Growth in oil output from the U.S. Permian basin, the country's top oilfield, is expected to slow by at least 25% this year despite President Donald Trump's vow to maximize production, energy executives forecast on Thursday. At a conference in Houston, they said production is expected to rise in 2025 by about 250,000 barrels per day (bpd) to 300,000 bpd from the shale formation spread across Texas and New Mexico, down from last year's 380,000-bpd increase. That forecast aligns with the [Read more]
Trans Mountain says projects could expand pipeline capacity by 300,000 bpd
Canadian pipeline operator Trans Mountain is looking at expansion projects in the short and long terms that could add between 200,000 and 300,000 barrels per day (bpd) of capacity to the company's system, Jason Balasch, a vice president at the firm, said on Thursday. The pipeline, which can currently carry up to 890,000 bpd of crude from Alberta to Canada's Pacific Coast for export, has been in the spotlight after U.S. President Donald Trump said his country would slap 10% tariffs on Canadian [Read more]
Canadian oil producer Suncor well-protected against tariff threat, CEO says
Canadian oil producer Suncor Energy is well-positioned compared to many of its competitors to weather threatened U.S. tariffs, CEO Rich Kruger said on Thursday. On a conference call with analysts, Kruger said between 60% and 65% of Calgary, Alberta-based Suncor's production stays in Canada, either to be refined or shipped off the British Columbia coast via the Trans Mountain pipeline. The integrated nature of the second-biggest Canadian oil producer's assets gives the company a "natural [Read more]
Canada’s Alberta eyes Japan for new LNG deals amid US tariff threat, minister says
Canada's Alberta province, a major gas producer, needs to find new export markets in face of a U.S. tariff threat, and expanding in Japan is an important target, its minister of environment and protected areas, Rebecca Schulz, told Reuters. "Given what we've seen in the United States, this is reinforcement that we need to diversify our export markets, and Japan, our already existing relationship, is going to be a key area of focus," Schulz said during an interview in Tokyo late on [Read more]
ConocoPhillips’ quarterly profit beats estimates on higher production
ConocoPhillips beat Wall Street estimates for fourth-quarter profit on Thursday, as higher production offset lower realized prices. Benchmark crude prices rose about 4% during the October-December quarter, encouraging companies to drill more. However, ConocoPhillips' total average realized prices fell 10% to $52.37 per barrel of oil equivalent (boe) in the reported quarter. The company's production for the reported quarter stood at 2.18 million barrels of oil equivalent per day (boepd), [Read more]
China’s retaliatory tariffs on crude likely to push US exports lower in 2025
China's retaliatory tariffs on the United States may cause U.S. oil exports to decline in 2025 for the first time since the COVID-19 pandemic, after growth plateaued last year. Exports of U.S. crude have surged more than 10 times since it lifted a 40-year federal ban on the export of domestic oil in 2015. That has helped United States become the world's third-largest exporter behind Saudi Arabia and Russia, blunting the global impact of production cuts by the Organization of the Petroleum [Read more]
US Energy Secretary derides net-zero policies in new order
The U.S. Department of Energy will prioritize expanding energy production over achieving net-zero greenhouse gas emissions, according to an order issued on Wednesday by Energy Secretary Chris Wright. The secretarial order is meant to align the department with priorities outlined by President Donald Trump, who has called climate change a hoax and has vowed to maximize already record-high oil and gas output. "Net-zero policies raise energy costs for American families and businesses, threaten [Read more]
Oil pares losses after Saudi price increase
Oil prices ticked up in early Asian trading on Thursday, steadying from a sell-off the previous day after Saudi Arabia's state oil company sharply raised March oil prices. Brent crude futures rose 14 cents, or 0.19%, to $74.75 a barrel by 0148 GMT. U.S. West Texas Intermediate crude was up 18 cents, or 0.25%, to $71.21 a barrel. Saudi Aramco, the world's leading oil exporter, on Wednesday announced it would sharply increase prices to buyers in Asia for March delivery amid rising demand [Read more]
Total CEO says company rejected Venture Global as LNG supplier over lack of trust
TotalEnergies rejected opportunities to become a long-term customer of Venture Global LNG's U.S. terminals because it did not trust the company, CEO Patrick Pouyanné told Reuters on Wednesday. Venture Global has become the most valuable U.S. LNG company after a blockbuster initial public offering last month, but has been roiled by legal challenges from huge clients like BP and Shell for taking years to honor supply contracts as it commissions its projects. "I don't want to deal with these [Read more]
Discount on Western Canada Select heavy crude widens
The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) widened on Wednesday: * WCS for March delivery in Hardisty, Alberta, settled at $14 a barrel under WTI, according to brokerage CalRock, having ended at a $13.85 discount on Tuesday. * Canadian heavy crude prices have been under pressure in recent weeks due to U.S. President Donald Trump's tariffs plan. * Trump paused his plan to impose a 10% levy on Canadian oil [Read more]
- « Previous Page
- 1
- …
- 149
- 150
- 151
- 152
- 153
- …
- 915
- Next Page »