Oil

ExxonMobil Weighs Offers for Argentina Shale Assets, Source Says

U.S. energy giant ExxonMobil Corp. is weighing offers for its oil and gas assets in Argentina's Vaca Muerta shale region, a source familiar with the plan said on Friday, adding there was no time frame for a decision and the sale may not move forward.

Exxon, EnLink Midstream to Expand CCS Pipeline Transportation Along Gulf Coast

ExxonMobil and EnLink Midstream are exploring opportunities for EnLink to support ExxonMobil's carbon capture and sequestration (CCS) efforts beyond the southeast Louisiana Mississippi River Corridor into several additional Gulf Coast areas.

TotalEnergies Texas Refinery Operating at Minimal Rates Amid Upsets

TotalEnergies' 238,000-barrel-per-day refinery in Port Arthur, Texas, is operating at minimal production as it contends with multiple upsets, sources said on Wednesday.

U.S. Oilfield Jobs at Risk as Natural Gas Prices Plummet

Oilfield service companies and drillers have put the brakes on hiring and further job cuts could loom as natural gas producers respond to sliding prices by slashing spending on new wells to reduce excess production.

Pioneer Natural Exceeds Production Expectations Amid Pending Exxon Takeover

Pioneer Natural Resources on Thursday reported 2023 production that exceeded its prior forecast, as the U.S. shale producer works to close its about $60 billion purchase by oil major Exxon Mobil later this year.

Analysis: Trans Mountain Expansion May Offer Short-Term Relief for Canada's Oil Output, Long-Term Challenges Loom

Canadian oil producers expect the discount on their crude to shrink significantly when the Trans Mountain pipeline expansion starts this year, but the relief may be short-lived as surging supply looks set to exceed the country's pipeline capacity in just a few years.

Occidental Considers $18 Billion Sale of Western Midstream, Sources Say

Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of more than $18 billion, including debt, according to people familiar with the matter.

Cenovus Energy Boosts Production Despite Refinery Challenges, Shares Rise 7%

Cenovus Energy narrowly missed analysts' estimates for quarterly profit, but higher production and refinery throughput volumes pushed shares in the Canadian oil and gas producer as much as 7% higher on Thursday.

U.S. Awards SPR Contracts Worth $229.5 Million to ExxonMobil, BP, Others

The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 2.95 million barrels of oil worth about $229.5 million to four companies, the U.S. Energy Department said on Thursday.

Strike Looms: Marathon Petroleum Workers in Detroit Vote to Authorize Walkout, Union Reports

Workers represented by Teamsters union at Marathon Petroleum's Detroit refinery have voted to authorize a strike, the union said on Thursday.

Occidental Says Crownrock Deal Delayed by FTC Requests of 'Everything'

Occidental Petroleum on Thursday said a U.S. regulator's second request for information on the acquisition of shale producer CrownRock has pushed back the deal's closing date to second half this year.

Hydrogen-Blend Pipelines: Fast-Tracking Innovations Leading Fossil Fuel Resurgence

The year 2023 was a time of extremely conflicting messages for the future of fossil fuels and the sundry clean fuel alternatives to meet distance carbon-free climate change goals.

Editor’s Notebook: Niger’s Bold Move as Exporter

Last month, Niger’s military chief, Abdourahamane Tiani, told an audience on state television that his fellow citizens could expect the west African nation to export its first barrels of crude within the next few weeks.

New York Pension Fund Tightens Restrictions on Exxon, Other Oil Companies

The New York State Common Retirement Fund would restrict its investments in eight integrated oil and gas companies including Exxon Mobil, after a review of the companies' readiness to transition to a low-carbon economy.

Pipeline Operator Targa Resources Expects Profit Growth in 2024 on Strong NGL Transport, Processing

Pipeline operator Targa Resources said on Thursday it expects higher core profit for full-year 2024, helped by its natural gas processing facilities in the Permian, LPG exports and high transport volumes of natural gas liquids (NGL).

Global Oil Stock Refill Led by China and U.S. Expected to Drive Demand

A push to replenish depleted oil stocks notably in China, the United States and Europe could buoy demand and prices in coming months, analysts and traders said, as tensions in the Middle East threaten key shipping lanes.

Caspian Pipeline Consortium Sees 7% Increase in Oil Exports Year-on-Year in January

The Caspian Pipeline Consortium (CPC) increased crude oil exports by 7% in January from the same month a year ago to 6.116 million metric tons (1.55 million barrels per day), industry sources told Reuters on Tuesday.

Williams Companies Beats Profit Estimates, Forecasts Higher 2024 Core Profit

Williams Companies beat estimates for fourth-quarter profit on Wednesday, as it benefited from strength in its transmission and Gulf of Mexico unit, and the pipeline operator also forecast a higher core profit for this year.

Exxon, Enbridge Sued Over Alleged Antitrust Violations in Crude Oil Transportation

Exxon and Canada-based crude pipeline operator Enbridge were sued in Illinois federal court on Tuesday over claims they barred a competitor from building a terminal to ship oil by barge from the Chicago area to refineries in the Midwest and Gulf of Mexico.

U.S. Appeals Court Rejects Renewed Challenge to Mountain Valley Pipeline

A federal appeals court has for the second time rejected a challenge by property owners to the Mountain Valley Pipeline's use of eminent domain, finding that a federal law bars the case despite a recent U.S. Supreme Court ruling that made it easier to sue federal agencies.

Phillips 66 Appoints Industry Veteran Robert Pease as New Director

Phillips 66 said on Tuesday it has appointed energy industry veteran Robert Pease to its board after activist investor Elliott Investment Management urged the U.S. oil refiner and pipeline operator to overhaul its board.

Why Endeavor Energy's Founder Sold His Company After Years of Rebuffing Offers

For years, Endeavor Energy founder Autry Stephens' refusal to entertain acquisition offers for one of the most lucrative producers in the U.S. oil patch vexed some of his peers.

Saudi Aramco Begins Trading U.S. Crude to Influence Brent Oil Benchmark

Saudi Aramco initiates trading of U.S. crude, impacting the Brent oil benchmark and reflecting market shifts.

EIA Projects U.S. Oil Output Surge from Top Shale Regions in March

U.S. oil output from top shale-producing regions will rise in March to its highest in four months, the U.S. Energy Information Administration (EIA) said on Monday in its monthly Drilling Productivity Report.

Saudi Arabia Attributes Oil Capacity U-turn to Energy Transition, Ensures Ample Spare Capacity

Saudi Arabia's U-turn on its oil capacity expansion plans was because of the energy transition, its energy minister said on Monday, adding that the kingdom has plenty of spare capacity to cushion the oil market.

Japan's Japex Eyes U.S. as Prime Investment Hub for Energy Exploration Despite Political Risks

Japan Petroleum Exploration (Japex) sees the United States as the most appealing investment destination for oil and gas exploration and production, despite political risks posed by this year's election, its senior managing executive officer said on Friday.

U.S. Government Plans Funding for Methane Reduction Projects in Oil, Gas Sectors

The U.S. Environmental Protection Agency (EPA) and the Department of Energy (DOE) released a notice of intent on Friday to help fund projects aimed at reducing methane emissions from the oil and gas sectors.

Diamondback Energy to Acquire Endeavor Energy in $26 Billion Deal

Shale producer Diamondback Energy said on Monday it would buy the largest privately held oil and gas producer in the Permian Basin, Endeavor Energy Partners, in a cash-and-stock deal valued at about $26 billion, including debt.

Plains All American Sees Record Permian Crude Output in 2024

Plains All American said on Friday it expects crude production in the Permian basin, the top U.S. oilfield, to grow between 200,000 and 300,000 barrels a day (bpd) to a record by the end of this year.

Enbridge Warns of Continued Oil Pipeline Congestion Despite Trans Mountain Expansion

Growing Canadian oil production means shipper volumes may still be rationed on the Enbridge Inc. Mainline pipeline system even once the Trans Mountain Expansion (TMX) project is operating, an Enbridge executive said on Friday.