E&P

States Sue U.S. to Block $7 Billion Rule Requiring Oil Firms to Guarantee Well Dismantling Payments

Texas, Louisiana and Mississippi on Monday sued the U.S. government to block the Biden administration's proposed rule that would require the offshore oil and gas industry to provide nearly $7 billion in financial assurances to cover costs of dismantling old infrastructure.

Crescent Energy Acquires SilverBow for $2.1 Billion, Creating Second Largest Eagle Ford Operator

Oil and gas producer Crescent Energy will acquire rival SilverBow Resources in a $2.1 billion deal, creating the second-largest operator in the Eagle Ford basin in Texas.

Chevron Prepares for North Sea Exit After More Than 55 Years

Chevron said it is set to launch the sale of its remaining U.K. North Sea oil and gas assets, in a move that would mark the U.S. energy giant's exit from the ageing basin after more than 55 years.

Exxon, Pertamina to Advance Carbon Capture Efforts with Appraisal Drilling in Indonesia

Pertamina and Exxon plan to conduct appraisal drilling for a carbon capture and storage (CCS) hub in Indonesia, with the companies signing an initial storage deal with South Korea's KNOC on Wednesday.

EIA: U.S. Oil Output in Top Shale Regions to Hit Six-Month High in June

Production in the top basins will reach 9.85 million barrels per day (bpd), its highest since December, the EIA said.

Occidental Petroleum Aims to Close CrownRock Deal by August

Occidental Petroleum hopes to close its acquisition of shale oil producer CrownRock before its second-quarter earnings call, CEO Vicki Hollub said on Wednesday, a date that typically falls in August.

Exxon's Liza Unity FPSO in Guyana Hits Peak Output of 252,000 bpd, Executive Says

An ExxonMobil led oil consortium has achieved peak production of 252,000 barrels per day from its Liza Unity production vessel, Exxon Guyana Country Manager Alistair Routledge said on Wednesday.

Occidental Explores Sale of Permian Assets Worth Over $1 Billion, Sources Say

Occidental Petroleum is exploring a sale of a part of its operations in the Permian Basin that could fetch more than $1 billion for the energy producer, according to people familiar with the matter.

ExxonMobil Completes Pioneer Acquisition, Doubling Permian Footprint

The acquisition, finalized on May 3, sees ExxonMobil more than doubling its footprint in the Permian Basin, combining Pioneer's substantial acreage and industry expertise with ExxonMobil's technological prowess and financial strength.

Exxon's $60 Billion Deal with Pioneer Gets FTC Approval, Former Pioneer Exec Barred from Board

U.S. regulators on Thursday gave the go-ahead to Exxon Mobil's $60 billion purchase of Pioneer Natural Resources, but barred Pioneer's former CEO from Exxon's board on allegations he attempted to collude with OPEC to raise oil prices.

Colorado Oil Producers Face New Production Fee in Compromise Deal

Colorado's oil producers are bracing for a new fee associated with their production as part of a compromise the industry reached with environmental groups that were pushing for more stringent regulations on drilling.

NAMCOR Partners with Chevron for Offshore Block Development in Namibia

Namibia's national oil company has signed a development deal with Chevron that will see the U.S. oil major take an 80% operating working interest in an offshore block in the Walvis Basin, NAMCOR said on Monday.

Exxon Misses Q1 Profit Estimates Despite Guyana Gains

Exxon Mobil Corp. on Friday missed analysts' estimates with a 28% year-on-year drop in first quarter profits as weaker refining margins and lower natural gas prices offset volume gains.

Hess Profit Soars on Increased Guyana Output, Positive Sign for Exxon

Hess Corp. on Thursday reported first-quarter earnings well above analysts' forecasts, driven by a 28% increase in Guyana oil output, a sign Exxon Mobil's results out Friday could also top forecasts.

U.S. Shale Oil Sector Sees Revival Through Advanced Technology Adoption, Financial Obstacles Remain

Technology advances are making it possible for U.S. shale oil and gas companies to reverse years of productivity declines, but the related requirement to frontload costs by drilling many more wells is deterring some companies from doing so.

U.S. Oil and Gas M&A Hits Quarterly Record After Strong 2023

U.S. oil and gas deals hit a record $51 billion in the first quarter, a continuation of last year's fierce merger pace centered in the top U.S. shale field, data provider Enverus said on Tuesday.

SLB Profit Rises 14% on Strong International Drilling Demand Amid North American Weakness

Top oilfield services firm SLB reported a 14% rise in first-quarter profit on Friday, in line with analysts' estimates, as higher oil and gas drilling demand in the Middle East and Africa helped offset weakness in North America.

Iraq Plans Oil, Gas Contract Bids on April 27

Iraq will hold a bidding round for oil and gas exploration contracts on April 27, the oil ministry said on Thursday.

North Dakota's Bakken Rig Count Drops as Consolidation Sweeps Oil Patch

Operators in North Dakota's Bakken oilfield reduced their rig count to 36 in April, down from 40 in March, marking the lowest number this year as a wave of consolidation has swept through the oil patch, state regulators said on Friday.

Chevron Begins Pipeline Transport of Leviathan Natural Gas to Ashdod Refinery

NewMed Energy LP, a partner in the Leviathan natural gas field offshore Israel alongside Chevron Mediterranean and other stakeholders, announced the commencement of condensate transportation from the field to the Ashdod oil refinery located in western Israel.

XCL Resources Seeks FTC Approval for Altamont Energy Acquisition

The application seeks approval from the agency for its proposed acquisition of Altamont Energy, LLC, an oil and gas operator in Utah's Uinta Basin region.

TotalEnergies Restarts Gas Production at Tyra Offshore Hub

The revamped hub is expected to produce 5.7 million cubic meters of gas and 22,000 barrels of condensate per day, reaffirming Denmark's self-sufficiency and status as a net exporter of natural gas.

North Dakota's January Oil Output Hits One-Year Low Amid Extreme Cold Snap

Crude oil production in North Dakota fell 14% in January compared with the prior month, hitting a one-year low after a cold snap weighed on activity, state regulators said on Thursday.

IEA Forecasts Non-OPEC+ to Lead 2024 Oil Production Growth, Offset Output Cuts

Near-term global oil and liquids production growth will be driven primarily by the U.S., Guyana, Canada, and Brazil, offsetting voluntary production cuts by OPEC+, the U.S. Energy Information Agency (EIA) forecast on Thursday.

Nigeria's Oil Output Surges to 1.47 MMbbl/d Amid Crackdown on Crude Theft

Africa / Oil / E&P

Nigeria's oil production is steadily rising, hitting 1.476 million barrels per day (bbl/d) in February, the highest in more than three years, OPEC data showed, as the military and private security contractors crackdown on crude theft and pipeline sabotage.

CNX Resources Delays Production Activities, Expects Volume Decline Amid Weak Gas Prices

U.S. energy firm CNX Resources said on Tuesday it expects lower production volumes in 2024 as it is delaying some well completion activities amid weak natural gas prices.

CNOOC Discovers 100 Million Ton Oilfield in South China Sea

Chinese state-owned oil and gas giant CNOOC Ltd. has discovered a new reserve in the South China Sea containing over 100 million tons of oil equivalent proved in-place, the company said in a statement on Friday.

Tullow Oil Reports Loss in 2023, Aims for Operational Improvements Beyond 2025

Oil / Africa / E&P

Tullow Oil swung into a loss in 2023 after cutting the value of reserves in one of its West African oilfields, as its chief executive said the company would consider shareholder returns after 2025.

Canadian Oil Producer Cenovus Plans 19% Production Increase Over Five Years

Cenovus Energy, Canada’s third-largest oil producer, said on Tuesday it plans to boost energy production by 19% during the next five years as the country's pipeline capacity expands.

EQT to Curtail Natural Gas Production Through March Amid Low Prices

EQT will curtail nearly 1 billion cubic feet per day of natural gas production through March, the top U.S. natural gas producer said on Monday, as companies respond to persistently low prices of the commodity.