Exxon Mobil Chief Executive Darren Woods told an energy industry conference on Thursday he aims to double the amount of oil produced from its U.S. shale holdings over a five-year period using new technologies. "We are beginning to see the signs of some very promising new technologies" that will "significantly improve recovery" volumes, Woods said at the Bernstein Strategic Decisions conference. Exxon currently recovers about 10% of shale resources from its operations. A first wave of new [Read more]
U.S. oil and gas output still rising in response to high prices last year: Kemp
U.S. oil and gas production continued to rise strongly in March - the delayed impact of very high prices that prevailed until the third quarter of 2022. Oil output increased by 171,000 barrels per day (b/d) in March compared with February, according to the U.S. Energy Information Administration ("Petroleum supply monthly", EIA, May 31). The gains were led by the Lower 48 states (+137,000 b/d) and Gulf of Mexico (+45,000 b/d), which more than offset lower production from Alaska (-11,000 [Read more]
US natgas futures drop 4% on record output ahead of storage report
U.S. natural gas futures dropped about 4% on Thursday on record U.S. output and rising exports from Canada. Prices declined ahead of a federal report that is expected to show a bigger-than-usual storage build last week when mild weather limited demand for the fuel for both heating and cooling. The price decline occurred despite record daily exports to Mexico and forecasts for warmer weather over the next two weeks than previously expected that should boost the amount of gas power [Read more]
Oil rises on potential U.S. rate hike pause, debt bill passing
Oil prices rose on Thursday, reversing earlier losses, as a potential pause in U.S. interest rate hikes and the debt ceiling bill passing a crucial vote renewed optimism about further fuel demand growth in the world's biggest oil consumer. Brent crude futures for August rose 32 cents, or 0.44% to $72.92 a barrel by 0518 GMT, while U.S. West Texas Intermediate crude (WTI) rose 25 cents, or 0.37%, to $68.34 a barrel. U.S. Federal Reserve officials on Wednesday pointed towards a potential [Read more]
Exxon shareholders soundly reject all climate-related petitions
Exxon Mobil Corp. shareholders on Wednesday overwhelmingly supported the company's views on climate reports and strategies, rejecting proposals for report on methane, greenhouse gas reporting and oil-spill preparations by a wide margin. None of the initiative proposals received more than 36% of votes cast, according to early results at the online shareholder meeting. Several of the proposals won only low-double digit support. Results showed a lessening of support for proposals designed to [Read more]
Will OPEC+ announce more output cuts? Analysts have their say.
The Organization of the Petroleum Exporting Countries with Russia and other allies, or OPEC+, meet on June 4 to discuss whether additional oil production cuts should be implemented. The group in early April surprised markets with output cuts of around 1.16 million barrels per day, fuelling a rise in prices. But going into the meeting this weekend, OPEC+ has given mixed signals on whether further cuts are likely, keeping oil prices volatile recently. Here is what analysts expect in terms [Read more]
US natgas futures up 2% to 1-week high with warmer weather coming
U.S. natural gas futures rose about 2% to a one-week high on Wednesday on forecasts for warmer than normal weather in mid June that should boost air conditioning demand. That price increase came despite record U.S. output, lower gas flows to liquefied natural gas (LNG) export plants due to maintenance and rising gas exports from Canada after wildfires caused some energy firms to shut-in production earlier in the month. Front-month gas futures for July delivery on the New York Mercantile [Read more]
Oil falls as weak China data offsets US debt ceiling progress
Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. Brent crude futures for August delivery fell 28 cents to $73.43 a barrel by 0250 GMT, while U.S. West Texas Intermediate crude (WTI) slipped 26 cents to $69.20 a barrel, with earlier gains reversed after China manufacturing data was released. Both benchmarks fell by more [Read more]
US natgas futures drop 4% on record U.S. output, lower demand forecast
U.S. natural gas futures dropped about 4% on Tuesday on record U.S. output and forecasts for milder U.S. weather and lower demand over the next two weeks than previously expected. U.S. energy company Equitrans Midstream Corp's long-delayed $6.6 billion Mountain Valley gas pipe from West Virginia to Virginia could win federal approval as part of Washington's debt limit deal. Shares in Equitrans jumped about 43% to $8.70 on the news, putting the stock on track for its highest close since [Read more]
Climate battle looms as Alberta premier Smith takes aim at Trudeau after election win
Alberta's re-elect leader Danielle Smith has put herself on a collision course with Prime Minister Justin Trudeau over climate policies that would weigh on the province's fossil fuel industry. Smith, leader of the United Conservative Party (UCP), defeated New Democratic Party leader Rachel Notley on Monday, and immediately targeted Trudeau, threatening the country's ambitious climate goals. Smith warned Trudeau's Liberal climate policies will destroy tens of thousands of jobs in the oil [Read more]
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