Texas oil and gas upstream jobs increase in February, says industry group
The Texas Independent Producers and Royalty Owners Association, or TIPRO, announced on Friday that upstream oil companies increased hiring in February. This is the second consecutive month of growth. Hiring in upstream, which includes drilling and producing oil activities, can be an indicator of how the oil and gas sector is doing. More drilling could be expected if companies hire more staff. TIPRO represents more than 3,000 independent producers in Texas.
EIA: US crude stocks fall as refining increases.
The Energy Information Administration reported on Wednesday that U.S. crude inventories dropped last week, as refiners increased production. Gasoline and distillate stocks also fell. The EIA reported that crude inventories dropped by 3.3 millions barrels, to 433.6 million in the week ending March 21. This was a far cry from the 956 thousand barrels analysts had predicted in a survey. Refinery crude production increased by 87,000 barrels a day.
Baker Hughes reports that US oil and gas rigs have risen for the first time in 3 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since three weeks. The number of oil and gas drilling rigs, a good indicator of future production, increased by one in the week ending March 21. Baker Hughes reported that despite this week's increase in rigs the total count is still 31 rigs or 5% lower than this time last year.
EIA: Alaska crude oil production will grow in 2026 for the first time since 2017.
The U.S. Energy Information Administration forecast on Wednesday that Alaska's crude oil production would increase in 2026. This is the first time since 2017. If realized, it will be the largest production since 2002. The 29 wells of the ConocoPhillips owned Nuna project are expected to produce combined 20,000 barrels per day (b/d) at its peak. Meanwhile, Santos and Repsol who jointly own the Pikka Project plan to produce up to 80…
EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.
The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7. This was compared to analysts' expectations in an online poll of a 2million-barrel increase.
Trump's Energy dominance aims to attract more global companies to the US
Executives said that the market upheaval caused by U.S. president Donald Trump's protectionist policies on trade has not dampened interest from foreign investors in the U.S. Energy Industry. They praised his promise to reduce regulations and support fossil energies. Trump made energy dominance the cornerstone of his administration. He declared a national emergency on his first official day in office, and pulled the U.S. out of the Paris Climate Agreement.
EIA predicts that US crude and gas production will reach record levels in 2025
The U.S. Energy Information Administration's (EIA) Short Term Energy Outlook report (STEO), released on Tuesday, said that the U.S. production of crude oil, natural gas, and electricity will all reach record levels in 2025. The agency expects that crude oil production will average 13,61 million barrels a day (bpd), in 2025, and 13,76 million bpd by 2026. This is up from the 13.22 million bpd of 2024.
US drillers reduce oil and gas rigs in the US for the first time in six-weeks - Baker Hughes
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first six weeks. The number of oil and gas rigs, a good indicator of future production, dropped by one in the week ending March 7 to 592. Baker Hughes reported that the total number of rigs is 30 or 5% lower than it was at this time last week. Baker Hughes…
The US natgas price is rising due to concerns about Canada tariffs
U.S. Natural Gas Futures rose 10% on Tuesday to a 26 month high, on record flows into liquefied gas export plants. There was also concern that Canadian gas exports could be affected by the tariffs placed on Canada and Mexico by U.S. president Donald Trump. Canada provides about 8% total U.S. demand for gas, including exports. Some of these return to Canada. The U.S. will consume approximately 90.2 billion cubic foot per day (bcfd)…
The US natgas price is rising due to concerns about Canada tariffs
U.S. Natural Gas Futures rose 10% on Tuesday to a 26 month high, on record flows into liquefied gas export plants. There was also concern that Canadian gas exports could be affected by the tariffs placed on Canada and Mexico by U.S. president Donald Trump. Canada provides about 8% total U.S. demand for gas, including exports. Some of these return to Canada. The U.S. will consume approximately 90.2 billion cubic foot per day (bcfd)…
Baker Hughes and Frontier Infrastructure form a carbon capture partnership
Baker Hughes announced on Monday a partnership between Frontier Infrastructure and the United States' largest carbon capture and storage solutions (CCS). Oilfield Services provider adds that it will provide technology solutions for carbon capture projects, power generation and datacenters. Baker Hughes announced that it will leverage key technologies in well design, carbon dioxide compressing…
EIA reports that US oil and natural gas production reached a record high in December.
The U.S. Energy Information Administration reported on Friday that U.S. crude and natural gas production set records in December and oil demand reached multi-month highs. The EIA reported that crude oil production reached 13,491 million barrels a day (bpd), up from 13,314 million in November, and surpassing the previous all-time record of 13.436 in October. EIA reported that oil production in the Federal Offshore Gulf of Mexico Region increased 12.3% to 1.86m bpd in December…
EOG Resources exceeds profit expectations for the fourth quarter on higher production
EOG Resources surpassed fourth-quarter profit expectations on Thursday as higher production helped offset lower oil price. The company's shares were down 3.5% in after-hours trading as the net income fell by more than half, to $1.25 Billion from $1.998 Billion the previous quarter. The overall quarterly revenue dropped 12%, to $5.59 Billion. This was due to lower oil revenues as well as losses on derivative contracts. Operating expenses rose by 3.6% compared to last year.
Expand Energy is on track to increase US natgas production to meet the growing demand
Expand Energy, previously known as Chesapeake Energy, and the largest natural gas producer in America, announced on Thursday that it is on track to increase output by over 5% from the levels expected in 2020, as long as the market conditions allow for such an action. The CEO of Expand, Nick Dell'Osso, told analysts on the company's earnings call for the fourth-quarter that the company was ready to increase output from 6.4 billion cubic foot equivalents per day (bcfed)…
EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels, to 430.2 million in the week ending February 21. This was in contrast with the analysts' polled expectations of a rise of 2.6 million barrels.
Utility Public Service Enterprise raises its spending plan and forecasts a higher profit in 2025
Public Service Enterprise Group, a U.S. electric utility and gas company, forecasted a higher profit in 2025 compared to the previous year and increased its five-year plan for capital expenditures. Utilities are experiencing a surge in power demand as Big Tech invests billions of dollars in developing artificial intelligence technology and infrastructure to support it. PSEG expects to spend between $22,5 billion and $26 billion in the five years from 2025 to 2029.
Diamondback Energy exceeds profit expectations for the fourth quarter on higher production
Diamondback Energy, a U.S. shale oil producer, surpassed Wall Street's expectations for the fourth quarter profit on Monday as higher production offset lower prices. In extended trading, shares were up 3% to $159.95. The U.S. Energy Information Administration reported that the total oil production of the United States reached a record 13.6 million barrels a day (bpd), as increased efficiencies allowed producers to pump more oil.
Cenovus' quarterly profit drops due to weak oil prices
Cenovus, a Canadian oil and natural gas company, reported a decline in profit for the fourth quarter on Thursday. Lower commodity prices and lower refining margins were offset by higher production. In mid-morning trade, the company's stock was down by 4.5%. The average Brent crude futures fell 3% in 2024 as the economy of the major consumer, China, remained weak. The OPEC+ producer's group…
The cold weather in the US boosts diesel prices, but masks economic challenges
Since the beginning of the year, the cold temperatures in the Northeast U.S. have led to an increase in demand for heating oil. This has helped to offset the slowdown in recent years due to reduced industrial activity. The Energy Information Administration (EIA), according to its data, reported that the U.S. inventory of distillate fuels - including diesel and heating oil - fell this month to its lowest seasonal level in 2014.
Devon Energy's production increases help it beat the fourth-quarter profit forecast
Devon Energy, a Devon Oil subsidiary, beat the analysts' estimates for its fourth-quarter profits on Tuesday as higher production offset lower prices. The U.S. Energy Information Administration reported that total oil production reached a record of 13.6 millions barrels per day during December. This was due to improved efficiency, which allowed oil producers to pump more. Devon's quarterly production increased by 28% compared to the same period last year…
