REFILE-ConocoPhillips plans layoffs as part of broad restructuring
ConocoPhillips plans to reduce staff. The company announced this on Tuesday. This is part of a broader effort to control costs and streamline operations following its $23 billion purchase of Marathon Oil. Job cuts are a sign of the pain that the oil and gas sector is experiencing as it faces higher costs and lower revenue due to prices hovering around $63 per barrel. Many companies claim they can't drill profitably at oil prices below $65 per barrel.
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.
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.
Ministers and executives say that if sanctions are eased, Europe will avoid Russian energy.
Ministers and executives at a Houston conference said that European buyers will not return to Russia's Energy Sector if the sanctions are lifted. The bloc has diversified its power mix by using renewable energy and alternative suppliers of gas. According to a joint U.S. and Ukrainian statement released on Tuesday, Ukraine agreed to accept the U.S. proposal of an immediate 30-day truce in order to restore a lasting peace following Russia's invasion.
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.
Aramco CEO: More likely Elvis will speak than energy transition plans to succeed
Saudi Aramco's CEO said Monday that policymakers and energy executives should rethink their energy transition plans. They must stop investing in elements of the energy transition which have failed and instead rethink the entire energy transition. The remarks from the head the world's biggest oil company comes as the administration under President Donald Trump pushes for maximum oil and gas production. This is a dramatic U turn in U.S.
Trump's tariffs threaten Canada's oil and natural gas drillers
Canada's oilfield services and drilling sector has already begun to show signs of slowing down due to the threatened tariffs by U.S. president Donald Trump. This has sparked fears that a rebound in this industry could be halted if these levies are implemented. The Canadian drilling industry lost thousands of jobs between 2014 and 2020 as a result of low oil prices, and the COVID-19 pandemic.
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.
EIA: US crude and distillate stocks fall; gasoline increases last week
The U.S. Energy Information Administration reported on Thursday that crude oil and distillate stocks in the United States fell last week while gasoline inventories rose. The EIA reported that crude inventories dropped by 1 million barges in the week ended Jan. 17, to 411.7 million bars, marking the 9th consecutive weekly decrease. A poll of analysts had predicted a draw of 1.6 million barrels.
Winter storms in the US could lead to power outages and a reduction of natgas supplies
According to energy analysts, the next few weeks could see massive power outages across the U.S. and a spike in natural gas demand. As a result of the "freeze offs" of oil and gas pipes and wells, the demand for gas is expected to increase. According to the U.S. Energy Information Administration, gas is responsible for 43% of America's electricity generation and 45% of its homes are heated by it.
Kansas Fed reports that drilling activity in the US Rockies and Midwest has fallen for the seventh consecutive quarter.
According to survey results released by Federal Reserve Bank of Kansas City on Friday, oil and gas activity in U.S. Midwest Rockies and Midwest declined in the third quarter. This is the seventh consecutive quarterly decline. The survey was conducted in mid-September and covered companies drilling in Kansas as well as Colorado, Nebraska, Oklahoma, and the northern half New Mexico.
Canadian Natural Gas Companies eager to capitalize on the LNG boom flood the market with excess supply
Analysts said that a huge LNG Canada terminal, led by Shell, could struggle to raise Canadian natural-gas prices dramatically when it begins operating next year, because of a glut of supply waiting to be released. Storage was full, and the price of a million British thermal unit (mmBtu), which had been at a high for two years, dropped to 5 Canadian cents in late September.
EIA reports that US crude, gasoline, and distillate stocks are falling.
The Energy Information Administration reported on Wednesday that U.S. crude, gasoline, and distillate stocks fell last week. The EIA reported that crude inventories dropped by 4.5m barrels, to 413m barrels for the week ending Sept. 20. This was in contrast with the analysts' polled expectations of a 1.4m barrel draw. Last week, U.S. crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), were at their lowest level since April 2022.
EIA: US crude oil inventories are rising, but fuel consumption decreased last week.
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles unexpectedly rose last week while gasoline and distillate stocks fell. The EIA reported that crude inventories increased by 1.36m barrels, to 430.7m barrels for the week ending August 9, compared with the 2.2m barrels analysts expected in a poll. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 1.7 millions barrels.
Exxon reports 59 job losses at Texas agency following the acquisition of Pioneer
Exxon Mobil laid off 59 employees following the acquisition of Pioneer Natural Resources for $60 billion, according to an application filed with the Texas Workforce Commission. Exxon has confirmed that more than 1,500 Pioneer workers will be offered new jobs as a result of the merger. Around 2,200 people worked for Pioneer. According to the filing, 39 workers were laid off from Las Colinas in Irving…
US Natural Gas Producers Eye More Production Cuts as Prices Fall
After prices fell nearly 40% in just two months, major U.S. gas producers plan to curtail their production further during the second half 2024. The Henry Hub futures price has dropped below $2 per million British Thermal Units (mmBtu) while Waha gas prices in West Texas have fallen to a record low so far this year. As temperatures were cooler than anticipated, the demand for gas fell.
Wave of New LNG Export Plants Threatens to Knock Gas Prices
A flood of liquefied natural gas (LNG) export projects due online worldwide in mid-decade will vie against lower-cost renewable energy and a revived nuclear power sector, which could rock gas prices and hurt some proposed projects, analysts say.Proposed and approved new LNG plants would boost LNG supply by 67% increase to 636 million tonnes per annum (mtpa) by 2030 from 2021 levels…
US Regulator to Allow Freeport LNG to Resume Partial Operations in October
The second-largest U.S. liquefied natural gas (LNG) exporter on Wednesday said it reached an agreement with a federal regulator that will allow it to resume some operations at its Quintana, Texas, plant in October.Freeport LNG shut the plant, which supplies about 20% of U.S. LNG exports, following an explosion and fire on June 8. Its closure helped to push up LNG prices in Europe and Asia, and dampening U.S.
Freeport LNG Targets Year End for Full Operations After Fire
Freeport LNG, one of the largest operators of liquefied natural gas export plants in the United States,on Tuesday said last week's fire damage to its Texas plant would keep it fully offline until September with only partial operation through to the year end.Natural gas prices slumped in the United States and soared in Europe on the lengthier shutdown as the Quintana, Texas, facility produces roughly 20% of U.S.
Freeport LNG Plant Suffers Explosion
A explosion occurred on Wednesday at the Freeport LNG liquefied natural gas plant on the Texas Gulf Coast, according to police, and prompting an evacuation of nearby residents in Quintana, Texas.The plant can process up to 2.1 billion cubic feet of natural gas per day into a supercooled liquid for export.Freeport LNG acknowledged an incident occurred around 11:40 a.m. local time with providing further details.
