World News (Bloomberg) – The U.S. energy patch is ripe for a takeover boom, as oil and gas producers turn to dealmaking to find new sites to drill. Companies are seeking to bulk up and consolidate, particularly in the Permian basin of Texas and New Mexico, the largest and most productive oil field in the U.S., industry experts say. Tie
Nasdaq A big oil production cut by OPEC+ members will not spur new U.S. oil and gas production, energy executives told Reuters, despite the likely rise in prices that could signal higher profits and inflation pressures. The Organization of the Petroleum Exporting Countries and its allies, called OPEC+, meets on Wednesday to consider output cuts that could exceed 1 million barrels
Nasdaq HOUSTON – High energy prices could almost double oil producers’ free cash from operations this year to $1.4 trillion, money that can be used to finance a shift to renewable fuels, pay down debt or reward investors, according to a study. The price trend should continue and the global energy business should generate another $1.5 trillion in surplus cash
World Oil (Bloomberg) — In a world crying out for more oil, a dusty stretch of West Texas and southeastern New Mexico is one of the only places that can deliver. But even with crude above $100 a barrel, producers in the Permian and other U.S. shale basins are riding the brakes. For most of the past decade, the Permian
Reuters LONDON – Oil prices edged higher on Friday after declining earlier in the session, but a weaker market outlook from OPEC and the International Energy Agency capped gains. Brent crude was up 29 cents, or 0.5%, at $61.43 a barrel by 1444 GMT, having dropped to a session low of $60.35. U.S. oil was up 14 cents, or 0.2%,
Reuters TORONTO – Hedge funds are turning bullish on oil once again, betting the pandemic and investors’ environmental focus has severely damaged companies’ ability to ramp up production. Such limitations on supply would push prices to multi-year highs and keep them there for two years or more, several hedge funds said. The view is a reversal for hedge funds, which
Reuters LONDON/DUBAI/MOSCOW -OPEC+ oil producers were split on Monday over increasing output from February as some feared a hit from new coronavirus lockdowns while Russia and Kazakhstan said demand recovery justified higher production, five OPEC+ sources said. OPEC+, which groups OPEC and other producers including Russia, began meeting at around 1500 GMT on Monday. Two OPEC+ sources told Reuters that
Reuters LONDON – Oil prices were mixed on Friday after Libyan commander Khalifa Haftar said a blockade on Libyan oil exports would be lifted for one month, countering more bullish signals from an OPEC meeting on Thursday. Brent crude was down 17 cents at $43.13 a barrel by 1321 GMT while U.S. oil futures ticked up 6 cents to
From The Calgary Herald A war of words between oil companies and their main pipeline provider Enbridge Inc. is expected to break out amid sweeping changes to Canada’s biggest oil export pipeline network at a time of tight takeaway capacity. On Aug. 16, MEG Energy Corp. president and CEO Derek Evans wrote a letter to the National Energy Board, Canada’s
From Reuters Two U.S. shale producers have challenged an energy pipeline operator’s proposed surcharge for the Trump administration’s 25% tariff on imported steel, raising the stakes for pipeline builders facing higher construction costs. The United States imposed tariffs on imported steel and aluminum last year to shield U.S. producers from overseas competition. U.S. energy industry trade groups have warned the
From Reuters Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. Investors were
From Reuters Marathon Oil Corp (MRO.N) reported a 50% jump in quarterly adjusted profit on Wednesday, as higher U.S. shale output countered lower realized crude prices and production costs fell. The company, like many other U.S. oil producers, is extracting more crude from its wells in the prolific shale basins against the backdrop of pressure to cut back on spending
Sign up to receive daily news and stock prices from Oil & Gas 360® directly in your email inbox.
Market Data ©2020–2024 QuoteMedia. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). RT=Real-Time, EOD=End of Day, PD=Previous Day. Market Data powered by QuoteMedia. Terms of Use.
