a supply line into operation. Cheniere is the largest U.S. LNG exporter and the world’s second largest producer of … Read more
Summary Brent, WTI headed for biggest weekly drop since Sept.2 US crude stocks, fuel inventories fall, EIA says China’s Q3 economy grew at the slowest pace since early 2023 Hezbollah to escalate war with Israel after the killing of Hamas leader Yahya Sinwar OPEC and IEA cut their forecasts for global oil demand in 2024 … Read more
By Andres Gonzalez and Ron Bousso CEO seeks to scale back focus on renewables, sources say BP seeks to reduce spending in offshore wind, sources say Company has projects in Britain, UK, Germany and Asia LONDON, Oct 17 (Reuters) – BP (BP.L) is considering selling a minority stake in its offshore wind business, according to … Read more
Justices won’t block rule while case appeal plays out Power, mining companies sought to halt EPA regulation The US Supreme Court let the Environmental Protection Agency move ahead with its stringent new emissions limits for power plants, rebuffing businesses and Republican-run states that complained the rule will impose exorbitant compliance costs. The high court order is a major boost … Read more
Demand for all fossil fuels to stop growing this decade World enters ‘Age of Electricity’ with EV sales set to climb The world is heading into an era of cheaper energy prices as a shift towards electricity use leaves behind surpluses of oil and gas, the International Energy Agency predicted. Global demand for all fossil fuels will … Read more
Oct 17 (Reuters) – Schneider Electric will pay about $850 million for a controlling stake in Motivair Corp, a specialist in liquid cooling for high-performance computing, the French firm said on Thursday, beefing up offerings for rapidly-growing data centres. The all-cash deal, expected to close in the coming quarters, will give Schneider a stake of … Read more
The U.S. Department of Energy said on Wednesday it has approved conditional loan guarantee commitments totaling nearly $3 billion for two sustainable aviation fuel projects.The agency’s Loan Programs Office said the funding of up to $1.44 billion to Calumet’s unit would support the expansion of its facility in Montana. The facility will utilize vegetable oils, … Read more
Fossil fuels have created unprecedented safety from extreme weather—and the recent hurricanes would’ve been far worse without them By Alex Epstein Myth: Hurricanes Helene and Milton show that we’re experiencing unprecedented danger from extreme weather thanks to fossil fuels. Truth: Fossil fuels have made us much safer from extreme weather—and the recent hurricanes would’ve been far … Read more
As nuclear power companies gear up to revive old reactors and build a generation of new ones to meet burgeoning power demands for artificial intelligence, cryptocurrency and electric vehicles, they still face a daunting risk-management task: what to do with thousands of tons of spent reactor fuel. The U.S. nuclear-power renaissance is plunging ahead without … Read more
(Reuters) – Oil prices were broadly flat on Thursday as investors waited on developments in the Middle East, the release of official U.S. oil inventory data and details on China’s stimulus plans. Brent crude futures were up 25 cents to $74.47 a barrel at 0834 GMT, while U.S. West Texas Intermediate crude futures were at … Read more
Amazon on Wednesday said that it was investing in small nuclear reactors, coming just two days after a similar announcement by Google, as both tech giants seek new sources of carbon-free electricity to meet surging demand from data centers and artificial intelligence. The plans come as the owner of the shuttered Three Mile Island nuclear … Read more
Summary Companies Phillips denied Propel’s trade secrets claims Jury decided the case in Oakland, California (Reuters) – Energy company Phillips 66 owes biofuel maker Propel Fuels $604.9 million in damages for stealing Propel’s trade secrets to build up its renewable-fuel capabilities, a jury in a California state court decided on Wednesday. The jury in Oakland … Read more
(Reuters) – The Russian General Prosecutor’s office was seeking to collect more than 1 billion euro ($1.09 billion) in damages from international energy major Shell the RIA news agency reported on Tuesday, citing the Moscow Arbitration court. Russia’s Prosecutor General earlier this month filed a lawsuit against eight units of Shell, which quit Russia following the start … Read more
Nabors Industries on Tuesday agreed to buy drilling services provider Parker Wellbore as the oilfield services company aims to expand its global drilling business. The company would acquire Parker Wellbore for 4.8 million shares of Nabors’ common stock, subject to a share price collar, and the assumption of net debt of about $100 million. As … Read more
(Reuters) – Over-estimating China’s appetite for crude has been a factor in oil markets this year, especially by OPEC, and it’s a theme that looks likely to continue in coming years. The increasing shift to electricity in transport from fossil fuels and what it termed “electric mobility” is “wrong-footing oil producers,” according to the International … Read more
U.S. natural gas futures held near a three-week low on Tuesday on expectations mild weather over the next two weeks will keep demand low. Front-month gas futures for November delivery on the New York Mercantile Exchange remained unchanged at $2.490 per million British thermal units (mmBtu) at 8:11 a.m. EDT (1211 GMT). On Monday, the … Read more
Summary Global oil demand to peak before 2030 at less than 102 mb/d LNG demand growth to be outpaced by capacity growth to 2030 Surplus fossil fuel could increase focus on clean energy (Reuters) – The world is on the brink of a new age of electricity with fossil fuel demand set to peak by … Read more
Summary OPEC+ cuts tighten market U.S. crude inventories likely rose last week Product inventories expected to have fallen (Reuters) – Oil steadied on Wednesday, supported by OPEC+ cuts and uncertainty over what may happen next in the Middle East conflict, although an outlook for ample supply next year added downward pressure. Crude fell more than 4% to … Read more
By Shariq Khan Exxon to auction operated and non-operated wells in Bakken shale Assets on sale spread across 49,000 net acres in North Dakota Assets sale could fetch over $500 million, says sources NEW YORK, Oct 15 (Reuters) – Top U.S. oil producer Exxon Mobil Corp (XOM.N) plans to sell a portion of its assets … Read more
Share auction to pay for expropriations and defaults stalled Creditors in Texas, New York courts seek to ‘jump’ priority HOUSTON, Oct 15 (Reuters) – ConocoPhillips (COP.N) has filed a court motion to preserve the U.S. oil producer’s almost top priority among Citgo Petroleum creditors to cash proceeds from an auction of shares in the parent … Read more
Berkshire Hathaway Energy’s 0.8-bcfd Cove Point LNG export plant in Lusby, Maryland, returned to production on Saturday, three weeks after it shut down for annual maintenance, according to data from financial firm LSEG. The plant is one of the smallest U.S. LNG export facilities, but with low gas prices since March this year, any loss … Read more
Alphabet Inc.’s Google is investing in the development of the next generation of nuclear power, backing a company that’s building small modular reactors and agreeing to purchase energy once the sites start supplying US grids. Google signed an agreement with Kairos Power to construct a series of so-called SMRs that use molten-salt cooling technology. The move … Read more
Summary IEA cuts 2024 demand growth forecast by 40,000 bpd Projection for 2025 raised by 50,000 bpd Oil drops as Iran supply disruption concerns ease (Reuters) – The world oil market is heading for a sizeable surplus in the new year, the International Energy Agency said on Tuesday as it reassured markets that the agency … Read more
(Reuters) – OPEC cut its estimate for China’s crude oil demand growth in 2024 for a third straight month in October, but the producer group is still massively optimistic given the reality of falling imports. The latest monthly report by Organization of the Petroleum Exporting Countries (OPEC) said China’s crude oil demand will expand by … Read more
TotalEnergies expects lower Q3 results amid outages, shrinking refining margins PARIS, Oct 15 (Reuters) – French oil major TotalEnergies expects its third-quarter downstream results to sharply decrease due to a 65% drop in refining margins in Europe and elsewhere, the company said on Tuesday amid a drop in global oil prices. TotalEnergies’ shares were around … Read more
Purchases of carbon offsets last year fell for the first time since 2016, according to an analysis of 260,000 publicly available transactions. (Corrects the percentage decrease in demand for offsets in the 2nd paragraph of a story originally published on Nov. 27, 2023, and related figures in the first two charts.) Carbon offsets once looked primed … Read more
Summary Brent, WTI down 4% Israeli PM Netanyahu says willing not to strike Iran oil targets OPEC, IAE cut global oil demand growth outlook (Reuters) – Oil prices tumbled more than 4% to a near two-week low on Tuesday due to a weaker demand outlook and after a media report said Israel is willing to not strike … Read more
(Reuters) – Citi Research on Monday raised its bull case scenario for oil prices for this quarter and the next one, citing heightened potential of the market to fear or realize supply losses during these months due to growing Middle East conflict. The bank upgraded its bull case for the fourth quarter of 2024 and … Read more
Accident at Deer Park refinery left at least two workers dead and another 35 people injured. A fatal accident last week at a Houston-area refinery was another reminder of the risks posed by the oil industry that dominates much of the city. The vast Deer Park facility, owned by Mexico’s state-owned oil company Petroleos Mexicanos, … Read more
(Reuters) – OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group’s third consecutive downward revision. The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise … Read more
(Reuters) – India needs to explore the need for a production-linked incentive (PLI) scheme to improve its renewable energy transmission capacity, power secretary Pankaj Agarwal said at an event on Monday. “We need to think about how we should localize supply chain for transmission equipment,” Agarwal said, adding that 1,650 gigawatts (GW) of global renewable … Read more
Bloomberg News Elon Musk Showcases Tesla’s Autonomous ‘Robocab’ and ‘Robovan’ as Company Pivots to Robotics Elon Musk’s unveiling of self-driving taxi prototypes let down some Tesla Inc. investors, with many expecting more particulars on how the carmaker can possibly pull off his latest robocar predictions. Tesla might currently be riding the failures of the Cybertruck, but the company’s … Read more
(Reuters) – The United States expanded sanctions against Iran’s petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said. The U.S. move adds petroleum and petrochemicals to an executive order that targets key sectors of Iran’s economy with the aim of denying the government … Read more
(Reuters) – Oil and gas activity in the U.S. Midwest and Rockies declined during in the third quarter, marking its seventh consecutive quarterly drop, according to survey results released on Friday by Federal Reserve Bank of Kansas City. The survey, conducted in mid-September, covers companies drilling in Kansas, Colorado, Nebraska, Oklahoma and the northern half … Read more
Summary Brent, WTI decline more than 2% China oil imports fall from a year ago for a fifth month in September China flags more fiscal stimulus, leaves out key details on size US to send anti-missile system and troops to Israel, markets remain on edge (Reuters) – Oil prices declined over 2% on Monday, wiping … Read more
The strikes by Hurricanes Helene and Milton have made dealing with climate disasters a major issue in the contest’s final weeks. Back-to-back, catastrophic strikes by Helene and Milton in the southeastern US are reshaping the presidential race, putting climate disasters front and center in the final stretch of Vice President Kamala Harris and former President … Read more
(Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one to 586 in the week to Oct. … Read more
(Reuters) – A U.S. appeals court on Friday put on hold approvals and permits necessary to allow a Kinder Morgan subsidiary to construct a 32-mile gas pipeline in Tennessee, at the urging of environmental groups. The proposed Cumberland Project, set to be constructed by Kinder Morgan’s Tennessee Gas Pipeline, could transport about 245,000 dekatherms per day … Read more
Summary Companies Both benchmarks settle up 1% on the week Investors consider Israel’s response to Iran’s attack last week Hurricane aftermath to weigh on Florida fuel demand Libyan oil production restored to pre-central bank crisis levels HOUSTON, Oct 11 (Reuters) – Oil prices settled lower on Friday but rose for the second straight week as … Read more
Here at GEO PSI we often say “You can’t manage what you don’t measure”. And with the ever-increasing need to optimize operations and control costs, operators are looking to real-time remote monitoring as a way to drive the profitability of their assets. The Issues Many energy companies are not equipped with the modern technology required … Read more
Malaysia project secures $690 million Export-Import Bank loan Biden issued order to curb funding for fossil fuel projects The US Export-Import Bank authorized a $690 million loan to help help build a petrochemical plant in Malaysia, despite objections from climate activists who say the project flouts Biden-Harris administration promises to halt financing for fossil fuel projects abroad. The loan approved … Read more
Move comes with Israeli retaliation expected at any time Order relies on Trump-era push to choke off Iran’s economy The US broadened the scope of its sanctions on Iran’s oil and gas sectors in response to a ballistic-missile attack on Israel, ramping up economic pressure on Tehran ahead of Israeli retaliation that’s expected any day. … Read more
Calgary, Alberta, Canada: October 11, 2024 – Hazloc Heaters, a leading manufacturer of industrial unit heaters for hazardous and severe-duty locations, is pleased to announce that we have received the approval to use the UKCA (UK Conformity Assessed) marking on the AEU1 series of Explosion-Proof Electric Air Heaters for hazardous locations. The new UKCA marking … Read more
Japan is considering stepping up purchases of liquefied natural gas (LNG) for emergency needs to at least 12 cargoes a year from three now, an official of its industry ministry said, to guard against unexpected supply shocks. The reserve-boosting plan entails additional purchases by the world’s second biggest buyer of LNG after China, increasing its … Read more
Exxon Mobil said on Thursday it has acquired state leases for over 271,000 acres in Texas state waters for an offshore carbon dioxide (CO2) capture operation. The lease with the Texas General Land Office follows Exxon’s 2021 bid for federal land off the Texas coast for CO2 capture, and its emergence as a high bidder on … Read more
Report says settlements with tokens could save billions Russia has sought to lower reliance on dollar after sanctions Russia is proposing changes to cross-border payments conducted among BRICS countries aimed at circumventing the global financial system, as the heavily penalized country seeks to sanctions-proof its own economy. The alternatives include developing a network of commercial … Read more
By Nia Williams Summary AECO gas prices hit a two-year low in late September on strong supply, brimming storage inventories Producers curtail up to 1 bcf/d due to low prices LNG Canada export facility due to start operating next year (Reuters) – A huge liquefied natural gas export terminal led by Shell called LNG Canada, may … Read more
(Reuters) – Governments’ targets and plans to speed up the use of renewable energy are set to deliver only half of the growth needed to reach a U.N. climate goal to triple capacity by 2030, a report by the International Renewable Energy Agency (IRENA) showed. WHY IT’S IMPORTANT The renewable energy goal set at the COP28 … Read more
By Karen Braun NAPERVILLE, Illinois, Oct 9 (Reuters) – Despite a jump in production, U.S. ethanol stocks dropped significantly last week, partly owing to a sharp rebound in gasoline demand, which neared three-year highs. But record exports have been the factor keeping U.S. ethanol supplies in check over the last several months, even as output of … Read more
(Reuters) – Oil prices softened on Friday but were set for a second weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites. Brent crude oil futures fell 60 cents, or 0.8%, to $78.80 a barrel by 0957 GMT. U.S. West … Read more
Licenses allow ConocoPhillips to advance legal efforts Texas-based oil and gas producer owed $10 billion by Venezuela ConocoPhillips has been granted a string of licenses by the US government that allow the oil and gas producer to better position itself to recover some or all of the roughly $10 billion it is owed by Venezuela after … Read more
EQT boss sees potential for AI data centers across Appalachia US gas market may work through glut, spurring price volatility A power substation near a data center in Ashburn, Virginia.Photographer: Nathan Howard/Bloomberg Data centers for artificial intelligence will comprise the biggest addition to US natural gas demand in coming years, according to the boss of … Read more
With countries still reeling from the energy crisis, delays to LNG projects push relief prospects further out. A wave of new liquefied natural gas supply from projects agreed years ago in anticipation of surging demand keeps getting pushed back, threatening to extend the global energy crisis. Delays from the US to Mozambique promise little imminent … Read more
HOUSTON, Oct. 09, 2024 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today provided supplemental information regarding certain third-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 third-quarter 2024. It is provided to assist investors, analysts and others in formulating … Read more
By Reuters (Reuters) – An ExxonMobil-led consortium will move to the second phase of seismic research for gas exploration in a block off the Greek island of Crete, Greece said on Thursday. Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) said that the consortium of ExxonMobil and Hellenic Energy have acquired a total of 7,789 kilometres … Read more
The Strait of Hormuz, a narrow waterway at the mouth of the Persian Gulf, is rarely far from the center of global tensions. A major shipping route that handles almost 30% of the world’s oil trade, it’s closely watched for signs of disruption. The escalating conflict between Iran and Israel has again raised concerns that shipping through the vital waterway … Read more
(Reuters) – U.S. gasoline demand rose by more than 1.1 million barrels per day in the week ended Oct. 4, the sharpest weekly increase since February 2001, data from the U.S. Energy Information Administration showed on Wednesday. Product supplied of gasoline, EIA’s measure of demand, hit 9.7 million barrels last week for the first time … Read more
The Detroit-based automaker is working to secure a supply of lithium iron phosphate batteries General Motors Co. hinted that it’s developing a lower-cost electric pickup truck that could boast a 350-mile range. The Detroit-based automaker is working to secure a supply of lithium iron phosphate batteries in North America, said Kurt Kelty, GM’s vice president … Read more
(Reuters) – More than 3.2 million homes and businesses in Florida were without power on Thursday, after Hurricane Milton made landfall on the state’s west coast hours earlier, according to data from PowerOutage.us. Milton made landfall around 8:30 p.m. EDT (0030 GMT) on Wednesday as a Category 3 hurricane with maximum sustained winds of 120 miles per hour … Read more
Summary Hurricane Milton spurs mass fuel buying in Florida EIA’s US crude inventories show higher than expected build Investors remain wary of Iran-Israel escalation (Reuters) – Oil prices rose more than 1% on Thursday, underpinned by a spike in fuel demand as a major storm barrelled into Florida, with Middle East supply risks also in … Read more
(Reuters) – U.S. crude stocks rose as refining activity slipped last week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.8 million barrels to 422.7 million barrels in the week ended October 4, the EIA said, compared with analysts’ expectations in a Reuters poll for a … Read more
U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (bcfd) in 2023 to 103.5 bcfd in … Read more
(Reuters) – More than 160,000 homes and businesses in Georgia, the Carolinas, Texas and California were without power on Wednesday as Hurricane Milton is expected to make landfall on Florida’s Gulf Coast late Wednesday, according to PowerOutage.us. The utility with the most outages was U.S. energy company Duke Energy, a major supplier in the Carolinas, … Read more
Storm triggers evacuations along state’s battered west coast Milton is menacing Tampa Bay with a dangerous storm surge Hurricane Milton is set to approach the Florida peninsula as a catastrophic Category 4 storm, bearing down on a region still struggling to recover from Helene’s devastation. Milton’s top wind speed slowed slightly to 155 miles (249 kilometers) per … Read more
Summary Renewables should meet nearly half of world’s electricity demand Growth not enough to meet triple capacity target set at COP28 Increase driven as renewables often cheapest option But millions of kilometres of grid upgrades needed (Reuters) – Renewable energy sources are set to meet nearly half of all electricity demand by the end of … Read more
By Reuters (Reuters) – Geopolitical risk premium gauges in the oil market have decreased slightly this week, following sharp increases last week in both Brent implied volatility and call options implied volatility skew, Goldman Sachs said. Oil prices steadied in Asian trading as traders weighed developments in the Middle East conflict against continued bearish expectations for … Read more
(Reuters) – Woodside Energy said on Wednesday it has completed the acquisition of U.S. liquefied natural gas developer Telluria, including its U.S. Gulf Coast LNG export project, for $1.2 billion including debt. Last week, Tellurian shareholders had voted in favour of its proposed acquisition by the Australian energy producer. Woodside said it has renamed the Driftwood LNG … Read more
The asset manager has raised US$10 billion for a fund dedicated to investing in the energy transition Bloomberg News The asset manager said earlier this year that it raised US$10 billion for a fund dedicated to investing in the energy transition as well as US$2.4 billion for a similar fund focused on emerging markets. It’s … Read more
October 9, 2024 – XI Technologies Ltd., a leader in providing innovative data and software solutions for the oil and gas industry, is thrilled to celebrate its 30th anniversary this month. The company is hosting an exclusive event on October 9th at The Calgary Petroleum Club, bringing together top professionals from across the industry for … Read more
(Reuters) – The North Dakota Pipeline Authority said on Tuesday oil production is estimated to be down nearly 60,000 to 90,000 barrels of oil per day (bpd) due to the ongoing wildfires in the U.S. state. It is the third-largest oil producing state in the country, responsible for an output of 1.161 million bpd as … Read more
Summary US crude oil stocks rose by nearly 11 million barrels last week EIA cuts US and global oil demand forecasts for 2025 Biden expected to discuss Iran with Israeli PM Netanyahu Israel could yet attack Iranian oil infrastructure Iran warns Gulf states against use of airspace for attacks (Reuters) – Oil prices erased early … Read more
(Reuters) – U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected power demand will rise to 4,093 billion kilowatt-hours (kWh) in 2024 and 4,163 billion kWh in 2025. That compares with 4,000 billion kWh … Read more
Global and U.S. oil demand growth next year will not meet prior forecasts due to weakening economic activity in China and North America, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short-Term Energy Outlook report. World oil demand is expected to grow 1.2 million barrels per day to 104.3 million bpd … Read more
(Reuters) – MARA Holdings Inc., the world’s largest publicly traded bitcoin miner, has begun producing power in the U.S. shale patch as part of a pilot program to fuel 25 megawatts of its mining operations with excess natural gas, the company told Reuters on Tuesday. The move comes as intensifying competition for electricity between Big … Read more
(Reuters) – Germany is trying to expand its natural gas import options to replace Russian supply and as part of its decarbonisation efforts. Below are details on terminals being developed to host floating storage regasification units (FSRUs) to receive liquefied natural gas (LNG). Plans also include shore-based regasification terminals and facilities to import and produce … Read more
Baker Hughes Integrated Compressor Line (ICL) technology to enhance gas swing storage capacity as part of the United Arab Emirates decarbonization strategy Scope includes 10 ICL units to be installed at Margham Gas storage facility in the Emirate of Dubai HOUSTON and LONDON, Oct. 08, 2024 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy … Read more
A week is a long time in the oil market. When traders hit their desks last Monday, Brent crude was trading closer to $70 a barrel. Their concerns largely centered on shaky supply-and-demand balances next year and additional OPEC+ barrels in the coming months. But events in the Middle East have since sent prices into overdrive near … Read more
The group says regular investments required to meet demand Long-term role of gas in the energy transition is under debate Liquefied natural gas will be needed for decades to ensure adequate energy supply, even as the world shifts to cleaner sources, an industry group of importers emphasized on Monday. Regular investments will be required to … Read more
In addition to Gates, the Department of Defense is funding a pilot project of a wind energy system that looks like a rollercoaster. Wind turbines have grown in size, but their form has largely stayed the same. A startup backed by the US Department of Defense and Bill Gates is among those looking to change … Read more
Canada’s top oil producer has bought assets from Devon, Shell ‘There’s no place like home,’ Desjardins says of consolidation Canadian Natural Resources Ltd.’s $6.5 billion acquisition from Chevron Corp. marks the latest in a string of deals that has helped make it the country’s largest oil producer and brought Alberta’s massive oil sands deposits almost entirely under local … Read more
By Gavin Maguire (Reuters) – Power producers in the United States have lifted natural gas-fired generation to new highs over the first nine months of 2024, sustaining the country’s position as the leading driver of global natural gas consumption. Natural gas’s share in the U.S. generation system also climbed to new highs this year. Gas supplied … Read more
Summary Concern over potential oil supply disruption eases China ‘fully confident’ it will meet full-year economic targets US API inventory data due at 2030 GMT (Reuters) – A rally in oil prices took a break on Tuesday as the market waits for Israel’s response to last week’s Iranian rocket attacks that triggered a price surge … Read more
Summary Companies Storm expected to miss most oil infrastructure Set to make landfall near Tampa Imports and exports could be temporarily halted Biden approves emergency declaration (Reuters) – At least one oil and gas platform in the U.S. Gulf of Mexico was shut on Monday and Florida ports imposed restrictions on vessel navigation as Hurricane Milton rapidly … Read more
Bearish traders whipsawed by China stimulus, Iran-Israel WTI call skew highest since Russia’s invasion of Ukraine Oil futures posted their largest gain in more than a year last week. And the frenzy was even bigger in the options market. As traders fretted over the risk of a major price spike, the call skew on second-month … Read more
Finding and development costs rose 70% to $17 a barrel in 2023 Industry worries ‘shale is getting old,’ report says More consolidation in the US shale sector is needed to cope with soaring costs to identify and exploit untapped oil reserves, according to Kimmeridge Energy Management Co. So-called finding and development costs surged 70% to $17 … Read more
(Reuters) – Norway’s Equinor has bought a 9.8% stake valued at around $2.5 billion in renewable energy group Orsted it said on Monday, making it the second largest shareholder after the Danish government. Orsted’s share price rose on the news, trading 3.4% higher at 1103 GMT, while Equinor’s shares fell by 1.9%. An Orsted spokesperson declined … Read more
Summary Norway plans first floating wind tender in 2025 Floating wind is an immature technology requiring state support Subsidies to be capped at 35 billion Norwegian crowns (Reuters) – The Norwegian government proposed on Monday to offer up to 35 billion Norwegian crowns ($3.29 billion) in subsidies in the country’s first commercial floating wind power … Read more
Trump helped broker plan to cut oil production, boost prices Petroleum chiefs’ support increasingly important to campaign Oil executives have emerged as an increasingly important source of funding for Donald Trump, as industry titans open their wallets to bolster the Republican nominee’s campaign for a second term in the White House. The billionaires backing Trump include Kelcy … Read more
Summary BP had aimed to cut output by 25% by 2030 BP eyeing investments in Iraq, Kuwait CEO Auchincloss to unveil new strategy in February (Reuters) – BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence, three … Read more
The stage of Methane Mitigation America 2024 is set against a backdrop of significant regulatory flux, as the oil and gas industry now navigates a landscape characterized by rapidly evolving methane reduction mandates in the United States. This presents unprecedented challenges in maintaining operational efficiency while avoiding hefty economic penalties and safeguarding corporate reputation. Moreover, … Read more
Mats are often an underappreciated asset on job sites, but in Canada’s diverse and unpredictable terrain, they’re crucial for ensuring the success and safety of a project. Whether you’re in oil and gas, renewable energy, or construction, here are three compelling reasons why matting should be a part of your next job. 1. They Help … Read more
The deal is for 20% stake in the Athabasca Oil Sands Project and a 70% holding in Duvernay shale Chevron Corp. agreed to sell its stakes in some oil sands and shale assets to Canadian Natural Resources Ltd. for $6.5 billion. Photo by David Paul Morris/Bloomberg Chevron Corp. agreed to sell its stakes in some oil sands … Read more
Summary Brent crude rises towards $80 Conflict escalation risk counters demand-side pressures, says analyst OPEC+ poised to start raising production from December (Reuters) – Oil prices extended gains on Monday, with Brent nearing $80 to build on last week’s steepest weekly jump since early 2023, driven by fears of a wider Middle East conflict and … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, energy services firm Baker Hughes said on Friday in its closely followed report. The oil and gas rig count, an early indicator of future output, fell by 2 to 585 in … Read more
Summary Justices deny emergency requests to halt EPA rules Challengers argue EPA exceeded its powers EPA says rules benefit public health, climate WASHINGTON, Oct 4 (Reuters) – The U.S. Supreme Court declined on Friday to put on hold new federal air pollution rules from President Joe Biden’s administration to tighten limits on mercury and methane, acting in challenges brought … Read more
By Reuters DUBAI, Oct 5 (Reuters) – Iran’s oil minister Mohsen Paknejad said on Saturday that he was “not worried” amid the escalating conflict in the region, the ministry’s Shana news site said, after reports that Israel may strike Iran. “I am not worried about the crises that the enemies of the revolution are creating, and this trip … Read more
By Clyde Russell (Reuters) – The OPEC+ group of crude oil exporters is still planning on lifting output from December, but it will be doing so against a backdrop of weak demand in the top-importing region of Asia. Asia’s imports of crude were 27.05 million barrels per day (bpd) in September, up marginally from August’s 26.47 … Read more
(Reuters) – Oil and natural gas developer Infinity Natural Resources is pursuing an initial public offering in the United States after nearly doubling its revenue in the first half of the year, a filing from the company showed on Friday. Backed by investment firms Pearl Energy Investments and NGP Capital, Infinity will aim to list … Read more
Summary Brent crude posts biggest weekly gains since Jan 2023 Israel conducts air attack on Beirut, Iran calls on allies to step up anti-Israel struggle Biden says he would consider alternatives to striking Iranian oilfields if he was in Israel’s shoes Oil analysts caution prices could stay elevated until Middle East conflict is resolved Spare … Read more
(Reuters) J.P. Morgan Global Commodities Research maintains Brent oil averaging $80 per barrel (bbl) in 4Q24 Crude prices are set for 10% weekly gains as investors weighed the prospect of a wider Middle East conflict, Brent crude futures trading at $78.71 a barrel while U.S. West Texas Intermediate crude futures trading at $74.79 a barrel … Read more
(Reuters) – Tellurian shareholders have voted in favor of the U.S. LNG developer’s proposed $1.2 billion acquisition by Australian energy producer Woodside Energy Group, the company said on Friday. Shares rose 1.4% to 98 cents in premarket trade. Woodside in July agreed to buy Tellurian, including its U.S. Gulf Coast Driftwood LNG export project. The … Read more
(Reuters) – U.S. natural gas futures eased on Friday, but looked still set for their sixth straight weekly gain on worries over tighter supplies due to a decline in output and as the latest federal report showed utilities added smaller-than-normal amount of gas into storage last week. Front-month gas futures for November delivery on the … Read more
Firm seeks to extend life of Indiana facility by three years Power demand spike has complicated utilities’ climate goals Duke Energy Corp. plans to extend the life of its largest coal-fired power plant, pushing aside its climate goal to shutter all facilities that burn the dirty fuel by 2035. The utility said it plans to operate … Read more
Exxon Mobil Corp. said lower oil prices and refining margins reduced third-quarter earnings by $1.6 billion compared with the previous period. The oil giant revealed quarterly earnings guidance in a regulatory filing Thursday. The impacts of lower oil prices and shrinking refining margins will be partly mitigated by gains of about $900 million from timing effects and … Read more
(Reuters) – Britain will provide funding of up to 21.7 billion pounds ($28.5 billion) over 25 years to develop carbon capture and storage (CCS) projects to curb emissions from industry and create new jobs in northern England, the government said on Friday. Britain has a climate target to reach net zero emissions by 2050 and … Read more
CALGARY — The coming boom in artificial intelligence represents both a threat and an opportunity for the clean energy transition, market experts suggest. No longer purely in the realm of the tech sector, AI has in recent years become an energy industry issue. The expected rapid rollout of the energy-hungry data centres needed to power … Read more
In today’s digital and services-dominated economy, one might be forgiven for buying into the narrative that oil no longer has any real bearing on inflation. That would be a mistake. Inflation is starting to undershoot some central banks’ targets, in large part because the year-on-year change in the oil price is deeply negative. This is … Read more
By Georgina Mccartney and Liz Hampton Brent jumped 5% on Tuesday after Iran attacked Israel US output to hit record 13.49 million bpd by year’s end Global crude supplies not yet disrupted by Middle East war OPEC is set to start raising output later this year HOUSTON/DENVER, Oct 2 (Reuters) – The oil industry and … Read more
(Reuters) – Oil prices rose sharply on Friday, and were on track for 10% weekly gains as investors weighed the prospect of a wider Middle East conflict disrupting crude flows after President Biden said the US was discussing an Israeli attack on Iranian oil facilities. Brent crude futures were up $1.09, or 1.4%, at $78.71 … Read more
U.S. crude oil inventories rose last week as refinery utilization rates fell amid weakening fuel demand, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended Sept. 27, the EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub rose by … Read more
By Sourasis Bose Oct 2 (Reuters) – U.S. energy companies’ shares gained as crude oil prices climbed 3% on worries over an escalation in tensions in the Middle East after Israel and the U.S. vowed to respond to Iran’s missile attack on its arch foe. Israeli Prime Minister Benjamin Netanyahu promised that Iran would pay … Read more
MOSCOW, Oct 2 (Reuters) – Russian Deputy Prime Minister Alexander Novak said on Wednesday that oil prices have increased as markets do not rule out a decline in oil supply due to the conflict in the Middle East. In televised comments after a meeting of top OPEC+ ministers kept oil output policy unchanged, including a … Read more
By Alex Lawler, Ahmad Ghaddar, Maha El Dahan and Olesya Astakhova OPEC+ JMMC met on Wednesday, kept output policy unchanged Compliance with cuts by Iraq and Kazakhstan under scrutiny LONDON/DUBAI, Oct 2 (Reuters) – A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start raising output from December, … Read more
Europe likely to require more LNG imports next year: report IEA sees gas consumption in Europe dropping slightly this year Global demand for natural gas will hit an all-time high next year as competition for seaborne fuel intensifies between Asia and Europe, according to the International Energy Agency. After a drop in imports this year, … Read more
Vladimir Putin’s ambition to triple exports by 2030 looks like a stretch, and that bodes well for Washington. Vladimir Putin’s strategy to expand liquefied natural gas exports hinges on finding buyers willing to circumvent US sanctions. So far, that’s proven a challenge. Key to the Russian president’s plans is the vast Arctic LNG 2 plant, which started … Read more
Oct 3 (Reuters) – Enbridge said on Thursday it would build and operate crude oil and natural gas pipelines in the U.S. Gulf of Mexico for the recently sanctioned Kaskida oil hub, operated by BP. The pipelines are expected to be operational by 2029 and would cost $700 million, the Canadian firm said. The crude oil … Read more
(Reuters) – Four electricity transmission projects serving the U.S. southwest, southeast and New England will get $1.5 billion in public funding to improve the grid’s resilience and connect customers with clean energy, the government said on Thursday. The funds for the second phase of the Transmission Facilitation Program come from a 2021 bipartisan infrastructure law … Read more
OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country’s facilities but the producer group would struggle if Iran retaliates by hitting installations of its Gulf neighbours. Iran fired hundreds of missiles at Israel on Tuesday in response to Israeli airstrikes and attacks. Israel’s … Read more
Oilfield-service costs for US shale drillers are expected to rebound in 2025, clawing back some of this year’s drop, as explorers expand the hunt for natural gas and extend sideways wells, according to industry consultant Enverus. This year’s reduction in drilling and fracking, combined with the push to max out efficiencies, are seen lowering per-well … Read more
Oil prices climb on prospects of wider Middle East war Summary Supply worries heightened by intensifying conflict U.S. oil stocks unexpectedly rise OPEC+ capacity could cushion Iranian supply shock Oct 3 (Reuters) – Oil prices rose on Thursday on investor concern that a widening Middle East conflict could disrupt crude oil flows from the region, … Read more
EQT Corp said on Tuesday it would lay off about 15% of its workforce as part of an “integration process” following its $14 billion acquisition of Equitrans Midstream. This marks the natural gas producer’s biggest job cut since 2019, when it laid off about 23% of its workforce just months after Toby Rice joined the … Read more
The oil industry and markets have had a muted reaction to growing conflict in the Middle East, a sign of just how well stocked oil supplies are as U.S. output grows and OPEC+ prepares to lift production. The global oil benchmark Brent jumped 5% on Tuesday after Iran, a key producer and member of the … Read more
Summary New PM Ishiba waters down tone against nuclear power in Japan Japan to continue with nuclear power plant restarts, new METI minister Muto says Japan to use renewable energy to its maximum, METI minister says (Reuters) – Japan plans to continue safely restarting nuclear power plants and will use as much renewable energy as … Read more
(Reuters) – The Kremlin said on Wednesday it could not confirm a report that Russia’s energy minister had put forward a proposal to nationalize the energy sector. Russian authorities have repeatedly said they have no plans to de-privatize large companies, including oil and gas producers. On Tuesday, a Telegram channel called EJ, citing unnamed sources, … Read more
(Reuters) – Final investment decisions for hydrogen projects have doubled over the last 12 months, dominated by China, but installed capacity and demand are low as the industry faces uncertainty, the International Energy Agency (IEA) said in a report on Wednesday. The investment decisions represent a five-fold increase of current low-emission hydrogen production by 2030, … Read more
(Reuters) – U.S. shale producer Diamondback Energy raised its third-quarter production forecast on Tuesday to reflect its $26 billion acquisition of Endeavor Energy. The Texas-based company completed its acquisition of Endeavor Energy last month, making it the third-largest oil and gas producer in the top U.S. shale region, the Permian Basin, putting it just behind industry giants Exxon … Read more
Summary Minister makes comments hours before OPEC+ committee meets Says many moving factors in short term including geopolitics Comments echo those of Russia’s Novak on Monday Says OPEC+ sacrificed more than other producers (Reuters) – United Arab Emirates Energy Minister Suhail al-Mazrouei said on Wednesday OPEC+ was doing a noble job of balancing the oil … Read more
Summary OPEC+ joint ministerial monitoring committee meets on Wednesday Unlikely to change production agreement, two sources say Compliance with cuts by Iraq and Kazakhstan under scrutiny (Reuters) – An OPEC+ ministerial panel scheduled to meet on Wednesday is unlikely to recommend any changes to policy, allowing the group to start gradually increasing production from December, … Read more
By: Blake Ericson, Martha Maier, and Bryan Vining How does OTM-45 work for PFAS testing? The EPA introduced OTM-45 in 2021 as a benchmark for PFAS stack testing and as a starting point for future PFAS stack testing standards. OTM-45 identifies and determines concentrations in mass per unit gas volume sampled of specific PFAS compounds … Read more
Oklahama City, OK – Kimray, a longstanding leader in energy control solutions, and Kathairos, a trailblazer of emissions abatement technology, announced a strategic partnership aimed at providing scalable zero-emissions solutions to oil and gas operators. Together, Kimray and Kathairos are powering two critical processes of our time – energy production and energy decarbonization. Their collaboration … Read more
By Jonathan Stempel Berkshire Hathaway Energy repurchasing Scott family stake Berkshire stake in energy unit will rise to 100% from 92% Analysts expected buyout, price appears lower than forecast Oct 1 (Reuters) – Berkshire Hathaway (BRKa.N) will take full ownership of Berkshire Hathaway Energy, after the unit of Warren Buffett’s conglomerate agreed to acquire the … Read more
(Reuters) – U.S. shale oil and gas executives are moving to electric rigs and fracking to reduce diesel emissions but grid infrastructure and cost challenges are hurdles, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly energy survey. The survey of Texas, Louisiana and New Mexico executives also revealed third-quarter oil and … Read more
Summary Oil prices rise on fears over Middle East supply disruptions Iran fires over 180 missiles on Israel, says attack is over Israel and the U.S. vow retaliation against Tehran OPEC+ panel meets later on Wednesday LONDON, Oct 2 (Reuters) – Oil prices climbed more than 2% on Wednesday on rising concerns that Middle East … Read more
By Ron Bousso Oil majors paid shareholders $272 bln last year Lower oil prices, refining margins to curb profits Some companies to borrow, others to cut payouts, analysts say LONDON, Oct 1 (Reuters) – Major energy companies are set to borrow billions to maintain shareholder payouts or cut the rate of share repurchases in the … Read more
Pipeline is moving about 0.3 bcf per day into Transco Permian has long struggled with not enough pipeline capacity Matterhorn Express Pipeline has begun transporting natural gas into Williams Cos.’s Transco pipeline, a long-awaited addition to midstream infrastructure serving the Permian Basin. Matterhorn is moving about 0.3 billion cubic feet per day into Transco, an established pipeline … Read more
Company delays payout as it seeks agreement with debtholders Second LNG export cargo is heading to Europe, firm says Shares of New Fortress Energy Inc. plunged as much as 16% after the US-based natural gas provider delayed its dividend payment. The company founded by Wes Edens said its previously declared dividend of $0.10 a share will be delayed until it … Read more
(Reuters) – Britain will become the first G7 country to end coal-fired power production on Monday with the closure of its last plant, Uniper’s Ratcliffe-on-Soar in England’s Midlands. It will end over 140 years of coal power in Britain. In 2015 Britain announced plans to close coal plants within the next decade as part of wider … Read more
Summary Platts added U.S. crude to benchmark last year Thomson Reuters competes with Platts in assessing prices Rerouting could influence price, analysts say (Reuters) – Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises … Read more
By Sabrina Willmer Signage stands above the entrance to a Siemens AG gas turbine factory in Berlin, Germany (Bloomberg) — A US subsidiary of Siemens Energy AG agreed to pay $104 million to resolve a criminal investigation into misappropriating confidential information from competitors to win a bidding process. The US Justice Department accused Siemens of “illicitly … Read more
Bloomberg News Ford Motor Co. is offering free home chargers and installation to buyers of its electric vehicles in a bid to boost sales and overcome range anxiety among mainstream car shoppers. The incentive program will begin Tuesday and run through the end of the year, Ford officials said in a briefing with reporters. It’s available on the … Read more
Only 3% of crude oil and 1% of natural gas production in the Gulf of Mexico remained shut down in the aftermath of Hurricane Helene, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Sunday. Currently, energy producers are left with 59,000 barrels per day of oil production and nearly 17 million cubic … Read more
(Reuters) – Hedge funds sold U.S. energy company stocks at the fastest pace in five years and the sector was the most sold on Goldman Sachs’ prime brokerage trading desk last week, the bank said in a note sent to clients on Friday and seen by Reuters on Monday. A short bet profits as asset … Read more
The U.S. Federal Trade Commission allowed Chevron’s $53 billion purchase of Hess Corp on Monday, in an order that barred Hess CEO John Hess from Chevron’s board. The FTC’s order leaves Exxon Mobil’s challenge to the deal, which is expected to stretch deep into next year, as its final hurdle. The proposed merger included a Chevron … Read more
Summary OPEC+ panel meets on Oct. 2 Additional oil supply expected in December Softer Chinese PMI data casts doubts over demand Escalating Middle East conflict a growing concern (Reuters) – Oil prices edged lower on Tuesday as a stronger supply outlook and tepid global demand growth outweighed fears over escalating conflict in the Middle East … Read more
(Reuters) – The U.S. has bought 6 million barrels of oil for the Strategic Petroleum Reserve for delivery through May 2025, the Department of Energy said on Monday. The purchases are part of an effort to replenish stockpiles after President Joe Biden ordered the largest ever sale from the reserve in 2022 of 180 million … Read more
The private equity owners of Flowco have kicked off preparations for an initial public offering of the oilfield services provider that could value it at as much as $2 billion and come as early as the first half of 2025, according to people familiar with the matter. Jefferies, JPMorgan Chase and Piper Sandler have … Read more
Similar measures aimed at using labels to inform consumers about the air pollution emissions associated with gas stoves have failed in Illinois and New York. California Gov. Gavin Newsom on Friday vetoed a bill that would have required gas stoves sold in the state to come with warning labels about their air pollution emissions and … Read more
(Reuters) – U.S. trade officials this week may impose new tariffs on solar panels from four Southeast Asian nations that American manufacturers have complained employ unfair subsidies that make U.S. products uncompetitive. The announcement, due on Tuesday, is the first of two preliminary decisions the Commerce Department will make this year in a trade case brought … Read more
(Reuters) – The U.S. on Monday said it closed a $1.52 billion loan to resurrect Holtec’s Palisades nuclear plant in Michigan, and a senior Biden administration official said it could take two years to reopen the plant, which is longer than the company predicted. President Joe Biden’s administration has called for a tripling of U.S. … Read more
(Reuters) – The three largest U.S. energy exploration companies paid more than $42 billion to foreign governments last year, about eight times more than what they paid in the United States, according to regulatory filings. The disclosures from Exxon Mobil, Chevron Corp, and ConocoPhillips were required this year for the first time ever under a new … Read more
Summary Investment firm tops rival offers by CVR Energy, Gold Reserve Bid combining cash, credit is subject to court case resolutions Elliott’s interest in Citgo follows good results from stakes in Marathon Petroleum, Phillips 66 (Reuters) – An affiliate of Elliott Investment Management on Friday was named the presumptive winner in a U.S. court auction … Read more
Constantly feeling behind is overwhelming. Your time is dominated by searching and sifting through data from multiple sources. Deadlines are missed due to tracking issues. And project stakeholders aren’t getting the information they need in a timely manner. Typical solutions are to hire more people, outsource, or just suck-it up. However, technology has brought about … Read more
The integration of artificial intelligence with fixed, continuous vision technology has transformed camera-based leak detection by enabling timely action through early detection and remote alarm verification. It targets certain coverage gaps challenging to address with standard industry practices, given the limitations of their fundamental design and objective. Traditional vision methods, such boots on the ground, … Read more
Summary Israel attacks on Lebanon, Yemen raise wider war fears China factory activity shrinks for fifth straight month LONDON, Sept 30 (Reuters) – Oil prices were steady on Monday and on track to fall for the third month in a row as a strong supply outlook and questions around demand outweighed fears that Israeli strikes … Read more
By Scott Disavino Sept 27 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, … Read more
Summary Brent 2024 forecast lowest since February poll OPEC cut its 2024 oil demand growth forecast for the second time OPEC+ panel meets on Oct. 2 For table of crude price forecasts, click (Reuters) – Analysts have cut their 2024 oil price forecasts for a fifth consecutive month, citing weaker demand and uncertainty over OPEC’s … Read more
OKLAHOMA CITY, Sept. 27, 2024 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today announced that it has completed its previously announced acquisition of Grayson Mill Energy, for a transaction valued at $5 billion before giving effect to purchase price adjustments. The acquisition adds a high-margin production mix that enhances Devon’s position as one of … Read more
By Gavin Maguire LITTLETON, Colorado, Sept 26 (Reuters) – There’s a wide range in the proportion of U.S. electricity generated by clean energy sources, with nearly 100% of Vermont’s electricity coming from low-emissions power while the territory of Puerto Rico has less than 3% clean electricity. The average clean electricity supply share for the United … Read more
(Reuters) – Russia will pursue its own climate-related goals and put forward proposals on tackling global warming as an alternative to the agenda promoted by the West, Deputy Energy Minister Pavel Sorokin said on Friday. His comments could be a precursor for potential clashes at the COP29 U.N. climate summit, which is due to take … Read more
By Reuters MOSCOW, Sept 28 (Reuters) – Russia is ready to take the case of the Nord Stream pipeline explosions to court if the West fails to investigate the matter, its foreign ministry said on Saturday. The multi-billion dollar Nord Stream 1 and 2 pipelines transporting gas under the Baltic Sea were ruptured by a series … Read more
(Reuters) – The Biden administration on Friday canceled a planned auction of offshore wind development rights off the coast of Oregon after the state’s governor said she did not support the sale. The announcement was a setback to U.S. President Joe Biden’s vision to deploy turbines along every U.S. coastline as part of his efforts to fight … Read more
Summary Oil settles higher but falls on the week Investors weigh OPEC+ decision to ramp up production China’s central bank lowers interest rates Gulf of Mexico operations resume after Hurricane Helene HOUSTON, Sept 27 (Reuters) – Oil prices settled higher on Friday but fell on the week as investors weighed expectations for higher global supply … Read more
The U.S. government is “studying very closely” the possibility of imposing additional sanctions on individuals in Venezuela as well as potential revoking licenses for oil companies working in the South American country, in response to what it dubs a fraudulent election, a senior official said on Friday. Brian Nichols, U.S. assistant secretary of state for … Read more
By Jarrett Renshaw ERIE, Pennsylvania Sept 26 (Reuters) – Drillers in energy-rich Pennsylvania this week called on Democratic presidential candidate Kamala Harris to detail her position on natural gas, a fuel the energy industry bills as clean but which climate activists say is a global warming menace. President Joe Biden put a freeze on new … Read more
Cheniere Energy says it can lead the way on tracking methane Environmentalists still debating clean claims of natural gas Cheniere Energy Inc.’s top executive Jack Fusco wants the biggest gas exporter in the US to set the rules to measure the environmental impact of liquefied natural gas, using a fleet of methane tracking technologies and the … Read more
France’s TotalEnergies expands its natural gas footprint in the United States through a deal reached with Lewis Energy Group to acquire a 45% stake in some dry gas producing assets in the Eagle Ford basin in Texas, the company said on Friday. WHY IT’S IMPORTANT TotalEnergies’ is one of the top exporters of U.S.-made Liquified … Read more
U.S. natural gas futures held near a three-month high on Friday as Hurricane Helene battered the U.S. Southeast after causing Gulf of Mexico producers to cut output and millions of power outages in Florida, Georgia and the Carolinas. On its first day as the front-month, gas futures for November delivery on the New York Mercantile … Read more
Three years ago, Russia was the world’s biggest exporter of natural gas and Europe was its top customer. For the continent’s leaders, access to all that cheap Russian energy outweighed any misgivings over doing business with President Vladimir Putin. Then Russia launched its full-scale invasion of Ukraine, and this overwhelming reliance on a single supplier suddenly … Read more
By Ana Isabel Martinez Summary Pemex’s crude output fell by 6% in August compared with last year Gasoline and diesel imports remain high despite increased local production Olmeca refinery’s output far below targets set by CEO Octavio Romero Nationalistic president’s push to strengthen Pemex falters MEXICO CITY, Sept 27 (Reuters) – Crude output by Pemex (PEMX.UL) … Read more
Summary Riyadh unwilling to continue ceding market share, FT says OPEC+ sources say group focused on compliance not market share Russia says no changes to OPEC+ plans on phasing out oil cuts OPEC+ panel meets on Oct. 2 (Reuters) – The Organization of the Petroleum Exporting Countries and its allies will go ahead with a … Read more
FTC cracks down on oil megamergers, taking aim at top executives Chevron-Hess deal can go ahead without John Hess board offer HOUSTON, Sept 26 (Reuters) – U.S. antitrust regulators will bar Hess CEO John Hess from taking a board seat as a condition of its go-ahead of oil producer Chevron’s (CVX.N) $53 billion purchase of … Read more
Hart-Scott-Rodino Act waiting period has expired Company to be rebranded as Expand Energy and trade on NASDAQ under “EXE” ticker symbol OKLAHOMA CITY and SPRING, Texas, Sept. 26, 2024 /PRNewswire/ — Chesapeake Energy Corporation (NASDAQ: CHK) and Southwestern Energy Company (NYSE: SWN) today announced the waiting period in connection with the companies’ pending combination under … Read more
(Reuters) – More than 1.28 million homes and businesses in Florida were without power on Friday as Hurricane Helene made landfall as one of the most powerful storms to hit the United States, according to data from PowerOutage.us. The utility company with the most number of customers affected was Duke Energy, which had over 380,000 clients … Read more
Summary Significance of Cushing waning as output heads to Gulf Coast Record trading volumes on Houston contracts Liquidity along Gulf Coast to boost hedging, arbitrage opportunity Cushing stocks near operational low HOUSTON, Sept 27 (Reuters) – Rising U.S. crude oil exports are boosting the prominence of Gulf Coast price benchmarks and buoying trading volumes on … Read more
Swedish battery company fighting to stay afloat Bloomberg News Northvolt AB was supposed to power Europe’s response to the likes of Tesla Inc. and China’s fast-growing electric vehicle makers. Instead, the Swedish battery company is fighting to stay afloat. As it faces a crushing liquidity crunch, the company’s creditors will meet Friday to decide on freeing up … Read more
A Texas commission unanimously on Thursday approved the Permian Basin Reliability Plan, which is designed to expand power grid infrastructure in the United States’ largest oilfield to accommodate rapidly growing demand from the oil and gas industry. The Public Utility Commission of Texas (PUCT) directed the Electric Reliability Council of Texas (ERCOT) to compile the … Read more
(Reuters) – Oil prices held on Friday but remained on track for a weekly fall as investors weighed expectations for increased output from Libya and the broader OPEC+ group against fresh stimulus from top importer China. Brent crude futures were up 8 cents, 0.1%, at $71.68 per barrel, as of 0840 GMT, while U.S. West … Read more
Dealmakers are bracing for a slowdown in global mergers and acquisitions in the fourth quarter as companies postpone pursuing big targets ahead of the U.S. elections, hoping this will only be a temporary setback before a rebound next year. Deals announced worldwide in 2024 totaled $846.8 billion as of Sept. 25, up 14% from the … Read more
By Erwin Seba Riyadh to abandon $100 per barrel price target, FT says OPEC+ to move ahead with December output hike, sources say Oil prices down nearly 6% in 2024 HOUSTON, Sept 26 (Reuters) – Oil prices fell more than 3% on Thursday on a Financial Times report that Saudi Arabia, the world’s top crude … Read more
It’s become clear there’s not enough low-carbon energy to satisfy data centers’ needs, and natural gas will be key. It’s Climate Week in New York, and dominating the conversation has been the apparently insatiable appetite of artificial intelligence for power. The subject has been much in the news. Just last week, we learned that the infamous Three Mile … Read more
(Reuters) – Exxon Mobil Corp has proposed a $10 billion investment in offshore oil operations in a new investment push in Nigeria, a presidential spokesperson said on Thursday, citing company executives. The investment was announced during talks between Nigeria’s Vice President Kashim Shettima and the CEO of Exxon’s Nigeria operations Shane Harris on the sidelines of … Read more
By Reuters (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% in … Read more
(Reuters) – Oil prices slipped on Thursday, reversing earlier gains, on news that Saudi Arabia, the world’s top crude exporter, will give up on its price target in preparation for raising output. Brent crude futures were down $1.27, or 1.7%, to $72.19 a barrel, while U.S. West Texas Intermediate crude fell $1.18, also 1.7%, to … Read more
By Reuters FRANKFURT, Sept 11 (Reuters) – Prices of emissions-free trucks need to fall by as much as half to make them an affordable alternative to diesel models, a study by consultancy firm McKinsey published on Wednesday said, a necessary step to help achieve European Union climate targets. Less than 2% of the EU’s heavy freight … Read more
(Reuters) – Republican presidential candidate Donald Trump said on Tuesday he would put “back into play” the federal Arctic National Wildlife Refuge (ANWR) in Alaska, where the administration of President Joe Biden canceled oil and gas drilling leases. Trump, who made his remarks in a speech in Georgia, faces Democratic Vice President Kamala Harris in … Read more
CARROLLTON, Texas, Sept. 23, 2024 (GLOBE NEWSWIRE) — Allied Energy Corporation (OTC: AGYP) announces that the Sloan Petroleum and Enerhash USA project is now fully operational, working at 1MW off the flare gas from the Frost location. This project, which features the placement of advanced Bitcoin mining containers by Enerhash on the Sloan property, promises … Read more
(Reuters) – U.S. oil inventories fell across the board last week, the Energy Information Administration said on Wednesday, drawing down more than expected and with crude oil stockpiles hitting their lowest level in nearly 2-1/2 years. Crude stocks dropped by 4.5 million barrels to 413 million barrels in the week ended Sept. 20, the EIA … Read more
(Reuters) – U.S. energy company EQT plans to reverse some natural gas production curtailments in October and November as demand for the fuel and prices increase, CEO Toby Rice told Reuters on Wednesday. EQT, the biggest U.S. natural gas producer, has along with other U.S. drillers curtailed output in 2024 after prices collapsed to multi-year … Read more
About 29% of crude production and 17% of natural gas output in the U.S. Gulf of Mexico were shut in response to Hurricane Helene, the U.S. Bureau of Safety and Environmental Enforcement said on Wednesday. Energy producers had shut-in 511,000 barrels per day of oil production and nearly 313 million cubic feet of natural gas … Read more
Donors events planned in Houston, oil-rich Midland on Oct. 2 Republicans have fallen behind Democrats in fundraising race Donald Trump is planning a fresh fundraising swing through Texas, with plans to court donors in oil country as he seeks to narrow a cash gap with Kamala Harris in the final weeks of the presidential campaign. The itinerary includes … Read more
By Jennifer A Dlouhy and Ari Natter Wind turbines nearly as tall as the Eiffel Tower are rising off the Massachusetts coast. A $2 billion electric truck factory is taking shape in South Carolina. And in Colorado, a three-square-mile field of ink-black solar panels is powering a steel mill. The US is mobilizing so much investment into clean energy that it now tops even … Read more
(Reuters) – The chief executive of Italian energy group Eni expects Brent oil prices to recover to around $80 per barrel in the coming months. “Oil (is seen) at around $80 per barrel, while for natural gas in Italy we can (expect a price of) 30 euros per megawatt hour,” Claudio Descalzi said on the sidelines … Read more
(Reuters) – Oil prices slipped on Wednesday as investors reassessed whether China’s latest stimulus plans will be able to boost its economy and spur fuel demand in the world’s largest crude importer. Still, declining U.S. crude oil and fuel stockpiles, and more violence in the Middle East, provided some support for the market. Brent crude … Read more
Summary Resurrecting Three Mile Island could take awhile Local opponents hold memories of 1979 incident NRC busy with nuclear power permit requests NEW YORK/WASHINGTON Sept 24 (Reuters) – Constellation Energy and Microsoft plan to restart the Three Mile Island nuclear plant, hoping they have scored a quick source of enough climate-friendly energy to power rapidly … Read more
Preliminary agreement covers LNG supply from Brownsville site Supply deal adds to RWE’s Texas-based supply of chilled fuel German utility RWE AG has been identified as the buyer of US liquefied natural gas that will come from an LNG facility being planned for south Texas, according to people familiar with the matter. Developer Glenfarne Group LLC said on Sept. … Read more
(Reuters) – U.S. natural gas storage is on track to end the April-October summer injection season at a four-year high of 3.899 trillion cubic feet (tcf) on Oct. 31, according to analysts’ estimates. That compares with 3.809 tcf at the end of the summer injection season in 2023, 3.929 tcf in 2020 and a five-year … Read more
By Gary Mcwilliams and Marianna Parraga (Reuters) – Tropical Storm Helene was expected to turn eastward on its track through the Caribbean and into the Gulf of Mexico, increasing the threat of high winds and heavy rains to Cuba and Florida but lessened the risk to U.S. offshore oil production, forecasters said on Tuesday. The … Read more
By Valerie Volcovici California AG Rob Bonta accuses Exxon of misleading public on recycling Exxon defends advanced recycling, criticizes lawsuit Environmental groups support lawsuit, highlight recycling shortcomings NEW YORK, Sept 23 (Reuters) – California and several environmental groups sued Exxon Mobil (XOM.N) on Monday and accused the oil giant of engaging in a decades-long campaign … Read more
The U.S. Federal Trade Commission is expected to greenlight U.S. oil producer Chevron’s purchase of Hess as soon as this week, two people familiar with the matter said, leaving Exxon Mobil’s challenge to the $53 billion deal as its final hurdle. The proposed … Read more
By Alex Lawler and Fabio Teixeira 2045 demand forecast up 3 mln bpd from last year’s outlook OPEC extends forecast to 2050, with demand at 120.1 mln bpd OPEC sees no peak demand, unlike BP and IEA forecasts OPEC calls for $17.4 tln investment in oil industry by 2050 LONDON/RIO DE JANEIRO, Sept 24 (Reuters) … Read more
Struggling to ramp up production as demand for electric vehicles slows Bloomberg News Workers gather at a food truck in the snow at the Northvolt AB plant in Skelleftea, Sweden, on Thursday, Feb. 17, 2022. Photo by Mikael Sjoberg /Bloomberg Sweden’s Northvolt AB will shed 20 per cent of its global workforce and pause its expansion plans to slow … Read more
Nearly 20% of U.S. public charging attempts ended in failure, with roughly 10% of those aborted sessions were due to a damaged or missing cable Bloomberg News Rick Wilmer spends most of his work days at the office. But every so often, the chief executive officer of ChargePoint Holdings Inc. will make his way to … Read more
Bloomberg One of the top investors in US oil and natural gas companies says the nation’s shale producers are no longer in a position to aggressively ramp up output and give consumers a break on energy prices. “The US shale revolution has run its course,” Wil VanLoh, chief executive officer at Quantum Energy Partners LLC, said Monday … Read more
“Under this new law, you’re guilty unless you prove your innocence to some back-room bureaucratic body. That’s simply not a Canadian concept.” Photo by THE CANADIAN PRESS/Sean Kilpatrick In its latest display of environmental correctness, the federal government passed a new anti-greenwashing law that requires individuals or organizations making claims or promises about the climate … Read more
Oil production in North Dakota fell 18,000 barrels per day (bpd) to 1.168 million bpd in July, monthly data from the state Industrial Commission showed on Monday. Wells permitted jumped to 107 in July and 100 in August, versus 78 in June. The state needs to permit roughly 100 wells in a month to keep … Read more
Sept 23 (Reuters) – U.S. oil producers on Monday were scrambling to evacuate staff from Gulf of Mexico oil production platforms as forecasters predicted the second major hurricane in two weeks could tear through offshore oil producing fields. The U.S. National Hurricane Center said a potential Tropical Cyclone System Nine near the western tip of … Read more
(Reuters) – Oil prices jumped more than 2% on Tuesday on news of monetary stimulus from top importer China and concerns that conflict in the Middle East could hit regional supply while another hurricane threatened supply in the United States, the world’s biggest crude producer. Brent crude futures were up $1.76, or 2.4%, at $75.66 … Read more
By Valerie Volcovici and Simon Jessop NEW YORK, Sept 23 (Reuters) – Executives from several major companies urged world leaders on Monday to follow through on an international agreement, made at the COP28 summit in Dubai last year, to triple renewable-energy capacity by 2030 to fight climate change. Companies including massive energy-user Amazon.com (AMZN.O) and … Read more
OSLO, Sept 23 (Reuters) – Shell (SHEL.L) has scrapped plans for a low-carbon hydrogen plant on Norway’s west coast due to a lack of demand, the energy company said on Monday, days after Equinor (EQNR.OL) cancelled a similar planned project in Norway. Hydrogen derived from natural gas in combination with carbon capture and storage, known … Read more
(Reuters) – U.S. energy firm Berkshire Hathaway Energy shut its Cove Point liquefied natural gas (LNG) export plant in Maryland for about three weeks of annual autumn maintenance, according to a company notice to customers. The amount of natural gas flowing to the plant, which shut around Sept. 20, fell to near zero from an … Read more
(Reuters) – Shell said on Sunday that it would shut production at its Stones and Appomattox facilities in the Gulf of Mexico as a precautionary measure in response to a tropical disturbance. “We are in the process of safely pausing some of our drilling operations, and currently have no other impact on our production across the … Read more
How Technology Helps Garner Information from Work Already Done Join Mark Woloszyk and Steve Robins of ESG in a lively discussion about what can go wrong when your team lacks accurate GIS land-mapping data. From near death experiences to million-dollar mistakes, bad or missing data can put your team, your project, and even your organization … Read more
An overview of the operational and financial benefits of optimizing production and field development with real-time downhole data Abstract Traditionally, analytical models and simulation forecasts are made up of many assumptions and have significant error factors. These uncertainties are due to a lack of reliable data on the specific wells and reservoirs which are being … Read more
The annual ENTELEC Fall Seminar Series focuses on critical regional topics and pressing industry issues for operations in the Permian Basin. Topics and issues such as digitalization and operational efficiencies, 5G and next gen wireless, SCADA, IIoT, field communications, cybersecurity and regulatory developments. The Fall Seminar, new two-day conference format designed to fit busy schedules … Read more
By Arunima Kumar (Reuters) – Oil prices rose slightly in choppy trade on Monday after last week’s cut to U.S. interest rates and a dip in U.S. crude supply in the aftermath of Hurricane Francine countered weaker demand from top oil importer China. Brent crude futures for November edged up by 16 cents, or 0.21%, to … Read more
Three Mile Island power plant in Middletown, Pennsylvania in 2019.Photographer: Andrew Caballero-Reynolds/AFP/Getty Images The owner of the shuttered Three Mile Island nuclear plant in Pennsylvania will invest $1.6 billion to revive it, agreeing to sell all the output to Microsoft Corp. as the tech titan seeks carbon-free electricity for data centers to power the artificial intelligence … Read more
(Reuters) – Investment firm Monroe Capital LLC said on Monday it plans to launch a fresh fund of up to $1 billion to provide loans for smaller auto suppliers as the industry shifts from gasoline-powered to electric vehicles. The White House said the fund would “facilitate access to lower cost capital for small- and medium-sized … Read more
U.S. energy firms this week resumed cutting the number of oil and natural gas rigs after adding rigs last week, with the count falling for a fifth week in six, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, … Read more
How Technology Helps Garner Information from Work Already Done Are you managing your Asset Retirement Obligations (ARO) effectively? Despite software solutions purpose-built for oil and gas companies to manage, track, and calculate ARO, many companies choose to manage their ARO programs using spreadsheets. But as ARO Management has grown in importance and complexity, managing an … Read more
By Alex Epstein This past week I testified for the House Budget Committee at a hearing called “The Costs of the Biden-Harris Energy Crisis.” The main point I’ made is that the policy of government-dictated “green” energy, practiced by Biden-Harris and many other governments, is ruinous. When you shackle the most cost-effective and scalable source … Read more
Summary Oil benchmarks up around 4% for the week Federal reserve interest rate cuts support oil prices U.S. crude inventories fell to a 1-yr low last week, EIA Weaker Chinese demand could limit gains (Reuters) – Oil prices settled lower on Friday but recorded a second straight week of gains, garnering support from a U.S. … Read more
(Reuters) – Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand. The weakness is a further sign of soft consumer and industrial demand, … Read more
(Reuters) – The U.S. Energy Department said Friday it plans to award $3 billion to 25 battery manufacturing sector projects in 14 states as the Biden administration works to shift the supply chain away from China. The projects will increase domestic production of advanced batteries and battery materials and follows the adoption of U.S. EV … Read more
Chevron does not want to invest in the construction of U.S. LNG plants, as it is not the best use of the company’s capital and it can easily sell its U.S. gas, said a top official on Thursday. The head of Chevron’s midstream, Colin Parfitt, also ruled out taking an equity stake in Woodside Energy’s … Read more
(Reuters) – Construction contractor Kiewit on Thursday said it has settled a lawsuit with LNG developer Venture Global LNG over disclosures to Shell of information on the Calcasieu Pass LNG plant, the president of Kiewit Energy said. Venture Global on August 2 filed for arbitration against Kiewit alleging it passed confidential documents to Shell in a … Read more
Inventories at this key crude hub at the lowest in a decade for this time of year Bloomberg News Inventories in Cushing, Oklahoma, have been dwindling for the past four months and now sit near the lowest in a decade for this time of year. Photo by Daniel Acker/Bloomberg Oil-storage tanks at a key United States crude … Read more
Houston, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL) (“Battalion” or the “Company”) announced today that it has entered into an amendment to the previously disclosed Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Fury Resources, Inc. (“Buyer” or “Parent”), pursuant to which Parent has agreed to … Read more
LEWISVILLE, Ark., Sept. 20, 2024 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium”) (TSXV:SLI) (NYSE:A:SLI), a leading near-commercial lithium development and technology company and Equinor, a global energy leader, today announced that its jointly-owned U.S. subsidiary, SWA Lithium LLC has been selected for up to US$225 million award negotiation from the U.S. Department of Energy (“DOE”). … Read more
Human remains were found in a burned-out car that struck an Energy Transfer natural gas liquids pipeline earlier this week in Houston, sparking a criminal investigation, local media reported on Thursday citing officials. Energy Transfer on Thursday said a fire at its natural gas liquid (NGL) pipeline in La Porte, Texas, that started on Monday … Read more
German energy company Uniper and U.S. oil and gas producer ConocoPhillips said they have agreed on a supply deal for up to 10 billion cubic metres (bcm) of natural gas over the next 10 years. Under the agreement, ConocoPhillips will supply natural gas to Uniper in north-west Europe. Financial details were not disclosed. The agreement is … Read more
Kerry urges industry to back CCUS talk with workable projects Former climate diplomat helped broker fossil COP28 deal John KerryPhotographer: Benjamin Girette/Bloomberg John Kerry, the Biden administration’s former top climate diplomat, said the oil and gas industry must prove carbon capture can play a meaningful role lowering emissions or face a quicker-than-expected transition away from … Read more
Oil prices can rise after an interest rate cut due to several interconnected economic factors: Weaker Dollar: Interest rate cuts often lead to a weakening of the country’s currency, especially the U.S. dollar. Oil is typically priced in dollars on global markets, so when the dollar weakens, oil becomes cheaper for buyers using other currencies, … Read more
You’re invited to join Presto Geosystems for a live, 1-hour webinar to explore how to improve energy infrastructure resilience with geocells and construction mats. Webinar Description The energy industry continually faces complex challenges in project design and construction, ranging from constructing access roads over soft, wet soils, to managing touch and step hazards at electrical … Read more
The boom in U.S. construction of liquefied natural gas (LNG) plants has led to shortages of generators, electric motors and transformers, contributing to higher costs and construction delays, Kiewit Energy President Tom Shelby said on Thursday. Equipment shortages and rising costs for equipment, wages and cement have driven up the cost of constructing new LNG … Read more
By Curtis Williams Sept 18 – The current major U.S. expansion in liquefied natural gas exporting terminals and infrastructure will require an additional 400 vessels that can carry the supercooled gas to foreign buyers, Emily McClain, vice president of North America gas markets at research company Rystad Energy, told the Gastech conference on Wednesday. The … Read more
(Reuters) – Saudi Arabia’s crude oil exports in July fell to their lowest level in nearly a year, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. The country’s oil exports stood at 5.741 million barrels per day (bpd) in July, their lowest level since August 2023. Saudi Arabia is world’s largest exporter … Read more
The Indian Apartment Behind Russian Efforts to Break US Gas Sanctions A network stretching from Dubai to China is involved in a multi-billion dollar effort to ship gas from Russia’s Arctic LNG facility. The crayon marks on the wall of the sparsely furnished apartment hint at it being a conventional family home. But the single … Read more
Chevron CEO Michael Wirth on Tuesday criticized U.S. President Joe Biden’s administration for what he described as “attacks on the natural gas” industry and emphasized the crucial role of Permian natural gas in powering the rapid growth of artificial intelligence (AI). The CEO’s remarks followed new government plans over policies to prevent power-hungry AI data … Read more
The U.S. is seeking to buy up to 6 million barrels of oil to help replenish the Strategic Petroleum Reserve after a historic sale from the facility in 2022, the Energy Department said on Wednesday. Reuters reported exclusively this week that the solicitation would take place on Wednesday as the administration of President Joe Biden … Read more
Chesapeake Energy’s $7 billion acquisition of rival natural gas producer Southwestern Energy is expected to close early in the fourth quarter, CEO Nick Dell’Osso said on Wednesday. The deal was delayed earlier this year after the U.S. Federal Trade Commission requested additional information from the two. Chesapeake announced the all-stock purchase in January and originally … Read more
(Reuters) – Oil prices rose on Thursday after a large interest rate cut from the U.S. Federal Reserve, but Brent was still hovering around its lowest levels of the year, below $75, on expectations of weaker global demand. Brent crude futures for November were up 81 cents, or 1.1%, to $74.46 a barrel at 0750 … Read more
(Reuters) – Energy Transfer said a fire at its natural gas liquid (NGL) pipeline in La Porte, Texas, which started on Monday, continued to safely burn itself out on Wednesday with the flame having diminished overnight. The pipeline was isolated for residual product to burn off, after a massive fire knocked out power to thousands of homes … Read more
U.S. crude stocks fell while gasoline and distillate inventories rose in the week ending September 13, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 1.6 million barrels to 417.5 million barrels in the week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 500,000-barrel draw. Crude stocks … Read more
(Reuters) – The world’s largest oil producer, Saudi Aramco, wants to become a major liquefied natural gas player, the head of its natural gas business said on Tuesday. Saudi Aramco has taken the first steps to reach a goal of becoming a major LNG player, said Abdulkarim Al-Ghamdi, an Aramco executive vice president, at the … Read more
Banks say their first priority is delivering financial returns for clients—and that means energy-transition investments need to be profitable. Ever since a short clause in the 2015 Paris Agreement called for private funding to support a reduction in global greenhouse gas emissions, the role of the finance sector in delivering climate action has been subject to increasing … Read more
Democratic nominee no longer wants to ban the practice Pennsylvania is big fracking state that looms large in US race Bill McKibben speaking at Upstate Films in Rhinebeck.Photographer: Anne Riley Moffat/Bloomberg Progressive Americans unhappy with Vice President Kamala Harris’ about-face on fracking need to ease up, said environmentalist Bill McKibben. “Look, it doesn’t make me happy, but … Read more
Authorities in Deer Park say no indication of terrorism Operator Energy Transfer is letting the fire burn out By Christopher Charleston A fire on an Energy Transfer LP natural gas liquids pipeline near Houston was caused by an SUV crashing through the fence of a Walmart store and into an above-ground valve to the line, local officials said. … Read more
Permian Basin explorer aims to meet electrification demands Company also looking at using small nuclear reactors for power Diamondback Energy Inc., one of the Permian Basin’s biggest oil companies, is considering using some of the natural gas it produces to generate electricity to run drilling and fracking operations. Permian producers have increasingly shifted operations from … Read more
Energy Department enacted gas terminal moratorium in January Shale boom transformed US into world’s biggest LNG exporter The oil and gas industry is zeroing in on the Biden administration’s moratorium on new liquefied natural gas export permits as the key policy they want changed under the next US president. Chevron Corp. Chief Executive Officer Mike Wirth called on … Read more
Fracking site near Midland, Texas, U.S. August 22, 2019. Picture taken August 22, 2019. REUTERS/Jessica Lutz/File Photo (Reuters) – U.S. Vice President Kamala Harris understands natural gas prices will rise if fracking is banned, industry executives said on Tuesday, explaining their confidence that the Democratic candidate will not ban the production method if she becomes … Read more
Germany is trying to expand its natural gas import options to replace Russian supply and as part of its decarbonisation efforts. Below are details on terminals being developed to host floating storage regasification units (FSRUs) to receive liquefied natural gas (LNG). Plans also include shore-based regasification terminals and facilities to import and produce ammonia and … Read more
Summary API shows US oil stockpiles rose last week, sources say Middle East tensions in focus after pager blasts Coming up: Fed interest rate decision, EIA supply report (Reuters) – Oil fell on Wednesday after two sessions of gains after an industry report showed increasing U.S. crude and fuel inventories, offsetting rising tension in the … Read more
Utilities in the US are building a slew of plants, putting the government’s clean-energy goals further from reach. The Calpine Los Medanos Energy Center gas-fired power plant in Pittsburg, California.Photographer: Bloomberg Natural gas is back in favor in the US. In the first six months of this year, power producers announced plans to build more gas-fired capacity than they did … Read more
The new path to market for Permian Basin shale gas could could foil oil producers’ plan to curb output. By Javier Blas Now is the moment when common sense says the US shale industry should be slowing. With oil prices plunging 25% over the last year, you’d expect companies would surely react by cutting drilling. … Read more
Energy companies in the US are planning new natural gas-fired power generation at the fastest pace in years, one of the clearest signals yet that fossil fuels are likely to have a longer runway than previously thought. From Florida to Oregon, utilities are racing to meet a surge in demand from power-hungry AI data centers, … Read more
Summary Azerbaijan sets out ambitions for COP29 Summit Countries need to set new financing target Developing nations need more financial aid from wealthier countries Baku outlines more than a dozen side initiatives LONDON, Sept 17 (Reuters) – Less than two months ahead of the COP29 United Nations Climate Summit, the Azerbaijani leadership laid out its … Read more
(Reuters) – U.S. solar industry jobs rose 6% last year to nearly 280,000, their highest level ever, according to an annual study known as the National Solar Jobs Census published on Monday by the nonprofit Interstate Renewable Energy Council. WHY IT MATTERS Solar-generated electricity is one of the fastest-growing segments of the U.S. energy industry … Read more
(Reuters) – Top energy executives and ministers will meet in Houston this week for the annual Gastech conference, with U.S. markets in focus as booming liquefied natural gas (LNG) exports help wean Europe off Russian gas and as Asia moves away from coal. The U.S., once an importer of LNG, has surpassed Qatar as the … Read more
Energy Transfer says fire involved natural gas liquids line Texas pipeline regulator is investigating the incident DEER PARK, Texas (AP) — A flame that towered over a southeast Houston suburb subsided Tuesday but was still burning following a pipeline explosion that happened when a vehicle drove through a Walmart parking lot fence and struck an … Read more
Investors were more bearish than ever on crude oil last week, deepening a months-long selloff that pressured prices to multi-year lows amid growing concerns of weak demand in top consuming nations. Negative sentiment swept oil markets so strongly that short positions on Brent crude overtook long positions for the first time, data from the Intercontinental … Read more
Restocking crude near $70 a barrel would be a nice deal for the US, but it lacks the funds to do so. With oil bumping along near $70 a barrel, this should be the perfect time for the US to refill its depleted emergency stockpile. The administration of President Joe Biden sold off a record amount of … Read more
Summary Weak August data fuels China demand worries Odds of 50 bps US rate cut this week at 69% More than 12% of crude production in the U.S. Gulf of Mexico remained offline U.S. crude inventories to likely fall by about 200,000 barrels in the week ended Sept. 13 – Reuters poll Sept 17 (Reuters) … Read more
Energy major to sell its onshore wind business in the US Firm to divest part of gas-pipeline stake in $1 billion deal BP Plc on Monday announced plans to sell its onshore wind business in the US as the oil and gas giant scales back its exposure to renewables and focuses on its core business. Earlier in the … Read more
UBS cut its oil price forecasts for 2024, citing a weaker global demand outlook especially driven by a slowing Chinese economy. It lowered its price view for both Brent and WTI by $4 to $80 per barrel and $76 per barrel respectively. “The key downside risks would be a recession, which would in turn raise … Read more
U.S. Gulf of Mexico energy firms on Friday were lumbering back from hurricane disruptions as offshore oil and gas producers ramped up operations after halving the key energy region’s output, ports reopened, and onshore terminals accepted oil and liquefied natural gas (LNG) tankers. Hurricane Francine shut in up to 42% of the region’s offshore oil … Read more
There are alternative sources of energy for coal, gas and oil, but there are few substitutes for polymers. By David Fickling David Fickling is a Bloomberg Opinion columnist covering climate change and energy. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times. Could our unshakeable addiction to plastics be broken? … Read more
Natgas producer BKV aims to raise up to $315 mln in US IPO By Reuters (Reuters) – Natural gas producer BKV Corporation said on Monday it plans to raise up to $315 million in its initial public offering in the United States. The Denver, Colorado-based company is offering 15 million shares priced between $19 and $21 … Read more
Hydraulic fracturing, or fracking, has been thrust back into the public spotlight as Vice President Kamala Harris’ change of position on it comes under scrutiny given her campaign for the White House. The groundbreaking technique for oil and gas extraction that vaulted the US to energy independence has for years been a lightning rod for controversy. … Read more
Summary Offline capacity in Gulf of Mexico still supports prices Markets await decision on Fed rate cut Poor August data stokes China demand worries (Reuters) – Oil prices stabilized on Monday as ongoing disruption to U.S. Gulf oil infrastructure balanced persistent demand concerns after a fresh round of Chinese data while investors await news on … Read more
A federal judge on Friday blocked new oil drilling permits from being granted for a 5,000-well oil and gas development project in Wyoming that was approved in the waning days of Republican former President Donald Trump’s administration. U.S. District Judge Tanya Chutkan in Washington, D.C., agreed with two environmental groups that the U.S. Bureau of … Read more
Sept 13 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in five weeks in the biggest weekly rise in a year, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future … Read more
Summary Brent and WTI both set for weekly gains US offshore oil industry reawakens after Francine shut-ins US oil and gas rig count rises by most in a year Benchmarks hit multi-year lows this week on demand fears (Reuters) – Oil prices fell on Friday as U.S. Gulf of Mexico crude production resumed following Hurricane … Read more
Summary USTR maintains tariffs of 100% on Chinese EVs, 50% on semiconductors, 25% on batteries, steel USTR doubles tariffs on Chinese face masks, surgical gloves syringes US adds China tariff exclusions on five machinery categories White House adviser says tariffs counteract ‘unfair’ China EV cost advantage Sept 13 (Reuters) – The Biden administration on Friday … Read more
Asian nation dominated conversations at APPEC event this week Slowing economy, energy transition erode post-Covid recovery For the first time in two decades, China no longer looks like the engine driving global crude demand, which is uncharted waters for many of the traders and executives that gathered for the APPEC oil conference in Singapore this … Read more
Summary IEA’s 2024 demand growth forecast cut by 7.2% Projection for 2025 remains unchanged Oil prices pare gains after report (Reuters) – The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 barrels per day (bpd), or about 7.2%, to 900,000 bpd, it said in its monthly oil market report … Read more
HOUSTON, Sept. 12, 2024 (GLOBE NEWSWIRE) — 1PointFive, a wholly owned subsidiary of Occidental, announced today that the U.S. Department of Energy’s Office of Clean Energy Demonstrations (OCED) will provide up to $500 million to support the development of the South Texas Direct Air Capture (DAC) Hub. The award is a milestone in furthering commercial-scale … Read more
The company’s Energy Efficiency Assistance (EEA) program reaches local income-qualified customers, delivers free AC and home repair Detroit, Sept. 12, 2024 (GLOBE NEWSWIRE) — As temperatures climbed to more than 90 degrees across southeast Michigan in June, Eva Thompson stood in disbelief as she watched her new, free central air conditioning (AC) unit being installed … Read more
CarbonEdge™ connects subsurface and surface data across carbon capture, utilization and storage (CCUS) infrastructure Solution draws on Baker Hughes’ technology, long-standing domain expertise across its diverse portfolio ready to serve entire CCUS value chain Wabash Valley Resources will leverage CarbonEdge for measurement, monitoring, and verification of CO2 and collaborate with Baker Hughes on the solution’s continued development … Read more
Summary Brent and WTI both set for weekly gains Prices supported by supply disruption from Hurricane Francine Demand fears had pushed benchmarks to multi-year lows this week Sept 13 (Reuters) – Oil prices rose about 1% on Friday, extending their rally and putting crude on course for a weekly gain on the back of output … Read more
By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. “Fracking” is an expletive in environmental circles. Yet the spirit of shale is creeping into a business with transformational potential for … Read more
BP’s 435,000-barrel-per-day (bpd) Whiting, Indiana, refinery plans to begin turnaround as early as Sept. 20, research company IIR Energy said on Thursday.The planned maintenance activities are expected to last around 60 days, IIR said. (Reporting by Nicole Jao)
Stockpiles have been declining, but a flood of supply will push them back up next year. Despite oil’s recent foray below $70 a barrel, market balances aren’t currently that bad. The problem is, this is as good as things get for quite some time. In its monthly report Thursday, the International Energy Agency said stockpiles contracted in … Read more
The candidate touts the benefits of energy independence even as she pledges to continue Biden’s decarbonization push. Kamala Harris has a claim to serving in one of the greatest presidential administrations for the US fossil fuel industry in history. Domestic oil and gas output, refining margins and company profits have all hit record highs during her … Read more
Summary Makes second cut in 2024 oil demand growth forecast Sees headwinds for China’s diesel, gasoline demand going forward IEA to publish updated forecasts on Thursday (Reuters) – OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next … Read more
(Reuters) – Investors scrambled to shift their positioning on Wednesday following a closely-watched debate between Republican Donald Trump and Democratic Vice President Kamala Harris, as betting markets swung in Harris’ favor after the event. Shares of Trump Media & Technology Group, the company that owns Truth Social, fell 13% on Wednesday afternoon, while other so-called Trump … Read more
(Reuters) – India wants oil producers group OPEC and its allies to raise oil output as there are countries such as India where fuel demand is rising, the nation’s oil secretary Pankaj Jain said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, last week agreed to delay a planned oil … Read more
Summary US avg. gasoline price set to dip to $2.99/gal by late Oct. Lower fuel prices could help Democrats in election Pump prices down sharply in competitive ‘swing states’ Wild Card: Hurricane Francine churns through oil patch (Reuters) – U.S. motorists should see gasoline prices fall below $3 a gallon for the first time in … Read more
September 12, 2024 06:55 ET| Source: Gevo, Inc. ENGLEWOOD, Colo., Sept. 12, 2024 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), a leading developer of net-zero hydrocarbon fuels and chemicals, is pleased to announce that it has entered into a definitive agreement to acquire the ethanol production plant and carbon capture and sequestration (“CCS”) assets of Red … Read more
MIDLAND, Texas, Sept. 11, 2024 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced it and its operating subsidiary Viper Energy Partners LLC (“OpCo”) have entered into a definitive purchase and sale agreement to acquire certain mineral and royalty interest- owning subsidiaries of … Read more
Summary Hurricane Francine makes landfall in Louisiana Nearly 39% of Gulf of Mexico oil production offline IEA’s 2024 oil demand growth forecast cut by 7.2% EIA data shows U.S. oil stockpiles rose last week Sept 12 (Reuters) – Oil prices rose almost 2% on Thursday, extending a rebound spurred by concern over Hurricane Francine’s impact … Read more
About 39% of crude production and 49% of natural gas output in the U.S. Gulf of Mexico were shut on Wednesday as hurricane Francine barreled towards the Louisiana coast, the U.S. Bureau of Safety and Environmental Enforcement said. Francine was moving northeast on Wednesday with maximum sustained winds of 90 miles per hour (150 kph), … Read more
(Reuters) – Global oil demand is set to grow to a bigger record this year while output growth will be smaller than prior forecasts, the U.S. Energy Information Administration (EIA) said on Tuesday. The widening supply deficit will increase withdrawals of oil from global stockpiles, pushing Brent crude prices back above $80 a barrel in … Read more
U.S. natural gas futures climbed about 2% to an eight-week high on Wednesday as oil and gas producers continued to cut output before Hurricane Francine slams into the Louisiana coast later Wednesday. Front-month gas futures for October delivery on the New York Mercantile Exchange rose 4.9 cents, or 2.2%, to $2.281 per million British thermal … Read more
U.S. oil stockpiles rose across the board last week as crude imports grew and exports dipped and as gasoline and distillate demand weakened, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 833,000 barrels to 419.1 million barrels in the week ending Sept. 6, the EIA said, compared with analysts’ expectations in … Read more
Adjusted for inflation, oil is now at levels seen two decades ago Bloomberg News Pumpjacks are seen south of Weyburn, Sask. on Sept. 7, 2021. Photo by BRANDON HARDER/ Regina Leader-Post The world’s advanced economies might just have a new reason to hope for a firmer growth footing in the next year if some of the … Read more
Sept 11 (Reuters) – Energy facilities along the U.S. Gulf Coast have scaled back operations and evacuated some production sites as Hurricane Francine passed through the region. Fancine strengthened into a hurricane on Tuesday night and is moving toward the Louisiana coast, the U.S. National Hurricane Center said. About 24% of crude production and 26% … Read more
Crown LNG also pursuing import projects in Scotland, India To-be-disclosed location in US would directly supply importers An upstart liquefied natural gas developer that first considered constructing import terminals in Scotland and India is now turning its sights to building out export capacity from the US Gulf Coast, joining a slew of projects vying to supply the world. Norwegian … Read more
Kamala Harris is still for banning fracking—as is everyone who advocates the net-zero agenda By Alex Epstein Myth: Kamala Harris used to be for banning fracking, but now she supports fracking. Truth: Kamala Harris is still for banning fracking—because she is still for the net-zero agenda that requires banning fracking along with all other fossil fuel activities. Kamala … Read more
Texas Capital ranks among banks making biggest inroads Banks are spreading risk through new syndication models A number of US and Canadian regional banks are rapidly expanding their presence in the market for oil, gas and coal dealmaking, in a move that promises to redraw the map for the financing of fossil fuels. Among those … Read more
(Reuters) – Major buyers of liquefied natural gas (LNG) flagged risks of purchasing cargoes from the United States following the decision by President Joe Biden’s administration to pause export permits of the superchilled fuel to non-Free Trade Agreement countries. Officials from Taiwan’s CPC Corp and Germany-based SEFE, which trades LNG cargoes and sells in Asia, … Read more
Vice president noted advance in production in Tuesday debate Trump insists Harris election win would thwart fossil fuels Kamala Harris touted the record US oil boom during her time as vice president in Tuesday’s debate with Donald Trump, signaling a pragmatic approach on energy and climate policy pitched at swing state voters. Harris twice invoked the surge … Read more
(Reuters) – Trillions of dollars of bank finance to fossil fuel companies is being routed via opaque financial centres in several countries, including the Netherlands, research published on Wednesday showed. The study by Tax Justice Network, which campaigns against tax havens, highlights a lack of transparency in funding for energy companies. The study examined 60 … Read more
By Gavin Maguire Image: REUTERS/Mike Blake P LITTLETON, Colorado, Sept 11 (Reuters) – California and Texas lead the national charge on grid-scale power sector battery systems, accounting for 72% of the battery networks currently in operation and around 65% of the battery development pipeline. California has the largest footprint of currently deployed utility batteries, with roughly 9,920 … Read more
Company extracted 96% of lithium from brine at its demo plant Oilfield contractor looks for opportunities to sell technology SLB, the world’s biggest oilfield services provider, said it achieved results at a lithium project that prove it can some day produce the battery metal at a commercial scale with less impact on the environment. In … Read more
Global consumption will grow by 1 million barrels a day EIA expects market in deficit due to OPEC+ output cuts US oil demand growth is forecast to plateau this year, in the latest bearish indicator for the market, according to the Energy Information Administration. The agency sees US consumption holding steady at 20.3 million barrels a … Read more
Summary Hurricane Francine causes offshore production shut-ins About 24% of crude production in U.S. Gulf of Mexico shut API shows weekly U.S. crude, gasoline stockpiles fall (Reuters) – Oil climbed more than 1% on Wednesday, paring some of the previous day’s losses, as a drop in U.S. crude inventories and concern about Hurricane Francine disrupting … Read more
Fundraiser in Midtown Manhattan draws clean-energy advocates Trump has vowed to target offshore wind development if elected Offshore wind proponents gathered in Manhattan to throw support — and dollars — behind Democratic presidential nominee Kamala Harris, underscoring mounting concerns about the electoral risk hanging over the nascent US industry. About 70 to 80 people attended … Read more
MIDLAND, Texas, Sept. 10, 2024 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), today announced that it has closed its merger with Endeavor Energy Resources, L.P. (“Endeavor”). “We are pleased to announce the closing of this transformative merger, creating a ‘must own’ North American independent oil company,” said Travis Stice, Chairman and Chief Executive … Read more
– Fiscal Q4 Revenues Up 17% Y/Y to $21.2 Million – – Fiscal Q4 Net Income Increases to $1.2 Million; Adjusted EBITDA up 72% Y/Y to $8.0 Million – HOUSTON, Sept. 10, 2024 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its financial and operating results for its … Read more
(Reuters) – U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected power demand will rise to 4,101 billion kilowatt-hours (kWh) in 2024 and 4,185 billion kWh in 2025. That compares with 4,000 billion kWh … Read more
(Reuters) – U.S. natural gas production will decline in 2024 while demand will rise to a record high, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will ease from a record 103.8 billion cubic feet per day (bcfd) in 2023 to 103.4 bcfd … Read more
(Reuters) – About 24% of crude production and 26% of natural gas output in the U.S. Gulf of Mexico were offline as tropical storm Francine moved towards Louisiana, the U.S. Bureau of Safety and Environmental Enforcement said on Tuesday. Francine was about 380 miles southwest of Morgan City, Louisiana, and steaming 9 miles per hour … Read more
(Reuters) – U.S. ultra-low sulfur diesel futures fell to a three-year low on Tuesday, dragged down by concerns of weak economic activity which have also deepened a selloff in the broader oil market. ULSD futures traded on the New York Mercantile Exchange fell 3.6% to settle at $2.06 a gallon, the lowest since August 2021. … Read more
HOUSTON, Sept. 10, 2024 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) announced today entry into an agreement for the sale of non-core producing properties in the Permian Basin to an undisclosed buyer for $950 million, prior to customary closing adjustments. The properties are located in the Central Basin Platform, Texas and New Mexico Shelf, and … Read more
Natural gas pipeline takeaway capacity in the Permian Basin will increase as the Matterhorn Express pipeline is expected to start operating this month, the U.S. Energy Information Administration (EIA) said on Tuesday. Matterhorn, a joint venture with Whitewater, EnLink Midstream, Devon Energy, and MPLX, will transport natural gas from the Permian Basin to Katy near … Read more
The U.S. is slowly replenishing the Strategic Petroleum Reserve, buying nearly 6 million barrels of oil for delivery in the first several months of next year, after the largest sale yet from the stockpile in 2022. The Energy Department said on Monday it bought about 3.4 million barrels for delivery to the reserve’s Bryan Mound, … Read more
A major U.S. oil and gas trade group on Monday warned that energy production in the Gulf of Mexico could stop if the Commerce Department does not act quickly to publish a new assessment of how endangered species should be protected in the region. WHY IT’S IMPORTANT A court ruling by a federal judge last … Read more
By Nivedita Bhattacharjee (Reuters) – Two NASA astronauts aboard Boeing’s Starliner will stay on the International Space Station for months because of a faulty propulsion system whose problems included helium leaks. Back on Earth, SpaceX’s Polaris Dawn mission has been delayed because of helium issues on ground equipment. Boeing’s Starliner spacecraft landed uncrewed in a New Mexico desert late … Read more
(Reuters) – Norway’s Equinor has discovered gas and oil in the Haltenbanken Vest Unit prospect in the Norwegian Sea, the Norwegian Offshore Directorate said on Tuesday. The well was drilled in connection with the Lavrans discovery, which is part of the Kristin field, according to the offshore directorate. Preliminary estimates indicated a discovery of between … Read more
Major US oil and gas companies haven’t been cooperating with a congressional investigation into whether Republican presidential candidate Donald Trump made a “quid pro quo” offer to roll back environmental regulations in exchange for campaign donations, Democratic lawmakers said. Trump sought $1 billion in contributions during an April fund-raising meeting with oil and gas executives at his … Read more
By Gavin Maguire (Reuters) – The northern hemisphere summer has not yet officially finished, but United States natural gas markets are already sizing up supply and demand balances for this winter and the next year, and indicate that sharply higher prices may emerge. Forward markets for Henry Hub futures, the benchmark U.S. natural gas price, indicate … Read more
Permit ruling was meant to teach regulators a lesson, he says Yanking of Texas permits puts $18.4 billion project at risk Bloomberg News A federal court’s decision to scold a regulatory agency is putting a major Texas liquefied natural gas project — and thousands of associated jobs — at risk, said NextDecade Corp. Chief Executive Officer Matt … Read more
System to become a hurricane Tuesday on path toward Louisiana Chevron halts production at two oil platforms ahead of storm Tropical Storm Francine is set to become a hurricane Tuesday as it churns toward Louisiana, forcing some oil drillers to halt production and evacuate crews in the Gulf of Mexico. Strong winds and a dangerous … Read more
(Reuters) – Oil prices gave up the previous day’s gains on Tuesday as weak Chinese demand offset U.S. supply disruptions from Tropical Storm Francine and global oil oversupply risks that continue to weigh on the market. Brent crude futures were down 79 cents, or 1.1%, at $71.05 a barrel by 0948 GMT. U.S. West Texas … Read more
U.S. natural gas futures slid about 3% on Monday on expectations a storm forecast to hit Louisiana later this week will cut demand by causing power outages and reducing the amount of gas flowing to liquefied natural gas (LNG) export plants. That price decline came despite forecast for more demand next week than previously expected … Read more
U.S. Gulf of Mexico oil and gas producers were evacuating staff and curbing drilling to prepare for Tropical Storm Francine on Monday as it churned through the energy region on a path to bring high winds and drenching rains to the U.S. mid-South. Francine is likely to bring life-threatening storm surge to the upper Texas … Read more
(Reuters) – China’s shift towards lower-carbon fuels and a sluggish economy are dampening oil demand growth in the world’s largest crude importer, speakers at the APPEC conference said on Monday. China’s annual demand growth has slowed from around 500,000-600,000 barrels per day (bpd) in the five years before the COVID-19 pandemic to 200,000 bpd now, … Read more
(Reuters) – Exxon Mobil has pulled out of the race to buy half of Galp Energia’s stake in a large oil discovery in Namibia that has attracted interest from top energy companies, sources with knowledge of the matter said. More than 12 oil companies including Exxon, Shell and Brazil’s national oil company Petrobras had expressed interest in Galp’s 40% stake … Read more
A storm system in the Gulf of Mexico is forecast to strengthen into a hurricane early this week, bringing heavy rain, damaging winds and potentially life-threatening storm surges to parts of the Texas and Louisiana coastlines. The system is forecast to become a tropical storm on Monday as it moves north, with storm watches in … Read more
(Reuters) – Oil futures jumped by about 1% on Monday as a potential hurricane approaching the U.S. Gulf Coast helped oil prices to recover some of the previous week’s heavy losses. Brent crude rose 67 cents, or 0.94%, to $71.73 a barrel by 0901 GMT while West Texas Intermediate crude futures were up 68 cents, … Read more
(Reuters) – Morgan Stanley on Monday cut its Brent crude oil forecasts for coming quarters and said the global oil market is facing a period of demand weakness similar to those seen during recessions. Brent crude futures settled at their lowest levels since December 2021 on Friday at $71.06. Brent was trading around $71.74 a … Read more
Swing state with most Electoral College votes draws resources Tuesday debate in Philadelphia underscores state’s importance Pennsylvania is emerging as the top battleground in the White House race with Kamala Harris and Donald Trump increasingly focusing their attention and resources on the Keystone state. The most populous of the swing states, Pennsylvania — with its 19 Electoral College votes … Read more
Summary Move comes amidst falling prices on weak economic outlook Output hike of 180,000 bpd had been due to proceed in October OPEC+ holds full meeting on Dec. 1, panel meeting on Oct. 2 (Reuters) – OPEC+ has agreed to delay a planned oil output increase for October and November, the producers group said on … Read more
The number of workers in US oil fields and the amount they’re paid have now fallen for two straight months to their lowest levels this year, indicating the wave of mergers and acquisitions in the sector are taking a toll on employment. The overall number of front-line US oil and gas workers fell 1.2% on a month-over-month … Read more
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fourth week in a row for the first time since late June, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell … Read more
(Reuters) – Goldman Sachs adjusted its expectations for OPEC+ oil production saying it now expects three months of production increases starting from December instead of October, the bank said in a note on Friday. OPEC+ has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday after crude prices … Read more
Study finds that when high-polluting firms have easy access to public investor money, emissions go down By Deborah Jaremko Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Kelly Shue is a professor of finance at the Yale School of Management. Photo courtesy Yale School of Management A finance … Read more
(Reuters) – Fuel oil exports bound for the U.S. Gulf Coast slumped to their lowest level since January 2019 last month, a sign of weakened refinery demand as margins have softened, analysts said. Feedstocks like high sulfur fuel oil and other heavy residues can be refined into higher value products such as gasoline and diesel … Read more
Summary Brent settles at lowest since Dec 2021 US employment increased less than expected in August US active oil rig count held at 483 this week (Reuters) – Oil prices settled 2% lower on Friday, with a big weekly loss after data U.S. jobs data was weaker than expected in August, which outweighed price support … Read more
Even if OPEC+ continues to constrain production throughout 2025, a surplus will still emerge Bloomberg News OPEC+ has staved off an oil surplus this year by deciding to restrain production a little longer. But the temporary fix won’t hold back the supply glut awaiting global markets in 2025. The group led by Saudi Arabia and … Read more
Sept 6 (Reuters) – Bank of America Global Research on Friday downgraded its 2025 Brent price forecast by $5 to $75 per barrel, citing weaker demand, particularly from China, and significant inventory builds. According to the bank’s analysts, subdued global oil demand growth of 1.1 million barrels per day (bpd) year-on-year in 2025, combined with … Read more
(Reuters) – U.S. natural gas futures edged up about 1% to an eight-week high on Friday as the amount of gas flowing to liquefied natural gas (LNG) export plants rises and producers continue to curtail output. That small price gain occurred despite bearish forecasts for cooler weather over the next two weeks than previously expected, … Read more
Fossil fuels have made us far safer than ever from both heat and the (far more dangerous) cold. By Alex Epstein Media myth: Fossil fuels are making Texas, the capital of fossil fuels, more endangered by heat. Truth: Fossil fuels have made Texas far safer than ever from climate, both from heat and the (far … Read more
By Katrina Hamlin HONG KONG, Sept 6 (Reuters Breakingviews) – China’s electric cars have zoomed into a new era of battery-powered driving. Now models such as BYD’s (002594.SZ) Seal and Great Wall Motor’s (601633.SS) Funky Cat face an international backlash. The U.S. is quadrupling duties on imports of electric vehicles from the People’s Republic to … Read more
Norway’s annual offshore exploration licensing round in mature areas attracted bids from 21 petroleum firms, including Shell, Aker BP and Equinor, the country’s oil and energy ministry said on Friday. “We need further exploration to make new discoveries which in turn pave the way for investments to maintain production,” Energy Minister Terje Aasland said in a … Read more
Sharp declines in gasoline prices tend to come with economic downturns or other nasty market shocks, not by presidential decree. By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. Former President … Read more
(Reuters) – The U.S. on Thursday imposed sanctions on two companies and two vessels linked to Russia’s Arctic LNG 2 project, Washington’s latest step to add costs on Moscow for its invasion of Ukraine. The Arctic 2 project, 60% owned by Russia’s Novatek had been due to become Russia’s largest liquefied natural gas plant with eventual output … Read more
(Reuters) – Fossil fuels continue to rule the roost in the United States’ power sector, despite clean energy sources being rolled out at the fastest pace in history. For the past decade, U.S. power generators have prioritized clean power sources over fossil fuels, and since 2014 they have lifted clean electricity generation capacity by over … Read more
(Reuters) – The Canadian Association of Petroleum Producers (CAPP) on Thursday urged the country’s Competition Bureau to make changes to anti-greenwashing legislation passed earlier this year, and repeated calls for recent amendments to the law to be scrapped entirely. CONTEXT The Competition Bureau is developing guidance on how companies should interpret recent changes to Canada’s Competition … Read more
JPMorgan expects OPEC+ to maintain its current production levels for at least another year, leading to an average price of $75 for Brent crude in 2025, JP Morgan said in a note on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, on Thursday said they agreed to delay a … Read more
By Reuters (Reuters) – Donald Trump’s presidential campaign has laid out an energy policy platform centered around maximizing U.S. fuel and power output, in part by dismantling the Biden administration’s centerpiece efforts to fight climate change. In an ironic twist, the United States has become the world’s top producer of oil and gas during Biden’s tenure, and his agencies have … Read more
(Reuters) – U.S. crude stocks and distillate inventories fell while gasoline stocks rose in the week ending August 30, the Energy Information Administration (EIA) said on Thursday. Crude inventories fell by 6.9 million barrels to 418.3 million barrels in the week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 993,000-barrel … Read more
More From Irina Slav That we live in strange times has, I believe, been established beyond the shadow of a doubt. What was once hard fact is now open to interpretation if not outright rejected as fact, which is how we get statements, made in all seriousness, that some trees may benefit from carbon dioxide. … Read more
(Reuters) – The Matterhorn natural gas pipeline in Texas was moving small amounts of gas from the Permian basin in West Texas toward the Gulf Coast, executives at U.S. energy company Permian Resources said at the Barclays CEO Energy-Power Conference earlier this week. The Matterhorn is the biggest gas pipe under construction that is capable … Read more
Summary US crude oil inventories fell more than expected last week OPEC+ delays planned October output increase Persistent demand concerns limit price gains (Reuters) – Oil prices held at a 14-month low on Thursday as worries about demand in the U.S. and China and a likely rise in supplies out of Libya offset a big … Read more
(Reuters) – President Joe Biden’s administration on Thursday said the U.S. will spend $7.3 billion from 2022’s Inflation Reduction Act to fund clean energy projects helmed by rural electric cooperatives. The 16 funded projects will reduce energy costs and increase reliability for rural Americans, who tend to pay more for energy, the White House said. … Read more
U.S. natural gas futures jumped about 6% to a seven-week high on Thursday on a smaller-than-expected storage build, rising gas flows to liquefied natural gas export plants and a continued decline in output so far this month. That price spike came despite forecasts for less hot weather over the next two weeks than previously expected, … Read more
Sept 4 (Reuters) – If producer group OPEC+ doesn’t reduce production further, the average price of oil could drop to $60 per barrel in 2025 due to reduced demand and increased supply from non-OPEC countries, Citi said in a note on Wednesday. Citi said that while a technical rebound was possible, the market could lose … Read more
(Reuters) – Venezuela’s August oil exports hit their highest in more than four years, according to shipping data, fueled by expanded shipments to China, the U.S. and Europe as the risk of fresh U.S. sanctions grew amid an electoral dispute. The U.S. Treasury Department last year granted a broad license allowing Venezuela to freely export … Read more
By Ernest Scheyder Piedmont Lithium’s headquarters is seen in Belmont, Gaston County, North Carolina, U.S., July 16, 2021. Picture taken July 16, 2021. REUTERS/Ernest Scheyder/File Photo Summary CEO cites market conditions, plans to reapply for DOE loan later Company faces financial stress amid 83% drop in lithium prices Piedmont cancels Tennessee project, N.Carolina plans face delays … Read more
(Reuters) – An upcoming appearance by Exxon Chief Executive Darren Woods will give him a chance to tout the strong investor support he won despite a lawsuit targeting a few shareholders, and could provide some clarity around the impact of the litigation. Woods, slated to speak at a corporate governance conference in the New York … Read more
New Fortress Energy receives five-year license to sell LNG Climate groups blast White House, permit-pause appeal ongoing The Biden administration granted the first liquefied natural gas export license since a federal court overturned a temporary moratorium on issuing permits to ship the fuel. The US Energy Department granted a five-year license Tuesday to Wes Edens’ company New Fortress Energy Inc., … Read more
Baytown project still needs US tax credit approval to proceed Project likely to become world’s biggest if it goes ahead Abu Dhabi National Oil Co. agreed to take a 35% stake in Exxon Mobil Corp.’s proposed hydrogen project in Baytown, Texas, which is likely to be the world’s biggest once built. The backing from the United Arab Emirates’s … Read more
By Gavin Maguire LITTLETON, Colorado, Sept 4 (Reuters) – The United States has remained the largest exporter of liquefied natural gas (LNG) so far in 2024, but a steep drop in selling prices and a sharp swing in export volumes to key markets is likely testing exporter appetite to stay on top. The United States shipped … Read more
Meet AXIS XC1311, the first network horn speaker from Axis certified for Zone and Division 1 hazardous areas. Easy to install, configure, and use, this smart, all-in-one horn speaker doesn’t just enable clear, long-range voice messages – it unlocks the power and flexibility of IP audio in hazardous areas. AXIS XC1311 is certified worldwide for use … Read more
(Reuters) – U.S. oil and gas producer Coterra Energy CEO Tom Jorden said on Wednesday the company plans to maintain its natural gas production shut-ins until there is an improvement in prices. Natural gas prices in the United States have stayed below $2 per million British thermal unit for most of the year due to … Read more
The vast majority of projects don’t have a single customer stepping up to buy the fuel. Hydrogen’s potential as a carbon-free fuel has provoked no end of excitement. From the deserts of Australia and Namibia to the wind-blasted straits of Patagonia, companies and governments worldwide plan to build almost 1,600 plants to make it. The gas … Read more
(Reuters) – Oil prices firmed on Thursday, edging up from multi-month lows on a possible delay to output increases by OPEC+ producers and a decline in U.S. inventories, though the gains were capped by persisting demand concerns. Figures from the American Petroleum Institute (API) showed U.S. crude oil inventories fell by 7.431 million barrels last … Read more
Last week’s acquisitions are likely to be a prelude to more M&A in the midstream sector. Bloomberg News Building oil and gas pipelines in the US is difficult. That’s a result of legal challenges from environmental groups, political opposition in Democratic states and a glacial federal permitting process. Yet America’s oil and gas output keeps surging to … Read more
By Shariq Khan NEW YORK, Sept 4 (Reuters) – U.S. oil and gas producers’ appetite for dealmaking is closing in on last year’s record, with rising interest in smaller oilfields offsetting slower activity in the top oil-producing Permian Basin, analysts at consultancy firm Rystad said on Wednesday. Nearly $100 billion has been spent by U.S. … Read more
(Reuters) – U.S. natural gas company Williams Cos is on track to add 12 projects representing about 4.2 billion cubic feet per day (bcfd) of capacity from 2024-2027, company CEO Alan Armstrong said at the Barclays CEO Energy-Power Conference on Wednesday. The additions come after the company placed 17 projects representing about 5.0 bcfd of … Read more
(Reuters) – U.S. crude oil and fuel inventories fell last week, according to market sources citing American Petroleum Institute figures on Wednesday. The API figures showed crude stocks fell by 7.431 million barrels in the week ended Aug. 30, the sources said, speaking on condition of anonymity. Gasoline inventories fell by 336,000 barrels, and distillates … Read more
Targa viewed Williams’s overture as undervaluing company Targa’s market value now $33 billion after shares gain Targa Resources Corp. rebuffed informal takeover interest from larger rival Williams Cos. in recent months, people with knowledge of the matter said, in another signal of sustained appetite for consolidation in the pipeline industry. The Houston-based natural gas pipeline operator viewed the … Read more
Western sanctions against Russia will not halt the development of its LNG sector, Russian Deputy Energy Minister Pavel Sorokin said on Wednesday. “Those sanctions that have been imposed are illegal… We cannot say that they have gone unnoticed,” Sorokin said at the Eastern Economic Forum in the far eastern port of Vladivostok, adding that they … Read more
Oil pricing agency Argus launched on Wednesday three daily price quotes for crude exported from western Canada’s newly expanded Trans Mountain (TMX) pipeline amid rising demand for the oil from Asia. The agency will assess prices of crude loaded from the TMX pipeline onto Aframax-sized tankers capable of carrying 80,000 metric tons (584,000 barrels) … Read more
By Clyde Russell (Reuters) – The response of crude oil markets to a series of developments this week shows how the bearish mindset is dominating the narrative. News that should be positive for oil prices is largely discounted and ignored, while factors that add to negative sentiment are embraced and reflected in price movements. Global … Read more
(Reuters) – OPEC+ is discussing a delay in a planned output increase next month as oil prices hit their lowest in 9 months, three sources from the producer group told Reuters on Wednesday. Oil prices have been falling together with other asset classes on concerns about a weak global economy and particularly soft data from … Read more
Houston-based shale producer EOG Resources expects to ramp up operations in the Utica shale play in Ohio, Chief Operating Officer Jeff Leitzell told attendees at the Barclays CEO Energy-Power Conference in New York on Tuesday. EOG Resources has doubled its activity in the Utica year-on-year, operating on 445,000 acres with an average entry cost of around … Read more
(Reuters) – U.S. gasoline futures fell nearly 6% on Tuesday to their lowest since December 2021, as the end of the driving season weighed on demand for the motor fuel amid a sell-off in the broader oil market. Gasoline futures for October deliveries settled 5.5% lower at $1.98 per gallon, their biggest losses in a … Read more
(Reuters) – U.S. energy company Chesapeake Energy was still curtailing natural gas output, the company’s CEO Nick Dell’Osso said at the Barclays CEO Energy-Power Conference on Wednesday. Low U.S. gas prices so far in 2024 prompted Chesapeake and several other gas suppliers to cut output. “We are curtailing volumes right now,” Dell’Osso said. He noted, … Read more
HOUSTON, Sept. 03, 2024 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced the acquisition of Datagration Solutions Inc., an innovator in unified data integration, analytics, and machine learning. The acquisition establishes Weatherford as having one of the industry’s most capable and contemporary digital offerings for production and asset optimization … Read more
(Reuters) – OPEC+ has two problems and two solutions. The first problem is that crude oil prices are too low for the comfort of most of the members of the group, which pulls together the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia. The second issue is that crude demand has … Read more
Reuters – Oil prices fell slightly on Wednesday, hovering at their lowest levels since December after plunging more than 4% the previous day on signs of a weak global economy, lacklustre oil demand, and expectations of an end to a dispute halting Libyan exports. The oil price decline came during a broader sell-off in world markets, with … Read more
Exports of U.S. liquefied natural gas bounced higher in August as output from the country’s second-largest export facility rose following an outage and maintenance activities at other plants wound down, preliminary data from financial firm LSEG showed on Tuesday. Exports of the superchilled gas rose to 7.48 million metric tons (MT) in August, up from … Read more
(Reuters) – Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Tuesday. WHY IT’S IMPORTANT The impact of AI on energy and metals has mostly focused on the demand side given the … Read more
(Reuters) – Voyager Midstream Holdings, a portfolio firm of Pearl Energy Investments, said on Tuesday it has acquired some natural gas gathering and processing assets from Phillips 66 to boost its presence in Haynesville shale. Haynesville, located primarily in Louisiana and East Texas, contains large amounts of natural gas. Houston-based Voyager said the assets are … Read more
(Reuters) – Chevron (CVX.N) said on Tuesday it had started water injection operations at the company’s projects, Jack/St. Malo and Tahiti off the U.S. Gulf of Mexico, to boost oil and natural gas recovery. Since the fields started production in 2014, Jack/St. Malo have cumulatively produced almost 400 million gross barrels of oil equivalent (boe), the … Read more
Amerino Gatti appointed as executive vice president of Oilfield Services & Equipment (OFSE) business segment Maria Claudia Borras appointed as chief growth & experience officer Muzzamil Khider Ahmed appointed as chief people & culture officer HOUSTON and LONDON, Sept. 03, 2024 (GLOBE NEWSWIRE) — Baker Hughes Company (NASDAQ: BKR) (“Baker Hughes” or the “Company”) announced … Read more
U.S. spot natural gas prices for the month of August fell to a 26-year low at the Henry Hub benchmark in Louisiana, according to pricing data from financial firm LSEG. Gas prices averaged $1.99 per million British thermal units (mmBtu) in August, their lowest since hitting $1.91 during the month in 1998. That compares with … Read more
U.S. oilfield services firm Halliburton said on Tuesday it has incurred and is likely to continue to incur expenses related to its response to a cyber attack in August. The incident, in which an unauthorised third party accessed and removed information from Halliburton’s systems, caused disruptions and limited access to portions of its business applications, … Read more
By Hugo Dixon (Reuters Breakingviews) – Donald Trump has called climate change a “hoax”, while Kamala Harris says it is an “existential threat”. Those who care about limiting global warming will therefore be hoping the U.S. vice president wins the race for the White House. Scrutinise Harris’ words since she became the Democratic Party’s presidential … Read more
Summary Enbridge cuts tariffs by 11% on Mainline system for September Pipelines to ship alternative grades to offset loss of Canadian supply Canadian output expected to grow, filling excess pipeline space HOUSTON, Sept 3 (Reuters) – Pipelines that historically carry Canadian crude to the U.S. are cutting rates and looking to ship different grades of … Read more
(Reuters) – The European Commission is working on tighter rules to ensure EU funding for hydrogen projects benefits European companies, after local industries raised concerns over cheap Chinese imports, the EU’s head of climate change policy said on Monday. The EU will this month launch its next round of funding for green hydrogen projects, as … Read more
(Reuters) – The salvage operation of the oil tanker MV Sounion, which was recently attacked by Iran-aligned Houthi militants, is about to begin, the European Union’s mission in the Red Sea, Aspides, said on Monday. Aspides said in a statement that “several fires” continued to burn on the Greek-registered vessel, which is laden with about … Read more
By Mark Shenk Industry Insight from Reuters Events, a part of Thomson Reuters. Summary Falling costs and federal tax credits have improved the economics of large-scale battery storage but a busy market brings grid, permitting and supply chain risks. U.S. utility-scale battery deployment is surging as developers seek to secure tax credits introduced in the 2022 … Read more
Summary Increase effective from Nov. 1 Tax rate would be among highest in the world Government says change will help shift to renewable energy (Reuters) – British government plans to increase a windfall tax on North Sea oil and gas producers would lead to a nearly 12 billion pound ($16 billion) drop in revenue to … Read more
Sept 3 (Reuters) – Brent oil prices declined 2% on Tuesday as sluggish economic growth in China, the world’s biggest crude importer, increased demand concerns that overshadowed the impact of halted production and exports from Libya. Brent crude futures fell by $1.65, or 2.1%, to $75.87 a barrel by 1004 GMT. West Texas Intermediate crude … Read more
Steel City visit is first joint campaign event of Harris’ bid Both campaigns amping up visits to critical battleground state Vice President Kamala Harris is looking to strengthen her standing with blue-collar workers on Labor Day with visits to two critical swing states, including a joint campaign appearance with President Joe Biden. Harris arrived on Monday in Detroit, … Read more
Summary OPEC set to increase production from October Libya resumes some output to meet domestic needs China manufacturing activity slowed in August Sept 2 (Reuters) – Oil prices slipped on Monday, extending losses from the end of last week on expectations of higher OPEC+ production from October while signs of sluggish demand in China and … Read more
By Reuters (Reuters) – Iraq plans to offer 10 gas exploration blocks to U.S. companies during an upcoming visit by Oil Minister Hayan Abdel-Ghani to the United States, he announced on Saturday. The move is part of Baghdad’s efforts to attract U.S. investment into its energy sector, following previous licensing rounds where Chinese firms secured the majority of … Read more
DALLAS, Aug. 30, 2024 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) is reaffirming its strong liquidity position consisting of $94 million of available borrowing capacity under its reserve-based lending (“RBL”) facility and $11 million of cash as of August 23, 2024, as well as its expectation of significant free cash … Read more
HOUSTON, Aug. 30, 2024 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today announced that it has completed its previously announced acquisition of Total Operations and Production Services, LLC (“TOPS”). “With this accretive transaction, we are adding a young fleet that deepens Archrock’s compression operations in the Permian Basin and establishes our … Read more
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since late June, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell … Read more
Donald Trump would rescind many of President Joe Biden’s clean energy rules while also speeding approvals of power plants to meet the nation’s rising electricity demands, the Republican’s presidential campaign said on Thursday. Should he win the Nov. 5 election, Trump would axe clean energy regulations of Biden and his opponent, Vice President Kamala Harris, … Read more
U.S. oil consumption slowed in June to the lowest seasonal levels since the coronavirus pandemic of 2020, data from the U.S. Energy Information Administration showed on Friday. Product supplied of crude oil and petroleum products, EIA’s proxy for demand, fell 2.7% month over month to 20.25 million barrels per day (bpd) in June. That is … Read more
Chinese state-backed oil and chemicals company Sinochem is planning to sell its 40% stake in a U.S. shale joint venture with oil major Exxon Mobil, valued upwards of $2 billion, people familiar with the matter told Reuters. Sinochem in recent weeks hired investment bankers at Barclays to advise it on the potential sale of its … Read more
Deals expand ONEOK’s presence in the prolific Permian Basin It’s the latest in a spate of takeovers in the pipeline sector US pipeline operator ONEOK Inc. agreed to buy a Permian Basin rival and a controlling stake in another company in two transactions valued at a combined $5.9 billion. ONEOK will acquire Global Infrastructure Partners’ … Read more
(Reuters) – OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters. Eight OPEC+ members are scheduled to boost output by 180,000 barrels per day … Read more
U.S. liquefied natural gas (LNG) company Freeport LNG’s export plant in Texas was on track to return to near full power on Friday after shutting unexpectedly on Wednesday, LSEG data showed. Freeport is one of the most-watched U.S. LNG export plants in the world because it has a history of swaying global gas prices when … Read more
Summary OPEC+ to proceed with planned oil output hike from October U.S. consumer spending data dampens hopes for hefty Fed rate cut Libya’s oilfield closures cause significant production losses HOUSTON, Aug 30 (Reuters) – Oil prices retreated on Friday as investors weighed expectations of a rise in OPEC+ supply starting in October, alongside dwindling hopes … Read more
Natural gas prices in the Permian shale basin in West Texas have turned negative a record number of times in 2024, including an all-time low for Friday, as pipeline and other constraints trap gas in the nation’s biggest oil-producing basin. Spot gas prices for Friday at the Waha hub in West Texas fell by about … Read more
Trump attacked Harris’ earlier stance in gas-rich Pennsylvania Harris’ remarks on oil-extraction method most definitive yet Vice President Kamala Harris said she wouldn’t halt fracking if elected president, reversing her prior opposition to the technique used to produce most US oil and gas today. “As vice president, I did not ban fracking,” Harris said in an interview … Read more
BP shares have slumped 12% since the end of March, while Shell has risen 3.4% Bloomberg News London’s old-school oil stocks are no longer moving in tandem, as BP Plc underperforms Shell Plc due to concerns over the former’s green-energy transition and the outlook for earnings and shareholder payouts. August is set to mark the fifth-straight month that BP … Read more
The proposed moves are pending engagement with groups that represent employees Bloomberg News Shell Plc is set to cut around 20 per cent of its workforce in some oil and gas exploration and development divisions as chief executive Wael Sawan works to boost efficiency and profitability. It’s the latest round of cuts following similar moves in … Read more
(Reuters) – A U.S. bankruptcy court judge approved on Thursday a $45 million bid for the assets of failed residential solar company SunPower by rival Complete Solaria. WHY IT’S IMPORTANT Approval of the “stalking horse” bid means California-based Complete Solaria will snap up SunPower’s major assets if no higher offers emerge in the coming weeks. … Read more
(Reuters) – Japanese start-up Helical Fusion aims to launch the world’s first steady-state nuclear fusion reactor in 2034 and to begin commercial operations in the 2040s, its CEO told Reuters. Despite global efforts to harness fusion, the reaction that powers the sun, to produce emissions-free power, 70 years of research have yet to produce a commercially viable … Read more
Aug 30 (Reuters) – U.S. oil and gas firm Talos Energy (TALO.N) said on Friday its CEO Tim Duncan had stepped down from his role on Aug. 29. The company named board member Joseph Mills as its interim chief.
Summary Analysts trim 2024 Brent forecast for fourth straight month OPEC cut its forecast for 2024 global oil demand growth Aug 30 (Reuters) – Analysts have lowered their 2024 oil price outlook due to weak fuel demand from leading importer China and rising inventory levels as Saudi Arabia and OPEC+ allies prepare to ease some … Read more
The Public Utility Commission of Texas selected 17 projects, seeking $5.38 billion in government funding, to advance in a new program aimed at spurring the development of gas-fired power plants, the regulators said on Thursday. The Lone Star State, whose power grid has been plagued with bouts of prolonged blackouts, established the Texas Energy Fund … Read more
(Reuters) – Oil prices steadied on Friday on track for a weekly gain as Libyan output disruptions and Iraqi plans to curb production raised supply concerns, while data showing the U.S. economy grew faster than initial estimates eased recession fears. Still, signs of weakened demand, particularly in China, limited gains. Brent crude futures for October delivery … Read more
(Reuters) – Investors have remained resolutely bearish about the outlook for petroleum prices despite increasing confidence the U.S. Federal Reserve will cut interest rates to stimulate consumer and business spending. Fund managers reverting to selling oil futures and options last week as the short-covering rally the week before rapidly ran out of momentum and negative … Read more
HOUSTON, Aug. 29, 2024 /PRNewswire/ — Marathon Oil Corporation (NYSE: MRO) (“Marathon Oil”) announced today that it received the necessary stockholder approval for Marathon Oil’s pending merger with ConocoPhillips (NYSE: COP). Marathon Oil will file the vote results of the special stockholder meeting in a Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”). Marathon Oil and … Read more
(Reuters) – Asia’s imports of crude oil lifted in August from the two-year low in July as top-importing heavyweights China, India, South Korea and Japan brought in more barrels. Total imports for August are expected to be 26.74 million barrels per day (bpd), up from July’s 24.56 million bpd, according to data compiled by LSEG … Read more
Crude inventories fell by 846,000 barrels to 425.2 million barrels in the week ended August 23, the Energy Information Administration (EIA) said on Wednesday, compared with analysts’ expectations in a Reuters poll for a 2.3 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 668,000 barrels in the week, the EIA said. … Read more
(Reuters) – Jobs in the U.S. clean energy industry in 2023 grew at more than double the rate of the country’s overall jobs, and unionization in clean energy surpassed for the first time the rate in the wider energy industry, the Energy Department said on Wednesday. Employment in clean energy businesses – including wind, solar, … Read more
Top U.S. oil company Exxon Mobil is looking to sell oil assets in the U.S. Permian Basin that could fetch $1 billion, Bloomberg Law reported on Tuesday. Exxon, which purchased Pioneer Natural Resources for $60 billion in May, wants to sell a collection of conventional oil and gas properties in the Permian across west Texas … Read more
(Reuters) – The Alette Maersk was the first container vessel powered by low-carbon methanol fuel to cross the Pacific Ocean – a milestone in the shipping industry’s effort to reduce its climate impact. But when the 1,148-foot (350-meter) vessel arrived at the Port of Los Angeles from China last week, there was nowhere in the … Read more
Insights from the Vice President Geoscience & Innovation. Read Now. The ever-evolving regulatory landscape in the energy sector presents both challenges and opportunities for those trying to navigate it. The EPA’s final rule demands greater transparency and accountability for methane pollution from oil and natural gas facilities by improving the accuracy of annual emissions reporting … Read more
(Reuters) – U.S. President Joe Biden’s administration said on Thursday it had finalized a plan to expand solar energy on federal lands in 11 western states, part of a broader push to speed the permitting and construction of big infrastructure projects. The White House wants to accelerate approval of projects ranging from power transmission to … Read more
By Gavin Maguire LITTLETON, Colorado, Aug 29 (Reuters) – Global electricity generation from solar farms has exceeded generation from wind farms since May, marking the longest ever stretch when solar power has been the top source of utility-scale renewable electricity worldwide. Solar electricity generation exceeded wind generation in May by 1.65 terawatt hours (TWh), and … Read more
(Reuters) – Oil prices steadied on Thursday, after two losing sessions as supply concerns over Libya returned, while a smaller-than-expected draw in U.S. crude inventories sapped demand expectations. Brent crude futures had edged up 3 cents, or 0.04%, to $78.68 a barrel by 1024 GMT, while U.S. West Texas Intermediate crude futures were up 15 … Read more
Summary Biden’s DOE has awarded nearly $25 billion of conditional loans Sources say some loans won’t be finalized before January Domestic projects key to energy transition could be frozen Aug 29 (Reuters) – U.S. miners and battery recyclers are rushing to close government loans worth billions of dollars before January out of concern that former … Read more
The state leading in vehicle electrification reckons with the costs of the energy transition and who pays for it. By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. California wants … Read more
Global oil markets continue to flash warning lights as OPEC+ prepares to decide on reviving production. This week, Goldman Sachs Group Inc. and Morgan Stanley cut forecasts for crude prices amid a faltering demand outlook in China and plentiful production from across the Americas. Even more ominous for bullish investors is how calmly the market shrugged off … Read more
Summary Tech giants are acquiring energy assets from bitcoin miners Data centers could use up to 9% of US electricity by decade’s end, EPRI says Bitcoin miners face challenges repurposing for AI due to high costs and infrastructure needs Aug 28 – U.S. technology companies are pursuing energy assets held by bitcoin miners as they … Read more
Summary Company is working with partner Ithaca to develop Rosebank field Labour has said it will hike windfall tax by 3 percentage points STAVANGER, Norway, Aug 28 (Reuters) – Norway’s Equinor may reconsider investing in oil and gas in Britain if the Labour government changes the industry’s tax regime, a top company executive told Reuters. … Read more
Goldman Sachs cut its average 2025 Brent forecast and range for prices by $5 per barrel saying unexpected increases in oil inventories and slow China demand is likely to weigh on the market. The bank reduced its range for Brent prices to $70-$85 a barrel, and 2025 average Brent forecast to $77 per barrel from … Read more
(Reuters) – Oil prices fell more than 1% on Wednesday on persistent concern over Chinese demand and elevated risks of a broader slowdown, though the decline was capped by potential supply losses from the Middle East and Libya. Brent crude futures were down $1.15, or 1.45%, at $78.40 a barrel by 1200 GMT. U.S. West … Read more
(Reuters) – The U.S. is slowly replenishing the Strategic Petroleum Reserve, buying up to 6 million barrels of oil for delivery in the first several months of next year, after the largest sale yet from the stockpile in 2022. The Energy Department said late on Monday it sought to buy about 3.6 million barrels for … Read more
Exxon Mobil said it expects crude demand to stay above 100 million barrels per day (bpd) through 2050, similar to today’s levels, a forecast 25% higher than top European rival BP. The stronger demand projected by the largest U.S. oil company in its latest global oil outlook underpins Exxon’s production growth plans, the most ambitious … Read more
(Reuters) – Venezuela’s President Nicolas Maduro is getting ready to announce executive changes at state-owned company PDVSA and the oil ministry, part of key official moves following a disputed election, three sources with knowledge of the preparations said. The changes could include replacing PDVSA’s chief executive, Pedro Tellechea, with the company’s current vice president, Hector … Read more
(Reuters) – CNPC, Asia’s top oil producer, is reviewing its global strategy as it looks to revive dealmaking, eyeing gas liquefaction and deepsea drilling as well as building on its record of producing more from aging wells, the head of its research arm said. China National Petroleum Corp (CNPC) and its listed arm PetroChina face … Read more
(Reuters) – Oil prices slipped slightly on Tuesday after rebounding more than 7% over the previous three sessions on supply concerns prompted by fears of widening Middle East conflict and potential shutdown of Libyan oil fields. Brent crude futures were down 30 cents, or 0.4%, at $81.13 a barrel by 0819 GMT. U.S. West Texas … Read more
(Reuters) – Oil major Shell on Monday said it plans to shut-in different portions of its Zydeco pipeline system for maintenance for three to four days starting Sept 24. The Zydeco pipeline system, which spans over 350 miles and has a mainline capacity of about 375,000 barrels per day, has four segment and ships crude … Read more
(Reuters)– Facebook owner Meta Platforms struck a deal to buy geothermal power from Sage Geosystems to supply its U.S. data centers, it said on Monday, as it races to build out the infrastructure to support its massive investments in energy-hungry artificial intelligence. The first phase of the 150-megawatt project should be operational by 2027 and … Read more
The key to challenging the global influence of OPEC+ is a small swath of the American Southwest where drilling costs are high and most flaring is illegal. (Bloomberg) – About 100 miles east of UFO-capital Roswell, a dusty corner of New Mexico with more cattle than people is quietly buttressing the US’s world oil dominance. … Read more
By Bruno Venditti Top Countries by Fossil Fuel Consumption in 2023 This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. Fossil fuel consumption reached new record highs in 2023, driven by increased coal and oil use … Read more
(Reuters) – The Panama Canal expects to be ready to combat a possible new drought, which could hit the world’s second-largest waterway within four years, by accommodating larger vessels, securing dedicated passage for some ships and expanding its water reservoirs’ capacity, its chief, Ricaurte Vasquez, said on Monday. The canal authority has announced a return … Read more
Norway must make more area available for hydrocarbon exploration and scale up the country’s nascent renewable sector in order to protect domestic suppliers of parts and services, according to the head of the country’s second biggest oil and gas company. “We need as much acreage as is possible and whatever is hindered by environmental assessments, … Read more
(Reuters) – U.S. natural gas futures fell about 3% to a three-week low on Monday on forecasts for lower demand next week than previously expected. Energy analysts also noted the tremendous oversupply of gas still in storage has kept a lid on gas prices all year. There was still about 12% more gas in storage … Read more
A general view of the Equinor’s Johan Sverdrup oilfield platforms in the North Sea, Norway December 3, 2019. REUTERS/Ints Kalnins/File Photo STAVANGER, Norway, Aug 26 (Reuters) – Equinor plans to invest 60 billion-70 billion Norwegian crowns ($5.7 billion-$6.7 billion) a year in oil and gas offshore Norway until 2035 as it expects continuing strong demand for … Read more
(Reuters) – The U.S. has bought nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest sale ever from the facility in 2022, the Energy Department said on Friday. About 800,000 barrels per month of the domestically produced sour, or relatively high in sulfur, oil will be delivered to … Read more
(Reuters) – Shares in Swiss solar panel maker Meyer Burger plunged more than 50% on Monday after the company halted plans for a plant in Colorado, further delayed its financial results and said it was drawing up a restructuring plan. Meyer Burger had earlier this month already postponed publication of its 2024 half-year results until Sept. … Read more
Beijing urged the US to “stop its wrong practices” after Chinese companies were included on a sanctions list that’s designed to target supply chains feeding Russia and hobble its wartime economy. The Asian nation is “firmly opposed” to the sanctions and “will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese … Read more
(Reuters) – Oil prices rose 2% on Monday on news of fresh production outages in Libya, adding to earlier gains on concerns that an escalating Gaza conflict could disrupt regional oil supplies. Brent crude futures climbed $1.64, or 2.08%, to $80.66 a barrel by 1041 GMT, while U.S. crude futures were at $76.38 a barrel, … Read more
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since late June, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell … Read more
He will replace Dawn Farrell, who recently was appointed as Trans Mountain’s board chair, effective Sept. 1 Bloomberg News Trans Mountain Corp., the government-owned company operating Canada’s newest major oil pipeline, named Chief Financial and Strategy Officer Mark Maki as its next chief executive as it prepares for a sale to private owners. Maki will replace … Read more
(Reuters) – Morgan Stanley has lowered its global oil demand growth forecast for 2024, mainly due to China’s slower economic growth, increased electric vehicle usage there, and a rise in the number of trucks in China powered by liquefied natural gas (LNG). The bank cut its global oil demand growth forecast for this year to … Read more
Hydraulic Fracturing: Risks and Management Hydraulic fracturing, a technique used in oil and gas production, has faced strong opposition from environmental groups in the several decades since the practice came into widespread use. Opponents of hydraulic fracturing assert that the process poses innumerable risks to the environment and human health—and have lobbied governments to impose … Read more
Summary U.S. Fed Chair Powell says inflation heading down Dollar index softens ahead of Powell’s speech Despite Friday gains, oil down for the week (Reuters) – U.S. light crude oil gained more than 2% a barrel on Friday after comments by U.S. Federal Reserve Chair Jerome Powell indicated the central bank was preparing to cut … Read more
(Reuters) – The union representing over 9,000 Canadian rail workers vowed on Friday to challenge the federal government’s effort to mandate binding arbitration that would end an unprecedented rail stoppage at both of the country’s main freight rail carriers. The Teamsters union also filed notice to strike on Monday at Canadian National Railway, Canada’s largest … Read more
.Vessel move follows Arctic plant sanctions by US last year Shadow fleet vessels have opaque ownership, unknown insurers The US has imposed sanctions on seven liquefied natural gas carriers linked to Russia, including vessels believed to have loaded at its newest export facility in the Arctic region. LNG vessels included Pioneer and Asya Energy, which loaded the … Read more
Attack comes as oil industry increasingly relies on digital Energy Department says no sign attack has impacted services Halliburton Co., the world’s biggest provider of fracking services, said it’s alerting customers and other stakeholders after an unauthorized third party gained access to some of its systems. The Houston oilfield contractor has activated its cybersecurity response … Read more
U.S. natural gas futures slid about 2% to a two-week low on Friday on forecasts for lower demand this week than previously expected. In addition, energy analysts noted the oversupply of gas in storage has kept a lid on gas prices all year. There was still about 12% more gas in storage than normal for … Read more
Uinta assets could be valued at as much as $2 billion in sale Value of oil and gas deals has roughly doubled this year Ovintiv Inc. is considering a possible sale of its operations in the Uinta Basin, which could fetch as much as $2 billion, people with knowledge of the matter said. Denver-based Ovintiv is … Read more
(Reuters) – A California residential solar subsidy will cost ratepayers who do not have rooftop panels about $8.5 billion annually by the end of this year, contributing to higher electricity rates for consumers, according to an analysis published on Thursday by the top U.S. solar state’s ratepayer advocate. WHY IT MATTERS California’s Public Utilities Commission … Read more
Harris Skips Over Climate Change Even as Party Touts Green Wins Vice president only briefly mentioned topic in Chicago speech Issue was ‘shockingly absent’ at convention, green group says Bloomberg News Among the Democrats touting the party’s record confronting climate change at their Chicago convention, there was a major exception: Vice President Kamala Harris. Harris and … Read more
LONDON, Aug 22 (Reuters) – In the next few weeks, Saudi Arabia and its OPEC⁺ allies must take a delicate decision about whether to proceed with planned production increases from October, or postpone them because of an uncertain economic outlook. The recent slides in front-month Brent futures prices, calendar spreads and refinery margins, amid concerns … Read more
(Reuters) – Oil prices firmed on Friday but were on track to end the week lower, as weaker U.S. employment data raised concerns over the health of the world’s largest oil consumer, and renewed ceasefire talks in Gaza eased worries about supply. Brent crude futures rose 67 cents, or 0.9%, to $77.89 a barrel at … Read more
Enbridge Inc. Chief Executive Officer Greg Ebel has played a major role in the company’s transformation from an oil-focused pipeline operator into a sprawling enterprise with businesses touching all forms of energy. He came to Enbridge in the $28 billion takeover of natural gas transporter Spectra Energy Corp. in 2017 and since becoming CEO last … Read more
(Reuters) For the first time, Canada’s two main railway companies – Canadian National Railway and Canadian Pacific Kansas City – are seeing a simultaneous labor stoppage that could inflict billions of dollars’ worth of economic damage. WHY HAVE OPERATIONS AT BOTH COMPANIES STOPPED? Contract talks between the Teamsters union and the companies usually take place … Read more
Canada’s freight rail transport could come to a grinding halt after the country’s two biggest railroad operators announced an unprecedented, simultaneous work stoppage following deadlocked talks over labor contracts. Canadian National Railway and Canadian Pacific Kansas City said they had locked out their workers and shut their networks in the country early on Thursday after … Read more
Today, reporter Will Mathis examines the ongoing troubles facing the wind power industry. Just when things were starting to look up for wind power, new troubles are pulling it back down. In recent years, soaring inflation, supply-chain chaos and rapidly rising interest rates shocked turbine manufacturers and their customers, upending a business model that depended on cheap … Read more
The actions amount to further pullback by chief executive Jim Farley, who initially accelerated Ford’s shift to EVs Bloomberg News Ford Motor Co. is recalibrating its electrification strategy yet again, cancelling plans for a fully electric sport utility vehicle in a shift that may cost the carmaker around US$1.9 billion. In addition to scrapping an all-electric three-row SUV … Read more
(Reuters) – Over a hundred employees at Venezuela’s state oil company PDVSA, plus others in the oil ministry and parts of the public sector, have been forced to resign over their political views since last month’s disputed election, workers and unions said. The government says President Nicolas Maduro won a third term in the July 28 … Read more
U.S. oilfield services firm Halliburton on Wednesday was hit by a cyberattack, according to a person familiar with the matter. Halliburton said it was aware of an issue affecting certain systems at the company and was working to determine the cause and impact of the problem. The company was also working with “leading external experts” … Read more
HOUSTON, Aug 21 (Reuters) – Shares in U.S. oil producer Occidental Petroleum (OXY.N) fell to $56.17 on Tuesday, below a level that has routinely triggered purchases by its biggest holder, billionaire investor Warren Buffett’s Berkshire Hathaway (BRKa.N). Past multimillion-share purchases were so routinely timed to drops below $60 that Wall Street analysts called it “the … Read more
Pipeline operator Enterprise Products Partners said on Wednesday it will buy smaller peer Pinon Midstream for $950 million in cash to expand its natural gas infrastructure. The oil and gas pipeline industry has seen increased consolidation since last year as U.S. production grows and as problems with permits for new pipelines have made existing operators … Read more
Warmer temperatures are less of a threat than cold ones, and fossil fuels make us safer from both By Alex Epstein This is Part 3 of a 4 part feature where I cover 4 of the top energy issues that will be discussed this summer, especially as politicians return home for August Recess. Warmer temperatures … Read more
(Reuters) – The United States’ third most populous state has the country’s dirtiest major power system, and looks set to become a stand-out by remaining highly dependent on fossil fuels even as the rest of the nation transitions power systems towards cleaner energy. Fossil fuels generated over 80% of Florida’s electricity supplies since the beginning … Read more
(Reuters) – Oil prices were steady on Thursday, after falling for four straight days as investors worried about the global demand outlook, but a decline in U.S. fuel inventories provided a floor. Brent crude futures gained 31 cents, or 0.41%, to $76.36 a barrel, while U.S. West Texas Intermediate crude futures inched 18 cents up, … Read more
U.S. gasoline futures fell about 3% on Wednesday, cutting their premium over crude oil to its lowest level since November 2023, after government data showed weaker demand on a four-week- average basis. WHY IT MATTERS The U.S. consumes the most gasoline in the world, and demand for the motor fuel is typically the highest from … Read more
By Sourasis Bose Deal creates one of the largest US coal companies Combined company to export bulk of production to Asia Arch stockholders to own about 45% of combined company Consol shareholders to own rest Aug 21 (Reuters) – Arch Resources (ARCH.N) will merge with Consol Energy (CEIX.N) in an all-stock deal to create a … Read more
CALGARY, AB, Aug. 21, 2024 /CNW/ – Logan Energy Corp. (TSXV: LGN) (“Logan” or the “Company“) announces its financial and operating results for the three and six months ended June 30, 2024, an increase to the borrowing base available under the Company’s credit facility to $75.0 million, and enhancements to the executive management team. Selected financial and operational information set out below … Read more
By Stine Jacobsen COPENHAGEN, Aug 21 (Reuters) – Denmark will delay by at least three more years construction of a planned North Sea energy island to supply renewable power to three million European households, a government minister said on Wednesday, citing rising costs and high interest rates. The projected investment exceeds 200 billion Danish crowns … Read more
By Colleen Howe BEIJING, Aug 21 (Reuters) – China, the world’s largest builder of coal-fired power stations, cut the number of permits for new plants by nearly 80% in the first half of 2024, an environmental group report finds, saying time would tell whether it was a turning point. The Greenpeace East Asia report, based … Read more
More oil usage is fueled by global economic demands, Ebel says North America plays a key role in growing LNG market, CEO says Enbridge Inc. Chief Executive Officer Greg Ebel said oil demand may continue to grow in the decades ahead, putting his company’s internal assumptions among the more bullish forecasters of long-term crude usage. Oil demand by … Read more
It’s dishonest to focus on affordability and ignore the risks — and costs — associated with emissions-driven climate change By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. A few days before … Read more
By John Kemp (Reuters) – China’s electricity consumption smashed the previous record in July as a prolonged heatwave settled over major load centres, especially in the Yangtze Delta, driving an enormous increase in air-conditioning and refrigeration. Unprecedented load was met by record output from hydro and solar, ensuring coal-fired generation fell slightly compared with the same … Read more
Goldman Sachs on Tuesday said it expected Brent crude prices to fall to $68 per barrel by late 2025 if China oil demand remains flat through end of next year. Brent futures were trading around $77 a barrel by 11:46 a.m. EDT (1546 GMT) on Tuesday, while U.S. West Texas Intermediate (WTI) crude was around … Read more
Canada’s energy sector consists of oil, coal, natural gas, hydroelectricity, nuclear power, renewable resources among other sources of energy. Its energy facilities have contributed around 11.8% to the nominal GDP in 2022 – a significant contributor to the economy. Cyber-attacks and other criminal activities can threaten the operations – and finances – of these organizations having a … Read more
(Reuters) – U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish. Crude oil exports from U.S. ports averaged about 4.2 million barrels per day so far this year, … Read more
(Reuters) – Demand for power in Texas hit a record high on Tuesday as homes and businesses cranked up air conditioners to escape a heat wave across the state. Texas’ surging population growth in recent years and its status as a hub for some of the most energy-intensive industries, including data centers and cryptocurrency mining, … Read more
(Reuters) – Oil prices held broadly steady on Wednesday after a run of declines that have pushed Brent down to almost $77, driven by stubborn fears over Chinese demand and diminishing concerns about conflict spreading in the Middle East. Brent crude futures were stable at $77.20 a barrel by 0806 GMT. U.S. West Texas Intermediate … Read more
The US Coast Guard is investigating a fatal blast at a natural gas pipeline in Louisiana. A contractor working on a pipeline near South Pass, Louisiana, went missing after an explosion and fire late Saturday, Coast Guard spokesman Ryan Schultz said. Local police found the deceased individual around 10 a.m. local time on Sunday. The … Read more
Quantum Capital Group has acquired Caerus Oil and Gas for about $1.8 billion including liabilities. Houston, Texas-based Quantum announced the closing of the deal in a statement on Monday. Bloomberg News reported in June that Quantum would buy the Rocky Mountain energy explorer. It’s doing the deal through portfolio companies QB Energy and Koda Resources. QB Energy is acquiring … Read more
Summary Panel to consider independent appraisal of Hess Guyana Exxon sees Chevron-Hess merger as disguised asset buy, say sources Hess Guyana makes up 70% of Chevron’s $53 bln bid, say analysts Chevron, Hess see appraisal as irrelevant to arbitration case Aug 20 Chevron last October offered to pay $53 billion for Hess, one of the two biggest deals … Read more
(Reuters) – The Biden administration on Monday issued an offshore wind lease to the state of Maine for a small project that will demonstrate floating turbine technology off the U.S. East Coast. WHY IT’S IMPORTANT U.S. President Joe Biden has championed offshore wind as a key pillar of his climate change agenda. His Interior Department … Read more
DIMATE plans to develop ultrasonic gateways to transfer the proprietary data formats of this group of devices to DICONDE and to integrate ultrasonic testing, similar to digital and DICONDE-compliant radiographic testing, into a workflow without media breaks and digital discontinuities. Ultrasonic measurement data, in particular pipe wall thickness measurements, could then be made available to … Read more
The US electric grid increasingly relies on the “virtual power plant” to limit consumption — and ward off outages — during peak periods. Transmission towers in California’s Mojave Desert. The US Energy Department estimates that peak consumption may increase by as much as 200 gigawatts this decade.Photographer: Bing Guan/Bloomberg As summer heat strikes, the US grid increasingly relies on a … Read more
(Reuters) – Oil prices edged lower on Tuesday as Israel accepting a proposal to tackle disagreements blocking a ceasefire deal in Gaza eased supply concerns and China’s economic weakness weighed on the demand outlook. Brent crude was down 80 cents, or 1.03%, at $76.86 per barrel as of 0820 GMT. Front month U.S. West Texas … Read more
(Reuters) – APA Corp is exploring the sale of oil and gas drilling properties spread across parts of the Permian basin of Texas and New Mexico, in a deal that could be valued at about $1 billion, people familiar with the matter told Reuters. APA, which owns the properties through its Apache subsidiary, is working … Read more
(Reuters) – Canada’s expanded Trans Mountain (TMX) oil pipeline, which commenced commercial operations in May, so far has had little impact on crude costs at refineries on the U.S. West Coast, according to companies operating there. The expansion, which tripled pipeline capacity from Alberta to Canada’s Pacific Coast to 890,000 barrels per day (bpd), increased the access … Read more
(Reuters) – Dealmaking activity in the oil and gas industry increased 57% last year as energy companies boosted development spending, driven by higher cash flows from profits in prior years, according to a report released on Tuesday. Top energy companies spent $49.2 billion on mergers and acquisitions in 2023, up from $31.4 billion in 2022, … Read more
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COMMENTARY: Fossil Fuels Show Staying Power as EU Clean Energy Output Dips – Maguire