Exxon Mobil Corp expects a gain of $3.4 billion to $3.6 billion from the sale of its Norwegian oil and gas production assets to significantly lift results for the fourth quarter, according to a regulatory filing on Friday.The gain from the sale of the assets to Var Energi AS is also expected to offset lower margins in the company's refining and chemicals operations. Results from the company's oil production business are expected to be largely flat compared to the third quarter, it [Read more]
U.S. shale producers to tap brakes in 2020 after years of rapid growth
Vastly slower U.S. oil growth this year and the prospect of a plateau for the world's top oil producer have signaled a new and unfamiliar era of self-restraint for the go-go shale industry. Spending cuts and production declines common to shale wells mean U.S. output growth is expected to brake from 2019's pace that pushed domestic production past 13 million barrels per day (bpd). Some analyst forecasts for next year call for growth to slow, potentially to a rate of just 100,000 new [Read more]
U.S. natgas futures end 2019 down 26%, biggest yearly decline since 2014
U.S. natural gas futures were nearly steady on Tuesday in line with weather forecasts, but the market finished 2019 with its biggest annual decline since 2014. The contract posted a yearly fall of 25.5%, after ending 2018 nearly unchanged. It was one of the biggest decliners among commodities in 2019. For the month, natural gas futures fell about 4%, their second straight monthly loss. Front-month gas futures for February delivery on the New York Mercantile Exchange were up 0.3 cent, or [Read more]
Oil prices edge down but set for biggest yearly rise since 2016
Oil prices edged lower on the final day of the year on Tuesday, but were on track for their biggest annual rise since 2016, supported by a thaw in U.S.-China trade dispute and ongoing supply cuts. West Texas Intermediate (WTI) crude futures sank 89 cents to $60.76 a barrel. Brent crude futures were at $65.74 a barrel, down 88 cents, or 1.35%. The international benchmark has risen around 27% in 2019. Brent has gained about 24% in 2019 and WTI has risen roughly 36% for the year. Both [Read more]
U.S. LNG exports soar in 2019 but supply glut may await in 2020
U.S. exporters of liquefied natural gas (LNG) head into 2020 after a record year that saw exports soar by more than 60%, but growing concerns about weakened demand and heavy competition could act as headwinds in the coming year. Four new liquefaction trains - the common term for a shipping facility - entered service this year in the United States. The U.S. is on track to become the biggest global LNG exporter by 2024. LNG is seen as an alternative for Asian countries that have relied on [Read more]
Exxon acquires over 1.7 mln exploration acreage offshore Egypt
Exxon Mobil Corp said on Monday it had acquired more than 1.7 million acres for exploration offshore Egypt, strengthening its portfolio in the eastern Mediterranean.Operations at the 1.2 million North Marakia Offshore block located about five miles offshore Egypt's northern coast, and 543,000 acres in the North East El Amriya Offshore block in the Nile Delta are scheduled to begin in 2020. Exxon marked its foray into gas exploration in Egypt by winning awards in one of the [Read more]
Oil edges up on trade optimism, eyes on MidEast tensions
Oil prices traded at three-month highs on Monday, underpinned by optimism over an expected U.S-China trade deal, while traders kept a close eye on the Middle East following a U.S. air strike. Markets showed little initial reaction to news of the U.S. strikes in Iraq and Syria against an Iran-backed militia group, even as U.S. officials warned "additional actions" may be taken. West Texas Intermediate (WTI) crude futures edged up 5 cents to $61.77 a barrel by 0529 GMT. The U.S. benchmark is [Read more]
U.S. drillers add oil rigs for first month in 13 -Baker Hughes
U.S. energy firms reduced the number of operating oil rigs for the first time in three weeks as producers follow through on plans to slash spending on new drilling. Drillers cut 8 oil rigs in the week to Dec. 27, bringing the total count down to 677, the lowest since the week to Nov. 15, energy services firm Baker Hughes Co said in its closely followed report on Friday. In the same week a year ago, there were 885 active rigs. That put the oil rig count down 208 for the year, its first [Read more]
Oil hits 3-month highs as strong U.S. consumer spending underpins growth hopes
Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world's no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. West Texas Intermediate contract was up 13 cents, or 0.2%, at $61.81 a barrel. Brent crude futures were up 13 cents, or 0.2%, at $68.05 a barrel at 0150 GMT A survey on Thursday showed that online holiday purchases by U.S. consumers reached a record, [Read more]
U.S. natgas futures down nearly 5% on warmer weather forecasts
U.S. natural gas futures fell nearly 5% on Monday on expectations of warmer weather, which would lead to a reduction in heating demand. Front-month gas futures for January delivery on the New York Mercantile Exchange were down 11.4 cents, or 4.9% to settle at $2.214 per million British thermal units (mmBtu), their bigger daily percentage fall in over three weeks. "(As) the weather last week was colder than normal we would expect a larger-than-usual storage draw. However, somewhat normal to [Read more]