Oil

Big Traders Strike Deals with Middlemen to Tap Venezuela's Free-Flowing Oil

A broad easing of U.S. sanctions on Venezuela's oil industry has forged marriages of convenience between global commodities traders and little-known middlemen that dominated its exports during the period of restrictions.

Maurel & Prom Signs Pact to Expand Venezuela Oil, Gas Development

Venezuelan state oil firm PDVSA and French energy company Maurel & Prom have signed an agreement aimed at expanding operations and increasing crude and gas output at their joint venture in Venezuela's western region, the companies said.

EOG Resources Beats Quarterly Profit Estimates on Strong Production

U.S. shale oil producer EOG Resources on Thursday soared past Wall Street estimates for third-quarter profit and raised its annual production forecast amid resilient fuel demand.

Diamondback Energy Aims to Be a Buyer in U.S. Shale Consolidation

Diamondback Energy on Monday said it expects to be a buyer of rivals, rather than their target, amid consolidation in the shale industry, and raised its full-year oil production forecast.

Talos Working on Engineering Design for Zama Oil, Gas Project in Mexico

Talos Energy is making a final review of the engineering design and working to secure financing for the Zama project, a Mexican oil and gas project in the Gulf of Mexico, before making a final investment decision (FID), the company's CEO said on Tuesday.

US Looks to Buy Up to 3 Million Barrels for Oil Reserve for January Delivery

The United States is seeking to buy up to three million barrels of oil for delivery in January 2024 to replenish the country's strategic petroleum reserve, the Department of Energy said on Monday.

Investors Dump Crude Oil and Distillates as Middle East Risk Recedes

Investors dumped crude oil futures and options for the second week running as the economic outlook worsened and the risk of a wider conflict in the Middle East appeared contained.

U.S. House Easily Passes Bill to Harden Sanctions on Iranian Oil

The U.S. House of Representatives easily passed a bill on Friday to bolster sanctions on Iranian oil in a strong bipartisan vote.

Saudi Arabia, Russia to Continue Additional Voluntary Oil Cuts

Top oil exporters Saudi Arabia and Russia confirmed on Sunday they would continue with their additional voluntary oil output cuts until the end of the year as concerns over demand and economic growth continue to weigh on crude markets.

Energy Transfer's Pipeline Network Surpasses 125,000 Miles with Crestwood Acquisition

Energy Transfer now owns and operates more than 125,000 miles of pipelines and related assets in all the major U.S.-producing regions and markets across 41 states, further enhancing its leadership position in the midstream sector.

Plains All American Raises Profit View on Higher Pipeline Volumes, Deals

Plains All American Pipeline on Friday raised its full-year profit forecast after posting better-than-expected third-quarter earnings, as the pipelines and storage company moved higher volumes of crude and natural gas liquids.

Private Equity Rushes to Gulf as Fundraising Dries Up

A growing number of private equity funds are opening offices in the Gulf, hoping to deepen their ties with cash-rich sovereign wealth funds and families in the region as funding for buyouts has dried up elsewhere.

Trans Mountain Ordered to Stop Pipeline Work Over Environmental Non-Compliance

The Canada Energy Regulator (CER) on Thursday ordered the Trans Mountain oil pipeline expansion project to stop work in a wetland area near Abbotsford, British Columbia, after inspectors found several environmental and safety-related non-compliances.

Cheaper Canadian Oil and Gas Valuations Lure Potential US Buyers North

U.S. corporates and private equity firms are increasingly eyeing Canadian oil and gas companies for acquisition, drawn by lower valuations, ample fossil fuel reserves, and improving market access, according to dealmakers and analysts.

Energy Transfer's Crude, NGL Transportation Volumes Hit Record in Q3

Midstream company Energy Transfer reported on Wednesday higher earnings for the third quarter versus the same time last year, with natural gas liquids (NGL) and crude transportation volumes hitting a company record.

Shell to Sell Pakistan Unit to Saudi Firm

Shell Pakistan's operations include more than 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant and a 26% shareholding in Pak-Arab Pipeline Company Limited.

EIA: US Crude Output Reaches Monthly Record in August at 13.05 Million bpd

U.S. field production of crude oil rose to a new monthly record in August at 13.05 million barrels per day, the Energy Information Administration said on Tuesday.

Untangling Environmental Rules Can Lead to Permitting Success

(P&GJ) — Oil and gas pipelines are considered critical infrastructure, and the process of routing, permitting, designing and building them often elicits significant public pushback associated with perceived environmental concerns.

China Supplier Meets Deadline on Uganda 'Smart' Oil Pipeline

EACOP will have the capacity to pump up to 230,000 bpd down a specially designed 897-milw (1,443-km) smart" pipe from western Uganda to the Indian Ocean coastline of Tanzania.

Opinion: European Oil Majors Lack Options, Value to Join US M&A Frenzy

The European majors could instead double down on investments that burnish their energy transition credentials.

Oil Rises 2% Amid Middle East Conflict Worries, Higher US Crude Inventories

Oil prices rose about 2% on Wednesday, buoyed by worries about conflict in the Middle East, but gains were capped by higher U.S. crude inventories and gloomy economic prospects in Europe.

Enverus: US Exxon, Chevron Megadeals to Spark Consolidation Across Energy Industry

Other deals in the third quarter included Permian Resources' $4.5 billion acquisition of Earthstone Energy, and Energy Transfer's $7.1 billion acquisition of pipeline rival Crestwood Equity Partners.

Poll: 68% of Canadians Oppose Government's $20 Billion Writedown on Trans Mountain Pipeline

More than two-thirds of Canadians oppose the federal government taking a multibillion-dollar writedown on the Trans Mountain pipeline, a survey showed on Tuesday, a dilemma for Justin Trudeau's Liberals as they look to sell it ahead of an election expected by 2025.

A Tale of Setbacks as Venezuela's Citgo Heads to U.S. Auction

For the past four years, the United States protected oil refiner Citgo Petroleum from creditors seeking to seize Venezuela's foreign crown jewel for billions of dollars in claims. But on Monday, a U.S. judge will kick off an auction expected to place the Houston-based company in the hands of rivals or investors.

Oil Drops After Hamas Releases U.S. Hostages

Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies.

Trafigura Seeks to Charter Tanker for Exporting Venezuelan Fuel Oil

Global commodities trader Trafigura is seeking to charter at least one large tanker to export Venezuelan fuel oil, according to two people with knowledge of the deal, a move that follows this week's easing of U.S. sanctions on the OPEC country's energy industry.

Williams’ DJ Basin Move May Signal New Investments

(P&GJ) — Early in 2023, Tulsa-based energy infrastructure giant Williams wasted no time in announcing that it had acquired MountainWest Pipelines Holding Company from Southwest Gas Holdings, in a transaction that included $1.07 billion in cash and $430 million in assumed debt, for an enterprise value of $1.5 billion.

Opinion: Chevron’s $53 Billion Deal Is a Risky Imitation of Exxon's Strategy

Chevron has decided, like Exxon Mobil, that it’s better to discover oil on the New York Stock Exchange than drilling in the ground. The $318 billion oil giant said Monday it would buy New York-based Hess for $53 billion in an all-stock deal.

Chevron to Buy Hess for $53 Billion in All-Stock Deal

Chevron agreed to buy U.S. rival Hess Corp. for $53 billion in stock in a deal that reflects top U.S. energy companies' drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns.

Canadian Regulator Approved Trans Mountain Pipeline Route Change Over Delay Concerns

The Canada Energy Regulator (CER) said on Friday that it approved a route change application for the expansion of the Trans Mountain oil pipeline because continuing to use micro-tunneling construction techniques could delay completion by at least 10 months.