Oil

Enverus: US Exxon, Chevron Megadeals to Spark Consolidation Across Energy Industry

Other deals in the third quarter included Permian Resources' $4.5 billion acquisition of Earthstone Energy, and Energy Transfer's $7.1 billion acquisition of pipeline rival Crestwood Equity Partners.

Poll: 68% of Canadians Oppose Government's $20 Billion Writedown on Trans Mountain Pipeline

More than two-thirds of Canadians oppose the federal government taking a multibillion-dollar writedown on the Trans Mountain pipeline, a survey showed on Tuesday, a dilemma for Justin Trudeau's Liberals as they look to sell it ahead of an election expected by 2025.

A Tale of Setbacks as Venezuela's Citgo Heads to U.S. Auction

For the past four years, the United States protected oil refiner Citgo Petroleum from creditors seeking to seize Venezuela's foreign crown jewel for billions of dollars in claims. But on Monday, a U.S. judge will kick off an auction expected to place the Houston-based company in the hands of rivals or investors.

Oil Drops After Hamas Releases U.S. Hostages

Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies.

Trafigura Seeks to Charter Tanker for Exporting Venezuelan Fuel Oil

Global commodities trader Trafigura is seeking to charter at least one large tanker to export Venezuelan fuel oil, according to two people with knowledge of the deal, a move that follows this week's easing of U.S. sanctions on the OPEC country's energy industry.

Williams’ DJ Basin Move May Signal New Investments

(P&GJ) — Early in 2023, Tulsa-based energy infrastructure giant Williams wasted no time in announcing that it had acquired MountainWest Pipelines Holding Company from Southwest Gas Holdings, in a transaction that included $1.07 billion in cash and $430 million in assumed debt, for an enterprise value of $1.5 billion.

Opinion: Chevron’s $53 Billion Deal Is a Risky Imitation of Exxon's Strategy

Chevron has decided, like Exxon Mobil, that it’s better to discover oil on the New York Stock Exchange than drilling in the ground. The $318 billion oil giant said Monday it would buy New York-based Hess for $53 billion in an all-stock deal.

Chevron to Buy Hess for $53 Billion in All-Stock Deal

Chevron agreed to buy U.S. rival Hess Corp. for $53 billion in stock in a deal that reflects top U.S. energy companies' drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns.

Canadian Regulator Approved Trans Mountain Pipeline Route Change Over Delay Concerns

The Canada Energy Regulator (CER) said on Friday that it approved a route change application for the expansion of the Trans Mountain oil pipeline because continuing to use micro-tunneling construction techniques could delay completion by at least 10 months.

U.S. Gulf Coast Oil Patch Gets Lucky, So Far, in Busy Hurricane Season

A very active Atlantic hurricane season so far this year has not sent storms across U.S. oil and natural gas fields in the northern Gulf of Mexico, sparing energy companies billions of dollars of losses and consumers higher fuel costs.

Oil on Track for Second Week of Gains on Gaza Contagion Fears

Oil prices extended gains on Friday and were on track for a second week of increases on heightened fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions.

U.S. Senators Ready Bill to Fund Office Helping Iran Oil Seizures

U.S. senators from both parties are readying legislation to help the federal government enforce oil sanctions on Iran, the office of Senator Joni Ernst, a Republican, told Reuters on Thursday.

U.S. Broadly Eases Venezuela Oil Sanctions After Election Deal

The Biden administration on Wednesday broadly eased sanctions on Venezuela's oil sector in response to a deal reached between the government and opposition parties for the 2024 election - the most extensive rollback of Trump-era restrictions on Caracas.

U.S. Hopes to Buy 6 Million Barrels for Oil Reserve by January

President Joe Biden's administration hopes to buy 6 million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January, as it continues its plan to replenish the emergency stockpile, the U.S. Department of Energy said on Thursday.

US Oil Refiners Crank Out Diesel, Further Squeezing Margins for Gasoline

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.

Angola to Maintain Crude Output at 1.1 Million bpd into 2024

Angola expects to maintain its current crude oil production of 1.1 million barrels a day (bpd) into next year, a government official said on Thursday, even as the country looks to stabilize declining output from mature fields.

Venezuela May Redirect Oil Exports Away from China as U.S. Eases Sanctions

Exemptions to sanctions on Venezuelan oil exports that the U.S. is mulling should not result in a large crude production surge in the OPEC country, instead taking barrels away from its current main destination China, experts said.

Investors Rapidly Shed Oil Positions, Embrace Natural Gas Amid Market Shifts

Portfolio investors have dumped positions in petroleum at some of the fastest rates in the last decade in the most recent week as the bullish sentiment that built up after OPEC⁺ production cuts evaporated.

As Oil Majors Cast Shale Nets, Texas Oilman Sheffield Made Pioneer the Prized Catch

Four years ago, Texas oilman Scott Sheffield saw the oil majors were moving aggressively into the top U.S. shale basin and plotted to make his then-$24 billion Pioneer Natural Resources the oilfield's biggest prize.

Suncor CEO Highlights the Challenge of Uncertainty in Canadian Energy Policy for Investors

Unpredictability in Canadian energy policy is scaring away capital investment in the sector, the CEO of one of Canada's largest oil producers, Suncor Energy, told a parliamentary committee on Monday.

India Wants Saudi Aramco to Develop Strategic Petroleum Reserve as Ties Strengthen

India wants Saudi Arabia's Aramco to participate in its planned 6.5 million metric tons strategic petroleum reserve program as the South Asian nation intends to strengthen ties with its key oil supplier.

Canadian Regulator Set to Decide on Trans Mountain Expansion Tolls

The Canada Energy Regulator (CER) said on Thursday it will make a preliminary decision on Trans Mountain Corp.'s proposed shipping tolls for its oil pipeline expansion project this autumn before holding a hearing on the tolls next year.

TC Energy Names Ex-CEO as Chair of Oil Pipeline Business

Canadian pipeline operator TC Energy on Thursday named industry veteran and former CEO Hal Kvisle as the chair of its oil pipeline unit.

Oil Reverses Gains After U.S. Posts Large Crude Build

Oil prices reversed early gains on Thursday in a volatile session after a large build in U.S. crude stockpiles outweighed expectations that U.S. interest rates had peaked.

Analysis: Canada May Struggle to Recoup $26 Billion Cost of Trans Mountain Pipeline

Canada faces an uphill battle to recoup the roughly $25.74 billion in taxpayers' money it has sunk into the Trans Mountain oil pipeline, as uncertainty over shipping tolls and a limited pool of buyers cloud the asset's unique strategic value.

Oil Falls After Saudi Pledge; Investors Keep Wary Eye on Israel

Oil prices fell over 2% on Wednesday as fears of disruption to supplies due to conflict in the Middle East receded a day after top OPEC producer Saudi Arabia pledged to help stabilize the market.

Exxon's $60 Billion Acquisition of Pioneer Could Squeeze US Oil Suppliers, Pipelines

Top U.S. oil producer Exxon Mobil's planned acquisition of the No. 1 Permian shale producer Pioneer Natural Resources could further restrain output growth in the largest U.S. oilfield, squeezing pipeline companies and suppliers, executives and energy advisors said.

Keystone Pipeline Back to Normal Operations After Brief Maintenance Shutdown

TC Energy's 600,000 barrel-per-day Keystone oil pipeline returned to normal operations on Wednesday after briefly being shut down for maintenance on Tuesday, two industry sources said.

Israel's Port of Ashkelon, Oil Terminal Shut in Wake of Conflict

Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict between Israel and Islamist group Hamas, shipping and trade sources said on Monday.

Explainer: What Is Stopping the Iraq-Turkey Oil Pipeline Restarting?

A crude oil export pipeline from Iraq to Turkey is ready to resume operations, which have been suspended for the past six months, but flows have yet to restart.