Sources say that RPT-Gunvor is weighing the US energy push, which could strengthen Washington ties.
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S.
Gunvor considers US energy push, which could strengthen Washington ties
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S.
Occidental Petroleum predicts flat production and lower spending in 2026
Occidental Petroleum, an oil and gas company, said Tuesday that it expects a flat growth in production and lower spending than the current year levels by 2026 as crude prices fall. The U.S. shale oil producers are coping with a global oil crisis, as prices remain in the $60 per barrel range. This is due to OPEC+ production increases and a slowing of global demand. Benchmark Brent crude prices have fallen by about 12.7% this year. Sunil Mathew…
Occidental Petroleum exceeds profit forecasts for the quarter on higher production
Occidental Petroleum surpassed Wall Street's expectations for the third quarter profit on Monday as higher production helped U.S. shale oil producer to counter lower oil prices. The U.S. produced more oil and gas in August than ever before, despite Brent crude falling by over 13% during the period reported due to OPEC+'s increased supply and a slowing of global demand. Occidental reported a quarterly average of global production of 1,46 million barrels equivalent per day (MMboepd), an increase from the 1.41 MMboepd ayear earlier.
EOG, a producer of shale oil and gas, has topped profit forecasts as production increases
EOG Resources surpassed analysts' expectations for the third quarter profit on Thursday as higher production helped offset a decline in crude prices. Benchmark Brent crude dropped more than 13% from the previous quarter, but the company saw a boost in production as it expanded into the Utica and Marcellus region following its $5.6 Billion deal with Encino Acquisition Partners. EOG's production of 1.3 million barrels per day increased from 1,08 million boepd in the previous quarter.
ConocoPhillips lifts dividend, raises output forecast after profit beat
ConocoPhillips increased its quarterly dividend on Thursday and raised its full-year production projection after posting earnings that were above expectations in the third quarter, thanks to lower costs and higher output which offset weaker oil price. In premarket trading, shares of the United States' largest independent oil and natural gas producer rose by 1.5%. The company's efforts to streamline operations, cut costs and save more than…
North Dakota oil production likely to increase in September, but will continue on a downward trend for the long term, says regulator
North Dakota's oil production will likely have increased slightly in September, but it is still on course to decline in the long term due to natural decline of the wells. North Dakota has the Bakken oilfield. This massive shale oil field helped the U.S. become the largest oil producer in the world. The Bakken oilfield is undergoing a consolidation wave and its wells have reached maturity, affecting production in the state that produces the most oil.
Sinopec finds new shale-oil reserve in Southwest China
Sinopec, China's state owned oil company, announced on Thursday that it had discovered a new reserve of shale in the southwest Sichuan Basin. Sinopec Exploration Company said that the exploratory well Qiluye 1 drilled in Chongqing's Qijiang district found a shale reserve in the Sichuan Basin with an estimated resource of more than 100 million metric tonnes, or approximately 730 million barrels. According to a press release from the company…
Bloomberg News reports that Exxon Mobil will cut 2,000 jobs as part of a restructuring.
Bloomberg News reported that Exxon Mobil, a U.S. energy giant, will lay off 2,000 employees globally as part a long-term reorganization plan. This is the latest in a series of job losses this year within the oil and gas sector. The report cited a memo sent by CEO Darren Woods, which stated that the reductions represented between 3% and 4% of global staff. After purchasing Pioneer Natural Resources for $60 billion in 2024, the shale gas producer has been streamlining operations.
PetroChina says it has added 1.15 billion barrels to its shale oil reserves at a pilot project.
PetroChina proved another 158 millions metric tons of shale-oil reserves, or approximately 1.15 billion barrels in a northeast China pilot project, Chinese state media reported Friday. State television reported that the Daqing project in Heilongjiang Province, northeast China, covers an area of 2,778 sq km and pumps 3,500 tons or 25,550 barrels per day. The project began testing production in 2022 and is one of several pilot shale-oil projects…
Oilfield executives sour in Dallas Fed survey
According to a Federal Reserve Bank of Dallas survey published on Wednesday, oil and gas production in Texas, Louisiana, and New Mexico, the three states that produce the most, declined in the third-quarter as executives expressed a more negative outlook. The decline in oil and gas activity is due to the uncertainty surrounding oil prices, as well as increased frustration towards President Donald Trump and his administration. The executives blamed Trump policies such as tariffs, and his promise to lower oil price, for the decline in activity.
Interior secretary: US wants to strengthen energy ties with Greece
Interior Secretary Doug Burgum told reporters in Athens that the U.S. is looking to strengthen its energy relations with Greece. This comes as the Trump Administration works to reduce Russia's gas and oil supplies to Europe. Burgum was in Europe this past week to sign energy deals that the U.S. believes will increase its influence in Europe while reducing Russia's. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters.
Interior secretary: US wants to strengthen energy ties with Greece
U.S. officials say that the United States is looking to strengthen its energy relations with Greece. While visiting Athens, Interior Secretary Doug Burgum stated that the Trump administration is working to further reduce Russia’s oil and natural gas supplies into Europe. Burgum was in Europe to sign energy deals that the U.S. hopes can strengthen their influence in the area while weakening Russia’s. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters.
Crescent Energy acquires Vital Energy for $3.1 billion in a shale gas deal
Crescent Energy, a U.S. shale oil producer, announced on Monday that it will acquire Vital Energy for $3.1 billion in stock and debt. The deal shows how some U.S. firms are seeking scale in a period when mergers and purchases in the shale sector slowed down in the second quarter because of volatility in energy and equity markets. Vital shareholders receive 1,9062 Crescent common shares for every share they hold. This represents an offer valued at 18.95 dollars per share, and a 20% premium based on last day's close.
OPEC raises its 2026 oil supply forecast and reduces the growth of rivals' supplies
OPEC raised its forecast of global oil demand for next year, and trimmed their estimate for the growth in supply coming from the United States and producers outside the larger OPEC+ Group. This indicates a tighter marketplace. The prospect of higher demand and a decline in supply growth outside OPEC+ (which groups OPEC, Russia, and other allies) would make it easier to proceed with OPEC+'s plan to pump additional barrels to regain the market share lost after years spent cutting back to support the market.
TotalEnergies sold 45% of its oil and gas blocks in Argentina to YPF at $500 million
TotalEnergies announced on Wednesday that Total Austral, its affiliate company, had agreed to sell 45% of its interest in two unconventional gas and oil blocks to YPF Argentina. TotalEnergies announced that the deal was valued at $500m. It represents 20% of TotalEnergies' acreage within Argentina's Vaca Muerta shale, which is the second largest unconventional gas reserve in the world. TotalEnergies, Argentina's biggest private operator, is responsible for about one-quarter of the gas produced in the country.
Diamondback claims it is the 'consolidator' of choice in Permian as oil outlooks dim.
Diamondback Energy, a shale driller, said Tuesday that it should be the "consolidator" of choice in the Permian Basin as shale activities slow and the company concentrates on shareholder returns after its $26 billion merger. Diamondback shares dropped 3.6% in the morning to $142.67 after it reported a second-quarter loss below analyst's estimates. The company was hit by a 20% drop in Brent crude oil prices year-on-year amid weak global economic growth, OPEC+ production increases, and geopolitical tensions.
China certifies 147,000,000 barrels of oil in Sinopec's shale fields
Sinopec Corp., a Chinese company, announced on Thursday that the Chinese government had certified geological reserves of 20.1 millions metric tons (147 million barrels) in a new shale-play the company operates in Southwest China. Sinopec announced that the Ministry of Natural Resources has also certified 12,35 billion cubic meters of geological reserves at Fuxing Field, located in Chongqing's municipality. Fuxing, located on the southern rim of Sichuan Basin and with its first successful exploration well being drilled in 2021…
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's surprise attack on Iran was meaningful but relatively modest considering the high stakes involved in the conflict between the Middle East rivals.Benchmark Brent crude prices…
Vitol CEO predicts slight decline in US oil production this year due lower prices
He said that the lower oil prices will lead to a slight decrease in U.S. production of oil this year. "We're starting to see an impact on production and investment with slightly lower prices." Russell Hardy, speaking at the Energy Asia Conference, said that the U.S. shale oil industry is the most obvious example. He added that the lower investment and production are not a major concern, as OPEC, and other countries have a large amount of extra capacity.