Exxon Mobil Corp's resurgence under CEO Darren Woods and the upcoming retirement of Pioneer Natural Resources CEO Scott Sheffield were key to the oil major clinching the $60 billion acquisition, people familiar with the matter said. After brief informal conversations earlier this year, Exxon approached Pioneer about a deal last month, the sources said. It was from a position of strength. Exxon's shares were hovering near record highs, and it had a cash pile of about $30 billion. Sheffield [Read more]
Canada may struggle to recoup $26 billion cost of Trans Mountain pipeline
Canada faces an uphill battle to recoup the roughly C$35 billion ($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. The federal government plans to sell Trans Mountain once a long-delayed expansion to nearly triple the flow of crude from Alberta to Canada's Pacific Coast is completed early next year. Last month, Ottawa started informal talks with [Read more]
Oil falls further on US stock build, easing supply concerns
Oil prices fell for a third day on Wednesday, dragged down by a larger-than-expected crude and gasoline stockbuild in the U.S. and easing supply concerns. Brent futures declined by 30 cents, or 0.35%, to $85.52 a barrel at 0405 GMT, while U.S. West Texas Intermediate crude slipped 42 cents, or 0.50%, to $83.07 a barrel. Both benchmarks have given back most early-week gains after falling more than 2% in the previous session. U.S. crude oil stockpiles swelled by about 12.9 million [Read more]
Greenpeace Canada files regulatory complaint over Suncor’s climate disclosures
Environmental group Greenpeace on Thursday said it has filed a complaint against Suncor Energy with the Alberta Securities Commission (ASC), arguing that Canada's second-largest oil producer is failing to fully disclose climate-related risks to shareholders. The complaint alleges Suncor removed warnings that oil sands projects could potentially become stranded assets in a low-carbon emissions scenario from its 2023 climate report. "Suncor has stopped warning investors of the risk that a [Read more]
Pioneer’s mega-sale to Exxon will trigger $71 mln in exec windfalls
Senior management at Pioneer Natural Resources will likely be out of a job once the company's $60 billion sale to Exxon Mobil is completed, but the top brass will walk away with bumper payouts which were sweetened further earlier this year. The top five executives at the U.S. shale operator are set to share $71 million in severance payouts, with Chief Executive Scott Sheffield on track to receive around $29 million, a review of regulatory filings and Reuters calculations show. The award to [Read more]
Global oil stockpiles due to fall in second half 2023 – EIA
Global oil inventories are expected to fall by 200,000 bpd in the second half of 2023 due to voluntary output cuts from Saudi Arabia and reduced production among OPEC+ countries, the U.S. Energy Information Administration said on Wednesday. The lower inventories, which are forecast to keep global oil supply below consumption, are likely to boost oil prices, the EIA said in a monthly report. It now sees spot Brent crude at $94.91 a barrel in 2024, up from a previous forecast of $88.22. Oil [Read more]
US natgas prices slide 3% as mild forecasts cut demand outlook
U.S. natural gas futures slid about 3% on Wednesday on forecasts for milder weather and lower demand over the next two weeks than previously expected. After rising for six days in a row to an eight-month high earlier this week, front-month gas futures for November delivery on the New York Mercantile Exchange fell 10.7 cents, or 3.2%, to $3.275 per million British thermal units (mmBtu) at 10:11 a.m. EDT (1411 GMT) on Wednesday. On Tuesday, the contract closed at its highest since Jan. 23 [Read more]
Chevron Australia, LNG unions extend pay deal talks to Thursday
Chevron and unions representing workers at its two liquefied natural gas (LNG) facilities in Australia made progress in talks over pay and conditions on Wednesday and would meet again on Thursday, a union representative said. With workers threatening to resume strikes from next week at the facilities that supply around 6% of the world's LNG, Chevron and unions were holding negotiations before Australia's industrial arbitrator, the Fair Work Commission. This is the second round of talks [Read more]
Oil ticks up as worries about supply disruptions linger
Oil edged higher on Wednesday as investors grappled with the prospect of supply disruptions due to the Middle East turmoil. Brent crude rose 26 cents, or 0.3%, to $87.91 a barrel by 0312 GMT. U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.2%, to $86.14 a barrel. Brent and WTI surged more than $3.50 on Monday as the military clashes raised fears that the conflict could spread beyond Gaza, but settled lower in Tuesday's session. Israel produces very little crude oil, but [Read more]
Heavy oil discount widens
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Tuesday: * WCS for November delivery in Hardisty, Alberta, settled at $21.25 a barrel under WTI, according to brokerage CalRock, having settled at $20.80 a barrel under the benchmark on Friday, the last trading day before the Canadian Thanksgiving holiday. * Canadian heavy crude prices have been widening this month as refinery maintenance weighed on demand [Read more]
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