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Hydraulic fracturing, or fracking, has been thrust back into the public spotlight as Vice President Kamala Harris’ change of position on it comes under scrutiny given her campaign for the White House. The groundbreaking technique for oil and gas extraction that vaulted the US to energy independence has for years been a lightning rod for controversy. …
Why Fracking Remains a Political Lightning Rod for Controversy Read More »
Stockpiles have been declining, but a flood of supply will push them back up next year. Despite oil’s recent foray below $70 a barrel, market balances aren’t currently that bad. The problem is, this is as good as things get for quite some time. In its monthly report Thursday, the International Energy Agency said stockpiles contracted in …
COMMENTARY: Oil Market Balances Only Get Worse From Here Read More »
Summary IEA’s 2024 demand growth forecast cut by 7.2% Projection for 2025 remains unchanged Oil prices pare gains after report (Reuters) – The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 barrels per day (bpd), or about 7.2%, to 900,000 bpd, it said in its monthly oil market report …
IEA Cuts 2024 Oil Demand Growth Forecast on China Slowdown Read More »
Uinta assets could be valued at as much as $2 billion in sale Value of oil and gas deals has roughly doubled this year Ovintiv Inc. is considering a possible sale of its operations in the Uinta Basin, which could fetch as much as $2 billion, people with knowledge of the matter said. Denver-based Ovintiv is …
Ovintiv Explores Sale of Oil Operations in Uinta Basin Read More »
North Dakota’s oil production fell by 22,500 barrels per day (bpd) in June to an estimated 1.176 million bpd, the state’s Pipeline Authority said on Thursday, marking a second straight monthly decline. Production in the third top oil-producing U.S. state has slipped since climbing to 1.29 million bpd last September, according to figures from its …
North Dakota Oil Production Falls for Second Straight Month in June Read More »
Exxon, Chevron helped drive robust year for dealmaking Smaller producers like Devon, Permian Resources clinched deals Bloomberg News Some shale producers are seeking deals even as the biggest names in oil and gas, Exxon Mobil Corp. and Chevron Corp., remain on the sidelines digesting their mega mergers after a blistering run. Dealmaking activity in the sector is poised …
Oil Patch M&A Wave Recedes While Majors Digest Deals Read More »
The vice president’s past call for a fracking ban raises doubts in the must-win, gas-producing state. Ask Mickey Molinaro, an asphalt worker with a bushy beard and easy-going smile. Harris, in her last White House run, called for a ban on fracking, before reversing her stance this year. And fracking helped Molinaro survive the Great …
Kamala Harris Once Trashed Fracking, and Pennsylvania Hasn’t Forgotten Read More »
Occidental Petroleum on Thursday said it will focus on cutting debt and catching up with promised production goals before an eagerly anticipated expansion of its cash distribution program. The U.S. oil producer posted better-than-expected second quarter results on Wednesday, largely due to strong production in Colorado, lower operating costs and onetime strong midstream earnings, which …
Occidental Delays CrownRock Output Goals, Turns to Debt Reduction Read More »
Lack of pipeline capacity for excess gas hinders profits Firm still expects to beat original 2024 oil output forecasts Diamondback Energy Inc. reduced some of its oil production in the second quarter to trim natural-gas output because there isn’t enough pipeline capacity to ship gas that’s pumped alongside the crude. After years of operators flaring …
Diamondback Curtails Some Oil Production to Reduce Gas Output Read More »
U.S. oil and gas production show further signs of flattening out or turning down, a delayed response to the decline in prices over the last two years after the initial shock caused by Russia’s invasion of Ukraine in early 2022. Total crude and condensates production from the Lower 48 states, excluding federal waters in …
U.S. Oil and Gas Output Curbed by Lower Prices: John Kemp Read More »
