Summary • OPEC panel to meet at 1300 GMT, sources say • Group scheduled to unwind output cuts gradually from April • Oil rises towards $77 as tariffs spark supply disruption fears (Reuters) – OPEC+ is likely to adhere to current plans to raise output gradually from April when a panel of top ministers meets … Read more
HOUSTON, Feb. 03, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) is pleased to announce a significant milestone in its Côte d’Ivoire Floating Production Storage and Offloading vessel (“FPSO”) Dry Dock Refurbishment Project. In alignment with the project timeline, the FPSO Baobab Ivoirien MV10, operated by Canadian Natural Resources … Read more
Agreement to focus on creation of 100% ammonia combustion dual fuel with natural gas small-size turbines Ammonia is a low-carbon fuel that can play a critical role in decarbonizing hard-to-abate sector, including marine transportation Collaboration to deliver efficiency comparable to reciprocating engines while minimizing carbon emissions FLORENCE, Italy, Feb. 03, 2025 (GLOBE NEWSWIRE) — … Read more
by Jim Warren News stories about global warming continue to be dominated by the views of the overly alarmed. This is a problem for fans of the petroleum and natural gas industries in the alienated West. That’s because people who are continuously misinformed about climate change by the media are more likely to support … Read more
Complementary production in Canada and the U.S. boosts energy security By Deborah Jaremko Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Enbridge’s Cheecham Terminal near Fort McMurray, Alberta is a key oil storage hub that moves light and heavy crude along the Enbridge network. Photo courtesy Enbridge The … Read more
For North American companies, the “wait and see” moment on tariffs is over. U.S. President Donald Trump imposed a 25% levy on goods from Canada and Mexico, along with a 10% tariff on China, in what could be the opening stages of a full-scale trade war likely to create new headaches for executives that have … Read more
Summary US to tax oil imports from Canada at 10% Mexican energy imports to US face 25% charge Canada and Mexico supply a quarter of crude processed by US refineries, says EIA OPEC+ unlikely to alter plans to unwind output cuts gradually, sources say (Reuters) – Oil prices rose on Monday after U.S. President Donald … Read more
Summary • Energy imports from Canada will have 10% duty, Mexican energy tariffs to be 25% • Tariffs mean higher costs for finished fuels like gasoline • US East Coast may have to turn to European fuel imports (Reuters) – U.S. consumers will see higher prices at the gas pump from President Donald Trump’s decision … Read more
Bank CEOs speak with policymakers as trade battle begins People circulate ‘Buy Canada’ lists; hockey fans boo US anthem Canadian government officials and business leaders mounted a crisis response that drew parallels with the Covid pandemic after President Donald Trump signed an order to put 25% tariffs on almost everything the US buys from Canada. Officials arranged … Read more
After weeks of threats, a North American trade war has erupted. Businesses and investors are bracing for the fallout. Donald Trump’s move to invoke an emergency and impose tariffs on Canada, Mexico and China is the most extensive act of protectionism taken by a US president in almost a century. In what may be the … Read more
Summary • Trump orders 10% tariffs on Canadian oil, 25% tariffs on Mexican crude • U.S. refineries face higher costs for heavier crude grades • U.S. refinery earnings already under pressure (Reuters) – U.S. President Donald Trump’s trade tariffs on Canadian and Mexican oil imports will offer European and Asian refineries a competitive advantage against … Read more
Summary • Canada and Mexico slapped with 25% duties; China gets 10% above current tariffs • Trump wants action on stanching flow of fentanyl and migrants to the US • Canadian oil will be taxed at 10%, more oil and gas tariffs expected in mid-February • Canada, Mexico vow retaliatory tariffs, China says it will … Read more
Summary • All 6 regional grid operators to miss July deadline to upgrade equipment • Delays could extend 1-2 years past deadline • Grid operators cite complexity of project, lack of software vendors (Reuters) – U.S. grid operators are asking regulators for more time to meet a federal order to upgrade existing transmission lines with … Read more
Summary • Oil executives offer little optimism that refining business will improve in 2025 • Exxon, Chevron Q4 profits hurt by weak refining sector • Independent refiners face challenges as fuel demand falters in US and China Big Oil executives this week saw little prospect of a near-term improvement in refinery profits after Chevron, Exxon … Read more
Trump eyes Feb. 18 for oil tariffs, expects lower duty for Canada (Reuters) – U.S. President Donald Trump said on Friday he expects his administration to impose tariffs related to oil and gas around Feb. 18 and it could reduce the planned levy on some Canadian crude. The U.S. imports some 4 million barrels per … Read more
Summary • Trump says oil and gas tariffs will come around Feb 18 • Trump says he will probably bring tariffs down to 10% on Canadian oil • Russian sanctions dampen supply prospects • OPEC+ to discuss US output plans on Monday (Reuters) – Oil prices rose in aftermarket trading on Friday as U.S. President … Read more
(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 six to 582 in the week to Jan. … Read more
(Reuters) – U.S. President Donald Trump said on Friday that he will decrease threatened tariffs on Canadian oil to 10%. Trump said that tariffs on oil and gas are likely to take effect on Feb 18. Reporting by Trevor Hunnicutt and Jasper Ward; Editing by Caitlin Webber
(Reuters) – U.S. crude oil production fell by 122,000 barrels per day in November to 13.314 million bpd, down from a monthly record high of 13.436 million bpd in October, the U.S. Energy Information Administration said in its petroleum supply monthly report on Friday. Product supplied of crude oil and petroleum, EIA’s way of measuring … Read more
(Reuters) – Private equity-backed Infinity Natural Resources was valued at $1.30 billion after shares of the oil and natural gas producer rose 10.8% in their debut on the New York Stock Exchange on Friday. The Morgantown, West Virginia-based company’s stock opened at $22.16, above the offer price of $20 apiece. Infinity, backed by buyout firms … Read more
(Reuters) – Canada will respond immediately and forcefully if the United States goes ahead with a threat to impose tariffs, Prime Minister Justin Trudeau said on Friday, warning Canadians that they could be facing tough times. President Donald Trump has set a Saturday deadline to slap a 25% tariff on imports from Canada and Mexico. … Read more
(Reuters) – OPEC+ is unlikely to alter existing plans to raise output gradually when it meets on Monday, delegates from the producer group told Reuters, despite U.S. President Donald Trump urging OPEC and its de facto leader Saudi Arabia to bring down prices. The meeting of top ministers from the Organization of the Petroleum Exporting … Read more
Fourth Quarter Reported fourth-quarter earnings of $8 million or $0.01 per share; adjusted loss of $61 million or $0.15 per share Earnings impacted by $230 million pre-tax of accelerated depreciation related to Los Angeles Refinery Returned $1.1 billion to shareholders through dividends and share repurchases Record NGL fractionation and LPG export volumes in Midstream Record … Read more
Canadian oil producer Imperial Oil posted a fall in fourth-quarter profit on Friday, as lower crude prices offset higher production and stronger refinery-capacity utilization.Benchmark crude prices fell 3% in 2024. The company still raised its quarterly dividend by 20% to between 60 and 72 Canadian cents per share. Imperial’s upstream production for the October-December quarter was … Read more
HOUSTON, Jan 31 – U.S. oil producer Chevron used the term “Gulf of America” instead of Gulf of Mexico in its fourth-quarter press release on Friday, a sign of corporate America beginning to implement U.S. President Donald Trump’s order to rename the ocean basin. The name change was part of a flurry of executive orders Trump issued … Read more
DENVER, Jan. 31, 2025 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) today closed the previously announced acquisition of certain Montney assets from Paramount Resources Ltd. The acquisition adds approximately 70 thousand barrels of oil equivalent per day (“MBOE/d”) of production, 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres of land, … Read more
DENVER, Jan. 31, 2025 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (“Ovintiv” or the “Company”) today closed the previously announced acquisition of certain Montney assets from Paramount Resources Ltd. The acquisition adds approximately 70 thousand barrels of oil equivalent per day (“MBOE/d”) of production, 900 net 10,000 foot equivalent well locations, and approximately 109,000 net acres of land, … Read more
Summary • Global oil demand seen growing by 700,000 to 1.3 mln bpd in 2025 • First upward revision in 2025 Brent price forecast since April (Reuters) – Sluggish demand from China and oversupply worries will keep oil prices anchored below $80 a barrel this year, a Reuters poll showed on Friday, although tougher U.S. … Read more
Summary • Japan considers support for Alaska gas project to forestall trade tensions with US, sources say • Japan doubts pipeline viability but may explore deal if asked by Trump, sources say • Trump and Japan PM Ishiba expected to meet as soon as next week, sources say (Reuters) – Japan is considering offering support … Read more
(Reuters) – Chevron Corp reported fourth-quarter earnings below Wall Street estimates on Friday as weak margins pushed its refining business into a loss for the first time since 2020, sending its shares down more than 2%. Chevron CEO Mike Wirth told Reuters the downtrend in refining margins is set to continue this year. The second-largest … Read more
The battery maker’s bankruptcy lawyer argued in a letter to creditors that Chapter 11 processes cover all countries Bloomberg News The steps to recover claims “violate United States federal law and an order from the U.S. Bankruptcy court,” Christopher T. Greco, a lawyer for Kirkland & Ellis LLP, wrote in the letter seen by newspaper … Read more
CEO sees “a foggy picture ahead for 2025” amid sanctions, tariffs and the potential for weaker oil prices. Shell Plc plans to keep spending tight this year after profit fell in the final quarter of 2024. Energy supermajors expected some end-of-year weakness, when oil prices mostly treaded below $75 a barrel following the election of US President … Read more
(Reuters) – Private equity firm NGP Energy Capital Management is exploring a sale of natural gas producer Camino Natural Resources, which may achieve a valuation of around $2 billion including debt, sources familiar with the matter said on Thursday. Among the largest remaining private producers in the Anadarko basin of Oklahoma, Camino covers around 135,000 … Read more
U.S. President Donald Trump on Thursday said he would be moving ahead to put a 25% tariff on imports from Mexico and Canada that would take effect on Feb 1. When asked if the tariffs would include tariffs being impossed on oil imports, Donald Trump responded as follows. “We may or may not. We’re going … Read more
Mexico’s government is looking to speed up plans to double its strategic natural gas storage capacity amid concern that U.S. President Donald Trump could use the country’s dependence on U.S. gas as some form of leverage, three sources familiar with the matter said. Mexico, a net importer of natural gas, has just 2.4 days of … Read more
Summary • Trump tariffs on Canada and Mexico could start this weekend • Unclear if tariffs would exclude oil imports • Russian sanctions dampen supply prospects • OPEC+ to discuss U.S. output plans on Feb 3 (Reuters) – Oil prices were steady on Friday but on course for a weekly decline as markets wait to … Read more
Private equity-backed oil and natural gas producer Infinity Natural Resources on Thursday raised $265 million in its initial public offering in the United States. The company, backed by buyout firms Pearl Energy Investments and NGP, sold 13.5 million shares at $20, within marketed range of $18 and $21. Energy has been a major theme in … Read more
Summary • Exxon’s low production costs boost profits despite lower oil prices • Refining business pressured by increased global fuel supply • Exxon plans $20 billion annual share repurchases through 2026 (Reuters) – Exxon Mobil on Friday beat Wall Street’s estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and … Read more
Dealmaking in the U.S. upstream oil and gas industry hit $105 billion in 2024, the third highest annual total ever, but activity slowed in the second half as buyers found fewer targets to acquire, consultancy Enverus said on Wednesday. Last year’s total deal value fell sharply behind the whopping $192 billion in mergers and acquisitions … Read more
Trump sets his sights on exporting more natural gas overseas Risky plan bets countries will buy US fuel to avoid tariffs Bloomberg News President Donald Trump’s high-stakes bid to use natural gas exports as leverage to expand US influence in Europe and Asia appears to be gaining early traction. Government officials and energy executives from countries … Read more
52-page document details which programs are under review White House is scrutinizing funding as part of overhaul A $400 billion green bank for clean energy projects and a popular consumer tax credit for electric vehicles are among federal programs being scrutinized amid a broader order from the Trump administration for a government-wide spending freeze. The … Read more
With the threat of a Feb. 1 tariff imposition looming, U.S. President Donald Trump’s pick to lead the Commerce Department says Canada could avoid tariffs in the short term if the government addresses border concerns – and those sentiments are being echoed by Newfoundland and Labrador Premier Andrew Furey. Detailing a broader tariff plan … Read more
Baker Hughes to supply power island and liquefaction train systems, and signs multi-year services frame agreement to support phases 1 and 2 of Plaquemines LNG project As a strategic LNG solutions supplier, Baker Hughes to help Venture Global deliver 100+ MTPA of production capacity HOUSTON and LONDON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an … Read more
Summary • Investors await Trump’s move on Mexico, Canada tariffs • US crude oil stockpiles up last week • OPEC+ ministerial meeting on Feb. 3 in focus (Reuters) – Oil prices were little changed on Thursday as investors focused on tariffs threatened by U.S. President Donald Trump on Mexico and Canada, the two largest suppliers … Read more
The International Energy Agency’s former oil industry and market chief criticized the agency’s focus on the global energy transition in a report released on Wednesday, and said the IEA should concentrate on oil and gas supplies. The IEA is under fire from the administration of President Donald Trump for a shift in recent years toward … Read more
Energy major Chevron said on Tuesday it has signed an agreement with investment firm Engine No. 1 and GE Vernova to build natural gas-based power plants to run co-located data centers in the U.S. The announcement comes just a week after U.S. President Donald Trump revealed a private sector investment of up to $500 billion … Read more
The European Commission did not propose a ban on Russian liquefied natural gas in its latest package of sanctions because member states raised concerns about first securing alternatives including from the United States, EU diplomats said. “First you have to have a deal because otherwise you will be left without gas from Russia and without … Read more
Mexico’s government is looking to speed up plans to double its strategic natural gas storage capacity amid concern that U.S. President Donald Trump could use the country’s dependence on U.S. gas as some form of leverage, three sources familiar with the matter said. Mexico, a net importer of natural gas, has just 2.4 days of … Read more
U.S. crude stocks rose last week as refinery utilization slipped, the Energy Information Administration (EIA) said on Wednesday, as winter storms sweeping the country hit fuelmakers’ operations and boosted distillates demand. Crude inventories rose by 3.5 million barrels to 415.1 million barrels in the week ended Jan. 24, the EIA said, compared with analysts’ expectations … Read more
(Reuters) – Britain’s competition regulator said on Wednesday it has launched an inquiry into oilfield services company SLB’s proposed $8 billion deal to buy smaller rival ChampionX. The Competition and Markets Authority (CMA) said it is looking at whether the deal, which was announced last April, would raise competition concerns in any UK markets. It … Read more
Summary Valero to kick off Q4 US refiner earnings on Thursday Soft fuel demand continues to weigh on Q4 refining margins US gasoline futures crack spread hit one-year low in December Investors to focus on refiners’ plans to limit impact of Trump’s tariffs (Reuters) – Wall Street is bracing for a sharp decline in U.S. … Read more
Bloomberg News Surplus supply could cap Asian LNG prices a $10/mmbtu PetroVietnam bought cargo for delivery in March; APLNG sold US gas producers could gain Asian market share at the expense of Australian exporters in the long run, as countries running a trade surplus with the US, like Japan and South Korea, are compelled to … Read more
Summary • API data shows rise in weekly US crude and gasoline inventories • Trump plans to impose Feb 1 tariffs on Canada and Mexico • Libya reports normal oil loadings after protests • Saudi and other OPEC+ ministers meet next week (Reuters) – Oil prices edged lower Wednesday on a rise in U.S. crude … Read more
From pipelines to reactors, companies bank on data center boom DeepSeek’s more efficient model threatens growth forecasts Pipeline networks and nuclear startups. Texas landowners and fuel-cell makers. In one brutal blow, DeepSeek has revealed just how many energy-related businesses in the US have been banking on an artificial intelligence boom — and the surge in … Read more
Newly inaugurated U.S. President Donald Trump is pushing to “take back” the Panama Canal, the world’s second busiest interoceanic waterway, spurring concerns that the United States could invade the Central American nation.Trump argues that Panama has broken a pledge of neutrality made when the United States transferred the canal to Panama in 1999, falsely claiming … Read more
Oil and gas producer partners with GE Vernova, Engine No. 1 Chinese AI company DeepSeek throws power forecasts into doubt A power substation near a data center in Ashburn, Virginia. Photographer: Nathan Howard/Bloomberg Chevron Corp. is launching a partnership to develop natural gas-fired power plants next to data centers, a move that will allow it to … Read more
The fallout for Venture Global Inc., in the wake of a troubled initial public offering, accelerated amid a market selloff that sapped $12 billion from its valuation on debut. Shares of the liquefied natural gas exporter tumbled 17% on Monday, bringing its losses to 20% from its $25 apiece offer price last week. The company’s … Read more
Saudi Energy Minister Prince Abdulaziz bin Salman held talks on Monday with his Iraqi and Libyan counterparts, Hayan Abdel-Ghani and Khalifa Abdulsadek, in Riyadh on efforts to support the stability of global energy markets, the Saudi state news agency (SPA) reported. OPEC+, which groups the de facto Saudi-led Organization of the Petroleum Exporting Countries and … Read more
(Reuters) – U.S. President Donald Trump suspended new federal offshore wind leasing on his first day back in the Oval Office on Jan. 20, pending an environmental and economic review. On the same day, Danish energy company Orsted, the world’s biggest offshore wind firm, posted another impairment charge on delays to a U.S. offshore project. … Read more
Jan 27 (Reuters) – Southern California Edison, a unit of utility Edison International said on Monday preliminary analysis of data showed a “momentary and expected increase in current” on its energized lines in the Eaton Canyon corridor on Jan. 7 evening. Fire officials have not found SCE to be responsible for the Los Angeles fires. But the … Read more
Trump says he wants universal levy to “protect our country” Trump earlier pledged tariffs on chips, pharma, steel, copper President Donald Trump said he wants to enact across-the-board tariffs that are “much bigger” than 2.5%, the latest in a string of major signals Monday that he’s preparing widespread levies to reshape US supply chains. “I have it … Read more
Summary • Brent up, WTI futures inch up • Protests block loading oil at Libya’s two major ports • China manufacturing activity contracted in January • US set for warmer than normal temperatures (Reuters) – Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising … Read more
Summary • US crude output hits record highs as rig count, frac fleets slip • WTI to average $63/bbl in 2025, oil executives planning for $70-75 • Quarterly land rig day rates to end 2025 at lowest since Q2 2022 • Bankruptcies on the rise as service firms face lower prices, less work (Reuters) – … Read more
Shares of U.S. power, utility and natural gas companies sold off on Monday in some of the biggest recorded one-day drops, as new AI technology from Chinese start-up DeepSeek cast doubt on a projected surge in U.S. electricity demand and tech spending. Power producers were among the biggest winners in the S&P 500 last year … Read more
Donald Trump made liberal use of emergency powers during his first stint as US president and is employing the same playbook this time around. Just hours after being sworn into office for a second term, he declared that the domestic energy landscape and situation at the border with Mexico constitute national emergencies. By designating something … Read more
Lyondell Basell Industries began shuttering its 263,776 barrel-per-day (bpd) Houston refinery on Monday for permanent closure, said people familiar with plant operations.The shutdown of the refinery is expected to be completed by early February as the refinery has only a few days of supply of crude oil on hand, the sources said.
The U.S. energy regulator has reinstated the certificate for Williams Companies’ Transcontinental Gas Pipe Line (Transco) on Friday, the company said on Monday, which would allow the expansion of the project. Last year, a U.S. appeals court said the Federal Energy Regulatory Commission (FERC) should have better assessed the risk of significant greenhouse gas emissions, … Read more
The U.S. Energy Information Administration has forecast higher wholesale power prices for 2025 across the country’s regional markets, except Texas and the Northwest. Wholesale power prices could average $40 per megawatt hour (MWh) this year, rising 7% over 2024, the EIA said in a report on Monday. It forecast the average price of electricity for … Read more
U.S. natural gas futures fell about 7% on Monday on forecasts for much warmer-than-normal weather over the next two weeks than previously expected that should keep heating demand low. Front-month gas futures for February delivery on the New York Mercantile Exchange fell 26 cents, or 6.5%, to $3.767 per million British thermal units (mmBtu) at … Read more
CALGARY, Alberta – GLJ Ltd. (“GLJ”), a global leader in energy resource evaluations and emerging energy service solutions, is pleased to announce key organizational changes that position the company for continued success and innovation. These promotions underscore GLJ’s commitment to leadership excellence, technical expertise, and delivering unmatched value to clients worldwide. Tracy Bellingham promoted … Read more
Diversified Energy Company Plc agreed to acquire Texas-based energy producer Maverick Natural Resources to expand its scale as US President Donald Trump makes higher oil production a key priority. Alabama-based Diversified signed a definitive agreement to acquire Maverick, which is in the portfolio of energy and infrastructure investor EIG, for about $1.28 billion, including the assumption of debt, with payment … Read more
German chancellor Olaf Scholz has welcomed U.S. President Donald Trump’s plans for more oil and gas exports, saying it was “good for Europe and Germany,” German newspaper Handelsblatt reported on Sunday. Scholz said in the interview the move would help in the transition phase towards climate neutrality, which would last until around the middle of … Read more
Obscure laws to be marshaled to build pipelines, power plants ‘God Squad’ to weigh projects that threaten endangered species President Donald Trump’s declaration of an energy emergency opens the door to wield sweeping Cold War-era powers and little-known authorities to fast track pipelines, expand power grids and save struggling coal plants. By invoking the country’s national and … Read more
(Reuters) – Investors are snapping up crude oil futures as a hedge against the risk that U.S. President Donald Trump’s threatened trade tariffs will cause a resurgence in global inflation, adding momentum to a recent rally in oil prices sparked by a tightening of sanctions on Russia. Oil is a popular inflation hedge because energy … Read more
New supplies of liquefied natural gas take time to develop, and significant new capacity will only start kicking in over the coming years, a senior Exxon Mobil Corp. executive said. Demand for LNG is rising as Europe turns to the fuel to help plug gaps after losing the supply of Russian gas piped through Ukraine. Exxon … 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 to the lowest since December 2021, 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 … Read more
U.S. President Donald Trump’s possible 25% tariffs on imports from Canada and Mexico could raise U.S. natural gas prices at domestic hubs but seems unlikely to change gas flows significantly, Citi said in a note on Friday.Canadian natural gas exporters are likely to pass on the impact of the proposed tariffs to downstream customers along … Read more
WASHINGTON — Experts say U.S. President Donald Trump’s push for the OPEC+ alliance of oil exporting countries to bring down the cost of oil conflicts with the Republican leader’s own plans to make America energy-dominant. Trump made the comments in a wide-ranging address to the World Economic Forum in Davos, Switzerland on Thursday. He also … Read more
Advanced technologies are reshaping how engineering and construction projects are conceived, designed, and executed. One such transformative technology is mobile 3D scanning. 3D scanning utilizes digital photography and LiDAR (Laser Detection and Ranging) to produce digital, at scale, representations of real-world locations. These tools can tremendously enhance project delivery. Precise, high-resolution 3D models of the … Read more
Winter can be relentless, and when freezing temperatures hit, your operations can be at serious risk. Freeze-ups can lead to costly downtime, lost production, and unexpected challenges for your pneumatic systems. But with Kathairos Solutions’ liquid nitrogen solution, you can keep your operations running smoothly no matter how harsh the conditions get. Here’s why liquid … Read more
Summary • US puts Colombia sanctions threat on hold • Trump policies keep markets nervous • OPEC+ yet to react to Trump call for lower prices (Reuters) – Oil prices edged up on Monday, with traders still on edge despite the U.S. pulling back from initial sanctions threats against Colombia, reducing immediate concern over oil … Read more
Summary • Oil companies seen prioritizing returns over drilling growth • Overall oil and gas production expected to grow 5% this year • Chevron, Exxon expected to report fourth-quarter profit declines HOUSTON, Jan 27 – Wall Street expects U.S. oil and gas companies to keep a lid on spending in 2025 and keep their focus … Read more
Summary • JERA plans to diversify LNG supply by raising US purchases • Monitors US LNG policy sustainability for long-term supply • Aims for balanced energy portfolio with Middle East supply (Reuters) – Japan’s biggest top LNG buyer, JERA, plans to increase its purchases of liquefied natural gas from the United States to diversify its … Read more
The biggest lesson from all this is that Canada must find a way to diversify its trade, especially when it comes to energy. Canada needs to build more pipelines, diversify its customer base, and start acting like a country that is looking out for everyone, not just its own self interest. William Lacey Thanks for … Read more
Order essentially freezes agency with about $50 billion budget Trump has vowed to unravel Biden’s climate-friendly policies The Trump administration has halted spending, loans and other actions at the Energy Department as part of a “comprehensive review” to ensure they align with the president’s priorities, according to a memo from the agency’s acting secretary seen … Read more
Developer no longer interested in oil project killed by Biden Process for Canada-US pipeline would likely have to start over President Donald Trump appears to have opened the door for construction of the Keystone XL pipeline, the controversial oil conduit that even its former developer doesn’t want to build. A Biden administration executive order that revoked Trump’s … Read more
The new president issued a barrage of orders seeking to boost fossil fuels and reverse policies that address global warming. Bloomberg President Donald Trump wasted no time in laying the groundwork for a sweeping anti-climate agenda, signing a series of executive orders just hours after being sworn into office that seek to unravel former President … Read more
Summary • Trump reiterates call on OPEC to bring down oil prices • US president moves to raise US oil output • Trump vows to impose tariffs on European Union, Canada and Mexico • U.S. crude stocks fall by 1 million barrels (Reuters) – Oil prices settled slightly higher on Friday but posted a weekly … Read more
Exxon Mobil says that new LNG supply not easily available now Europe is reluctant to commit to new long-term contracts US President Donald Trump’s plan to quickly sell more liquefied natural gas to the world could face difficulties due to limited supplies this year and reluctance in Europe to commit to long-term deals. “The problem is … Read more
President Donald Trump’s oversight of an increasingly unreliable U.S. power grid requires swift action, he said this week, but there is no easy fix for one of the grid’s most complex and troubled areas: long-distance transmission lines. Trump’s National Energy Emergency declaration and executive orders detail a long list of interconnected problems dogging an electric … Read more
The U.S. dollar slid on Friday and was set for its worst week in over a year after President Donald Trump suggested a softer stance on tariffs against China, adding to uncertainty around the trade policy that kept equity markets on edge. Trump told Fox News in an interview on Thursday evening his recent conversation … Read more
The tepid reception to Venture Global’s ambitious valuation target shows companies need to set realistic expectations when going public, Wall Street analysts said, and could be a signal that the recovery in new offerings may be a cautious one.Touted as the first blockbuster listing of 2025, the LNG exporter was initially aiming for a price … Read more
OPEC+ has yet to react to a call from U.S. President Donald Trump for lower oil prices, with delegates from the group pointing to a plan already in place to start raising oil output from April. Trump on Thursday announced he would be asking Saudi Arabia and the Organization of the Petroleum Exporting Countries to … Read more
LONDON, Jan 24 (Reuters) – Chevron said on Friday it had started production at a $48 billion expansion of the giant Tengiz oilfield in Kazakhstan which will bring its output to around 1% of global crude supply. The expansion is expected to reach full capacity of 260,000 barrels per day by June, lifting overall production … Read more
The unit of Blackstone dedicated to investments in the energy industry has agreed to acquire Potomac Energy Center, the asset manager told Reuters on Thursday, in a deal symbolizing the allure to investors of power plants sited near data centers. Blackstone Energy Transition Partners has agreed to buy the 774-megawatt natural gas-fired power plant in … Read more
Summary • Trump urges Saudi Arabia and OPEC to bring down oil prices • Crude pressured by Trump moves to raise U.S. oil output • Tariffs could dent global demand growth • U.S. crude stocks fall by 1 million barrels (Reuters) – Oil prices edged up on Friday but remained on track for a weekly … Read more
Summary • Venture Global raises $1.75 bln in U.S. IPO • IPO priced at $25 per share vs $23 to $27 marketed range • Third-largest U.S. energy listing since 1995 (Reuters) – Venture Global LNG will debut on public markets on Friday after sharply lowering its IPO valuation to $60.5 billion, but still set to … Read more
By Valerie Volcovici and Sheila Dang Withdrawal from Paris agreement increases regulatory ambiguity, risks US energy firms planning long-term investments in technologies aimed at fighting climate change US oil industry prefers engagement in global climate talks WASHINGTON, Jan 22 (Reuters) – U.S. oil and gas producers are thrilled that President Donald Trump wants to encourage … Read more
Venture Global LNG has raised $1.75 billion after pricing its U.S. initial public offering, the second-largest exporter of liquefied natural gas in the United States said on Thursday. The company priced its offering of 70 million shares at $25 each, a day after cutting the price range to between $23 and $27 apiece and increasing … Read more
ARLINGTON, Va.–(BUSINESS WIRE)–Venture Global, Inc. (“Venture Global”) announced today the pricing of its initial public offering of 70,000,000 shares of its Class A common stock, par value $0.01 (“Class A common stock”) at a public offering price of $25.00 per share. In connection with the offering, Venture Global has granted the underwriters a 30-day option … Read more
By Sheila Dang and Valerie Volcovici Oil companies cautious on Alaska as policy reversals possible US oil production already at record levels Industry seeks long-term certainty beyond executive orders HOUSTON/WASHINGTON, Jan 23 (Reuters) – U.S. oil and gas companies are unlikely to expand development in Alaska and the Arctic following President Donald Trump’s executive order … Read more
By Timothy Gardner Europe trying to reduce dependency on gas from Russia Trump not worried about export effect on domestic gas price Trump says ‘clean coal’ could back up some power plants Jan 23 (Reuters) – President Donald Trump said on Thursday the United States would guarantee supplies of liquefied natural gas to Europe, even … Read more
(Reuters) – U.S. Senate committees on Thursday approved President Donald Trump’s choices to run energy and environmental policy – officials who, if backed by the full Senate, will seek to maximize fossil fuel output and scrap chunks of climate policy. The panel voted 18-2 to approve former North Dakota governor Doug Burgum to lead the … Read more
U.S. crude oil stocks, excluding the Strategic Petroleum Reserve, fell by 1.02 million barrels to 411.66 million barrels in the week ended Jan. 17, the lowest since March 2022, according to U.S. Energy Information Administration data released on Thursday. That was the ninth consecutive weekly drawdown from U.S. crude oil inventories, the longest such streak … Read more
(Reuters) – U.S. President Donald Trump on Thursday said he would demand that interest rates drop immediately, and that other countries should follow suit – marking his first broadside at Federal Reserve monetary policymaking since taking office just three days ago. “With oil prices going down, I’ll demand that interest rates drop immediately, and likewise … Read more
(Reuters) – The United States needs double the energy it has to power rapidly emerging artificial intelligence operations, U.S. President Donald Trump said on Thursday. Trump said he would give emergency declarations to allow companies working on AI to start building plants “almost immediately” given intensive competition with China. “The big problem is we need … Read more
U.S. President Donald Trump on Thursday announced he would be asking Saudi Arabia and OPEC to bring down the cost of oil and said he would be asking Riyadh to increase a planned U.S. investment package to $1 trillion from an initial $600 billion. “If the price came down, the Russia-Ukraine war would end immediately. … Read more
(Reuters) – Malaysia’s Petronas on Thursday said it has officially transferred its contractual right for a cluster of oil and gas fields in the country to a unit of US-based firm ConocoPhillips. The rights relate to the Kebabangan Cluster, a group of oil, condensate, and gas fields in the state of Sabah, Malaysia, which was … Read more
(Reuters) – Natural gas flows to Freeport LNG’s export plant in Texas were set to rise on Thursday after a power problem during a winter storm forced it to shut on Tuesday, data from LSEG and energy traders showed. Freeport is one of the most closely watched LNG export plants in the world because the … Read more
(Reuters) – The European Union is open to discussing purchases of energy and arms from the United States to ward off tariffs that President Donald Trump has threatened to impose on the bloc, EU’s top economy official said on Thursday. Trump has vowed to address a long-running deficit in goods trade with the EU, either … Read more
(Reuters) – President Vladimir Putin has grown increasingly concerned about distortions in Russia’s wartime economy, just as Donald Trump pushes for an end to the Ukraine conflict, five sources with knowledge of the situation told Reuters. Russia’s economy, driven by exports of oil, gas and minerals, grew robustly over the past two years despite multiple … Read more
(Reuters) – U.S. shale producer APA Corp said on Wednesday it curtailed about 23,500 barrels of oil equivalent per day of production in the fourth quarter due to weak commodity prices. U.S. natural gas prices collapsed to multi-year lows in 2024, with prices at the Waha hub in the Permian shale basin in West Texas … Read more
Why risk our relationship with a giant, friendly oil producer that US refiners depend upon? 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. In theory, President Donald Trump’s threat of sweeping tariffs against … Read more
Summary • Recent gains eroded by mixed market drivers, says analyst • Trump tariffs could dampen global oil demand growth • Higher U.S. crude stocks also pressure prices (Reuters) – Oil prices were little changed on Thursday, maintaining almost all of the previous session’s losses on uncertainty over how U.S. President Donald Trump’s proposed tariffs … Read more
By Erwin Seba HOUSTON, Jan 22 (Reuters) – LyondellBasell Industries (LYB.N) will begin the permanent closure of its 263,776 barrel-per-day Houston refinery this coming weekend, said people familiar with plant operations. Layoffs of up to 400 employees at the refinery are scheduled to begin two months after the shutdown begins, the sources said. A Lyondell … Read more
WASHINGTON, Jan 22 (Reuters) – The U.S. has extended the comment period on a federal study of the economic and environmental impacts of the booming liquefied natural gas (LNG) export business after advisers had urged President Donald Trumpto take a patient approach to prevent approvals from getting overturned in court. The U.S. Department of Energy … Read more
An unusually reticent president hasn’t had much to say about sanctions on Russia and Iran’s crude exports since returning to the White House. The detained Eagle S tanker, part of the fleet carrying Russian oil, off Finland this month.Photographer: Roni Rekomaa/Bloomberg By Weilun Soon Welcome to our guide to the energy and commodities powering the … Read more
By Echo Wang, Curtis Williams and David French Company cuts upper valuation guidance to $65 bln from $110 bln Investors balked at long-term sales guidance in IPO prospectus IPO a rare opportunity to buy equity in U.S. LNG exporter Also seen as test of investor faith in Trump pro-energy agenda Jan 22 (Reuters) – Venture … Read more
Citi on Wednesday raised its oil price outlook for 2025 due to geopolitical risks centred on Russia and Iran, but noted prices were likely to ease through the second half of the year. “The oil outlook could see heightened, sustained geopolitical risks in Iran/Russia-Ukraine potentially wipe out the 2025 oil balance surplus, but the Trump … Read more
North Dakota’s oil production was estimated to be down by between 70,000 barrels per day (bpd) to 100,000 bpd due to extreme cold weather and related operational challenges, the state’s pipeline authority said on Wednesday. “Milder winter temperatures have returned in the region, and we anticipate that the majority of the lost production will return … Read more
by Deidra Garyk Dear Cast and Crew of Landman I am writing to express my gratitude for each of you involved in this groundbreaking series. As someone who has spent considerable time working in the oil and gas industry, I want to thank you for the courage you’ve shown in tackling the contentious topic … Read more
Summary • Trump calls US energy supply inadequate and unaffordable • National Emergencies Act unlocks presidential power in 150 statutes • Experts warn that expediting projects could harm environment (Reuters) – U.S. President Donald Trump’s declaration of a national energy emergency to boost drilling and speed up pipeline construction should withstand court challenges but will … Read more
DENVER, Jan. 22, 2025 /PRNewswire/ – Ovintiv Inc. (NYSE, TSX: OVV) (“Ovintiv” or the “Company”) today closed the previously announced all cash sale of substantially all its Uinta assets, located in Utah, to FourPoint Resources, LLC, for approximately $2 billion. “The Uinta sale builds on our track record of unlocking significant value from our non-core assets while focusing our … Read more
NEW YORK, Jan. 22, 2025 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the firm has arranged a $2.3 billion loan to capitalize a 206 megawatt (MW), Build-to-Suit data center development in … Read more
Order for April 1 border review came with Feb. 1 tariff threat Canada prime minister supports ‘dollar-for-dollar’ retaliation By Brian Platt, Thomas Seal, and Robert Tuttle US President Donald Trump is trying to create uncertainty in his trading partners to knock them off-balance and weaken their negotiating position, Canadian Prime Minister Justin Trudeau said. Trump … Read more
By Ruth Liao and Bailey Lipschultz Venture Global Inc. slashed the marketed range for its initial public offering, bringing the potential valuation well below its $110 billion target. The liquefied natural gas exporter is marketing 70 million shares in the offering for $23 to $27 each, a more than 40% drop from the $40 to … Read more
(Reuters) – LNG exporter Venture Global on Wednesday slashed the valuation it was seeking from its U.S. initial public offering to as much as $65.33 billion, significantly lower than the more than $100 billion it had initially aimed. The company also lowered its offer price, effectively increasing the number of shares on sale against the … Read more
(Reuters) – Halliburton on Wednesday warned of softer activity in North America this year even as the oilfield giant beat analysts’ estimates for fourth-quarter profit helped by higher demand for drilling and pressure pumping services in the North Sea and Asia. The tepid outlook echoed that of rival Schlumberger, who flagged a flat 2025 revenue … Read more
Suppliers rush to push out as much oil as possible as it’s more valuable now than in the future Bloomberg News A flood of Canadian oil is heading south to the United States to beat President Donald Trump’s threatened tariffs. Enbridge Inc.’s Mainline, the largest oil export pipeline from Canada to the U.S., will cut the volumes of … Read more
(Reuters) – U.S. President Donald Trump’s return to the White House has been met with both relief and disappointment across world markets as investors try to work out what the next four years will bring. “The approach will be chaotic, unpredictable, spur of the moment and driven by Trump himself,” said Russel Matthews, senior portfolio … Read more
(Reuters) – Infinity Natural Resources is targeting a valuation of up to $1.24 billion in its initial public offering, joining a bunch of energy industry companies that have rushed to list their shares in recent months. The company, which first filed its IPO paperwork in October, said on Tuesday it is aiming to raise up … Read more
(Reuters) – U.S. President Donald Trump has ended the moratorium on new liquefied natural gas export permits imposed by his predecessor Joe Biden in January 2024. Trump targeted the LNG industry with an executive order on the first day, part of a series of planned policy moves to encourage more U.S. energy production. Biden paused … Read more
(Reuters) – The pace of U.S. upstream public-to-public mergers could slow in 2025 from their recent average of five per year along with a fall in deal sizes, according to a report from energy analytics firm Enverus that was released on Tuesday. The consolidation trend in the U.S. energy sector, which triggered deals amounting to … Read more
Summary • Oil benchmarks Brent and WTI stable • Trump discussed a 10% tariff on Chinese goods from Feb. 1 • Rare winter storm impacting US Gulf Coast operations Jan 22 (Reuters) – Oil prices held steady on Wednesday, with traders closely watching President Donald Trump’s proposed tariffs and the potential impact of the national … Read more
(Reuters) – Saudi Arabia’s foreign minister said on Tuesday he did not see Donald Trump’s new administration increasing the risk of an Israel-Iran conflict, addressing an issue the region has feared since the start of Israel’s war in Gaza. Prince Faisal bin Farhan Al Saud also said in Davos that he hoped President Trump’s approach … Read more
AUSTIN, Texas (Jan. 21, 2025) — Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its 2025 Global Energy Outlook, an e-book focused on pivotal North American and international energy landscape trends and opportunities expected this year. Enverus Intelligence® Research (EIR) experts believe the intersection of power and gas will … Read more
Deep freeze threatens transportation and energy across the US Electric grids brace for surging demand as temperatures drop A cold blast gripping the US South threatens to bring record-breaking snowfall to New Orleans and Houston and a deep freeze that endangers oil and natural gas output and electrical grids. Snow and sleet began falling Monday … Read more
Summary • Will wait and see impact of sanctions on Russia tankers • Kingdom takes market balance into account when setting output • Looking to expand LNG position globally (Reuters) – Saudi oil giant Aramco’s Chief Executive Amin Nasser said on Tuesday he sees the oil market as healthy and expects an additional 1.3 million … Read more
Summary • Trump says he is considering 25% tariffs on Mexico and Canada from February • President declares sweeping plan to maximise US oil production • U.S. will “probably” stop buying Venezuelan oil, Trump says (Reuters) – Oil prices fell on Tuesday as investors assessed U.S. President Donald Trump’s plans to apply new tariffs later … Read more
(Reuters) – U.S. President Donald Trump issued a flurry of orders within hours of his inauguration on Monday intended to boost the nation’s already record-high oil and gas production and unwind former President Joe Biden’s climate agenda. Here are some of the actions Trump took on his first day: ENERGY EMERGENCY Trump declared a national … Read more
President threatens duty for fentanyl, undocumented migration Trump speaks in first Oval Office comments after inauguration President Donald Trump said he planned to enact previously threatened tariffs of as much as 25% on Mexico and Canada by Feb. 1, reiterating his contention that America’s two immediate neighbors are allowing the flow of undocumented migrants and drugs … Read more
Orsted sees higher costs on rates, New York wind farm delivery Trump has vowed to impede the growth of US wind industry By Will Mathis Orsted A/S recorded a 12.1 billion-krone ($1.7-billion) hit on its earnings as the costs of offshore wind farms, particularly in the US, keep rising. The setback is the latest in … Read more
President Donald Trump has lifted a moratorium on new US licenses to export liquefied natural gas, making good on a campaign pledge to rescind the measure enacted by his predecessor. The directive, included in a broad executive order on energy, orders the Energy Department to resume reviewing applications for new permits. That was halted by … Read more
President issues raft of orders after taking office Monday Directives underscore commitment to ending Biden-era policies President Donald Trump launched a sweeping overhaul of US energy policy hours after taking office Monday, putting the weight of the federal government behind fossil-fuel production and pulling back from the fight against climate change. Trump initiated the shift in a … Read more
Trump has long criticized turbines as bird-killing eyesores President Donald Trump ordered a broad assault on US offshore wind development Monday, including a freeze in permitting the massive renewable power projects despite warnings from developers it imperiled jobs from coast to coast. Trump also ruled out the sale of new wind leases across all of the nation’s … Read more
Action seen delivering on his vow to unleash American energy Biden had blocked new offshore oil leases in 625 million acres Photographer: Eric Thayer/Bloomberg US President Donald Trump revoked offshore oil and gas leasing bans that effectively blocked drilling in most US coastal waters as he made sweeping moves his first hours in office to unleash American … Read more
(Reuters) – Donald Trump plans to issue a flurry of executive orders and directives after he is sworn in as U.S. president on Monday to put his stamp on his new administration on matters ranging from energy to immigration. Two sources familiar with the planning said more than 100 such orders and directives could be … Read more
Presidential memo stops short of calling for new tariffs Trump’s call for national emergency at Mexico border hits peso By Cecile Gutscher and Isabelle Lee Relief that Donald Trump will hold off from imposing China-specific tariffs on his first day in office propelled US equity futures higher on Monday. The dollar slumped. Trump was sworn … Read more
HOUSTON, Jan 20 (Reuters) – North Dakota’s oil production was estimated to be down by between 125,000 barrels per day (bpd) and 150,000 bpd due to extreme cold weather and related operational challenges, the state’s pipeline authority said on Monday. North Dakota is the third-largest oil-producing state in the country and the impacted production represents … Read more
(Reuters) – U.S. natural gas futures dropped to a near one-week low in holiday-thinned trade on Monday on forecasts of less cold weather starting late January, even as spot rates climbed as frigid cold conditions for most of the U.S. boosted demand for heating. Front-month gas futures for February delivery on the New York Mercantile … Read more
I’ve spent the last 18 months compiling the highest-leverage ways to unleash American energy. Here are the results. By Alex Epstein I’ve spent the last 18 months talking to the some of the smartest energy researchers, lawyers, policymakers, and business leaders about the highest-leverage ways to unleash American energy. Here’s the result: 5 goals, 24 … Read more
Unlike Joe Biden, the incoming president is overtly pro-fossil fuels. But the US oil and gas industry still sees risks ahead. Welcome to our guide to the commodities powering the global economy. Today, senior reporter Jennifer Dlouhy writes about what lies ahead for the US oil and gas industry under Donald Trump. The US will … Read more
Green investments stalled due to policy uncertainty, says BNEF 377,000 tons of blue hydrogen capacity may be online by 2025 The US hydrogen economy will likely rely on natural gas and carbon capture technologies rather than green energy in Donald Trump’s second term, according to BloombergNEF. Billions of dollars of investment have stalled in 2024 waiting for the Biden … Read more
Investors are warming up to the sector with an eye on Big Tech demand. By Liam Denning Let it rip.Photographer: Rebecca Droke /AFP New Yorkers bowing their heads into a cutting wind is typically a bullish sign for natural gas prices, and this January is no exception. The rally extends beyond immediate conditions, though, with … Read more
President-elect to invoke powers on day one: people familiar Actions set to touch full spectrum of the US energy industry Bloomberg News President-elect Donald Trump is poised to invoke emergency powers as part of his plan to unleash domestic energy production while seeking to reverse President Joe Biden’s actions to combat climate change, according to … Read more
Summary • New US sanctions hit near-term supply and ship availability • Trump could relax curbs for accord on Ukraine, analysts say • Israel and Hamas ceasefire helps to keep a lid on prices Jan 20 (Reuters) – Oil prices were steady on Monday as traders awaited U.S. President-elect Donald Trump’s inauguration in the hope … Read more
WASHINGTON — The looming threat of devastating tariffs slapped against Canada hangs over president-elect Donald Trump’s return to the White House Monday. Trump is preparing more than 100 executive orders. It’s unclear what is in the massive package and how many will be signed immediately. Here are five things to watch for out of the … 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 to the lowest since December 2021, 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
(Reuters) – The U.S. Federal Reserve announced on Friday it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system. In a statement, the Fed said it was exiting the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) … Read more
Summary • Biden announced ban on Jan. 6, saying it helps fight climate change • Trump says he will reverse it • Republican-led states joined by trade groups in their lawsuit (Reuters) – A group of Republican-led states filed a lawsuit on Friday challenging a ban announced by outgoing Democratic U.S. President Joe Biden earlier … Read more
The U.S. Federal Trade Commision (FTC) said on Friday it had approved a consent order to resolve antitrust issues concerning Chevron’s $53 billion takeover of Hess. According to the order, John Hess, CEO of the oil and gas producer, will be barred from joining the combined company’s board over allegations that he communicated with oil … Read more
U.S. natural gas demand is on track to reach a record high next week as extreme cold hits the U.S., stressing power grids for a second straight year on the day after the Martin Luther King Jr. Day holiday weekend. Gas futures touched two-year highs this week ahead of the freeze, while spot prices at … Read more
The L.A. wildfires have taken at least 27 lives and destroyed thousands of homes As the smoke clears from devastating Los Angeles wildfires, efforts to clean up the affected areas are being complicated by burnt-out electric and hybrid vehicles and home-battery storage systems. Lithium batteries from Tesla Inc., along with those from other carmakers, have … Read more
As of late Thursday, a few dozen people were at a temporary evacuation centre This image from video shows flames rising after a major fire erupted Thursday afternoon at the Moss Landing Power Plant, located about about 124 kilometres south of San Francisco, Thursday, Jan.16, 2025. Photo by KSBW via AP MOSS LANDING, Calif. — … Read more
HOUSTON/WASHINGTON, Jan 17 (Reuters) – Oilfield service provider SLB (SLB.N), opens new tab on Friday said its current business in Russia still aligns with U.S. sanctions issued this month, but that revenue in the country was declining. The world’s largest oilfield service company is one of the few Western firms to remain in Russia after … Read more
Global energy storage capacity has tripled in recent years, thanks to an industry that barely existed a decade ago. Illustration: Jay Daniel Wright for Bloomberg Businessweek By David R Baker Inside an unmarked stucco building in a Silicon Valley office park, more than 1,000 black metal cabinets, each about the size of a fridge, line … Read more
Reversing Biden’s licensing pause clears DOE to give approvals Several major natural gas export projects could move ahead President-elect Donald Trump has vowed to lift the Biden administration’s moratorium on new permits to export liquefied natural gas on his first day in office next week. The promised reversal is key for a number of US projects hanging … Read more
Summary • Brent up 1.3%, WTI adds 1.7% in the week • Concerns about more supply disruptions as Trump returns to power • Potential halt to Houthi attacks on shipping in focus after Gaza ceasefire deal • US oil rig count falls by two (Reuters) – Oil prices settled lower on Friday but notched their … Read more
By Ernest Scheyder Loan increased due to inflation and bigger lithium deposit Rhyolite Ridge to produce 22,000 metric tons of lithium annually Biden administration confident US lithium needs can be met by by 2030s Shares of ioneer gain more than 15% Jan 17 (Reuters) – The U.S. Department of Energy has finalized a $996 million … Read more
(Reuters) – Oil operators in North Dakota, the third-largest oil producing U.S. state, are operating fewer rigs than last month, the state’s Industrial Commission said on Friday. The rig count has dropped to 31 from 37 in December, said Nathan Anderson, director of the North Dakota Department Of Mineral Resources. Active frac crews remain at … Read more
(Reuters) – U.S. President-elect Donald Trump, after his inauguration on Monday, is expected to swiftly usher in a wide range of tariffs, which could dramatically upend the movement of goods and services in coming years. Trump has made tariffs, which were key to American tax revenue collection in the 19th century, a primary plank of … Read more
(Reuters) – U.S. natural gas futures dropped about 5% on Friday from a two-year high in the prior session on forecasts for milder weather in late January and early February that should cut demand for gas for heating. This weekend, however, extreme cold weather over the Martin Luther King Jr. and Inauguration Day holidays was … Read more
(Reuters) – The International Monetary Fund has lowered its 2025 GDP growth projection for Saudi Arabia to 3.3%, mainly due to extended oil production cuts, it said on Friday in the latest update to its global outlook. It also trimmed its 2024 growth estimate for the Gulf state to 1.4%. In its October Regional Economic … Read more
(Reuters) – A potential increase in U.S. fossil fuels production and liquefied natural gas exports under Donald Trump’s incoming presidency could result in lower fuel prices, benefiting Japan, the head of the country’s utilities federation said on Friday. Trump has made clear he intends to swiftly lift a moratorium on new LNG export permits imposed … Read more
(Reuters) – The Kremlin said on Friday it does not expect the United States to soften its position on sanctions against Russian oil once President-elect Donald Trump takes office, despite his administration’s readiness for dialogue on the Ukraine war. Kremlin spokesman Dmitry Peskov was commenting on remarks by Trump’s choice for Treasury Secretary, Scott Bessent, … Read more
Summary Q4 adjusted profit 92 cents per share vs forecast 90 cents Q4 revenue $9.28 billion vs forecast $9.18 billion Shares up more than 2% in premarket trade (Reuters) – SLB (SLB.N), opens new tab raised its quarterly dividend and accelerated share repurchases on Friday after the oilfield services provider posted better than expected fourth-quarter … Read more
(Reuters) – President-elect Donald Trump’s pick for secretary of the interior, Doug Burgum, will tell lawmakers during his nomination hearing on Thursday that he will vigorously pursue Trump’s goals of maximizing energy production from America’s public lands and waters, calling it key to national security. The comments signal a coming sharp turn in policy after … Read more
Doug Burgum tapped to lead Interior Department, energy council Former governor made his fortune in accounting software Bloomberg News The US risks forfeiting a global competition to dominate artificial intelligence if it doesn’t build more reliable, always-on electricity to supply the industry, President-elect Donald Trump’s pick to lead the Interior Department warned Thursday. Doug Burgum, the … Read more
Summary • Brent up 2.4% so far this week, WTI adds 3.5% • Concerns about more supply disruptions as Trump returns to power • Potential halt to Houthi attacks on shipping in focus after Gaza ceasefire deal (Reuters) – Oil prices rose on Friday, on course for a fourth consecutive week of gains, as the … Read more
‘Previous administrations have viewed energy as a liability’ Chris Wright runs a Colorado fracking services company Bloomberg News Donald Trump’s choice for energy secretary said the US should expand production of fossil fuels along with nuclear power, geothermal and other technologies to make the nation’s energy more reliable and affordable. “The security of our nation … Read more
Doug Burgum tapped to lead Interior Department, energy council Former governor made his fortune in accounting software By Jennifer A Dlouhy The US risks forfeiting a global competition to dominate artificial intelligence if it doesn’t build more reliable, always-on electricity to supply the industry, President-elect Donald Trump’s pick to lead the Interior Department warned Thursday. … Read more
(Reuters) – U.S. Interior Secretary nominee Doug Burgum told lawmakers during his confirmation hearing on Thursday that permitting reform is needed to speed energy projects, particularly to boost power production. “We’ve got to get to work in permitting reform and speeding permitting right now,” he said. “Electricity is at the brink. Our grid is at … Read more
(Reuters) – Shares of Flowco Holdings opened nearly 21% above the initial public offering price in their market debut on Thursday, giving the oilfield services provider a market value of about $2.55 billion. The company’s shares opened at $29 apiece, compared with the IPO price of $24. Hopes of a friendlier regulatory environment for deals … Read more
(Reuters) – U.S. natural gas storage is on track to end the November-March winter withdrawal season at a three-year low of 1.811 trillion cubic feet (tcf) on March 31, 2025, according to analysts’ estimates. That compares with an eight-year high of 2.306 tcf of gas in storage at the end of the winter withdrawal season … Read more
(Reuters) – President-elect Donald Trump’s pick for Treasury Secretary, Scott Bessent, said he “100%” supports raising sanctions on Russian oil producers if the future president requests doing so. Bessent told U.S. senators on the Senate Finance Committee that he believes the Russian sanctions from the Biden administration “were not fulsome enough.” “I think if any … Read more
CALGARY, ALBERTA, CANADA, Arolytics Inc., a North American leader in emissions intelligence software, announced today AroIQ, an artificial intelligence (AI) solution leveraging oil and gas operational data, including SCADA, for digital emissions monitoring. With AroIQ, oil and gas companies can efficiently achieve targeted, measurable methane reductions with no new or additional hardware, sensors, or field-visits. … Read more
BP to cut 4,700 staff this year Another 3,000 contractor positions to be cut CEO aims to cuts at least $2 bln in costs by 2026 (Reuters) – BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence … Read more
By Curtis Williams and Jarrett Renshaw HOUSTON, Jan 15 (Reuters) – U.S. President-elect Donald Trump plans to make it easier for some producers of liquefied natural gas (LNG) to seek export permit renewals, according to two sources with knowledge of the plan. Trump will likely include the change in an executive order on LNG that … Read more
(Reuters) – The U.S. Energy Department’s loan office on Thursday announced $22.92 billion in conditional financing for several energy utilities across a dozen states. The financing, if finalized, will come through the energy infrastructure reinvestment program at the department’s Loan Programs Office (LPO) created under President Joe Biden’s signature climate legislation, the Inflation Reduction Act. … Read more
More than 450,000 kilometres of pipelines link Canada and the U.S. – enough to circle the Earth 11 times By Deborah Jaremko Follow CEC on LinkedIn CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter As U.S. imports of Canadian oil barrel through another new all-time high, leaders on both sides of the border are … Read more
“This time it’s different” is a well-worn cliché that seems to be getting another whirl with the latest U.S. sanctions against Russia’s crude oil exports. Oil prices jumped in the wake of the new measures aimed at preventing Russia from shipping crude using a so-called “dark fleet” of tankers. It does seem strange an industry … Read more
A judge has dismissed New York City’s lawsuit alleging that Exxon Mobil, BP and Shell were liable for misleading the public about their products, and their commitment to renewable energy and fighting climate change. In a decision on Tuesday, state Supreme Court Justice Anar Patel in Manhattan rejected the city’s argument that the oil companies should … Read more
(Reuters) – Flowco Holdings has raised $427.2 million after pricing its U.S. initial public offering above its targeted range, the oilfield services provider said on Wednesday. Flowco priced its offering of 17.8 million shares at $24 each. The company had marketed to list its shares in the range of $21 and $23. Strong equity markets, … Read more
By Shariq Khan Colonial crews still searching for source of suspected gasoline leak in Georgia Line 1 outage duration on par with Colonial shutdown in 2021 due to cyberattack Market impact limited by high stockpiles, refinery output NEW YORK, Jan 15 (Reuters) – Colonial Pipeline’s main U.S. gasoline artery is expected to remain shut through … Read more
By Jason Chiu AI use in manfacturing for effective detection Energy sites often operate in remote, spread-out, or unmanned locations, creating a visibility gap where issues can develop long before anyone is on-site to notice them. Artificial intelligence (AI) is starting to close that gap by analyzing movement, temperature changes, and irregular patterns across entire … Read more
By Tom Hals Victims sue Southern California Edison under unique legal doctrine Inverse condemnation allows claims without proving utility’s negligence Wildfires expected to be costliest ever in US Jan 15 (Reuters) – Victims of the Los Angeles wildfires, likely the costliest in U.S. history, are seizing upon a unique California legal doctrine that allows them … Read more
25 policy changes to unleash American energy By Alex Epstein It may seem impossible, but 4 years from now America can have Record oil and gas production Cheap, plentiful, reliable electricity High environmental quality” Low climate danger A nuclear renaissance For well over a year I’ve been working on an Energy Freedom Plan that can … Read more
Summary • Brent, WTI close to six-month highs • U.S. crude stocks fall more than forecast • Demand growth to pick up from India, China festivals (Reuters) – Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on the latest U.S. sanctions on Russia and a larger-than-forecast fall in U.S. … Read more
(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 2 million barrels to 412.7 million barrels in the week ending Jan. 10, the EIA said, compared with analysts’ expectations in a Reuters poll for a 992,000-barrel draw. Crude … Read more
(Reuters) – U.S. natural gas futures rose about 1% to a two-year high on Wednesday on forecasts for more frigid weather over the Martin Luther King Jr Day holiday weekend than previously expected, which could freeze gas wells and pipes and boost gas demand for heating to a record high. Front-month gas futures for February … Read more
The latest IEA’s Monthly Oil Statistics report including October 2024 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 2.1% in October 2024 compared to October 2023. Refinery gross output of total products increased by 1.4% on a year-on-year basis. Net deliveries of total products increased … Read more
The latest IEA’s Monthly Gas Statistics report including October 2024 data shows that for Total OECD: Production of natural gas decreased by 1.0% compared to October 2023. Imports (entries)1 of natural gas remained stable (0.0%) compared to October 2023, and total OECD exports (exits)1 decreased by 0.7% in the same period. Gross consumption of natural … Read more
Oil shipping rates extended their rally on expectations of a tightening in global tanker supply from wider U.S. sanctions on Russia’s fleet and traders’ demand for ships to load Middle East oil for Asia, industry sources said on Wednesday. On Tuesday, Shell booked three Very Large Crude Carriers, capable of carrying up to 2 million barrels of … Read more
(Reuters) – OPEC forecast on Wednesday world oil demand in 2026 will rise at a similar rate to this year, while reducing its figure for 2024 for a sixth time, following economic weakness in China, the world’s biggest importer of oil. The 2026 forecast is in line with the Organization of the Petroleum Exporting Countries’ … Read more
Donald Trump plans to issue a flurry of executive orders and directives after he is sworn in as U.S. president on Monday, to put his stamp on his new presidency on everything from immigration to energy. Two sources familiar with the planning said Trump is preparing a flood of executive orders and directives that could … Read more
By Shariq Khan NEW YORK, Jan 14 (Reuters) – Oil prices will be under pressure in 2025 and 2026 as global production growth outpaces demand, the U.S. Energy Information Administration said on Tuesday in its Short-Term Energy Outlook report. Many analysts expect an oversupplied oil market this year, after demand growth slowed sharply in 2024 … Read more
Shale Slope Erosion Nestled in the foothills of the Canadian Rockies, a coal mining community in British Columbia was dealing with an abundance of shale slopes that had formulated over time. One soft shale slope was degrading due to geomorphic processes, causing scour and erosion to the hillside. This slope is located above a mechanically … Read more
Screw WHAT mess? …the disorganized mess of paper folders, data files, surveys, printed spreadsheets, drawings, pictures, meeting notes, lists of dates, and whatever else makes its way into the stack of documents needed for energy project land assessment, acquisition, and contract management. Trying to find the right information strains your resources, slows projects down, and … Read more
Call For Speakers Thought leaders in upstream and midstream oil & gas, pipelines, renewable energy, and utilities, are invited to speak at a Pandell Leadership Series webinar. Who should apply? You’re an industry expert or innovator with insights to share with the North American energy market. You’re capable of delivering a live webinar presentation on … Read more
(Reuters) – Democratic lawmakers on the U.S. Senate Energy Committee called Tuesday on the panel’s Republican chairman to postpone the confirmation hearing for President-elect Donald Trump’s pick to lead the Department of Energy, citing a paperwork delay. The hearing for Chris Wright is scheduled for Wednesday. Wright plans to step down as CEO and chairman … Read more
Summary • Brent and WTI benchmarks edge higher • OPEC sees 2026 global oil demand growth of 1.43 million bpd • IEA says new US sanctions could disrupt Russian supply • U.S. crude stockpiles fall more than expected, API sources say • EIA expects longer-term supply to outstrip demand Jan 15 (Reuters) – Oil prices … Read more
Summary • Wright believes fossil fuels are key to ending world poverty • Wright supports new small nuclear reactors and geothermal power • Democrats, Wright agree on need for more power transmission WASHINGTON (Reuters) – Chris Wright, President-elect Donald Trump’s pick to head the U.S. Energy Department, will tell U.S. senators in his confirmation hearing … Read more
My new interview with Jordan Peterson On the latest episode of the Jordan Peterson Podcast, I analyze the crucial moment we’re at with American energy policy, and break down my “Energy Freedom Platform” to make the absolute most of this moment. Stream the full interview on Youtube, X, or Spotify, or read the transcript below. Alex Epstein’s influence … Read more
(Reuters) – Colonial Pipeline, the largest U.S. fuel pipeline operator, said on Tuesday that the main artery moving gasoline from the U.S. Gulf Coast to the East Coast has been shut since Monday night due to a potential spill in Paulding County, Georgia. Line 1 was temporarily shut as operator Colonial Pipeline responds to a … Read more
Officials map out how they can respond to Trump trade levies Trade threats to Canada, Mexico signal deeper trade upheaval Donald Trump and his allies are broadening their scope in what threatens to be a more prolonged and unpredictable trade war than during his first presidency. Photographer: Angel Garcia/Bloomberg Donald Trump’s inauguration promises to usher … Read more
By Georgina Mccartney HOUSTON, Jan 14 (Reuters) – Demand to lock in oil and gas prices jumped to a record high on Friday on the AEGIS hedging marketplace, as the harshest U.S. sanctions yet on Russian energy trade sent oil prices to multi-month highs. AEGIS, which says its clients’ business represents about 25-30% of total … Read more
Authors: Devin Lacey, Yuchen Wang Lithium has become a foundational element in the advancement of electrification solutions, powering innovations in electric vehicles (EVs), energy storage systems, and advanced electronics. While its role in electrification and renewable energy deployment is indispensable, the lithium market remains highly volatile, driven by shifting supply-demand dynamics and changing policies. To … Read more
(Reuters) – The liquefied natural gas (LNG) vessels due to load at two newly sanctioned Russian export terminals are set to deliver their cargoes mostly to Europe and also to Asia, shiptracking data showed on Tuesday. The U.S. on Friday imposed its broadest package of sanctions so far targeting Russia’s oil and gas revenues in … Read more
(Reuters) – Russia’s leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping. “The company’s vessels do not belong to the ‘shadow fleet’”, Sovcomflot said. “The sanctions against Sovcomflot are not motivated by violations on the part … Read more
(Reuters) – BP warned on Tuesday that lower production, weak refining margins and sluggish trading would see its profit in the fourth quarter of 2024 fall from the previous three months. Since taking the helm a year ago, CEO Murray Auchincloss has scaled back the firm’s energy transition strategy in an effort to boost profits … Read more
WASHINGTON (AP) — The Supreme Court said Monday it won’t hear an appeal from oil and gas companies trying to block lawsuits seeking to hold the industry liable for billions of dollars in damage linked to climate change. The order allows the city of Honolulu’s lawsuit against oil and gas companies to proceed. The city’s … Read more
Summary • Norway awards exploration permits to 20 companies • Must drill to uphold oil, gas output, energy minister says • Also prepares for more Arctic exploration • Demonstrators, including Thunberg, protest against move SANDEFJORD, Norway, Jan 14 (Reuters) – Norway on Tuesday awarded stakes in 53 offshore oil and gas exploration licences to 20 … Read more
Province’s leader met with president-elect at Mar-a-Lago Ottawa shouldn’t make ‘empty’ threats to curb exports: Smith Canadians should be prepared to face US tariffs once Donald Trump assumes the presidency next week, with no exemptions for oil, Alberta Premier Danielle Smith warned after meeting the president-elect in Florida. The conservative leader of Canada’s main oil-producing province met with Trump at his … Read more
Summary • VLCC rates for Mideast to China up 39% since Friday • Shipping costs for Russian ESPO Blend to China more than double – S&P Global • Fleet tightness could worsen if shadow fleet seeks new vessels – Kpler (Reuters) – Supertanker freight rates jumped after the U.S. expanded sanctions on Russia’s oil industry, … Read more
Measures mark first serious attempt to restrict the flow of funds into the Kremlin’s war chest. Julian Lee, Bloomberg News Outgoing US President Joe Biden has seized the opportunity of lower oil prices and an impending period of oversupply to ratchet up pressure on Moscow. His parting sanctions on Russia’s energy industry are the first serious attempt to restrict … Read more
(Reuters) – The amount of natural gas flowing to U.S. liquefied natural gas (LNG) company Freeport LNG’s export plant in Texas was on track to fall to a one-month low on Monday, according to data from financial firm LSEG. Freeport LNG is one of the most closely watched LNG export plants in the world because … Read more
(Reuters) – The U.S. Treasury announced on Friday sweeping new sanctions against the Russian energy sector, including oil majors Gazprom Neft (SIBN.MM) and Surgutneftegaz (SNGS.MM), to try to curtail Moscow’s ability to fund its war with Ukraine. The sanctions also target over 180 tankers and dozens of oil traders, oilfield service providers, insurance companies and … Read more
Summary • Prices ease after rising close to 10% since the start of the year • Markets eye US data releases this week • Sanctions could take 700,000-800,000 bpd of Russian crude off market, analysts say (Reuters) – Oil prices paused their rally on Tuesday, but remained near four-month highs, with the market’s attention focused … Read more
By Jonathan Saul Around 10% of the global tanker fleet hit by US sanctions Tanker rates rising as non-sanctioned ships in demand China’s Shadong port bans tankers hit by US sanctions – traders LONDON, Jan 13 (Reuters) – At least 65 oil tankers have dropped anchor at multiple locations, including off the coasts of China … Read more
(Reuters) – Southern California Edison, a unit of utility firm Edison International (EIX.N), on Monday was sued on claims that its electrical equipment started one of the major wildfires raging in the Los Angeles area, according to court filings. At least 24 people have died in the fires that began last Tuesday, and more than … Read more
Summary Refiner profits fall as new capacity and normal margins return Gasoline and diesel crack spreads hit lows in December Analysts lower earnings expectations amid weak crack spreads Uncertainty over Trump’s tariffs impacts refiner margins and costs (Reuters) – Investors are souring on the U.S. oil refining sector, citing forecasts for softer fuel demand and … Read more
HOUSTON–(BUSINESS WIRE)–Chevron Corporation (NYSE: CVX) today announced Laura Lane will become vice president and Chief Corporate Affairs Officer, effective February 1. Lane will oversee the company’s government affairs, communications, and social investment activities. Lane will be based in Houston and succeed Al Williams, who is retiring in April after 34 years at the company. “Laura’s background … Read more
OKLAHOMA CITY, Jan. 13, 2025 (GLOBE NEWSWIRE) — Devon Energy Corporation (NYSE: DVN) today announced key updates to its executive leadership team. The company promoted John Raines to the position of Senior Vice President, E&P Asset Management and Trey Lowe to the position of Senior Vice President and Chief Technology Officer. “Both John and Trey … Read more
$640 million purchase includes 270 MMcf/d processing plant and rich gas header system strategically located in Williston Basin, North Dakota HOUSTON–(BUSINESS WIRE)–Kinder Morgan, Inc. (NYSE: KMI) today announced that its subsidiary, Hiland Partners Holdings LLC, has agreed to purchase a natural gas gathering and processing system in North Dakota from Outrigger Energy II LLC for $640 … Read more
Trump’s tariff threat, and remarks about Canadian sovereignty, have alarmed Canadians across the political spectrum Alberta Premier Danielle Smith visited U.S. president-elect Donald Trump at Mar-a-Lago on Saturday evening and again Sunday morning, as Smith continues her campaign to woo American politicians in the face of tariff threats from the incoming president. “We had a … Read more
The U.S. Treasury on Friday imposed sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels that have shipped Russian oil, targeting the revenues Moscow has used to fund its war with Ukraine. Many of the tankers have been used to ship oil to India and China as western sanctions and … Read more
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six 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 5 to 584 in … Read more
(Reuters) – The Biden administration on Friday imposed its broadest package of sanctions yet targeting Russia’s oil and gas revenues in an attempt to give Kyiv and the incoming administration of Donald Trump leverage to reach a deal for peace in Ukraine. The move is meant to cut Russia’s oil revenues for the war that … Read more
Venture Global LNG will begin formally pitching investors next week for its highly anticipated initial public offering, with the second-largest U.S. producer of liquefied natural gas aiming to secure a non-diluted valuation of as much as $110 billion, a document seen by Reuters and a person familiar with the matter said on Saturday. It could … Read more
• Brent and WTI prices touch August highs • Wider US sanctions to disrupt Russian supplies • Chinese and Indian refiners seek alternatives to Russian oil (Reuters) – Oil extended gains for a third session on Monday, with Brent crude rising above $80 a barrel to its highest in more than four months, driven by … Read more
(Reuters) President-elect Donald Trump has promised to maximize U.S. oil and natural gas production – already at record highs – in part by clearing away what he deems as unnecessary regulation and bureaucracy. Here are some of the energy-related executive orders Trump could announce during his first days in office, as he seeks to follow … Read more
Bloomberg News U.S. President-elect Donald Trump has justified his threat of 25 per cent tariffs on Canada by pointing to the U.S. trade deficit. Top Canadian economists have a response to that: it’s all because your country wants cheap oil. The U.S. is on track to end 2024 with the largest overall trade deficit in its … Read more
Pipeline CEO plans ahead for imminent change in US leadership Company ships almost 6 million barrels of crude, liquids daily Enbridge Inc. is devising plans to rapidly boost capacity on its US oil pipeline system if the incoming Trump administration succeeds in kicking off a drilling boom. The company sees an opportunity to move “several hundred … Read more
Summary • Brent crude and WTI futures rise over 3% to 3-month high • US announces harshest package of sanctions against Russian oil • Sanctions will hit Russian oil exports – UBS, traders • Extreme cold in US, Europe also boosting oil prices – StoneX New York, Jan 10 (Reuters) – Oil prices rallied nearly … Read more
A federal judge in Texas on Friday said American Airlines violated federal law by basing investment decisions for its employee retirement plan on environmental, social and other non-financial factors. The ruling by U.S. District Judge Reed O’Connor appeared to be the first of its kind amid growing backlash by conservatives to an uptick in socially-conscious … Read more
(Reuters) – The current resilience of the U.S. oil market was key to the White House’s decision to impose significant sanctions on Russia’s energy sector on Friday, a spokesperson for the Biden administration said. The strength of the domestic oil market allowed the administration to change its tactic in trying to hobble Russia’s economy in … Read more
By Jarrett Renshaw and Stephanie Kelly (Reuters) – The U.S. is expected to release by next week a climate model for clean fuel tax credits that will sharply reduce the ability of ethanol producers to access subsidies for production of sustainable aviation fuel, three sources familiar with the matter told Reuters. The exclusion of climate-smart … Read more
(Reuters) – The United States on Friday imposed sanctions on eight Venezuelan officials and increased to $25 million the reward it is offering for the arrest of President Nicolas Maduro on the day of his inauguration to a third term following a disputed election last year. It was the latest in a series of punitive … Read more
OTTAWA, ON – Ontario Premier Doug Ford, as Chair of the Council of the Federation, will lead a joint mission of Canada’s Premiers to Washington, D.C. on February 12, 2025. Premiers will meet with key members of the new Administration, Congress and business leaders to advocate for maintaining strong Canada-U.S. relations by addressing shared issues such as jobs and the economy, energy, critical … Read more
CALGARY, Alberta–(BUSINESS WIRE)–Imperial (TSE: IMO, NYSE American: IMO) announced today that Sherri Evers, currently Senior Vice President, Sustainability, Commercial Development and Product Solutions for Imperial, will become North America Lubes General Manager for Exxon Mobil Corporation, effective March 1, 2025. “On behalf of Imperial, I would like to thank Sherri Evers for her contributions and strong … Read more
Constellation to Acquire Calpine in Stock and Cash Joins Best-in-Class Customer Platforms, Providing Opportunities to Better Serve Customers with a Broader Array of Energy and Sustainability Products Combines Nation’s Premier Nuclear, Natural Gas and Geothermal Fleets to Create Cleanest and Most Reliable Energy Producer, with Coast-to-Coast Presence Immediately and Highly Accretive to Constellation’s EPS and … Read more
(Reuters) – U.S. natural gas futures climbed about 4% to a one-week high on Friday on forecasts for colder weather and higher heating demand over the next two weeks than previously expected and record flows of gas to liquefied natural gas (LNG) export plants. That price increase came despite signs that the amount of gas … Read more
Crude’s advance at the beginning of the year won’t last if producers’ track record is any guide. Today, oil strategist Julian Lee looks at the challenges facing OPEC+ plans to raise output this year. The oil market may not be as oversupplied this year as some forecasters have been suggesting. That doesn’t mean it will … Read more
Indian firms see a major disruption of Russian oil supplies as Washington imposes new sanctions to curb Moscow’s revenues, pushing refiners to scout for crude from the Middle East and the U.S., three Indian refining sources said on Friday. The sources said they understand that the new U.S. sanctions would target more than 180 tankers … Read more
(Reuters) – Wind power provided 20% of the electricity consumed in Europe last year, but the capacity built during the year was less than half of what is needed to meet the European Union’s 2030 energy and climate targets, industry group WindEurope said on Friday. WHY IT’S IMPORTANT Wind has been a growing part of … Read more
Jan 9 (Reuters) – Oil and gas major Shell (SHEL.L) said on Thursday it had started production at the offshore floating facility Whale located in the Gulf of Mexico. The Whale development is operated by Shell, which owns 60% of the project alongside U.S. energy major Chevron (CVX.N), which has a 40% stake. The project … Read more
Summary • Brent crude and WTI rise more than 3% • Brent reaches highest level in over three months • Concerns about tougher sanctions on Russian oil industry weigh on traders (Reuters) – Oil prices surged on Friday and were on track for a third straight week of gains as traders focused on potential supply … Read more
(Reuters) – Constellation Energy (CEG.O), opens new tab said on Friday it would buy privately held Calpine Corp, a geothermal and natgas energy company, in a cash-and-stock deal valued at $26.6 billion including debt, sending Constellation’s shares up 8.8%. The deal comes at a time when electricity demand is expected to rise to record highs … Read more
WASHINGTON, Jan 9 (Reuters) – The U.S. Senate energy committee will hold nomination hearings for President-elect Donald Trump’s picks for energy roles on Tuesday and Wednesday next week, the panel’s chairman said on Thursday. The committee will hold a hearing to consider Doug Burgum, Trump’s nominee to be secretary of the interior, on Tuesday, Jan. … Read more
By Gavin Maguire LITTLETON, Colorado, Jan 9 (Reuters) – Texas is dominating the development of renewable energy generation and battery capacity within the United States, and is estimated to have installed nearly 80% more combined solar, wind and battery capacity than the next largest state. The Lone Star state has 42,000 megawatts (MW) of wind … Read more
A unit of French energy company TotalEnergies agreed to pay $5 million to settle claims by U.S. energy regulators that it and some of its traders allegedly manipulated the natural gas market in 2009-2012. The settlement is much smaller than the $214 million the U.S. Federal Energy Regulatory Commission had sought from TotalEnergies’ Total Energies … Read more
By Jarrett Renshaw Jan 9 (Reuters) – President Joe Biden’s administration expects to release short-term guidance on clean fuel tax credits on Friday and leave final decisions to President-elect Donald Trump’s incoming administration, according to two sources familiar with the plan. With the news, biofuel companies and their legislative backers will have to wait to … Read more
Jan 9 (Reuters) – A unit of French energy company TotalEnergies (TTEF.PA) agreed to pay $5 million to settle claims by U.S. energy regulators that it and some of its traders allegedly manipulated the natural gas market in 2009-2012. The settlement is much smaller than the $214 million the U.S. Federal Energy Regulatory Commission had … Read more
MOSCOW, Jan 9 (Reuters) – A court in Switzerland has extended the deadline for Nord Stream 2 AG, a unit of Russia’s Gazprom (GAZP.MM), to restructure its debts to May 9 from Jan. 10, according to a court ruling. It also said that Swiss-registered Nord Stream 2 AG, the operator of the undersea gas pipeline … Read more
By Sethuraman N R Jan 9 (Reuters) – Global energy major BP (BP.L) has pledged to lift oil production by 44% and gas output by 89% from India’s largest field off its west coast, under a decade-long contract, according to block operator Oil and Natural Gas Corp (ONGC.NS) on Thursday. ONGC named BP as its … Read more
Norway exported a record amount of natural gas in 2024 and volumes are expected to stay near this level in the coming years, official data and forecasts showed on Thursday. Norway became Europe’s largest supplier of natural gas following Russia’s invasion of Ukraine in 2022, providing about 30% of all gas imports to the European … Read more
Summary • Analysts expect Jan demand to grow by 1.4 mln bpd • US gasoline and distillates stocks rise more than expected • Saudi Arabia crude oil supply to China to fall in Feb (Reuters) – Oil prices rose slightly on Thursday as investors factored in firm winter fuel demand expectations despite large U.S. fuel … Read more
Gaining despite Wall Street’s dim outlook for oil and gas stocks Bloomberg News Energy is the star sector of the S&P 500 index in the early days of 2025, shaking off two consecutive years when it was a market laggard, and gaining despite Wall Street’s dim outlook for oil and gas stocks. The S&P 500 Energy Index has … Read more
By Shariq Khan and Georgina Mccartney Canadian crude oil discount to US oil widened after shutdown South Bow stock tumbled to lowest since October Amount of spill is not known yet, pipeline to be shut until at least Wednesday NEW YORK/HOUSTON, April 8 (Reuters) – The Keystone oil pipeline from Canada to the United States … Read more
There’s no way that Canada’s going to stand by and watch the decimation of our industries Bloomberg News The U.S. doesn’t have easy alternatives to Canadian crude oil, uranium, potash and other critical minerals, Wilkinson said. And he warned that nothing is off the table when it comes to potential Canadian trade retaliation, including export taxes. … Read more
(Reuters) – Chevron is positioned to increase its free cash flow by $6 billion to $8 billion by next year, and reduce expenses by “a couple billion dollars,” said Chevron CEO Michael Wirth on Wednesday. The No. 2 U.S. oil producer expects results to benefit from the start of new or expanded oil production projects … Read more
(Reuters) – The U.S. Interior Department said on Wednesday that a congressionally mandated oil and gas drilling lease auction in Alaska’s Arctic National Wildlife Refuge received no bids from energy companies. Outgoing President Joe Biden’s administration billed the outcome as proof the 19 million-acre refuge, home to species including polar bears and Porcupine caribou, should … Read more
U.S crude inventories at the country’s flagship storage hub in Cushing, Oklahoma, fell to their lowest in over a decade amid strong refining activity and a year-end tax measure, data from the government’s energy statistics arm showed on Wednesday. Stocks of oil at Cushing fell by 2.5 million barrels last week to about 20 million … Read more
Summary • Alaska challenges limits on leases set for auction in Jan • Says curbs make development ‘impossible or impracticable’ • Governor urges use of ‘vast resources’ available Jan 7 (Reuters) – The U.S. state of Alaska has sued the Biden administration for what it calls violations of a Congressional directive to allow oil and … Read more
(Reuters) – U.S. crude oil imports from Canada rose last week to the highest on record, data from the U.S. Energy Information Administration (EIA) showed on Wednesday, ahead of incoming U.S. president Donald Trump’s plans to tariff imports. U.S. crude oil imports from Canada rose by 689,000 barrels a day in the week ended Jan. … Read more
(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 959,000 barrels to 414.6 million barrels in the week ended Jan. 3, the EIA said, compared with analysts’ expectations in a Reuters poll for a 184,000-barrel draw. Crude stocks … Read more
(Reuters) – U.S. natural gas futures climbed about 4% on Wednesday on forecasts for more heating demand this week than previously expected and a continued decline in output from freezing wells, while extreme cold in the Northeast boosted spot gas prices to their highest since January 2024. Those price increases came ahead of a federal … Read more
(Reuters) – European wind power stocks fell on Wednesday after U.S. President-elect Donald Trump said he would try to ensure that “no windmills” are built on his watch, criticising the sector less than two weeks before he is due to take office. Trump’s latest swipe against the industry raises concerns about how the U.S. wind … Read more
Iran is pushing to recoup 25 million barrels of oil from China that has been stuck for six years in Chinese ports due to sanctions imposed by then-U.S. President Donald Trump, three Iranian and one Chinese source familiar with the matter said. Trump is returning to power on Jan. 20, and analysts say he is … Read more
Developers of new generation capacity in the US face soaring costs and long wait times for turbines. One of the biggest energy stories of last year was the challenge of powering the artificial intelligence boom. Tech companies are putting serious money behind renewables and nuclear on the assumption electricity consumption will soar. But in the immediate future, natural gas is … Read more
(Reuters) – Shell (SHEL.L) trimmed its liquefied natural gas production outlook for the fourth quarter on Wednesday and said oil and gas trading results are expected to be significantly lower than in the previous three months. In a trading update ahead of Jan. 30 full-year results, Shell also said it would take $1.5 billion to $3 … Read more
HOUSTON, Jan. 07, 2025 (GLOBE NEWSWIRE) — Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) announced today three bolt-on acquisitions for an aggregate cash consideration of approximately $670 million net to Plains, the purchase of approximately 18% of its outstanding PAA Series A Preferred Units and a 20% increase … Read more
By Arathy Somasekhar Middle East oil exports to Europe fell 22% in 2024, Kpler data shows US boosts global oil trade share to 9.5% with shale production New refineries and pipelines alter global oil trade dynamics HOUSTON, Jan 7 (Reuters) – The volume of global crude exports in 2024 declined 2%, the first fall since … Read more
Jan 6 (Reuters) – Exxon Mobil (XOM.N) filed a lawsuit on Monday against California Attorney General Rob Bonta and several environmental groups, court records show. The lawsuit filed in the federal court in Beaumont, Texas includes a cause of action sounding in libel or slander, court records show. A copy of the complaint was not … Read more
Summary • Gas appliances linked to health issues, climate change • Republican states counter local gas restrictions with laws (Reuters) – President-Elect Donald Trump is weighing an executive order that seeks to protect gas-powered appliances including stoves and heaters from federal and local regulators who want to phase them out of homes and businesses, two … Read more
Authors: Leonard Herchen & Yuchen Wang Overview: The energy markets in 2025 are undergoing transformative structural changes, highlighted by the operational launch of key infrastructure projects such as LNG Canada. This development significantly enhances Canada’s ability to meet rising global LNG demand while alleviating long-standing supply bottlenecks. At the same time, economic recovery across major … Read more
The prime minister’s resignation marks both the end of a political era and the beginning of a potentially dramatic reshaping of the nation’s economy. By Thomas Seal, Erik Hertzberg, Randy Thanthong-Knight, and Brian Platt Justin Trudeau, Canada’s prime minister, departs after announcing his resignation at a news conference in Ottawa.Photographer: David Kawai/Bloomberg As Justin Trudeau’s … Read more
Summary • WTI, Brent gains limited by US dollar strength • API shows US crude stocks fall 4.02 million barrels, sources say • OPEC production falls in December, Reuters survey shows Jan 8 (Reuters) – Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of … Read more
Summary • Advisers urge patience to avoid legal challenges • Biden’s LNG moratorium delayed key projects • Trump’s team considers extending comment period on LNG study (Reuters) – Advisers to U.S. President-elect Donald Trump are urging him to take a patient approach to restarting approvals for liquefied natural gas export licenses, fearing rapid approvals will … Read more
U.S. natural gas futures fell about 4% on Tuesday on forecasts for less heating demand this week than previously expected and lower output reductions from freezing wells so far this winter than in past years. Energy analysts, however, said spot prices have already soared to their highest levels since last January and noted that futures … Read more
By Chen Aizhu, Siyi Liu and Trixie Sher Li Yap Ships cannot dock, unload or receive shipping services Ban on ports including Qingdao, Rizhao and Yantai May slow imports, push up costs for refiners, traders say SINGAPORE/BEIJING, Jan 7 (Reuters) – Shandong Port Group has banned U.S.-sanctioned tankers from calling into its ports in the … Read more
Oilfield services provider Flowco Holdings on Tuesday said it is seeking a valuation of up to $2 billion in its initial public offering in the United States, aiming to leverage last year’s capital market rebound. The company said it would sell 17.8 million shares at a price range of $21 to $23 per share, potentially … Read more
(Reuters) – Europe’s imports of liquefied natural gas (LNG) surged to an 11-month high in December, but the gain didn’t come at the expense of Asia, which also recorded higher arrivals. A total of 10.89 million metric tons of the super-chilled fuel was imported by Europe in December, up 23% from 8.86 million in November … Read more
By Yogi Schulz We’ve all read about the heated and continuing debate about the effectiveness and cost of solar and wind renewable electricity generation. Some have hyped these technologies as the saviour for the energy transition to address the impact of climate change. Others have challenged their cost, reliability and lifespan. Where do these technologies … Read more
By Timothy Gardner and Nidhi Verma U.S. to announce ‘very substantial package’ of sanctions, source says Russian oil companies, tankers, traders, insurers to be targeted, source says Tankers carrying oil above $60 per barrel price cap to be sanctioned, sources say WASHINGTON/NEW DELHI, Jan 6 (Reuters) – The Biden administration plans to impose more sanctions … Read more
U.S. oil refiner Phillips 66 said on Monday it would acquire various pipelines and distribution systems from Ares-backed EPIC NGL in an all-cash deal for $2.2 billion, as it seeks to expand its Permian presence. The U.S. shale industry has witnessed a record-breaking wave of dealmaking in the recent past, as energy companies have rushed … Read more
Summary • Brent and WTI climb • China’s Shandong Port blacklists U.S.-sanctioned oil vessels, traders say • Middle East market strength provides support • Economic data undermine demand hopes Jan 7 (Reuters) – Oil prices climbed on Tuesday reversing earlier declines, as fears of tighter Russian and Iranian supply due to escalating Western sanctions lent … Read more
Proclamation protects 625 million acres of Pacific, Atlantic Decision complicates any Trump bid to widen offshore drilling President Joe Biden is set to order a ban on new offshore oil and gas development across some 625 million acres of US coastal territory, ruling out the sale of drilling rights in Atlantic and Pacific waters as well as … Read more
By Jan Lopatka Kyiv refused to extend transit deal for Russian gas Cancellation of German levy cuts cost of supplies via Germany Slovakia imports solely from Hungary PRAGUE, Jan 6 (Reuters) – Central European gas flows have adapted to the halt of Russian supplies through Ukraine on Jan. 1, as increased shipments to the region … Read more
(Reuters) – U.S. natural gas futures soared 9% in volatile trade on Monday as winter storms battered the eastern half of the country, causing output to decline as some oil and gas wells and pipes start to freeze. So far, those storms have knocked out power to more than 366,000 homes and businesses from Missouri … Read more
Prime minister has been under pressure to step down for months He has scheduled an announcement for 10:45 a.m. in Ottawa Justin Trudeau will announce his resignation as leader of Canada’s Liberal Party on Monday morning, the Canadian Broadcasting Corp. reported, triggering a contest to replace him as prime minister. Trudeau’s office has scheduled an announcement … Read more
Final rules provide carve-out for existing nuclear power Subsidy has been the subject of intense Washington lobbying The Biden administration loosened some stringent safeguards on a tax credit worth billions of dollars for hydrogen production, after companies argued the rules would stifle domestic manufacturing of the fuel. The tax credit created by President Joe Biden’s … Read more
Summary • Brent and WTI at highest since mid-October • Biden administration plans more sanctions on Russian oil • Saudi Arabia raises February oil prices for Asia (Reuters) – Oil prices steadied at their highest since mid-October as colder weather spurred buying while further support came from expectations of tighter sanctions on Iranian and Russian … Read more
(Reuters) – U.S. energy firms this week kept the number of oil and natural gas rigs unchanged for the fourth 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, stayed at 589 in the week … Read more
Poilievre says he would ramp up LNG, electricity for US needs Trump has complained about oil-fueled trade gap with Canada Since winning the US election, Donald Trump has taunted Canadian Prime Minister Justin Trudeau by calling him governor of a 51st US state, threatened 25% tariffs, and vented that the US is getting ripped off by its northern neighbor because … Read more
Strategies to avoid the pain of booking accommodations for crews If you’re the person tasked with dispatching crews to projects across the country for your company, you’ve probably experienced the challenges that can arise with workforce travel. The average day for a Travel Manager does not allow much room for error, so finding ways to … Read more
Goldman Sachs on Friday predicted a modest decrease in Iranian crude oil production as a result of expected policy changes and tighter sanctions from the administration of incoming U.S. President Donald Trump. The investment bank’s base case anticipates a 300,000 barrel-per-day (bpd) drop in Iran’s crude supply to 3.25 million bpd by the second quarter … Read more
Bank says it remains committed to helping clients transition Goldman, Wells Fargo have also recently quit climate alliance Morgan Stanley terminated its membership of a major climate-banking group, joining a wave of Wall Street firms that recently quit a global alliance intended to aid the reduction of greenhouse-gas emissions. Morgan Stanley is leaving the Net-Zero Banking … Read more
(Reuters) – U.S. energy executives expect faster permitting times for drilling on federal lands under President-elect Donald Trump, according to a Federal Reserve Bank of Dallas survey released on Thursday. The overall outlook brightened and activity levels increased while uncertainty declined in the final quarter of 2024, according to a December survey of 134 energy … Read more
(Reuters) – Freezing weather and snow storms across the U.S. could cause massive power outages over the next week and boost natural gas demand to its highest levels of the winter, according to energy analysts and reliability coordinators. The bump in demand comes as supplies of gas could drop due to the freezing of oil … Read more
Move above 100-day moving average spurred algorithmic buying Dollar weakness, equity gain helping crude push higher Oil extended a rally that has brought it to the highest in more than two months as shrinking US crude stockpiles and a risk-on tone in broader markets overshadowed signs of a misfiring Chinese economy. West Texas Intermediate climbed for the … Read more
By Marianna Parraga Oil shipments to the U.S. rose 64%, to India up sixfold Crude oil production up 17% in first 11 months of last year HOUSTON, Jan 3 (Reuters) – Venezuela’s oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state … Read more
By Julio Mejía and Elmira Aliakbari As a new year dawns and winter takes hold, it’s worth considering the cost of energy. After a meeting in Italy last spring, the G7 countries (including Canada) pledged to triple renewable energy sources (e.g. wind, solar) globally to ensure an “affordable” energy future. But while direct costs for wind and solar … Read more
(Reuters) – Norway’s Equinor said on Thursday it had secured a financing package of more than $3 billion for its Empire Wind 1 offshore wind power project in the United States. The company expects the total capital investments, including fees for the use of the South Brooklyn Marine Terminal, to be around $5 billion, including … Read more
(Reuters) – U.S. LNG exports reached near record levels in December, rising to 8.5 million metric tonnes (MT) as two new plants started, and driving up full-year shipments 4.5% over 2023, according preliminary data from financial firm LSEG. December’s output was just short of the record monthly export of 8.6 MT recorded in December 2023 … Read more
Summary • Trump says UK making “a very big mistake” • Britain is increasing windfall tax on North Sea energy producers • Government aims to quadruple offshore wind by 2030 (Reuters) – U.S. President-elect Donald Trump called to “open up” the British North Sea and get rid of windmills in a post on his social … Read more
(Reuters) – U.S. crude stocks fell while gasoline and distillate inventories rose in the week ending December 27, the Energy Information Administration (EIA) said on Thursday. Crude inventories fell by 1.2 million barrels to 415.6 million barrels last week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.8 million-barrel draw. … Read more
Summary • Chinese economic frailties heighten hopes of further stimulus • Federal Reserve interest rate policy also in focus • Colder weather in Europe, U.S. to boost oil demand (Reuters) – Oil prices fell slightly on Friday but remained poised for weekly gains after closing at their highest in more than two months in the … Read more
Order would set permanent protections for some coastal waters Decree to complicate Trump’s plan to boost US crude production President Joe Biden is preparing to issue a decree permanently banning new offshore oil and gas development in some US coastal waters, locking in difficult-to-revoke protections during his final weeks in the White House. Biden is set within … Read more
(Reuters) – U.S. natural gas futures edged up about 1% on Thursday on near record flows to liquefied natural gas (LNG) export plants and forecasts for colder weather and higher heating demand over the next two weeks than previously expected. Also supporting U.S. futures, traders noted that European gas prices climbed to a 13-month high … Read more
WASHINGTON — A new year will bring Donald Trump back to the White House and start a fresh wave of anxiety as America’s closest neighbours prepare for the Republican’s disruptive agenda and looming threats of massive tariffs.
It’s long been tradition …
In 2024, the EU shifted towards a cautious, fossil fuel-inclusive energy strategy amid rising costs and public unrest. In 2024, the European Union’s shift back towards fossil fuels began to solidify in earnest. Over the past few years, Giorgia Meloni has become the Prime Minister of Italy, Geert Wilders’ party is the senior partner … Read more
Record oil production, more Indigenous ownership and inching closer to LNG By Deborah Jaremko It’s likely 2024 will go down in history as a turning point for Canadian energy, despite challenging headwinds from federal government policy. Here’s some of the good news. 10. New carbon capture and storage (CCS) projects to proceed In June, Shell announced it … Read more
Summary • Weaker than expected Chinese data raises hopes of further stimulus • Volumes remain thin on first trading day of the year • Investors await US manufacturing data and oil inventories (Reuters) – Oil prices rose on Thursday as investors returned for the first trading day of the new year with an optimistic eye … Read more
Authors: Shaun Gilday, CPEA, PMP & Kristina Schafer Data centers have become the backbone of modern infrastructure, supporting everything from cloud storage to global communications. However, their reliance on energy-intensive systems, particularly diesel generators and cooling mechanisms, presents unique environmental challenges. Alongside high electricity demands, data centers also require vast amounts of water for cooling, … Read more
Turbomachinery, like any other industrial equipment, starts to degrade with age. Spare parts, expertise, and support become harder to find and come at a high price. Declining performance leads to problems with reliability, resulting in downtime and unplanned outages, inefficiencies, potential safety risks, and of course increased costs and reduced revenues. Companies are then faced … Read more
Delays to US projects, sanctions against Russia curbed supply Exports set to rise in 2025 on new exports from the US, Canada Global liquefied natural gas exports grew at the slowest pace since 2015, threatening to keep prices elevated until new supply comes online to meet rising demand. Annual LNG shipments are set to rise … Read more
U.S. natural gas demand from LNG plants hit a record on Tuesday, the last day of the year, climbing to 15.2 billion cubic feed (bcf) in a sign of a strong year ahead from the startup of two new gas-processing plants, preliminary data from financial firm LSEG showed. U.S. natural gas demand for LNG plants … Read more
Summary • War ends Russia’s dominance of gas supply to Europe • Norway, US, Qatar replace Russian gas • Loss of Russian gas undermined EU’s competitiveness • Slovakia, Austria have alternative supplies • Heating, hot water cut off in breakaway Moldovan region (Reuters) – Russian gas exports via Soviet-era pipelines running through Ukraine came to … Read more
U.S. natural gas futures retreated on Tuesday as traders booked profits, though the market looked set for its biggest annual jump since 2016 fueled by an increase in gas flowing to liquefied natural gas (LNG) export plants on rising overseas demand. Front-month gas futures for February delivery on the New York Mercantile Exchange were 19.1 … Read more
(Reuters) – The U.S. Treasury Department intends to release guidance on how to access tax credits for hydrogen production under the 2022 Inflation Reduction Act later this week, according to two sources familiar with the matter. The long-awaited guidance will provide a pathway for hydrogen produced using nuclear power to access the credits, the sources … Read more
HOUSTON–(BUSINESS WIRE)–Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE: LNG) today announced that liquefied natural gas (“LNG”) was produced for the first time from the first train (“Train 1”) of the Company’s Corpus Christi Stage 3 Liquefaction Project (“CCL Stage 3”). The commissioning process continues, and Cheniere expects substantial completion of Train 1 to be … Read more
The Biden administration made energy and climate a centerpiece of its administration, most notably through the Inflation Reduction Act. At the same time, we’ve seen a boom in US oil and gas production the last four years, alongside the novel use of the Strategic Petroleum Reserve as a price and supply stabilization tool. Meanwhile, investments … Read more
The Biden administration on Monday took steps to protect the Ruby Mountains in northeast Nevada from oil, gas and geothermal development for 20 years. The Interior Department said it had approved an application by the U.S. Forest Service to withdraw 264,442 acres of federal lands in the Ruby Mountains from mineral and geothermal leasing. The … Read more
U.S. oil production rose 260,000 barrels per day (bpd) month-over-month to a record 13.46 million bpd in October as demand surged to the highest levels since the pandemic, data from the U.S. Energy Information Administration showed on Tuesday. U.S. oil output has grown rapidly this year, even as concerns of oversupply have weighed heavily on … Read more
DETROIT, Dec. 31, 2024 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced that it has successfully closed on the acquisition of a portfolio of three FERC-regulated natural gas transmission pipelines from ONEOK, Inc. (NYSE: OKE), effective as of 11:59 p.m. CT on Dec. 31, 2024, for a total cash consideration of $1.2 billion. … Read more
THE WOODLANDS, Texas, Dec. 31, 2024 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced that it has issued its 2024 Sustainability Report (the “2024 Report”), which is available on the Company’s website at www.ringenergy.com under the “Sustainability” tab. The 2024 Report marks the fourth consecutive annual update. It provides comprehensive information … Read more
PITTSBURGH, Dec. 31, 2024 /PRNewswire/ — EQT Corporation (NYSE: EQT) announced today it has closed on the sale of its remaining non-operated natural gas assets in Northeast Pennsylvania to Equinor USA Onshore Properties Inc. and its affiliates. EQT received approximately $1.25 billion in cash proceeds, less closing adjustments, from the sale, which was used to repay outstanding … Read more
Dubai, Dec. 31, 2024 (GLOBE NEWSWIRE) — Vantage Drilling International Ltd. (the “Company”) announces that William L. Thomson will assume the additional role of Chief Operating Officer with effect from 1 January, 2025, reporting directly to Ihab Toma, Chief Executive Officer, and will continue to be based in Vantage’s Dubai office. Mr. Thomson, who is … Read more
Summary • Ukraine gas transit deal expires on Jan. 1 • European gas price reaction is muted • Russia lost EU gas markets to US, Norway, Qatar • EU industrial decline exacerbated by loss of Russian gas (Reuters) – Russian energy company Gazprom said it would pump a reduced volume of gas to Europe via … Read more
Reuters – Oil prices were on track to end 2024 with a second consecutive year of losses, although they rose on the day on Tuesday after data showed China’s manufacturing activity expanded in December. Brent crude futures rose by 54 cents, or 0.73%, to $74.53 a barrel as of 1107 GMT. U.S. West Texas Intermediate … Read more
PITTSBURGH, Dec. 30, 2024 /PRNewswire/ — EQT Corporation (NYSE: EQT) (together with its subsidiaries, “EQT”) announced today that it has closed on the formation and funding of its previously announced midstream joint venture (“JV”) with an affiliate of Blackstone Credit & Insurance (“BXCI”; Blackstone (NYSE: BX)). EQT received $3.5 billion of cash consideration, net of … Read more
Transporting construction and drilling equipment with heavy wheel loads is extremely challenging across soft ground, dense muskeg, or oversaturated clays—conditions typical of the oil sands regions of Athabasca, Peace River, and Cold Lake. These challenges are compounded by extreme winter weather and frozen ground. To make matters even more difficult, limited road-building resources make constructing … Read more
US natural gas futures soared as the weather outlook for January shifted colder, raising demand prospects for the fuel used in heating and power generation. Gas for February delivery rose as much as 20% in New York. That’s the most since the contract started trading 2012. Most-active futures climbed to the highest level in almost a year. … Read more
State-run Indian refiner Bharat Petroleum Corp is buying Middle Eastern crude to make up for less supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta said in a recent interview. Indian state refiners, which typically buy Russian oil in the spot market rather than under long-term contract, are unable to procure about … Read more
Russia pumped gas on Monday to European customers via Ukraine for one of the last days before a key transit deal expires at the end of the year, marking the almost complete loss of Russia’s once mighty hold over the European gas market. Supplies of Russian gas via Ukraine are due to stop from the … Read more
(Reuters) – Oil prices edged up on Monday in thin holiday trade at the end of the year, as traders awaited more Chinese and U.S. economic data later this week to assess growth in the world’s two largest oil consumers. Brent crude futures rose 20 cents to $74.37 a barrel by 1208 GMT. The more … Read more
New York, N.Y., Dec. 30, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today reported its fiscal year end 2024 results and provided a corporate outlook. “Thanks to the support of our shareholders, … Read more
Contract awarded by Bechtel for 2 LNG liquefaction plants, featuring main refrigeration compressors driven by LM6000PF+ gas turbines, and expander-compressors Technology scope supports Phase 1 of major LNG export project in North America, with a total overall permitted capacity of 27.6 million tonnes per annum HOUSTON and LONDON, Dec. 30, 2024 (GLOBE NEWSWIRE) — Baker Hughes … Read more
Artificial intelligence (AI) seems to be permeating everything we do, from the innocuous to the incomprehensibly complex. It’s hard to find an industry that hasn’t identified, and started implementing, ways to supercharge operations and strategy using AI. In the energy industry, AI is beginning to revolutionize software, hardware, and system integration encompassing downstream, midstream, upstream oil and gas among … Read more
by Maureen McCall It’s generally accepted that the launch of Artificial Intelligence (AI) occurred at Dartmouth College in a 1956 AI workshop that brought together leading thinkers in computer science, and information theory to map out future paths for investigation. Workshop participants John McCarthy, Marvin Minsky, Nathaniel Rochester and Claude E. Shannon coined … Read more
Shift to electric vehicles, liquefied natural gas cut usage Europe remains biggest destination for American crude exports US crude exports to China plunged by almost half this year as shifts in the nation’s economy weighed on demand and it bought more barrels from other countries including Russia and Iran. Exports of US oil to China … Read more
(Reuters) – New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law on Thursday. The law is intended to shift some of the recovery and adaptation costs of climate change … Read more
U.S. energy firms this week operated the same number of oil and natural gas rigs for third 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, was unchanged at 589 in the week to Dec. … Read more
Ukraine has received a shipment of U.S. liquefied natural gas for the first time, the Ukrainian president’s chief of staff, Andriy Yermak, said on Saturday. “This is more than just a shipment – it is a strategic step. Despite Russia’s attempts to destroy our energy system during the war, we have achieved yet another victory … Read more
U.S. crude stocks and distillate inventories fell while gasoline inventories rose last week, the Energy Information Administration said on Friday. Crude inventories fell by 4.2 million barrels to 416.8 million barrels in the week ended Dec. 20, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel draw. Crude stocks … Read more
Summary • US crude oil stocks fell 4.2 million barrels last week, EIA says • Analysts polled by Reuters expected 1.9 million-barrel draw • Stimulus measures lift optimism over Chinese economy • Rising Russia-Ukraine tensions raise fears of supply shocks in 2025 (Reuters) – Oil prices settled more than 1% higher on Friday and recorded … Read more
(Reuters) – U.S.-based utility Duke Energy (DUK.N) said on Friday it had filed a plan with the Florida Public Service Commission (FPSC) to recover about $1.1 billion in direct costs associated with the company’s emergency activation and response to hurricanes Debby, Helene and Milton. Severe storms this year forced major U.S. utilities to shut down … Read more
(Reuters) – A plan discussed by wealthy nations to throttle tens of billions of dollars in public support for oil and gas projects has broken down without agreement, Bloomberg News reported on Monday. The European Union, UK, the United States and other countries had sought the deal to limit export-credit agency finance for global fossil-fuel … Read more
Forecasting hydrogen’s costs By David R Baker Green hydrogen has been touted by politicians and business leaders alike as a key fuel for a carbon-free future. But it will remain far more expensive than previously thought for decades to come, according to a new estimate from BloombergNEF. Hydrogen companies worldwide are already struggling with canceled projects and sluggish … Read more
U.S. natural gas futures fell more than 5% on Thursday from a near two-year high in holiday-thinned trade as forecasts for less cold conditions in the short term overshadowed support from a rise in the amount of gas flowing to liquefied natural gas (LNG) export plants. Front-month gas futures for January delivery on the New … Read more
Summary European majors slow clean energy investments Investors rewarding oil and gas focus New Trump U.S. presidency among big factors in 2025 (Reuters) – Major European energy companies doubled down on oil and gas in 2024 to focus on near-term profits, slowing down – and at times reversing – climate commitments in a shift that … Read more
Summary • China to ramp up fiscal support next year • US crude stocks down 3.2 million barrels, market sources say • Strong dollar caps gains • Coming up: EIA supply report on Friday (Reuters) – Oil rose almost 1% on Friday and was on track for a weekly gain, spurred by expectations of a … Read more
Halting the progress made toward an energy transition is high on the next White House’s agenda. By Liam Denning The energy transition sustained an electoral trauma as 2024 drew to a close. The incoming administration of President-elect Donald Trump promises to undo at least some of the progress made on decarbonization under President Joe Biden. But … Read more
U.S. liquefied natural gas (LNG) company Venture Global LNG’s tanker Venture Bayou, currently stationed at the Plaquemines LNG export plant in Louisiana, is expected to head to Brunsbuttel, Germany and will likely arrive there by Jan. 8, according to LSEG data The U.S. is the world’s largest exporter of the superchilled gas and a key … Read more
On Thursday, the refinery experienced a leak from a pipeline within the tank field, a company spokesperson said. A liquid was released and may have resulted in odors in the area, the spokesperson added. “BP is monitoring air emissions for elevated levels of contaminants that could pose a risk to public health,” the company … Read more
More From Irina Slav I was going to wrap this eventful year with a nice little post of gratitude but, as usual, the news flow has forced me to revise my plans. So much has happened in the last week days failing to report on it would be a real shame. You may want to … Read more
DALLAS, Dec. 26, 2024 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) announced the closing of a comprehensive refinancing of its existing indebtedness on December 24, 2024 (the “Transactions”), providing the Company with capital and liquidity to continue progressing Berry’s corporate strategy: Ensuring capital and liquidity to execute on the Company’s … Read more
U.S. natural gas futures rose on Tuesday to hover near a 23-month high hit in the previous session, on an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants, and forecasts for more cold weather in January leading to increased heating demand than what was previously expected. Front-month gas futures … Read more
Summary • API shows US crude stocks fall 3.2 million barrels, sources say • China to ramp up fiscal support for consumption next year • World Bank raises China’s GDP forecast for 2024, 2025 • Coming up: EIA supply report on Friday (Reuters) – Oil edged higher on Thursday in thin holiday trade driven by … Read more
Russian President Vladimir Putin met Slovak Prime Minister Robert Fico in the Kremlin on Sunday, a rare visit by a European Union leader to Moscow as a contract allowing for Russian gas to transit through Ukraine nears expiry. Ukrainian President Volodymyr Zelenskiy had said on Thursday that Kyiv could consider continued transit of Russian gas, … Read more
Emissions of the gas dropped by 26% in 2023, S&P Global says Decline comes amid Biden rules that face a threat with Trump Methane emissions in the largest US oil basin plunged 26% last year as companies tightened operations and deployed new technology to stop leaks of the potent greenhouse gas, according to a study by S&P … Read more
(Reuters) – Oil prices rose on Tuesday, reversing the prior session’s losses, buoyed by a slightly positive market outlook for the short term, despite thin trade ahead of the Christmas holiday. Brent crude futures were up 36 cents, or 0.5%, at $72.9 a barrel, and U.S. West Texas Intermediate crude futures rose 34 cents, also … Read more
Panama’s president rejected Donald Trump’s threat to reimpose US control over the Panama Canal, stating that sovereignty over the waterway is not negotiable. “Every square meter of the Panama Canal and its adjacent zones is part of Panama, and it will continue to be,” José Raúl Mulino said Sunday in a video statement on X, … Read more
Russia-Ukraine gas transit deal expires at end of year Ukraine has refused to extend the agreement Russia willing to continue delivering gas via Ukraine Slovakia says loss of supplies from east would drive up prices MOSCOW, Dec 23 (Reuters) – Russia said on Monday the situation with European countries that buy its gas through a … Read more
U.S. natural gas futures jumped about 5% to a 23-month high on Friday on early forecasts for much colder weather in mid-January that could freeze oil and gas wells and lift spot prices by reducing output as in past years. Also supporting prices was an increase in the amount of gas flowing to liquefied natural … Read more
Reuters – Northern Oil and Gas (NOG.N), opens new tab has made an acquisition offer for Granite Ridge Resources, a smaller U.S. producer with operations in basins including the Permian and Eagle Ford, according to people familiar with the matter. Minneapolis, Minnesota-based Northern has submitted at least two offers for Granite Ridge, the sources said, … Read more
Houston, Texas, Dec. 20, 2024 (GLOBE NEWSWIRE) — Battalion Oil Corporation (NYSE American: BATL) (“Battalion” or the “Company”) announced today that it has terminated the previously disclosed Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Fury Resources, Inc. (“Buyer” or “Fury”). As of this morning, Fury was not able meet the obligations … Read more
Founders will continue to control company after the listing Arlington-based firm is one of the US’s biggest LNG suppliers Venture Global Inc., one of the biggest suppliers of liquefied natural gas in the US, filed for what could be one of the largest initial public offerings of 2025. The company won’t make public the proposed … Read more
Oil companies see Trump as a staunch ally, but some of his proposals threaten their profits Bloomberg News Republican presidential nominee former U.S. President Donald Trump speaks at a campaign town hall at the Greater Philadelphia Expo Center & Fairgrounds, Oct. 14, 2024, in Oaks, Pa. Photo by AP Photo/Alex Brandon Oil industry heavyweights are lobbying U.S. President-elect … Read more
High expense of production forces developers to scrap plans BP and Orsted are among companies to have ditched proposals A raft of projects to produce green hydrogen, a fuel billed as critical to reaching net zero, have been abandoned this year as expectations for tumbling costs failed to materialize. Governments and major energy companies have … Read more
(Reuters) – It’s been a brutal year to be in the battery metals business. Prices of lithium, nickel and cobalt collapsed in 2023 and have continued grinding steadily lower over the course of 2024. A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite … Read more
By Reuters Summary Trump has threatened to claw back unspent IRA money Electric vehicle rebates, gas emissions under fire Wind, solar may be untouched (Reuters) – President-elect Donald Trump has vowed to repeal Joe Biden’s signature climate bill called the Inflation Reduction Act, which initially aimed at some $400 billion in new spending and tax cuts … Read more
Summary • Renewed hope on rate cuts after a benign inflation reading • Market surplus to drag down oil prices in 2025 (Reuters) – Oil prices stabilised on Monday after losses last week as lower-than-expected U.S. inflation data offset investors’ concerns about a supply surplus next year. Brent crude futures were down by 17 cents, … Read more
Ramping up purchases faces numerous practical constraints, not least the country’s limited supply. There’s no quick fix for incoming President Donald Trump’s demand that European nations buy more American oil and gas. He insisted that the European Union make “large-scale purchases” of US hydrocarbons to “make up their tremendous deficit with the United States” or face “TARIFFS … 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
JP Morgan on Thursday forecast Brent oil prices to decline to $73 per barrel in 2025, as it sees a shift in the global oil market from a balance in 2024 to a large 1.2 million barrels per day (bpd) surplus in the coming year. “Assuming that OPEC alliance stays put at current production levels … Read more
(Reuters) – U.S. energy firms this week kept the number of oil and natural gas rigs unchanged for the 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, remained at 589 in the week … Read more
Summary Trump says EU has tremendous trade deficit with the US Europe is already buying large chunk of US oil and gas US already exporting all energy it doesn’t consume at home EU says ready to discuss trade ties, including energy Dec 20 (Reuters) – U.S. President-elect Donald Trump said on Friday that the European Union may … Read more
Summary • Benchmark prices ease 2.5% for the week • Dollar on track for third consecutive week of gains • Fed policymakers prepare ground for rate-cut pause in 2025 • Sinopec says China’s crude imports may peak next year • Trump warns EU on tariffs if bloc doesn’t buy more US oil, gas (Reuters) – … Read more
U.S. natural gas futures jumped about 5% to a 23-month high on Friday on early forecasts for much colder weather in mid-January that could freeze oil and gas wells and lift spot prices by reducing output as in past years. Also supporting prices was an increase in the amount of gas flowing to liquefied natural … Read more
(Reuters) – U.S. data center power demand could nearly triple in the next three years, and consume as much as 12% of the country’s electricity, as the industry undergoes an artificial-intelligence transformation, according to an unpublished Department of Energy-backed report seen by Reuters. The Lawrence Berkeley National Laboratory report, which is expected to be released … Read more
(Reuters) – Alleged interference by Colombian President Gustavo Petro in majority state-owned Ecopetrol and purges of hundreds of staff to make way for pro-government replacements are fueling fears about the energy company’s future profits and contributions to the economy. The worries, according to interviews with workers, ex-employees, a former board member and analysts, come ahead … Read more
Trump has threatened blanket tariffs of up to 25% on products from Canada and Mexico The Associated Press NEW YORK — The U.S. increasingly relies on Canadian crude oil to meet domestic demand and that relationship faces potential strain amid the threat of tariffs from U.S. President-elect Donald Trump. More than 50 per cent of crude oil imported … Read more
(Reuters) – The United States issued fresh sanctions on Wednesday on several Russia-based entities over their involvement in the Nord Stream 2 gas pipeline, the State Department said, including new measures against the operator of the project. The U.S. State Department said in a statement that it was re-imposing sanctions on a number of entities … Read more
Summary Companies US has become world’s biggest exporter of LNG Natural gas prices in Europe spiked after invasion of Ukraine New LNG export plants seen coming on line next year (Reuters) – Demand for U.S. natural gas to produce liquefied natural gas (LNG) for export this year is headed for its first decline since the … Read more
Summary Benchmark contracts head for weekly loss of nearly 3% Sinopec sees China’s crude imports possibly peaking in 2025 Trump wants EU to buy more US oil, gas or face tariffs LONDON, Dec 20 (Reuters) – Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting … Read more
Project designed to transport up to 1.5 Bcf/d of natural gas benefiting Southeast U.S. markets HOUSTON–(BUSINESS WIRE)–Tennessee Gas Pipeline, L.L.C. (TGP), a subsidiary of Kinder Morgan, Inc. (NYSE: KMI), today announced its decision to proceed with its Mississippi Crossing Project (MSX Project) after securing long-term, binding transportation agreements with customers for all the capacity. “This transformative … Read more
(Bloomberg) The oil market, range-bound for much of the past two months, feels ready for a holiday reset. After a period of tumult in early autumn, volatility ebbed as direct fire between Iran and Israel eased off, and benchmark futures have been locked in a band of about $6. OPEC+’s recent decision to push back … Read more
(Reuters) – Geothermal energy startups are on the upswing with Big Tech companies looking to feed their power-intensive AI data centers, but long-term investments remain uncertain as oil majors double down on natural gas. Meta and Alphabet’s Google are among the tech companies partnering with startups proposing to produce geothermal electricity, to power their data centers. Large … Read more
(Reuters) – The inspector general of the U.S. Department of Energy urged the agency’s loan office to immediately halt issuing billions of dollars in loans to green projects, saying contractors who vet them may be serving both the agency and potential borrowers. The watchdog in an interim report, opens new tab issued late on Tuesday urged the … Read more
(Reuters Breakingviews) – On the face of it, 2025 is shaping up to be a stinker for renewable energy. The planet seems ever further from restricting global warming to a manageable 1.5 degrees Celsius level, and the election of Donald Trump as U.S. president means that the world’s biggest economy will visibly retreat from the … Read more
The US president-elect’s support for tariffs raises concerns about a trade war eroding demand, while others welcome an injection of volatility. The oil traders swarming Miami’s South Beach for three days of holiday drinking, dining and schmoozing were mostly male, mostly White and mostly united in the belief that Donald Trump will champion the industry … Read more
Summary Brent and WTI edge down U.S. Fed outlook for two rate cuts in 2025 stirs demand worries Global oil demand growth running below JP Morgan forecast Dec 19 (Reuters) – Oil prices were fairly steady on Thursday after the U.S. Federal Reserve signalled it would slow the pace of interest rate cuts in 2025, … Read more
(Reuters) – Oil operators in North Dakota, the third-largest producing state in the U.S., are still bringing some facilities back online after wildfires swept through key oil-producing counties in October, the state’s Industrial Commission said on Wednesday. The outages are limited to isolated production facilities such as well pads, which experienced either local equipment damage … Read more
Study finds more US exports threatens higher global emissions Trump has vowed to end a moratorium on new LNG permits The Biden administration released a key study Tuesday that is likely to complicate President-elect Donald Trump’s plans to quickly approve more exports of liquefied natural gas. The study, which analyzed the economic, environmental and other costs of … Read more
(Reuters) – Australia’s Woodside Energy said on Thursday it had entered into a deal with Chevron to exchange stakes in a number of energy projects, with the U.S. oil and gas giant making a cash payment of up to $400 million to Woodside. Under the terms of the deal, Woodside will acquire Chevron’s stake in … Read more
NEW YORK, Dec 17 (Reuters) – A U.S. government funding bill released on Tuesday included a plan that would allow year-round sales of gasoline with a higher ethanol blend, a major win for the corn and ethanol lobbies. The inclusion would mark a hard-fought victory for the ethanol industry, which has wanted year-round E15 sales … Read more
Summary Guards get around half of Iran’s oil export revenue, sources say China remains top buyer of Iranian oil, including from IRGC Oil trading network set up by late Quds Force boss Qassem Soleimani (Reuters) – Iran’s Revolutionary Guards have tightened their grip on the country’s oil industry and control up to half the exports … Read more
(Reuters) – OPEC+ is wary of a renewed rise in U.S. oil output when Donald Trump returns to the White House, delegates from the group said, because more U.S. oil would further erode OPEC+ market share and hamper the producer group’s efforts to support prices. OPEC+ pumps about half of the world’s oil and earlier … Read more
Trump followed a similar path during his first term in office with day-one directives meant to advance construction of oil pipelines and aid in deregulation Bloomberg News Donald Trump telegraphed similar ambitions on the campaign trail, vowing to “unleash domestic energy production like never before”. Photo by Alex Brandon/AP Photo files United States president-elect Donald Trump is poised … Read more
(Reuters) – The administration of U.S. President Joe Biden released a long-awaited study on the economic and environmental impacts of liquefied natural gas exports on Tuesday, saying the results underscored the need for a cautious approach to new permits. Biden in January had paused the Department of Energy’s approvals of U.S. LNG exports to big … Read more
(Reuters) – About half of the United States is at increased risk of power supply shortfalls in the next decade that could lead to outages and electricity conservation measures, the North American Electric Reliability Corporation said on Tuesday. As U.S. power consumption rises from AI data centers and the electrification of buildings and transportation, efforts … Read more
Summary Federal Reserve rate outlook in focus API shows weekly US crude stocks fall, sources say EU tightens sanctions on Russian oil shipping To come: US EIA oil stocks data Dec 18 (Reuters) – Oil prices rose slightly on Wednesday as investors stayed cautious ahead of a potential interest rate cut by the U.S. Federal … Read more
By Gavin Maguire (Reuters) – U.S. liquefied natural gas exports are on track to climb to new highs in 2024, as record domestic natural gas production spurred the 10th straight year of volume growth in the lucrative LNG export sector. U.S. LNG shipments for 2024 look set to hit 86.9 million metric tons, according to ship-tracking … Read more
Freeland quits ahead of budget update; LeBlanc replaces her The government ran $44 billion deficit in fiscal year 2023-24 Prime Minister Justin Trudeau’s government ran a deeper deficit than projected and broke a fiscal objective outlined by his finance minister, who resigned the day she was set to unveil new spending and revenue estimates. A C$62 … Read more
A highly anticipated study of liquefied natural gas exports by the Biden administration is expected to stop short of saying the approval of more shipments isn’t in the public interest, according to people familiar with the matter. The study, under way since January, is set to be released as soon as Tuesday, according to the people, … Read more
Kimberly Guilfoyle recently interviewed me on what I think the incoming administration, including some promising new political appointees, can do to unleash American energy. The full video and transcript are below. As a preview, here’s what I view as the top 5 energy policy priorities: Liberate responsible energy development End preferences for intermittent electricity Set … Read more
Summary Oil under pressure on China spending data, profit-taking Market has priced in 25 bp Fed rate cut Impact of new EU sanctions on Russia may be low -analyst LONDON, Dec 17 (Reuters) – Oil prices were down on Tuesday as China’s economic data renewed demand concerns, while investors remained cautious ahead of the U.S. … Read more
Thanks to AI, data centers are popping up across the country. But the climate price for all this energy use is steep. Delivering power to homes and companies is supposed to be a boring and predictable business. While it’s true that the US population has been increasing and electrifying more things as it does, that … Read more
Summary Trump plans to cut EV support, impose tariffs on battery materials Proposals aim to boost U.S. production, redirect funds to national defense Transition team suggests rolling back emissions standards, blocking California’s stricter rules Dec 16 (Reuters) – Incoming U.S. President Donald Trump’s transition team is recommending sweeping changes to cut off support for electric vehicles … Read more
(Reuters) – The United States hit North Korea and Russia on Monday with new sanctions that the Treasury Department said targeted Pyongyang’s financial activities and military support to Moscow. The sanctions, which list North Korean banks, generals and other officials as well as Russian oil shipping companies, are the latest U.S. measure aimed at disrupting … Read more
(Reuters) – Canada’s Finance Minister Chrystia Freeland unexpectedly resigned on Monday, saying she was no longer on the same page with Prime Minister Justin Trudeau about the best path forward for Canada. Freeland quit just hours before she was due to present a fall economic update to parliament, a document widely expected to show the … Read more
Summary Norway oil, gas firms to invest $25 bln in 2025 Investment forecasts raised since last year Inflation, accelerated development, more drilling drive increase Highest number of exploration wells since 2019 OSLO, Dec 16 (Reuters) – Oil and gas companies operating in Norway expect to invest a record 275 billion Norwegian crowns ($24.68 billion) in … Read more
Dec 16 (Reuters) – Phillips 66 said on Monday it would sell its 25% stake in the Gulf Coast Express pipeline in Texas to an affiliate of ArcLight Capital Partners for $865 million, setting the U.S. refiner on course to exceed its asset sale target. Despite a fall in refining profits, Phillips 66 has opted to … Read more
According to a new report by GlobalData, the global digital twins market is set to hit over $150 billion by 2030. In the early days of the technology, digital twins were used in capital-intensive operations to streamline processes, save money, and control emissions. Since then, companies have seen the benefits of making digital twins of entire operations, including … Read more
‘The Oil Sands are Canada’s Winning Lottery Ticket’ By Deborah Jaremko Follow CEC on Linkedin CEC Linkedin Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter As Alberta’s oil sands sector reaches a major economic milestone, a new report shows that emissions growth continues to slow. There is a clear “structural break” for the industry where … Read more
Summary Brent and WTI fall by nearly 1% China’s consumer spending data falls short of expectations US Federal Reserve expected to cut interest rates this week Dec 16 (Reuters) – Oil futures dropped from their highest levels in weeks on Monday, pressured by weaker than expected consumer spending in China, the world’s largest oil importer. … Read more
Ottawa and the provinces will respond robustly if the incoming U.S. administration goes ahead with a promise to impose tariffs on imports from Canada, Finance Minister Chrystia Freeland said on Friday. Prime Minister Justin Trudeau, Freeland and the 10 provincial premiers have held two phone calls recently to discuss how best to react if … Read more
EDMONTON — Calgary-based pipeline giant Enbridge says it has cleaned up about 60 per cent of a nearly 265,000-litre oil spill in Wisconsin that was discovered last month. Enbridge says the spill was discovered by an employee conducting a visual inspection of its Line 6 at the Enbridge Cambridge Station, west of Milwaukee, on Nov. … Read more
Reuters Breakingviews – Donald Trump and Mohammed bin Salman each have contradictory objectives in 2025. The U.S. president-elect wants to apply “maximum pressure” on Iran, but won’t want the spike in oil prices that may accompany it. The Saudi crown prince is sick of forgoing oil revenue by pumping 3 million barrels below his 12 … Read more
By Reuters Dec 15 (Reuters) – Teamsters members working at Marathon Petroleum’s Detroit refinery have voted to ratify a seven-year collective bargaining agreement, the company and the union said on Sunday, three months after workers walked off the job. “The process to safely welcome our employees back to the refinery is already in progress,” the Findlay, Ohio-based … Read more
With President-elect Donald Trump’s inauguration less than a month away, the Energy Department is getting clean tech loans finalized. Today’s newsletter looks at who’s getting loans — and how Trump can remake the office. Dude where’s my loan? By Ari Natter and David R. Baker US President Joe Biden’s $400 billion green bank has just weeks to close billions … Read more
It looks easy enough: Ask ChatGPT something, and it responds. But pull back the curtain, and you’ll find that every ChatGPT prompt and Microsoft Copilot task consumes vast resources. Millions of human beings engineering, correcting and training models. Enough terawatt-hours of electricity to power countries. Data center megacampuses around the world. Power line networks and … 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. To most of us, a power plant is a source of electricity. To Exxon Mobil Corp., it’s a machine that converts natural … Read more
While tariffs can be disruptive in any market, they threaten to be particularly troublesome for a North American energy industry that already largely favors U.S. interestsBloomberg NewsThough U.S. president-elect Donald Trump exempted energy products from tariffs during his previous term, his threat last month said they will apply to “ALL products” from Canada and Mexico. Photo … Read more
(Reuters) – Top U.S. asset managers worried that signing up to an industry climate initiative could make them appear to be working too closely together and draw regulatory scrutiny, according to a report released Friday by a Republican-led U.S. Congressional Committee. The report is the latest released by the panel’s Republican majority as part of … Read more
(Reuters) – U.S. energy firms this week operated the same number of oil and natural gas rigs as they did last week, 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, was unchanged at 589 in the week to … Read more
Venture Global LNG on Friday produced its first liquefied natural gas (LNG) from its Plaquemines plant in Louisiana, the company said in a statement. This marks the first new U.S. plant in two years to produce the super-chilled gas, beating Cheniere Energy’s Corpus Christi midscale expansion project to market. With first production of super-chilled gas … Read more
Summary EU imposes new sanctions on Russia, US weighs more China stimulus expected to support demand U.S. Federal Reserve expected to cut interest rates (Reuters) – Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest … Read more
It looks easy enough: Ask ChatGPT something, and it responds. But pull back the curtain, and you’ll find that every ChatGPT prompt and Microsoft Copilot task consumes vast resources. Millions of human beings engineering, correcting and training models. Enough terawatt-hours of electricity to power countries. Data center megacampuses around the world. Power line networks and … Read more
Summary Brent, WTI both up more than 3% this week EU imposes new sanctions on Russia, US also weighs more China stimulus expected to support demand IEA forecasts a supply surplus in 2025 LONDON, Dec 13 (Reuters) – Oil prices rose more than 1% Friday, heading for their first weekly rise since the end of … Read more
Summary Geothermal energy in its infancy Shale drilling drew opposition from environmental campaigners More than $1 trillion in investment needed (Reuters) – The shale drilling techniques that led to a boom in oil and gas output have also spurred the development of geothermal, which in theory could provide a stable source of power equal to … Read more
The rivalry between Standard Oil descendants is set to boil over as they battle for control of Guyana’s massive patch. The rivalry between Exxon Mobil Corp. and Chevron Corp. is thinly veiled during the best of times. But it’s ripe to spill into the open next year as they make starkly contrasting pitches to Wall … Read more
Summary CO2 injection risks earthquakes, well blowouts, activists warn Texas leads in carbon injection permit applications, faces regulatory challenges Occidental, others confident in CCS safety despite past leaks, expert concerns Dec 13 (Reuters) – Texas has seen surging interest from companies hoping to bury carbon dioxide in its oilfields, putting the state at the vanguard … Read more
U.S. oil major Chevron Corp is considering ways to supply lower carbon power for data center operators, Jeff Gustavson, president of Chevron New Energies said in an interview at the Reuters NEXT conference in New York. Gustavson’s comments follow a similar announcement by Exxon Mobil on Wednesday, which said it is working to help advance … Read more
The latest IEA’s Monthly Oil Statistics report including September 2024 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 0.5 % in September 2024 compared to September 2023. Refinery gross output of total products decreased by 1.6% on a year-on-year basis. Net deliveries of total products decreased 1.3% in September 2024 compared to September 2023. Oil stock levels … Read more
The latest IEA’s Monthly Gas Statistics report including September 2024 data shows that for Total OECD: Production of natural gas decreased by 1.8% compared to September 2023. Imports (entries)1 of natural gas were 2.7% higher on a year-on-year basis, and total OECD exports (exits)1 increased by 6.8% in the same period. Gross consumption of natural gas increased by 0.3% in September 2024 on a year-on year basis. … Read more
Tepco adviser Klein says gas likely required in the short term Japan is going to need ‘more and more electricity,’ he says The rise of artificial intelligence will drive a surge in electricity demand that’ll initially be met by fossil fuels, before nuclear replaces that source, the head of a body advising Japan’s top utility … Read more
U.S. coal traders have exported the highest volume of thermal coal in six years over the first eleven months of 2024, and look set to ship out even greater volumes in 2025 once President-elect Donald Trump takes office. U.S. exports of coal used in power generation hit 32.6 million short tons from January through November, … Read more
HOUSTON, TX, Dec. 12, 2024 (GLOBE NEWSWIRE) — Houston American Energy Corp. (NYSE American: HUSA) (the “Company”) today announced a pivotal step towards a transformation into an integrated energy and technology company with the signing of two non-binding Letters of Intent to acquire Abundia Global Impact Group LLC (AGIG) and RPD Technologies (RPD). These proposed … Read more
Summary Sees overhang of up to 1.4 million bpd in 2025 Sees higher 2025 demand growth on China stimulus Trims 2024 oil demand growth forecast by 80,000 bpd (Reuters) – The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said on Thursday, even after producer group OPEC+ extended oil supply … Read more
Expects to deliver growth potential of $20 billion in earnings and $30 billion in cash flow1 Key elements of ExxonMobil’s 2030 plan: Increasing Pioneer acquisition average annual synergies by over 50% to more than $3 billion2 Growing new business earnings potential to $3 billion3 Adding $7 billion more in structural cost savings vs. 3Q2024 Increasing … Read more
Summary Lobbyist for Exxon investigated for role in hacking operation targeting environmentalists Green groups urge scrutiny of any potential Exxon ties to spying Exxon says: ‘If there was any hacking involved, we condemn it’ WASHINGTON, Dec 12 – Two Democratic senators and a host of environmental groups have called for investigations and accountability following a … Read more
Summary Acadia Infrastructure Capital launches new coalition Microsoft helps back first green energy project Looks to tap more companies; bolster local communities (Reuters) – U.S. investor Acadia Infrastructure Capital and companies including Microsoft are looking to help develop a $9 billion pipeline of renewable energy projects across the country, the project lead told Reuters. Launching the … Read more
(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 Tuesday. EIA projected power demand will rise to 4,086 billion kilowatt-hours in 2024 and 4,165 billion kWh in 2025. That compares with 4,012 billion kWh in 2023 and … Read more
Some Canadian premiers are urging Ottawa to respond robustly to the threat of tariffs from incoming U.S. President Donald Trump and have highlighted critical minerals and metals as products that the U.S. relies on, Canada’s Finance Minister said on Wednesday. Canadian Prime Minister Justin Trudeau and other government ministers met with provincial premiers to discuss … Read more
Summary IEA raises oil demand growth forecast for 2025 EU sanctions target ‘shadow fleet’ carrying Russian oil US gasoline, distillate stocks up more than expected last week (Reuters) – Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. … Read more
(Reuters) – U.S. crude inventories fell for the third time in a row, while fuel stockpiles rose in the week ending December 6, the Energy Information Administration (EIA) said on Wednesday, as refinery activity remained seasonally strong. Crude inventories fell by 1.4 million barrels to 422 million barrels, the EIA said, compared with analysts’ expectations … Read more
U.S. natural gas futures climbed about 4% to a one-week high on Wednesday on forecasts for colder weather and higher heating demand than previously expected and an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants. Front-month gas futures for January delivery on the New York Mercantile Exchange rose 11.9 … Read more
Kuwaiti’s tenure as OPEC’s top official extended to mid-2028 OPEC+ delayed output restart last week to defend oil prices OPEC appointed Haitham Al-Ghais for a second three-year term as its secretary-general, extending his tenure until mid-2028. The Kuwaiti oil executive has been the top official at the Organization of Petroleum Exporting Countries since mid-2022. OPEC and its allies agreed … Read more
Global demand to exceed output by 100,000 barrels a day IEA last month forecast 1 million barrel-a-day surplus The US reversed its forecast for a crude glut next year and is now calling for a small oil-market deficit. Global oil consumption should exceed output by 100,000 barrels a day in 2025, according to a monthly report from … Read more
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
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