Oil
Texas Oil Regulator Faces Scrutiny as "Zombie" Wells Reemerge
On a sprawling ranch in Pecos County in late July, oil well control specialist Hawk Dunlap used a backhoe to uncover an abandoned or so-called zombie well that had sprung back to life despite being plugged just over a year earlier, hissing gas and bubbling toxic water into the dry Texas dirt.
CPP Investments Acquires $843 Million Stake in Private Midstream Firm Tallgrass Energy
Based in Denver, Colorado, Tallgrass is a leading infrastructure company operating a network of more than 10,000 miles of pipeline assets across 14 states in the U.S.
Oil Investors Slash Positions to Record Low Amid Global Market Turmoil: Kemp
Investors cut their petroleum positions to the lowest level for at least a decade early last week, part of a broad-based retreat from risk amid rising concerns over a global economic slowdown.
Exxon Reports 59 Layoffs to Texas Workforce Commission After Pioneer Acquisition
Exxon Mobil issued a layoff notice to 59 employees as part of its workforce reshuffle following its $60 billion acquisition of Pioneer Natural Resources, according to a filing with the Texas Workforce Commission.
U.S. Shale Boosts Output with Fewer Rigs, Defying Post-Merger Slowdown
Greater operating efficiencies in the top U.S. shale patch are squeezing out more oil without higher spending, according to the latest output numbers, which will boost global oil market supplies as OPEC also plans to unwind its output cuts later in the year.
Gran Tierra Reports Fifth Oil Discovery in Ecuador with Charapa-B6 Well
Gran Tierra Energy Inc. has announced its fifth oil discovery in Ecuador with the successful drilling of the Charapa-B6 well on the Charapa block.
Occidental Puts CrownRock Expansion on Hold, Targets Debt Cut
Occidental Petroleum said it will focus on cutting debt and catching up with promised production goals before an eagerly anticipated expansion of its cash distribution program.
U.S. to Buy 6 Million Barrels of Oil for SPR, Building on 5 Million Bought Last Month
The U.S. is seeking to buy another 6 million barrels of oil from energy companies to help replenish the Strategic Petroleum Reserve (SPR), the Department of Energy said on Monday.
Mexico's New Government to Encourage Pemex Partnerships with Private Oil Firms, Sources Say
Mexico's incoming government will encourage state oil producer Pemex to seek equity partnerships with private oil companies, a model out of favor with the current president, in a bid to boost reserves amid towering debt, according to four sources familiar with the matter.
Dangote Refinery Urges Nigeria to Enforce Crude Supply Law for Local Refiners
The Dangote Oil Refinery has called on Nigeria's upstream oil regulator to force producers to abide by a law that stipulates they supply local refineries, saying that lax enforcement was raising its operational costs.
Iran Pushes Oil Exports to New Destinations, Including Bangladesh and Oman
Iran has sent small shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data, the latest sign of Tehran pushing to sustain output at close to its highest in five years.
Citgo Posts $25 Million Q2 Loss Amid Unfavorable Market Conditions, Refinery Maintenance
Citgo Petroleum has reported a net loss of $25 million in the second quarter following unfavorable market conditions and refinery maintenance and upgrades, compared with income of $410 million in the quarter immediately prior.
Energy Transfer Raises 2024 Profit Forecast on Higher Volumes, Acquisitions
Energy Transfer has raised its full year profit forecast after the U.S. pipeline and storage company posted higher second-quarter profit on the back of strong crude and natural gas liquids (NGL) transportation volumes.
NOG to Acquire Additional Uinta Basin Assets for $17.5 Million
Northern Oil and Gas Inc. announced it has exercised its option to acquire a 20% stake in the Altamont Assets in the Uinta Basin. The purchase price is $17.5 million in cash, subject to customary closing adjustments.
Trans Mountain Pipeline Expansion Fails to Narrow Canadian Heavy Oil Discount
The Trans Mountain oil pipeline expansion (TMX) was meant to shrink the discount on Canadian oil versus U.S. crude but three months in the differential is wider than when commercial operations on the project started.
Libya's Sharara Oilfield Production Drops by 60,000 bbl/d Amid Protests – Sources
Oil production at Libya's Sharara field, one of the country's largest production areas has been reduced by 60,000 barrels a day, or about 20% of its capacity, due to ongoing protests in the area, two field engineers said on Monday.
New Gas Pipeline Projects Underway Across Latin America
In Latin America, at the moment, there are a series of projects to build, expand and rehabilitate gas pipelines, which are of great importance to the strengthening of midstream infrastructure of those countries.
Hungary's MOL CEO Sees No Need to Wean Off Russian Oil
The head of Hungarian oil and gas giant MOL has said he sees no advantage in Hungary weaning itself off Russian oil supplies and dismissed warnings of fuel shortages in the country as "politics".
Analysis: China's Weak Diesel Consumption Squeezes Outlook for Oil Demand
China's slumping consumption of diesel, as use of LNG-powered trucks grows, is weighing on domestic fuel demand, with forecasters warning of further risks from a sluggish economy hobbled by a prolonged crisis in the property sector.
Chevron-Hess Merger Drags On Amid Exxon Arbitration Challenge
Chevron said an arbitration panel that will evaluate Exxon's challenge to its Hess acquisition should have a decision between June and August 2025.
U.S. Court Delays Citgo Share Auction Decision Until October
A U.S. court on Thursday agreed to delay the selection of finalists in an auction that could change the ownership of Citgo Petroleum, pushing back any sale of the seventh-largest U.S. oil refiner until October.
Trans Mountain Loads 19 Aframax Vessels in July, Slightly Below June Levels
About 19 Aframax ships loaded around 330,000 barrels per day of crude oil in July at Canada's West Coast in the second full month of operations on the newly expanded Trans Mountain pipeline.
U.S. Crude Oil Production Drops for First Time Since January, Gas Output Hits New Low
U.S. crude oil production fell in May in its first monthly decline since January, while fell natural gas output decreased to its lowest since February 2023, data from the U.S. Energy Information Administration showed on Wednesday.
Analysis: U.S. Oilfield Service Companies Slash Prices, Merge as Oil Producers Consolidate
As big producers integrate and become more efficient while raising oil output, there is less work for the oilfield services companies that depend on them, according to service company executives and energy analysts.
Oil Prices Rebound After Hamas Leader's Death, Gains Capped by China Concerns
Oil prices rose nearly 3% on Wednesday, rebounding from seven-week lows after the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and a sharp drawdown in U.S. crude stockpiles.
Phillips 66 Crude Capacity Utilization Hits Five-Year High Amid Market Challenges
The Houston-based refiner's crude capacity utilization rose to the highest in over five years at 98% in the second quarter, up from 92% in the first quarter, CEO Mark Lashier said during a call with analysts on Tuesday.
Report: U.S. Oil and Gas Mergers Surge Past $30 Billion in Q2
The latest round of deals kicked off last autumn with Exxon's $60 billion offer for Pioneer Natural and has spread through the U.S. energy industry, moving across Texas and North Dakota oil and gas producers to energy pipeline operators.
Libya's NOC Denies Crude Oil Supply Talks with Nigeria
Libya's National Oil on Sunday denied holding negotiations to supply crude oil to a refinery in Nigeria.
Hedge Funds Increase Bid for Martin Midstream Takeover
Hedge funds Nut Tree Capital Management and Caspian Capital have made a sweetened bid to acquire fuels storage and transporter Martin Midstream Partners.
U.S. Buys Nearly 5 Million Barrels of Oil for Emergency Stockpile
ExxonMobil will supply 3.9 million barrels of the contract, while Macquarie Commodities Trading US LLC will supply the rest, the DOE said.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
