Low natural gas prices may lead to lowest U.S. shale gas production in 25 years, EIA says Energize Weekly, October 30, 2024 U.S. natural gas output from shale formations – the country’s main source of dry gas – is on pace to mark its first annual decrease in production since…
Moody’s Says Cybersecurity a High Priority for Oil, Gas October 22, 2024 Cybersecurity is a high priority for the oil and gas industry, Moody’s Ratings stated in a new report sent to Rigzone by the Moody’s team recently. “Cyber commitments among oil and gas companies we rate exceed the cross-sector…
A colder winter and higher demand are projected to lead to higher natural gas prices Energize Weekly, October 16, 2024 Colder weather this coming winter leading to increased demand for natural gas for heating plus continued exports of liquified natural gas (LNG) will put “upward pressure” on natural gas prices,…
Chevron Shuts In Gulf of Mexico Oil and Gas Platform Ahead of Hurricane Milton Oct 07, 2024 Chevron has shut in its Blind Faith platform in the U.S. Gulf of Mexico and evacuated all personnel from the facility in preparation for Hurricane Milton, the supermajor said on Monday. “Production from…
U.S. leads world in gasoline, liquefied natural gas, and propane exports, according to EIA Energize Weekly, October 2, 2024 The U.S. was the world’s major exporter of gasoline, propane, and liquefied natural gas (LNG) in 2023 – aided by growing capacity in refineries and LNG terminals, according to the federal…
North America rig numbers fall as oil drilling declines in Canada Sept. 20, 2024 otal drilling activity in North America dropped the week ended Sept. 20, with 799 rotary rigs working, reported Baker Hughes, Houston. That represents 9 fewer rigs working compared with last week and 21 fewer that the…
Governor Gianforte Celebrates Nearly $1 Billion Energy Investment in Montana September 20 2024 Governor Greg Gianforte yesterday cut the ribbon on NextEra Energy Resources’ Clearwater Wind Energy Center in Miles City and celebrated the company’s nearly $1 billion investment in Montana. “We’re ramping up energy production in Montana with our…
Gulf of Mexico Oil, Gas Production Almost Fully Restored After Hurricane September 17, 2024 Gulf of Mexico oil and gas production is almost fully restored following hurricane Francine, a statement posted on the Bureau of Safety and Environmental Enforcement’s (BSEE) website on Monday revealed. In the statement, the BSEE noted…
Natural gas pipeline capacity from the Permian Basin is set to increase September 10, 2024 Natural gas pipeline takeaway capacity in the Permian Basin will soon increase as the Matterhorn Express Pipeline, with a capacity of 2.5 billion cubic feet per day (Bcf/d), is expected to begin service this month,…
Brent Crude Tumbles Below $75 a Barrel, Erasing 2024 Gains September 3, 2024 Brent erased its 2024 gains as concerns about demand in the world’s two biggest economies overshadow heightened geopolitical risks. The global benchmark dropped below $75 a barrel and touched the lowest intraday price since December 2023. Read…
Exxon looks to sell non-core oil assets in the US Permian Basin August 27, 2024 Top U.S. oil company Exxon Mobil (XOM.N), opens new tab is looking to sell oil assets in the U.S. Permian Basin that could fetch $1 billion, Bloomberg Law reported on Tuesday. Exxon, which purchased Pioneer…
Brazos Midstream completes new gas processing facility and announces further expansion plans 19 August 2024 Brazos Midstream, a company focused on the Permian Basin, has announced the completion of a new gas processing facility and further expansion plans, reports GlobalData. The Sundance I facility in Martin County, Texas, with a…
Canada has become the main exporter of oil to the U.S. meeting demand from refineries Energize Weekly, August 14, 2024 Canada has become the main source of imported oil for U.S. refineries, accounting for 60 percent of crude imports as of January 2024 – almost doubling its share in 10…
U.S. oil and gas M&A tops $30 billion for the third straight quarter Energize Weekly, August 7, 2024 Oil and gas mergers and acquisitions (M&A) in the second quarter of 2024 marked the third consecutive quarter of $30 billion or more in transactions, according to energy consultant Enverus Intelligence Research.…
Texas crude oil pipelines full to the brim, getting worse Jul 29, 2024 Crude oil pipelines connecting the busiest Texas oil fields to a critical export hub across the state are nearly out of space, threatening to cap US oil exports at a time when the world needs more. Key…
ONEOK to expand pipeline from Kansas to Denver July 22, 2024 Oklahoma energy company ONEOK plans to expand its pipeline capacity connecting Mid-Continent and Gulf Coast refined products supply with the greater Denver area to meet growing demand in that region. The project involves the construction of a new 230-mile,…
ConocoPhillips Still Sees Marathon Oil Merger Closing Q4 despite FTC Probe July 15, 2024 ConocoPhillips has maintained that its $22.5 billion acquisition of Marathon Oil Corp. can be completed by the fourth quarter (Q4) despite facing an extended anti-trust review by the United States competition regulator. The Federal Trade Commission…
Maine’s largest natural gas provider, Unitil, to acquire Bangor Natural Gas Company Jul 9, 2024 The largest provider of natural gas in Maine, Unitil, has agreed to purchase the Bangor Natural Gas Company, the state’s second-largest provider, the Unitil Corporation announced Tuesday. Unitil said it will pay $70.9 million to…
Arizona voters will vote on going green fast or keeping fossil-fuel choices in the mix July 8, 2024 Three seats on the Arizona Corporation Commission are up for grabs in the coming primary and general elections, and the results of these votes will help set the state’s water and power…
Global oil production to rise while demand falls, putting pressure on prices and investments Energize Weekly, July 10,2024 Increasing global oil production in the face of plateauing demand will put price pressures on producers and challenge the large capital investment the industry is making, according to the International Energy Agency’s…
How Chevron’s fall could remake the energy sector 07/01/2024 The Supreme Court’s decision Friday to give judges more authority over federal agencies creates new hurdles for the Biden administration as it seeks to promote low-carbon energy and address climate change. Forty years after the justices first decided Chevron v. NRDC,…
Record temperatures will increase electricity demand, but not natural gas or coal prices Energize Weekly, June 26, 2024 Record temperatures are set to increase electricity demand this summer, but analyses find that a combination of ample gas storage and more renewable generation will help prevent a spike in natural gas…
Phillips 66 Sells Stake in REX Pipeline to Tallgrass June 17, 2024 Integrated downstream company Phillips 66 is selling its 25 percent non-operated common equity interest in Rockies Express Pipeline LLC (REX) to a subsidiary of Tallgrass Energy LP (TGE) for an enterprise value of approximately $1.275 billion. TGE is…
City council rejects Power San Diego proposal Jun 10, 2024 The push by a voter initiative to assume control of the power responsibilities of San Diego Gas & Electric collected over 30,000 signatures. This compelled the city council to deliberate on whether San Diego voters would have the opportunity to…
ConocoPhillips-Marathon Deal Represents a Pivot June 04, 2024 The ConocoPhillips-Marathon Oil transaction represents a pivot in U.S. shale mergers and acquisitions, from deals focused on increasing exposure in a single key basin or play to acquiring a multi-basin operator. That’s what Enverus Intelligence Research (EIR) Principal Analyst Andrew Dittmar said…
A record hurricane season may pose risks to Gulf oil production, refining and LNG exports Energize Weekly, May 29, 2024 The prospect of a record-breaking hurricane season in 2024 poses risks for U.S. oil and gas production, refining and liquefied natural gas (LNG) exports, according to the federal Energy Information…
Top U.S. natural gas producer Chesapeake Energy cuts jobs May 20, 2024 Chesapeake Energy (CHK.O), opens new tab, a top U.S. natural gas producer, began laying off employees this week after completing the divestiture of its oil assets last year, the company said on Monday. This week’s layoffs follow its…
New Bloomberg Study Warns of $150 Oil May 14, 2024 A recent release sent to Rigzone by Bloomberg Intelligence (BI) warned that, according to a new analysis by BI and Bloomberg Economics (BE), “an escalation to a direct war between Israel and Iran could result in oil prices rising to…
ExxonMobil will ‘still be producing oil and gas’ in 2050: CEO May 7, 2024 ExxonMobil (XOM) will still be producing oil and gas in 2050, the energy company’s CEO told Yahoo Finance on Monday, but fossil fuels will likely be a smaller part of the business. Darren Woods told Yahoo…
Oil and gas mergers set to cool after a hot first quarter in 2024 with $51 billion in deals Energize Weekly, May 1, 2024 Mergers and acquisitions (M&A) in the U.S. upstream oil and gas sector in the first quarter of 2024 kept up last year’s record-setting pace with $51…
New LNG facilities boost U.S. exports even as Biden administration pauses new approvals Energize Weekly, April 24, 2024 Bolstered by new of liquefied natural gas (LNG) export terminals, U.S. natural gas exports are projected to grow more than 25 percent by 2025 to 16.4 billion cubic feet a day, according…
Pipeline company, environmental group strike unique ‘community benefits’ agreement APRIL 9, 2024 The developer of a carbon-dioxide pipeline and an environmental group have struck a “one-of-a-kind” agreement to ensure “community benefits” from the pipeline as well as support for the project. While similar CO2 pipeline projects in Iowa and the…
North Dakota nearing 5 billion barrels of oil drilled, Helms says focus on CO2 needed to maximize drilling potential April 1, 2024 North Dakota is set to reach five billion barrels of oil drilled within the next month or so. State Department of Mineral Resources Director Lynn Helms said building…
The triumphant USA is now producing more oil and gas than any nation ever has March 26, 2024 The US Energy Information Administration (EIA) said in January that US domestic production of crude oil for September 2023 set a new all-time high of 13,247,000 barrels per day. That fact probably…
EIA Boosts USA Crude Oil Production Forecasts March 19, 2024 The U.S. Energy Information Administration (EIA) increased its forecasts for U.S. crude oil production for both 2024 and 2025 in its latest short term energy outlook (STEO), which was released last week. According to the March STEO, the EIA now…
Oil and gas leases blocked on Permian Basin state land most likely to produce fossil fuel March 11, 2024 Officials blocked oil and gas operations on southeast New Mexico lands within the Permian Basin as the State Land Office tangled with lawmakers on raising the amount companies pay to drill…
Ohio commission awards bids to frack oil and gas under state parks, wildlife areas Feb 26, 2024 An Ohio commission awarded bids to frack oil and gas under state parks Monday, despite statewide backlash and an ongoing investigation into possibly fraudulent support. The Ohio Oil and Gas Land Management Commission…
Rebooted commission could breathe new life into bills challenging Virginia’s largest utility February 26, 2024 Virginia clean energy champions have their fingers crossed that members of a resurrected legislative commission won’t water down four utility-focused bills when they meet in the off-season to reshape the failed measures for next year’s…
U.S. Drillers Scale Back Operations as Gas Prices Tumble Feb 16, 2024 U.S. natural gas producers are beginning to reduce drilling and investment as low prices weigh on their returns. Reuters reports that natural gas prices in the U.S. hit the lowest in three and a half year, betraying drillers’…
US oil companies to merge in $26bn deal as firms rush to buy up drilling land 12 Feb 2024 Two American oil and gas companies have said they will merge in a $26bn (£21bn) deal, the latest in a wave of acquisitions designed to buy up the best land for…
Lawmakers look to send more state funds to clean up New Mexico’s abandoned oil wells Feb 5, 2024 A bipartisan New Mexico Senate bill intended to unlock more state funding for the clean up of abandoned oil and gas wells was endorsed by industry leaders during the 2024 Legislative Session.…
Record M&A in the fourth quarter of 2023 is driven by ExxonMobil and Chevron deals Energize Weekly, January 31, 2024 Upstream oil and gas mergers and acquisitions hit a record $144 billion in the fourth quarter of 2023 driven by two mega-deals – ExxonMobil’s $65 billion acquisition of Pioneer Natural…
Chesapeake to become top US natural gas producer with $7.4 billion deal for Southwestern January 11, 2024 Chesapeake Energy (CHK.O), agreed to buy smaller rival Southwestern Energy (SWN.N), in an all-stock transaction valued at $7.4 billion, a deal that will make it the largest independent U.S. natural gas producer. The…
Analysts Look at Oil Demand Growth in 2024 and 2025 January 09, 2024 In a new report sent to Rigzone, analysts at Standard Chartered projected that global oil demand growth “will stay above the longer-term average” in 2024 and 2025. The analysts forecast increases of 1.54 million barrels per day…
Energy Department has cyber threats to infrastructure in mind with $70 million funding offer JANUARY 5, 2024 The Department of Energy is offering $70 million in funds toward research and development for technology that would protect delivery infrastructure against cyber-related threats and other physical hazards, part of what a senior…
Coordination of Texas electric and natural gas sectors key in dealing with blackouts Energize Weekly, January 10, 2024 Better coordination between the Texas electric and natural gas industries is key to getting individual generating facilities up and running – a so-called blackstart – after a cold-weather blackout, according to a…
New Mexico officials propose regulations for reuse of fracking wastewater December 29, 2023 New Mexico environmental officials have proposed a new regulatory framework for reusing wastewater with a focus on the used, salty byproducts of oil and natural gas drilling in a major U.S. production zone. The Environment Department announced…
Hawaii completes assessment of Oahu energy system and critical infrastructure December 29, 2023 The Hawaii State Energy Office (HSEO) recently concluded work on an initiative called the O‘ahu Energy System and Critical Infrastructure Vulnerability and Resiliency Assessment. The assessment involved a comprehensive hazard and risk assessment of O’ahu’s critical energy…
Major oil companies atop a cash-flow wave reduce debt, increase shareholder payouts Energize Weekly, December 20, 2023 The world’s five largest oil companies, riding a wave of high energy prices, pulled in $613 billion in cash flow between January 2021 and September 2023, which they used to reduce debt and…
Feds propose 20-year ban on mining, oil and gas drilling on 225,000 acres in Thompson Divide Dec 12, 2023 The Forest Service and Bureau of Land Management plan to remove 224,713 acres from possible mining or oil and gas drilling for the next 20 years would seem worthy of an…
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