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…
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…
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…
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…
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.…
Energy companies win dismissal of Baltimore’s climate change case July 11, 2024 A Maryland judge on Thursday dismissed a lawsuit by the city of Baltimore seeking to hold energy giants such as Exxon Mobil(XOM.N), opens new tab, BP(BP.L), opens new tab and Chevron(CVX.N), opens new tab responsible for climate change,…
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…
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…
Federal departments announce about $280M in funding for Alaska projects July 1, 2024 Three departments of the U.S. government have announced they have awarded about $280 million in new funding for transportation and energy projects in Alaska, money made available through the Infrastructure Investment and Jobs Act of 2021 and…
DOE, EPA announce $850M to reduce methane emissions from oil, natural gas industries June 25, 2024 The U.S. Department of Energy (DOE) and the U.S. Environmental Protection Agency recently announced $850 million in federal funding was available for projects that will help monitor, measure, quantify, and reduce methane emissions from…
Big energy projects moving fast, face $150 billion a year in cost overruns, Bain & Co. says Energize Weekly, June 19, 2024 The scale and speed of the energy transition risks project delays and setbacks leading to cost overruns of 15 percent to 20 percent, equal to $150 billion a…
U.S. natural gas output rises as methane emissions fall, pointing to pollution control gains Energize Weekly, June 12, 2024 U.S. natural gas production rose by 40 percent between 2015 and 2020, while methane emissions from drilling and extraction fell by 37 percent – pointing to significant gains in pollution control,…
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…
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…
Shale-Oil ‘Fracklog’ Shows US Oil Production May Be Slowing Apr 15, 2024 Shale explorers are drilling wells faster than they’re fracking them, a signal that US oil-production growth is slowing. Oil companies added to the number of drilled-but-uncompleted wells, known as the fracklog, last month for the first time in…
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…
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.…
U.S. Oil Drillers Are Going Electric—and Hitting Speed Bumps January 29, 2024 In the country’s busiest oil field, frackers are devouring nearly as much electricity as four Seattles every day—and they are clamoring for more. Diamondback Energy, a major producer in the Permian Basin of West Texas and New Mexico,…
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…
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…
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…
Williams increases DJ basin gas gathering, processing assets through closed deals Nov. 30, 2023 Williams, Tulsa, Okla., closed two transactions that now position the company as the third largest gatherer in the Denver-Julesburg (DJ) basin, the company said in a release Nov. 30. The acquisitions have a combined value of…
IEA takes aim at oil and gas sector at COP28, industry offers an agreement to cut methane Energize Weekly, December 6, 2023 As the climate conference – COP28 – opened in Dubai, the International Energy Agency (IEA) fired a shot across the bow of the oil industry with an analysis…
News From the Oil Patch: U.S. sets all-time crude production record Oct 16, 2023 U.S. operators set an all-time record for crude oil production last week. According to the Energy Information Administration, domestic output averaged 13,218,000 barrels per day last week. That’s the best weekly tally ever, 140,000 barrels per…
Exxon’s blockbuster Pioneer merger needs Biden’s blessing Oct 8, 2023 Exxon Mobil Corp. needs approval from the Biden administration before it can take over independent oil and gas producer Pioneer Natural Resources Co. in what would be the world’s biggest deal this year. That might not be such an easy…
Favorable economics, the need for new reserves boost global oil exploration investments Energize Weekly, October 3, 2023 Global oil and gas exploration and production investments are set for a big rebound, according to energy analysts Wood Mackenzie and Rystad Energy. While not reaching the levels of the 2006-to-2014 boom years,…
Appeals Court Blocks Biden Bid to Limit Oil Drilling Auction September 25, 2023 A federal court left in place an order forcing the Biden administration to expand an upcoming sale of offshore drilling rights in the Gulf of Mexico, while giving the government more time to hold the auction. The…
US natgas futures steady on healthy demand, lower supply Sept 25 U.S. natural gas futures steadied on Monday and consolidated gains from the previous session, buoyed by healthy demand and slightly lower output projections, even as the market transitions into the shoulder period for gas demand. Demand for power usually…
Increased U.S. natural gas production in 2023 is boosting LNG and ethane exports Energize Weekly, September 20, 2023 Record U.S. natural gas production in 2023 is leading to a record ethane production and liquified natural gas (LNG) exports, according to the federal Energy Information Administration (EIA). The EIA is forecasting…
Legal assault awaits Biden’s Alaska lease cancellation 09/11/2023 An Alaska corporation is already teeing up a legal battle over the Biden administration’s decision to cancel contested oil and gas leases in a massive wildlife refuge. The Interior Department announced plans last week to revoke seven leases held by the Alaska…
Global oil and gas exploration spending is up at $50 billion in 2023 but reserves are down Energize Weekly, August 30, 2023 Conventional oil and gas exploration is on the upswing and spending is expected to reach $50 billion in 2023 – the highest in five years – but discovered…
Prairie Reports $2.4B Possible Reserves in Colorado August 22, 2023 Prairie Operating Co. has reported a possible reserves basis of approximately 285.3 million barrels of oil equivalent (MMboe) at its non-producing position in Weld County, Colorado, citing an independent third-party evaluation. “The reserve report reflects the quality and scale of…
Chesapeake to complete Eagle Ford basin exit with SilverBow deal August 14, 2023 U.S. natural gas producer Chesapeake Energy (CHK.O) said on Monday it would sell its remaining Eagle Ford assets to SilverBow Resources (SBOW.N) for $700 million, completing its exit from the south Texas basin. The company’s asset sales…
A surge in carbon capture and storage projects brings promise, mergers and challenges Energize Weekly, August 16, 2023 Initiatives in the carbon capture market are surging with new projects, acquisitions, and a swell in government funding, but the sector could face challenges in permitting, capital costs and adequate subsidies, according…
North America Drops Multiple Rigs August 07, 2023 North America has gone back to losing rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on August 4. The region dropped 10 rigs week on week, taking its total count to 847, comprising 659 U.S.…
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