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Exxon, Chevron, Shell, BP post production gains as crude drops OPEC plans to add barrels to the market starting in December Exxon Mobil Corp. and Chevron Corp. capped Big Oil earnings season by revealing blockbuster increases in fossil fuel production — just as OPEC and its allies are preparing to increase the supply of crude into the global market. The …
Big Oil Dials Up Output Growth Just as OPEC Mulls Supply Boost Read More »
Chemical maker LyondellBasell Industries on Friday detailed its long-announced plan to permanently shutter its 263,776 barrel-per-day (bpd) Houston oil refinery in the first quarter of 2025. The planned closing marks the latest in a wave of U.S. refinery closures as motor fuel demand is expected to peak this decade and decline under pressure from renewable …
Another U.S. Oil Refinery to Vanish with Lyondell Houston Plant Closing Read More »
(Reuters) – U.S. oil producers Exxon Mobil and Chevron posted better-than-expected third-quarter profits on Friday, outperforming their European rivals, as record U.S. oil production cushioned the blow from a plunge in fuel margins. The two focused on expanding oil and gas production as rivals BP and Shell spent heavily on wind, solar and renewables that …
Exxon, Chevron Top Q3 Profit Expectations as US Oil Output Hits Record High Read More »
HOUSTON/MARACAY, Nov 1 (Reuters) – Venezuela’s oil exports rose to a four-year high, approaching 950,000 barrels per day in October, boosted by growing crude output and more sales to India and the United States, according to shipping data and documents from state firm PDVSA. The increase happened despite a large storage terminal fire last month, …
Venezuela’s Oil Exports Hit a 4-Year Peak on Higher Output, Sales to US, India Read More »
(Reuters) – U.S. energy firms kept the number of oil and natural gas rigs operating unchanged for a second week in a row, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, held at 585 to Nov. 1. Baker …
US Oil and Gas Rig Count Unchanged This Week, Baker Hughes Says Read More »
Iran’s leadership and allies are bracing for what they would regard as a dreadful outcome of the imminent U.S. presidential election: A return to power of Donald Trump. Opinion polls suggest the Republican Trump and Democratic Vice President Kamala Harris remain locked in a close contest. But Iranian leaders and their regional allies in Lebanon, …
Iran Braces for Trump Victory, Fearing More Israeli Strikes, Western Sanctions Read More »
(Reuters) – Enbridge posted a more than twofold jump in its third-quarter profit on Friday, as the Canadian pipeline operator benefited from steady oil demand. Data from the U.S. Energy Information Administration showed that total U.S. oil consumption rose in July to the highest seasonal level since 2019. Demand for gasoline was also at the highest seasonal levels …
Pipeline Operator Enbridge’s Q3 Profit More Than Doubles on Steady Oil demand Read More »
Summary Iran prepares strike on Israel from Iraq, Axios reports Investors also focused on US election and China’s NPC meeting next week (Reuters) – Oil prices rose more than 2% on Friday after reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days, though benchmarks were still set for …
Oil Climbs 2% on Reports of Iran Preparing Strike on Israel Read More »
Oil and gas extraction has seen the fastest labor productivity gains of any sector in the past decade. In a dusty swath of sagebrush country near the Texas-New Mexico border, engineers at oil producer Matador Resources Co. encountered a problem. Conventional wisdom called for drilling four wells into the ground and then horizontally to access layers of …
Oil Was Written Off. Now It’s the Most Productive U.S. Industry Read More »
Deal still needs the approval of Neuquen Province, person says Exxon is exiting Vaca Muerta shale patch to focus elsewhere Exxon Mobil Corp. has agreed to sell most of its assets in Argentina’s Vaca Muerta shale patch to Pluspetrol SA, according to people familiar with the matter. The province of Neuquen, where the assets are located, has …
Exxon Agrees to Sell Argentina Shale Oil Assets to Pluspetrol Read More »
