U.S. oil and gas producer Devon Energy has approached Enerplus, a peer with a market value of C$3.9 billion ($2.9 billion), with an acquisition offer, people familiar with the matter said on Thursday. Such a combination would continue the dealmaking spree seen in the North American oil patch in recent months, which has included many of Devon's rivals -- including Exxon Mobil, Chevron and Occidental Petroleum -- making significant acquisitions. Devon declined comment. Enerplus did not [Read more]
Saudi Arabia to hire Goldman, Citi, HSBC for Aramco share sale – Bloomberg News
Saudi Arabia is set to hire Citigroup Inc, Goldman Sachs Group Inc and HSBC Holdings Plc for a secondary share sale in Saudi Aramco, a deal that would raise about $20 billion, Bloomberg News reported on Thursday, citing people familiar with the matter. The state oil company is also in talks with other banks as it pulls together a roster of advisers, the report said, adding that the offer may come in the next few weeks. Aramco did not immediately respond to a Reuters request for [Read more]
ConocoPhillips beats fourth-quarter profit estimates on higher production
U.S. oil and gas producer ConocoPhillips beat Wall Street estimates for fourth-quarter profit on Thursday, helped by higher production from newly acquired assets. ConocoPhillips had acquired an additional 50% stake from TotalEnergies in the Surmont facility in Canada in 2023 that boosted its production. The company reported fourth-quarter production of 1.9 million barrels of oil equivalent per day (boepd), compared with 1.76 million boepd in the year-ago quarter. ConocoPhillips forecast [Read more]
Oil rises on slim progress in Gaza peace talks, weaker dollar
Oil extended gains on Thursday after Israel rejected a ceasefire offer from Hamas, while a weaker dollar also supported prices. Brent crude futures rose 30 cents, or 0.4%, at $79.51 a barrel at 0400 GMT. U.S. West Texas Intermediate crude futures climbed 26 cents, or 0.4% to $74.12 a barrel. Wider Middle East tensions have kept the market on edge since October, with limited progress in talks to end the Gaza conflict. Israeli Prime Minister Benjamin Netanyahu rejected Hamas' latest [Read more]
US natgas price collapse to 3-year low is bad for producers, good for consumers
U.S. natural gas futures have collapsed about 22% so far in 2024, reaching a three-year low on Wednesday as near-record output and mostly mild weather this winter depress heating demand. Low prices are good for consumers who use gas for cooking and to heat homes and businesses. It is also great for companies exporting the fuel via pipelines to Mexico or as liquefied natural gas (LNG) to the world. But, low prices are bad for producers and energy service companies that make money pulling [Read more]
Heavy oil discount tightens
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Wednesday: * WCS for March delivery in Hardisty, Alberta, settled at $19.15 a barrel under WTI, according to brokerage CalRock, having closed at $19.45 per barrel below the U.S. benchmark on Tuesday. * Despite the slight tightening, Canadian heavy crude prices remain under pressure due to the ongoing shutdown of BP's 435,000 barrel-per-day Whiting [Read more]
BP Whiting, Indiana refinery to be shut up to three weeks – Sources
BP Plc plans to keep the 435,000 barrel-per-day (bpd) Whiting, Indiana refinery shut for up to three weeks for inspections of units and piping following a Feb. 1 plant-wide power outage, said people familiar with operations on Wednesday. The inspections could be completed in as short a time as two weeks, the sources said. A BP spokesperson did not immediately reply to a request for comment. Any damage discovered by the inspections could lengthen the time the refinery is shut, the [Read more]
US crude stocks rise as oil refiners take in less oil – EIA
U.S. crude stocks rose as oil refiners took in less oil, following extreme cold weather that knocked out utilization last month, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.5 million barrels to 427.4 million barrels in the week ended Feb. 2, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 33,000 barrels in the week, the EIA said. Oil [Read more]
US natgas prices on track for 3-year low on rising output, low LNG feedgas
U.S. natural gas futures eased about 1% on Wednesday after breaking through a key level of technical support as output rises and the amount of gas flowing to liquefied natural gas (LNG) export plants remains low. That puts the contract, which is currently trading at a nine-month low, on track for its lowest close in over three years. Prices declined even though the latest forecasts called for seasonally cold weather and higher heating demand in mid- to late February than previously [Read more]
Big Oil offers record returns to lure investors back
Big Oil firms are handing shareholders more money than ever and are promising more going forward in an attempt to reassure investors of their discipline and resilience in the face of an uncertain outlook for fossil fuels. The top five Western oil and gas firms - BP, Chevron, Exxon Mobil, Shell and TotalEnergies - returned to shareholders over $111 billion in dividends and share repurchases in 2023, according to Reuters calculation. That was slightly higher than the $110 billion they [Read more]
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