Major oil companies atop a cash-flow wave reduce debt, increase shareholder payouts

Major oil companies atop a cash-flow wave reduce debt, increase shareholder payouts

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…

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News From the Oil Patch: U.S. sets all-time crude production record

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…

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Favorable economics, the need for new reserves boost global oil exploration investments

Favorable economics, the need for new reserves boost global oil exploration investments

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,…

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Appeals Court Blocks Biden Bid to Limit Oil Drilling Auction

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…

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US natgas futures steady on healthy demand, lower supply

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…

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Legal assault awaits Biden’s Alaska lease cancellation

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…

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Global oil and gas exploration spending is up at $50 billion in 2023 but reserves are down

Global oil and gas exploration spending is up at $50 billion in 2023 but reserves are down

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…

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Chesapeake to complete Eagle Ford basin exit with SilverBow deal

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…

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Global oil and gas investment rises even as demand slows risking overcapacity in the sector

Global oil and gas investment rises even as demand slows risking overcapacity in the sector

Global oil and gas investment rises even as demand slows risking overcapacity in the sector Energize Weekly, June 21, 2023 Global demand for oil is set to slow in the next five years even as investment in oil industry infrastructure is projected to grow, risking an overcapacity in production, according…

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U.S. oil and gas auction brings nearly $80 million to federal coffers

U.S. oil and gas auction brings nearly $80 million to federal coffers 25/05/2023 The United States on Thursday carried out its first sale of oil and gas drilling rights on federal lands since President Joe Biden’s landmark climate change law was passed, attracting more than 78 million dollars in high…

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Supermajors are scrubbing their greenhouse gas emissions by offloading dirtier assets

Supermajors are scrubbing their greenhouse gas emissions by offloading dirtier assets

Supermajors are scrubbing their greenhouse gas emissions by offloading dirtier assets Energize Weekly, May 31, 2023 Seven of the world’s “supermajor” oil companies are cleaning up their greenhouse gas emissions in large part by offloading some of the dirtiest assets to small companies who are often poor environmental performers, according…

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Chevron’s $7.6B purchase of PDC Energy creates the biggest oil and gas company in Colorado

Chevron’s $7.6B purchase of PDC Energy creates the biggest oil and gas company in Colorado May 23, 2023 Chevron Corp. is buying PDC Energy in a $7.6 billion deal that will make it by far and away the largest oil and gas producer in Colorado and continues a trend in…

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Standard Chartered Dubs Latest USA EIA Data Highly Bullish

Standard Chartered Dubs Latest USA EIA Data Highly Bullish May 02, 2023 In a new report sent to Rigzone on April 28, analysts at Standard Chartered said the latest Energy Information Administration (EIA) weekly data was “highly bullish” according to the company’s U.S. oil data bull-bear index, which they said…

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Biden Budget Proposes Elimination of Oil, Gas Tax Subsidies

Biden Budget Proposes Elimination of Oil, Gas Tax Subsidies March 14, 2023 U.S. President Joe Biden’s 2024 budget proposes to eliminate tax subsidies for oil and gas, a White House fact sheet has revealed.  “The president is committed to ending tens of billions of dollars of federal tax subsidies for…

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Hydrogen is supplementing natural gas, but critics remain wary

Hydrogen is supplementing natural gas, but critics remain wary FEB 6, 2023 A public utility is experimenting with blending small amounts of carbon-free hydrogen into natural gas lines in some Minnesota homes, but critics argue the procedure remains largely an exercise in hot air. As first reported last week by…

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Number of oil and gas mergers and acquisitions hits a 17-year low in Q4 of 2022

Number of oil and gas mergers and acquisitions hits a 17-year low in Q4 of 2022

Number of oil and gas mergers and acquisitions hits a 17-year low in Q4 of 2022 Energize Weekly, February 1, 2023 The volume of oil and gas sector mergers and acquisitions fell to a 17-year low in the last quarter of 2022 as deal value for the quarter declined 13…

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Biden administration threatens veto of GOP bill restricting strategic oil reserve releases

Biden administration threatens veto of GOP bill restricting strategic oil reserve releases Jan 23, 2023 The Biden administration is threatening to veto Republican-led legislation that would restrict the release of oil from the country’s emergency reserve. “If Congress were to pass H.R. 21, the president would veto it. He will…

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US House passes bill to ban US strategic oil reserve sales to China; Senate path unclear

US House passes bill to ban US strategic oil reserve sales to China; Senate path unclear 12 Jan 2023 The US House of Representatives advanced legislation Jan. 12 aimed at preventing crude oil from the US Strategic Petroleum Reserve from ending up in China, sending the measure to the Senate…

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Why natural gas prices — and bills — are soaring in Southern California

Why natural gas prices — and bills — are soaring in Southern California JAN. 9, 2023 Southern California Gas Co. and San Diego Gas & Electric have issued stark warnings to customers that their January natural gas bills could double, citing factors for historically high wholesale costs that include sinking…

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Colorado co-ops say Xcel Energy mismanaged natural gas supplies during 2021 storm

Colorado co-ops say Xcel Energy mismanaged natural gas supplies during 2021 storm

Colorado co-ops say Xcel Energy mismanaged natural gas supplies during 2021 storm Energize Weekly, January 11, 2023 The fallout from the soaring natural gas prices created by Winter Storm Uri in 2021 continues as four rural Colorado electric cooperatives have filed a complaint with federal regulators saying they were overcharged…

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To replace Russian gas, Europe builds more LNG capacity and boosts U.S. imports

To replace Russian gas, Europe builds more LNG capacity and boosts U.S. imports

To replace Russian gas, Europe builds more LNG capacity and boosts U.S. imports Energize Weekly, January 4, 2023 In the dash to replace Russian natural gas supplies, liquefied natural gas (LNG) import capacity in the European Union (EU) and the United Kingdom (UK) is set to expand by a third…

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US to Become Net Exporter of Crude Oil in 2023

US to Become Net Exporter of Crude Oil in 2023 19 December 2022 The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year. Sales of U.S. crude to…

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High gas prices, energy security concerns make capturing fugitive and flared gas profitable

High gas prices, energy security concerns make capturing fugitive and flared gas profitable

High gas prices, energy security concerns make capturing fugitive and flared gas profitable Energize Weekly, December 21, 2022 The combination of higher natural gas prices and geopolitical concerns about energy security is making the capture and commercialization of fugitive and flared emissions economically viable around the world, according to a…

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Keystone pipeline has now leaked more oil in the US than any other since 2010: report

Keystone pipeline has now leaked more oil in the US than any other since 2010: report 12/12/22 On the heels of another spill last week, the massive Keystone pipeline has now leaked more oil than any other pipeline since 2010, according to a new report from Bloomberg. With more than…

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Deepwater oil and gas production set to grow 60 percent by 2030 hitting 17 million BOE/D

Deepwater oil and gas production set to grow 60 percent by 2030 hitting 17 million BOE/D

Deepwater oil and gas production set to grow 60 percent by 2030 hitting 17 million BOE/D Energize Weekly, December 7, 2022 Deepwater oil and gas production is set to increase more than 60 percent between 2022 and 2030, reaching 17 million barrels oil equivalent per day (BOE/D) – equal to…

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Interior Department finalizes plans for sale of oil and gas leases off coast of Alaska

Interior Department finalizes plans for sale of oil and gas leases off coast of Alaska November 28, 2022 The Interior Department announced final steps to carry out an oil and gas lease sale off Alaska’s coast, just the second such offshore lease sale of President Joe Biden ‘s tenure. The…

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US offshore oil and gas rigs at ‘significant’ risk of cyberattacks, warns government watchdog

US offshore oil and gas rigs at ‘significant’ risk of cyberattacks, warns government watchdog November 22, 2022 U.S. offshore oil and gas infrastructure faces “significant and increasing” cybersecurity risks that require “urgent” attention, a U.S. government’s watchdog has warned. The Government Accountability Office said in a new report that the…

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Equinor Leads the Way in Adoption of Low-emission Offshore Drilling Rigs, Westwood Says

Equinor Leads the Way in Adoption of Low-emission Offshore Drilling Rigs, Westwood Says November 15, 2022 The availability of emission-lowering upgrades for offshore rigs has been on the rise, but adoption of these new technologies is slow outside of Norway and the US Gulf of Mexico due to limited regulatory…

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Spurred by high commodity prices, energy production revenues on federal lands surge

Spurred by high commodity prices, energy production revenues on federal lands surge

Spurred by high commodity prices, energy production revenues on federal lands surge Energize Weekly, November 16, 2022 Energy production on federal lands and offshore areas in 2022 generated $22 billion for the federal and state governments – the highest in revenues since 2008 and second highest in 39 years, according…

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ConocoPhillips records big profits, expects to start work at $8 billion Alaska oil project early next year

ConocoPhillips records big profits, expects to start work at $8 billion Alaska oil project early next year 11/7/22 ConocoPhillips reported making huge profits in the latest quarter amid growing criticism that oil companies are benefiting as gas prices soar, and as President Joe Biden threatens to pursue a windfall profits…

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Eversource CEO fears New England might not have enough natural gas if winter is bitter

Eversource CEO fears New England might not have enough natural gas if winter is bitter Oct 29, 2022 The top executive of one of the top energy suppliers in New England fears the region may not have enough power if a severe cold spell hits this winter. Eversource Energy CEO…

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War in Ukraine is speeding a global energy transition, hobbling Russian exports, IEA says

War in Ukraine is speeding a global energy transition, hobbling Russian exports, IEA says

War in Ukraine is speeding a global energy transition, hobbling Russian exports, IEA says Energize Weekly, November 2, 2022 Global fossil fuel consumption and greenhouse gas emissions are slowing with oil, coal and natural gas either peaking or reaching a plateau by 2030, according to the International Energy Agency (IEA).…

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Global carbon capture capacity set to grow sixfold by 2030, BloombergNEF says

Global carbon capture capacity set to grow sixfold by 2030, BloombergNEF says

Global carbon capture capacity set to grow sixfold by 2030, BloombergNEF says Energize Weekly, October 26, 2022 Global carbon capture capacity, with more than $3 billion invested in the technology this year, is set to increase sixfold from current levels by 2030, according to an analysis by energy research firm…

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Oil Prices Dip on Report Biden Preparing New Sales From Strategic Petroleum Reserve

Oil Prices Dip on Report Biden Preparing New Sales From Strategic Petroleum Reserve 10/18/22 Global oil prices moved lower Tuesday amid reports that President Joe Biden is planning to unveil another release of crude from the nation’s emergency reserves in an effort to reduce energy costs heading into the mid-term…

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French Refinery Strike Opens Door for More US Exports to Asia

French Refinery Strike Opens Door for More US Exports to Asia October 10, 2022 Asian refiners snapped up at least 12 million barrels of US crude oil in the past two weeks as a strike in France dims demand from one of Europe’s largest buyers. Refiners, mostly from South Korea,…

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Oil-eating microbes excrete the world’s cheapest “clean” hydrogen

Oil-eating microbes excrete the world’s cheapest “clean” hydrogen October 03, 2022 Texan company Cemvita is promising clean hydrogen at less than US$1/kg, after testing a fascinating new technique in the lab and the field. The idea is to pump specially developed microbes into depleted oil wells, where they’ll eat oil…

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Threat of recession and drop in oil demand and prices worry Permian producers

Threat of recession and drop in oil demand and prices worry Permian producers

Threat of recession and drop in oil demand and prices worry Permian producers Energize Weekly, October 5, 2022 Even as oil production rebounds in the Permian Basin, industry executives are worried about a drop in demand due to a recession and remain dogged by rising costs and supply chain problems,…

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Goldman Sachs Drops Oil Price Forecast

Goldman Sachs Drops Oil Price Forecast Sep 27, 2022 Goldman Sachs cut its oil price forecast on Tuesday on the deteriorating global economic outlook—although it remained bullish on oil. Goldman said it remained bullish, anticipating that oil prices would likely rise from the current levels given the state of the…

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Biden to Release 10MM Oil Barrels Ahead of EU-Russian Ban

Biden to Release 10MM Oil Barrels Ahead of EU-Russian Ban September 20, 2022 The Department of Energy will offer additional US reserve crude for sale ahead of plans by the European Union to ban most Russian oil in December. The agency will offer 10 million barrels of low-sulfur crude for…

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New methane tax more a regulation aimed at curbing emissions than a revenue raiser

New methane tax more a regulation aimed at curbing emissions than a revenue raiser

New methane tax more a regulation aimed at curbing emissions than a revenue raiser Energize Weekly, September 14, 2022 A methane tax in the Inflation Reduction Act will likely serve more as a regulation than a revenue raiser, spurring oil and gas operations to cut down on fugitive emissions to…

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EQT to Buy Marcellus Gas and Pipeline Assets for $5 Billion

EQT to Buy Marcellus Gas and Pipeline Assets for $5 Billion September 6, 2022 EQT Corp., the largest US natural gas producer, agreed to acquire a privately held competitor in a $5.2 billion deal to expand holdings in the prolific Marcellus shale. Read more

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Eagle Ford Crude Oil Production Still Not On Pre-Pandemic Levels

Eagle Ford Crude Oil Production Still Not On Pre-Pandemic Levels August 30, 2022 Constant increases in the past six months have not yet put Eagle Ford crude oil production on par with pre-pandemic levels, the U.S. Energy Information Administration said. According to the EIA’s latest Drilling Productivity Report, crude oil…

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Rig Of The Future To Be Powered By Floating Wind, Hydropower

Rig Of The Future To Be Powered By Floating Wind, Hydropower August 23, 2022 Huisman has designed a new harsh environment semi-submersible drilling rig that can be powered with onshore-produced hydroelectricity but also with floating wind turbines. The Dutch firm said that the new rig design was aimed at making…

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