E&P

Court Approves Williams' Deal with Bankrupt Chesapeake

A bankruptcy court has approved Williams' agreement to take ownership of some Chesapeake Energy assets in exchange for accepting lower gas gathering fees.

Phillips 66 Lowers 2021 Spending Budget

U.S. oil refiner Phillips 66 on Monday set its 2021 capital budget at $1.7 billion, around 43% lower than forecast for the previous year, as the energy industry struggles to recover from the blow of the COVID-19 pandemic.

Eni Looking to Sell Assets in Pakistan - Sources

Italian energy group Eni is looking to sell assets in Pakistan as part of moves to refocus its oil and gas portfolio following a strategic re-shake this year, sources close to the matter said.

U.S. Shale Firms Ramp Up Gas Output as Futures Signal Higher Prices

Higher natural gas futures prices for 2021 and a continued glut of crude oil are prodding U.S. shale firms to boost gas drilling and production.

Chevron Tightens Belt Again with Billions in Spending Cuts

Chevron has cut billions off its long-term capital and exploratory budget, even after a major restructuring of its operations, but plans more Permian and GOM spending in 2022.

Biden Plan to End U.S. Fossil Fuel Subsidies Faces Big Challenges

President-elect Joe Biden's promise to end U.S. fossil fuel subsidies worth billions of dollars a year could be hard to keep due to resistance from lawmakers in a narrowly divided Congress, including from within his own party.

Canadian Oil Output Seen Expanding until 2039

Canadian oil production will expand for nearly two more decades, slowing the country's progress toward achieving Prime Minister Justin Trudeau's goal of net-zero emissions by 2050, the Canada Energy Regulator (CER) forecast.

API Pledges to Fight Possible Biden Fracking Limits

If U.S. President-elect Joe Biden tries to restrict development of oil and gas drilling on federal lands, the American Petroleum Institute will use "every tool at its disposal" including legal action, chief executive Mike Sommers said

Eni's Brass River Crude Exports Halted after Pipeline Explosions

Eni declared force majeure on exports of Nigerian Brass River crude oil following pipeline explosions in Bayelsa state, a source with direct knowledge of the matter said.

Republicans Retain Tight Grip over Texas Oil and Gas Regulator

A Texas Republican businessman swept to victory in the Texas Railroad Commission over a Democratic energy lawyer who had sought to put climate change on the state energy regulator's agenda.

China to Step Up E&P, Pipeline Construction

China said it plans to step up its exploration of oil and gas, and speed up the construction of oil and gas pipelines and storage facilities, according to the official Xinhua News Agency.

U.S. Drillers Add Oil and Gas Rigs for Third Straight Month

U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row for the first time since June 2018, and for a third consecutive month, even as oil majors cut spending due to the COVID-19 pandemic's impact on energy demand and prices.

Losses Mount for Oil Companies as Pandemic Grips Economy

Already struggling with weak prices from oversupply, the pandemic has intensified the pain for oil and gas companies.

ConocoPhillips to Buy Concho Resources for $9.7 Billion

ConocoPhillips on Monday agreed to buy U.S. shale oil producer Concho Resources Inc for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand.

Morgan Stanley Sees Potential for $5 Natural Gas

A record decline in natural gas production and rebounding demand could create the tightest market in a decade and set the stage for Henry Hub prices up to $5/MMbtu with cold weather, according to a new Morgan Stanley forecast.

Devon Energy to Buy Shale Peer WPX for $2.56 Billion in Delaware Push

U.S. oil and gas producer Devon Energy Corp said on Monday it will buy Permian basin peer WPX Energy Inc for $2.56 billion as it looks to scale up its presence in the Delaware portion of the prolific shale field.

ConocoPhillips Sees Global Oil Demand Returning, Executive Says

U.S. oil producer ConocoPhillips sees global demand returning to 100 million barrels per day and growing from there, with oil an "important part of the energy mix in any scenario" going forward, a senior executive said.

Norway Could Cut 22% of Oil and Gas Output if Workers Strike

Norwegian oil firms plan to close down 22% of the country's oil and gas output, or 900,000 barrels of oil equivalent per day, if workers go on strike next week, the Norwegian Oil and Gas Association said.

Trump Seeks out Loyal Donors in West Texas Oilpatch

President Donald Trump's visit to a U.S. fracking hub on the West Texas plains comes during the state’s fierce coronavirus outbreak and a global oil and gas glut that is putting the squeeze on his loyal donors in the petroleum industry.

Record Debts Come Due for Canadian Energy Companies

The Canadian energy industry has borrowed heavily to survive a series of catastrophes, and is facing C$6 billion in refinancing in the next six months. Maturing energy debts this year are more than 40% higher than 2019.

Texas Will Not Mandate Oil Production Cuts

Texas energy regulators on Tuesday said they will not mandate oil production cuts, ending a month-long debate about whether they would wade into global oil politics for the first time in 50 years as crude prices cratered.

Continental Resources Halts Bakken Shale Output, Seeks to Cancel Sales

The largest oil producer in North Dakota has halted most of its production and reportedly told some customers it will not supply crude after the latest price crash, but there are doubts whether force majeure applies.

Fracking Ban Debate Causes Tremors in Battleground Pennsylvania

The notion of banning fracking is dividing the Democrats running for president and increasingly dividing Democrats in the presidential battleground state of Pennsylvania, where fracking has vaulted it to the No. 2 natural gas producer behind Texas.

U.S. Shale Gas Investors Brace for Write-Downs Amid Price Plunge

U.S. shale gas producers are ripe for further spending cuts and write-downs, investors and analysts said, with prices at four-year lows and China's rejection of some gas imports weighing on earnings.

Israel Gets First Gas from Leviathan; Exports to Follow

Israel's $3.6 billion offshore Leviathan field started production on Tuesday, transporting gas via a subsea pipeline connected to Israel's transmission system and on to consumers throughout the country.

Israel Signs Egypt Gas Permit, Becomes Major Energy Exporter

Israel became a major energy exporter for the first time on Monday after signing a permit to export natural gas to Egypt. The announcement comes just days before a lucrative Israeli gas field in the Mediterranean Sea is expected to go online.

Associated Gas Contributes to Growth in U.S. Natural Gas Production

A growing share of U.S. natural gas production is associated-dissolved natural gas, produced from oil wells, which is the result of increased crude oil production from low permeability, tight rock formations – Permian, Bakken, Eagle Ford, Niobrara and Anadarko.

Alternative to Congested Pipelines at Risk as Canada Rail Strike Looms

Canada's Teamsters notified Canadian National Railway of plans to strike Tuesday after a stalemate in contract negotiations, threatening an important shipping alternative to congested pipelines for Alberta's oil producers.

Subsea 7 Awarded Shell Offshore Infrastructure Contract Near Aberdeen, UK

Subsea 7 has announced the award of a sizeable contract by Shell for the Pierce depressurization project, located approximately 160 miles offshore, east of Aberdeen.

Jobs Fall as Shale Boom Cools

U.S. oil and gas employment has started to fall as producers and service companies respond to the sharp decline in prices since the fourth quarter of 2018.

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