Oil industry unlikely rush to Alaska despite Trump’s call for drilling
U.S. companies will not expand their development in Alaska or the Arctic after President Donald Trump signed an executive order that allows them to do so. Industry representatives and company officials said this, pointing out that a future president would be able to reverse Trump's decision. U.S. Oil Production is Already at Record Levels. This is largely due to the increased production of oil in more accessible areas such as Texas and New Mexico.
Venezuelan request for annulment of Conoco award dismissed by arbitration court
The World Bank arbitral tribunal dismissed Venezuela's request to annul an $8.37 billion arbitration decision in favor of ConocoPhillips. This cleared the way for ConocoPhillips to claim compensation for its expropriation assets from Venezuela. In 2019, the International Centre for Settlement of Investment Disputes made a final ruling declaring that Conoco's expropriation was 'illegal' and ordering it to compensate Conoco.
New York City dismisses climate change lawsuit against Exxon BP Shell
A judge dismissed New York City’s lawsuit against Exxon Mobil and BP for misrepresenting their products and commitment to renewable energy, as well as their fight against climate change. Anar Patel, a state Supreme Court justice, ruled on Tuesday that the city cannot claim to have climate-conscious citizens, but then let them down by oil companies who fail to disclose the contribution of their fossil fuels to climate change.
Norway's Troll field produced record volumes in 2024
Equinor, a Norwegian company, announced on Monday that the Troll field in the North Sea produced a record amount of natural gas in 2020. This is an increase of nearly 10% over the previous high in 2022. Equinor released a statement that stated the Troll field would deliver 42.5 billion standard cube metres (bcm), up from 38.8 in 2022. Equinor reports that Norway is Europe's biggest natural…
Report: Oilfield services consolidation will increase under Trump
According to Deloitte’s 2025 Oil and Gas Industry Outlook report, the oilfield services sector will consolidate in 2025. Donald Trump is expected to loosen regulations for the U.S. industry. This increase in services deals follows a wave mega-mergers between oil producers such as Exxon Mobil, Pioneer Natural Resources, and ConocoPhillips, Marathon Oil. Deloitte is the largest consultancy in the world.
Elliott Affiliate's Citgo Bid to be Challenged
Companies seeking to claim proceeds from a court auction of shares in a parent of Venezuela-owned Citgo Petroleum are pressing a U.S. court to lift an exclusivity deal with an affiliate of Elliott Investment Management, which could pave the way for at least two new bids, sources close to the matter said.The auction of shares in the U.S. oil refiner's parent PDV Holding, aimed at paying 18 creditors up to $21.3 billion in awards against Venezuela…
Wall St. ends lower than expected as Meta and Microsoft highlight AI costs
The major U.S. indexes ended lower on Thursday, after Microsoft and Meta Platforms pointed out that artificial intelligence costs could impact their earnings. This dampened the enthusiasm for megacaps which have been driving this year's market rally. Microsoft and Meta Platforms, which own Facebook, saw their shares fall despite the fact that both companies beat earnings expectations in results announced after Wednesday's bell.
ConocoPhillips beats Q3 profits on higher production and share buyback
ConocoPhillips surpassed Wall Street's estimates for the third quarter profit on Thursday, as the Texas oil and gas company reaped benefits from higher production. Its shares rose 2.6% to $105.5 at premarket trading. The volatility of commodity prices has been a major topic in recent months. This is due to several factors, including the escalating conflict between the United States and the Middle East. Other factors include the weak demand in China, the rate decisions made by the U.S.
Origin Energy's APLNG revenues rise on higher gas prices and sales
Origin Energy, a company based in Australia, reported a sequential increase in revenue for its first quarter from its stakes in the Australia Pacific Liquefied Natural Gas (APLNG), backed by higher natural gas prices and strong sales. Origin, which aims to transition to greener energy sources, has said that it is evaluating a variety of early-stage opportunities for renewable development. As of 0014 GMT the shares of the company rose 0.4% to A$9.54, while the benchmark index fell 0.2%.
Sources say ConocoPhillips is exploring the sale of Permian Shale assets worth more than $1 billion.
ConocoPhillips has been looking at selling some of its Permian basin shale assets worth more than $1billion, after two unsuccessful years of trying to sell the same assets. Houston-based oil producer, Texas, is preparing to complete its $22.5 billion acquisition of Marathon Oil before the end of the year. As part of the deal it will assume approximately $5.4 billion in debt from Marathon Oil and plans to raise an additional $2 billion by selling assets.
The Globe and Mail reports that Canada is proposing to support the carbon-capture projects of oil-sands companies.
The Globe and Mail reported that Canada Growth Fund, the federal funding agency of Canada, has proposed to fund a multi-billion dollar carbon-capture project by Pathways Alliance. The Alliance represents Canada's largest oil sands producers. According to a report published on Sunday, which cited sources familiar with this matter, the CGF's offer is likely to start further negotiations. However, the final agreement is still months away as the two sides are at odds on certain key terms.
Citgo creditors attack Elliott bid in auction, seeking rival offers
Creditors of the company said that the key terms of an agreement proposed by a U.S. court with a hedge fund to control Venezuelan oil refiner Citgo Petroleum would lock in its low-ball offer. The reaction to Elliott Investment Management’s Amber Energy, a wholly owned company by Elliott Investment Management, has ended any hope of changing Citgo's ownership this year to satisfy Venezuela's debt defaults or expropriation.
Citgo auction at risk as Venezuelan bondholders file parallel claims
Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation auction for more than a dozen firms to compensate them for unpaid debts or expropriations. Two groups of holders have taken their cases to other U.S. court to enforce them…
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong. Benchmark Brent crude rose by 2.8% to $75.59 per barrel while U.S. crude climbed 3% to $71.92.
ConocoPhillips wins approval from a judge for the seizure of payments made to Venezuelan PDVSA
ConocoPhillips won approval from a Trinidad court on Friday to seize payments made by the Caribbean nation to Venezuela's oil company in connection with a proposed offshore project between the two countries. ConocoPhillips is trying to recover money for many years from Petroleos de Venezuela for the expropriation of its assets. PDVSA paid Conoco $700 million as part of a settlement deal, but stopped payments at the end of 2019.
Rural towns in New Mexico's arid region are looking to treated oil wastewater for a drought solution.
Stephen Aldridge, a pilot of a four-seater helicopter, could see a dozen lagoons filled with toxic waste glistening in the distance between drill rigs. The mayor of Jal, a tiny town nestled in the middle of U.S. Oil Country near the Texas border, saw the scene as a chance to find water for the state that is suffering from a worsening drought. Aldridge belongs to a growing number of New Mexico…
Marathon Oil's profits miss estimates due to low natural gas prices
Marathon Oil, a U.S.-based oil and gas company, missed Wall Street's expectations for its second quarter profit on Wednesday due to a drop in the price of natural gas.Gas prices in the U.S. dropped due to mild weather that pushed up demand, and a surge of stored volume because pipeline capacity was inadequate.Marathon Oil reported that its average realized natural gas price in the U.S. has declined by 24.9%…
Exxon in Advanced Talks for $60B Acquisition of Pioneer - Sources
Exxon Mobil is in advanced talks to acquire Pioneer Natural Resources in a deal that could value the Permian shale basin producer at about $60 billion, people familiar with the matter said on Thursday. The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch.Pioneer's shares rose nearly 12% to $240.47 in premarket trading on Friday while Exxon slipped 1.7%.Pioneer…
US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time
Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. U.S. energy companies have been focused…
Oil Supply Crunch is Coming, ConocoPhillips CEO Says
ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead.Ryan Lance, head of the largest U.S. independent oil producer, offered a dour outlook on future supply in remarks to members of oil group the Houston Producers Forum. His comments came days after U.S.
