Oil

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.

Occidental Sells Delaware Basin Assets to Permian Resources for $818 Million

U.S. oil and gas producer Occidental Petroleum said on Monday it would sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources for about $818 million, as it plans to cut down debt.

Vital Energy, Northern Oil and Gas Acquire Point Energy Shale Assets for $1.1 Billion

Vital Energy and Northern Oil and Gas will jointly acquire U.S. shale assets from private equity-owned Point Energy Partners for $1.1 billion.

Motiva's Texas FCC to Restart After Shutdown for Leak Repair

Motiva Enterprises plans to begin restarting the gasoline-producing fluidic catalytic cracker (FCC) at its 626,000-barrel-per-day Port Arthur, Texas.

Canada to Delay Trans Mountain Pipeline Sale Until After 2025 Election: Bloomberg

The country's government bought the $25 billion Trans Mountain expansion project in 2018 to ensure construction went ahead, with plans to divest it once operations began.

Lukoil Increases Seaborne Oil Exports as Druzhba Pipeline Suspended

Lukoil, Russia's largest private oil company, has ramped up oil exports via the country's sea ports as its supplies via the Druzhba pipeline route to Europe are currently suspended.

Citi Warns Trump Presidency Could Drive Oil Prices Lower

A Donald Trump presidency could be net bearish for oil prices due to a combination of factors including tariffs and oil-friendly policies and pushing OPEC+ to release more oil into the market, Citi said in a research note on Thursday.

Declining Mexican Crude Output Threatens Energy Independence Goals

Mexico's incoming President Claudia Sheinbaum will likely face a new challenge fulfilling the dream of energy independence that led her predecessor to spend $17 billion on a new refinery: a shortfall in domestic crude supply.

Occidental Petroleum Nears $1 Billion Sale of Texas Oil Assets to Permian Resources

U.S. oil producer Occidental Petroleum is nearing a deal to sell its assets in the Barilla Draw region of Texas to Permian Resources for about $1 billion, Reuters reported on Thursday.

U.S. Democrats Introduce Bill to Hold Oil Firms Accountable for OPEC Collusion

Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices.

Canadian Oil Output Steady Despite Growing Wildfire Threat: Goldman Sachs

Canada's oil production has remained largely stable, but the risk that wildfires pose to the industry is growing, Goldman Sachs said on Tuesday.

Naturgy Reaches Agreement with Sonatrach on 2024 Gas Supply Prices

Spanish power company Naturgy said on Tuesday it has reached an agreement with Algerian state oil and gas company Sonatrach on 2024 prices for gas supply.

Archrock to Buy Natural Gas Compression Firm TOPS for $983 Million

The transaction comes as dealmaking in the Permian shale basin, the largest U.S. oilfield that straddles West Texas and New Mexico, has extended to this year after a bumper 2023.

U.S. Senators Propose Bill to Fast-Track Energy Project Approvals

Senate energy committee leaders introduced legislation to expedite permitting for LNG export projects. The bill sets a 90-day deadline for the Secretary of Energy to approve or deny LNG export applications, aiming to end the current pause on such approvals.

Canada's Trans Mountain Pipeline Eyes Debt Deal Before Potential Sale

Oil pipeline operator Trans Mountain plans to borrow in the bond market to refinance some of its outstanding debt before the Canadian government eventually sells it, Bloomberg News reported on Monday, citing people familiar with the matter.

Mid-Year Global Forecast: Midstream Responding to Demand from LNG Projects

Global pipeline construction surged to nearly 42,000 miles in mid-2024, driven by increased LNG and hydrogen infrastructure needs, with significant expansions in North America and Europe.

Projects July 2024

Enbridge selects Barnard, CBNA for Great Lakes Tunnel; Energy Transfer joins carbon capture initiative in Louisiana; YPF advances $2.5 billion Vaca Muerta pipeline project; Piñon Midstream boosts Delaware Basin gas capacity; Mexican developer seeks U.S. permit for LNG export.

Global News July 2024

Latest industry developments from around the world!

U.S. FTC Probes Hess, Occidental Execs Over OPEC Communication

The current investigation of communication with OPEC officials is part of the U.S. antitrust regulator's review, the report said, adding that investigators are looking for evidence of collusion over oil market dynamics.

Ecuador, Chile's ENAP Renegotiate Oil Block Agreement with $90 Million Investment

The new agreement, signed on July 15 between the ministry and the company ENAP SIPEC, which already operates the block, will allow an increase in reserves by 5.6 million barrels of crude oil

Drilling Rig Arrives at Russia's Sakhalin, Supporting Potential Gas Pipeline to China

A semisubmersible drilling rig called Polar Lights is due to arrive at the Russian Pacific island of Sakhalin on Saturday to drill a well at a field hit by U.S. sanctions, the Russian agency for sea and river transport said.

Canadian Crude Exports from U.S. Gulf Coast Dip Slightly Despite TMX Startup

About 150,000 barrels per day of Canadian crude were exported from the U.S. Gulf Coast in June, slightly lower than average, despite the expansion of the Trans Mountain pipeline, which pulled some barrels west to Vancouver, shipping tracking data showed.

WTI Futures Backwardation Hits 8-Month High as Cushing Stocks Fall

The premium for front-month U.S. crude oil futures over the second-month contract CLc1-CLc2 widened to its highest since October on Wednesday, LSEG data showed, as stocks at the WTI delivery point, Cushing, Oklahoma, fell last week to a three-month low.

Exxon to Sell Malaysian Oil, Gas Assets to Petronas, Sources Say

Exxon has agreed to sell its Malaysian oil and gas assets to state energy firm Petronas, an exit from a country where it used to be a dominant producer, sources said.