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 billion in deals, but 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 infrastructure for carbon dioxide will…
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 for fossil fuels in those…
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 granted the mineral rights to…
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’ expectations for a rebound this…
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 send to shareholders, according to…
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 day higher than the previous…
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, budgets are recovering with estimated…
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 decision by the Fifth Circuit…
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 moderates during the shoulder period,…
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 Industrial Development and Export Authority…
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 volumes are falling to new…
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