Oil Price Mergers in the U.S. shale patch have continued through the course of 2023 as companies jockey for assets that will fill in gaps in their acreage base. Two key basins have been the focus of much of this activity. I refer to the Permian Basin and the Eagle Ford, each of which has attributes that draw the interested
World Oil (Bloomberg) – Devon Energy Corp., an Oklahoma City-based oil and gas company, is studying major acquisition targets as it seeks to gain scale in U.S. shale, according to people familiar with the matter. Devon has held preliminary talks in recent months about a combination with Marathon Oil Corp., said the people, who asked to not be identified because
Oil Price Investors are returning to oil and gas, drawn in by strict capital discipline and improving bottom lines. Fundraising on debt and equity markets is on the rise for the oil industry, at least in the United States. Still, the global chronic underinvestment in new supply is compromising future energy security. A recent analysis by the Financial Times showed that small oil
Oil Price Venezuela could be able to raise its crude oil production by 25% from current levels if the temporary U.S. easing of the oil sanctions becomes permanent, according to a consensus forecast of analysts polled by Bloomberg. Venezuela’s oil production currently stands at around 800,000 barrels per day (bpd), according to various estimates. The eased sanctions would allow the South
Nasdaq WASHINGTON – U.S. oil refiners have cranked up output of diesel, heating oil and jet fuel for winter but are struggling to turn a profit because gasoline margins have fallen over 80% since the summer driving season ended. Refiners, which typically produce more distillates such as diesel and heating oil in autumn, are trying to rebuild inventories of these
Natural Gas Inventories as of October 13, 2023 The EIA has released its natural gas inventory report, showing a net increase of 97 Bcf as of October 13, 2023. Working gas in storage was 3,626 Bcf as of Friday, October 13, 2023, according to EIA estimates. This represents a net increase of 84 Bcf from the previous week. Stocks were
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