U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by seven to 622 in the week to March 8, the lowest since Feb. 16. Baker Hughes said that puts the total rig count down 124 rigs, or 16.6%, below this time last year. Baker Hughes said U.S. oil rigs fell two to 504 this week, [Read more]
Chevron’s CEO faces challenges of a lifetime with Hess bid
Chevron CEO Michael Wirth is facing a head-to-head match with Exxon Mobil with his $53 billion bid for Hess and its stake in oil hotspot Guyana, and could wind up trapped in a dispute between two of South America’s biggest energy rivals. On Wednesday, Exxon filed an arbitration claim that could block Hess' proposed merger with Chevron. The sale includes Hess' 30% stake in a consortium that has discovered more than 11 billion barrels of oil in Guyana's Stabroek offshore block, which analysts [Read more]
Heavy oil discount widens slightly
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened slightly on Thursday. WCS for April delivery in Hardisty, Alberta traded between $15.75 and $16.30 per barrel under WTI, according to brokerage CalRock. WCS had traded between $15.75 and $16 per barrel below the U.S. benchmark on Wednesday. TC Energy's Keystone oil pipeline is offline due to operational issues, cutting off a major conduit of Canadian oil to the [Read more]
TC Energy’s Keystone oil pipeline offline due to operational issues, sources say
TC Energy's Keystone oil pipeline is offline due to operational issues, cutting off a major conduit of Canadian oil to the United States, three industry sources said on Thursday. The 622,000 barrel-per-day pipeline has been dogged by problems, including a 2022 spill in rural Kansas. Calgary, Alberta-based TC did not immediately respond to a request for comment. TC shares were slightly higher in Toronto. Keystone, stretching 4,850 km (3,000 miles), transports oil from Alberta to [Read more]
US natgas prices little changed ahead of federal storage report
U.S. natural gas futures were little changed on Thursday as the market waited for direction from a federal report expected to show a much smaller-than-usual storage withdrawal last week when warmer-than-normal weather kept heating demand low. That lack of price movement came despite a bearish low amount of gas flowing to liquefied natural gas (LNG) export plants due to an ongoing outage at Freeport LNG's plant in Texas and the bullish drop in output in recent weeks and forecasts for a little [Read more]
Hess says reviewing timeline for closing of Chevron deal
U.S. oil producer Hess said on Thursday it was reviewing the timeline for closing its merger with Chevron, after oil major Exxon Mobil signaled a potential counter offer for Hess's Guyana assets. Exxon on Wednesday filed a contract arbitration claim related to Hess' proposed sale of its Guyana oil properties and suggested it may counter Chevron's pending deal for the assets. The arbitration case seeks to preserve Exxon's right to evaluate making a bid for Hess' 30% stake in the giant [Read more]
Heavy oil discount trades steady
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) traded steady on Wednesday. WCS for April delivery in Hardisty, Alberta began trading at $15.80 per barrel below WTI and then traded between $16 and $15.75 under WTI, according to brokerage CalRock. WCS had traded between $15.90 and $15.75 per barrel below the U.S. benchmark on Tuesday. Decreasing Alberta oil storage levels, demand building for the coming asphalt season [Read more]
US Democrats urge antitrust regulator to probe oil, gas mergers
Nearly 50 Democrats in the U.S. Congress on Wednesday urged the Federal Trade Commission to probe oil and gas company deals and expand current investigations to protect consumers and industry competition. The industry went on a $250 billion buying spree in 2023, taking advantage of companies' high stock prices to secure lower-cost reserves. Exxon Mobil Chevron Corp, and Occidental Petroleum made acquisitions worth a total of $135 billion in 2023. The trend has continued this year with [Read more]
TC Energy announces layoffs, primarily in Calgary and Houston
Canadian oil and gas pipeline firm TC Energy said on Wednesday it has laid off some of its workers as part of a previously announced plan to integrate its natural gas pipeline units. The workforce reductions would primarily impact people working in Calgary and Houston, the company said in a statement to Reuters. The Calgary, Alberta-based company did not specify the number of employees it would let go. According to a regulatory filing, its principal operating unit TCPL had 2,635 [Read more]
US seeks 3 million barrels of oil for emergency reserve in September
The U.S. is seeking to buy about 3 million barrels of oil for the Strategic Petroleum Reserve for delivery in September, the Energy Department said on Wednesday, as it slowly replenishes the emergency stash after selling a record amount in 2022. President Joe Biden in 2022 ordered a sale of about 180 million barrels from the reserve to help calm oil prices after Russia's invasion of Ukraine. So far the U.S. has bought back nearly 26.3 million barrels at an average price of $76.47 a barrel, [Read more]
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