Equinor, Norway's largest oil company, scales back its climate ambitions due to wind change
Equinor, the Norwegian energy company, has weakened its plan for energy transition as it struggles with delivering on promises to invest in renewable energy technologies and low-carbon technology. It cited practical difficulties and shifts in political priorities. In 2022, the oil and…
Carlyle is looking for buyers of Colombian oil producers
According to sources familiar with the matter, Carlyle's private equity group is looking for a buyer of its Colombian oil company SierraCol. The price would be around $1.5 billion. SierraCol was established by Carlyle in 2020, after purchasing assets from Occidental Petroleum. With a production of 45…
Woodside Energy's profit for the year is at its lowest level in three years due to low oil and gas prices
Woodside Energy, a major oil and gas company, reported on Tuesday its lowest annual profit in the last three years, due to lower realized prices. However, it maintained its production forecast for 2025, based on expectations that demand for liquefied gas will be strong. The energy markets…
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…
Chevron is struggling to replace its oil and gas reserves amid uncertainty surrounding the Hess deal
Chevron’s oil and natural gas reserves are at their lowest level in more than a decade. This highlights the importance of its planned acquisition of oil producers Hess, which has been stalled by a legal battle with Exxon Mobil. Investors in energy companies use reserve replacement as a key metric.
Sources say that US energy company Talos is set to name Shell CEO Goodfellow its next CEO
Two people with knowledge of the matter confirmed on Sunday that Talos Energy is preparing to appoint veteran Shell executive Paul Goodfellow, as its new CEO. Sources said that the appointment of Goodfellow who is currently the chief internal auditor for Shell is expected to be made this week. They requested anonymity as the matter was confidential.
Chevron will build gas plants for data centers in the AI boom
The oil and gas company Chevron announced on Tuesday that it will build natural gas power plants near data centers in the U.S. as the energy demand for artificial intelligence growth is expected to grow. The second largest U.S. oil and gas producer has partnered with Engine No. The project is a partnership between Engine No.
Can Trump reverse Biden's offshore oil drilling ban?
In an executive order issued on Monday, President Donald Trump revoked the ban placed by former Democratic president Joe Biden against new offshore oil-and-gas development along most of America's coasts. Trump will face legal challenges regarding his authority. What did BIDEN and Trump do?
TSX reaches 5-week highs as US trade tariffs are held back
Investors expressed relief at the news that President Donald Trump would not impose immediate U.S. tariffs on Canada. The Toronto Stock Exchange S&P/TSX Composite Index closed up 103.66, or 0.4% at 25,171.58, marking its fifth consecutive day of gains, and highest closing level since December 13.
Bloomberg News reports that Civitas Resources is considering selling DJ Basin assets.
Bloomberg News reported Wednesday that oil and gas producer Civitas is considering selling part or all its assets located in the Denver-Julesburg Basin in Colorado. These assets could be worth more than $4 billion. The report cited people who were familiar with the situation as saying…
Sources say that Northern Oil and Gas is in the process of acquiring Granite Ridge, a smaller rival.
According to sources familiar with the situation, Northern Oil and Gas made a purchase offer for Granite Ridge Resources. Granite Ridge Resources is a small U.S. oil and gas producer that operates in the Permian and Eagle Ford basins. Sources said that Northern, based in Minneapolis, Minnesota, has made at least two bids for Granite Ridge.
US pressures EU to align LNG methane regulations
A letter obtained by showed that U.S. officials redoubled their efforts to convince EU counterparts that shipments of liquefied gas meeting current U.S. regulations on methane would automatically meet the new European standards for gas imports. On December 17, the administration of President Joe Biden sent a second email to Ditte J.
Woodside's North West Shelf Project Extension approved by Western Australia
Woodside Energy, Australia's largest oil and gas producer in terms of market value, announced on Thursday that the state of Western Australia had granted Woodside Energy approval to extend the project life of its North West Shelf LNG (liquefied Natural Gas) until 2070. You can also find out more about the decision-making process by clicking here.
As Biden's term ends, the US introduces a methane tax on gas and oil emitters.
The U.S. administration of President Joe Biden finalized on Tuesday a fee for large oil and gas companies to reduce emissions of this powerful greenhouse gas. However, the incoming Trump presidency is likely to scrap the fee. The methane tax is one of the last measures taken by the administration to combat the second most common greenhouse gas…
Diamondback Energy misses Q3 profit estimates, raises annual production forecast
Diamondback Energy missed Monday's estimates for the third quarter profit as it was hit by lower prices. However, its forecast for production for this year got a boost thanks to its acquisition of Endeavor Energy for $26 billion. Oil prices dropped in the third quarter, after an interest…
Coterra Energy misses its profit forecast as oil and gas prices fall
Coterra Energy, a U.S. oil-and-gas producer, missed Wall Street's expectations for the third quarter profit on Thursday because of lower commodity prices. The benchmark natural gas price remained low for most of the third quarter due to high storage levels and weak demand. Energy Information Administration (EIA) expects U.S.
Equinor expects a decrease in storages and a rise in gas prices next year.
The CEO of Norwegian oil-and-gas producer Equinor stated on Thursday that European gas prices continue to be under pressure because of the rising demand for gas in Asia, and due to concerns about future supplies of Russian gas and LNG. The weather and temperature will determine the demand for European products.
Diamondback Energy increases its third-quarter production estimate
Diamondback Energy, a U.S. shale oil producer, raised its production forecast for the third quarter on Tuesday in order to reflect its $26 Billion acquisition of Endeavor Energy. Last month, Texas-based Endeavor Energy completed its acquisition, making the company the third largest oil and gas producer within the Permian basin…
Oil producer APA Corp will sell Permian assets at $950 mln
APA Corp, a U.S. oil-and-gas producer, announced on Tuesday that it will sell its non-core Permian drilling properties for $950 million to an unnamed buyer as part of its efforts to reduce debt. Energy companies are rushing to increase their oil and natural gas drilling inventory, particularly in the Permian Basin…
Viper Energy will buy certain Permian minerals assets from Tumbleweed Royalty at $461 million
Viper Energy is a subsidiary owned by oil and gas producer Diamondback Energy. It announced on Wednesday that it had entered into an agreement with Tumbleweed Royalty to purchase mineral and royalty interests from the company for $461,000,000 in cash. According to the agreement, an additional…
