U.S. energy firms this week added rigs for a sixth time in seven weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, rose by one to 588 in the week to July 31. Baker Hughes said this week's increase puts the total rig count up 48 rigs, or 9% above this time last year. Baker Hughes said oil rigs rose by one to 451 this week, their highest since mid-July, while gas rigs held at 127 [Read more]
Canada’s Enbridge to postpone plans for second phase of Mainline oil pipeline expansion
Canadian pipeline operator Enbridge said on Friday it was postponing the 250,000-barrel-per-day second phase of its Mainline crude pipeline network, partly due to Canadian oil producers not committing to significant output increases. The project would have increased exports of Canadian crude to U.S. refineries. But Enbridge CEO Greg Ebel said the company will focus first on its 100,000 bpd Flanagan South Expansion and its 50,000 bpd Southern Access Extension, which will add capacity to two [Read more]
US crude oil output fell in May, while exports hit record, EIA says
U.S. crude oil output fell about 2% in May from a record in April, while exports hit a record high for the second-consecutive month, according to data published by the U.S. Energy Information Administration on Friday. Crude oil production in May averaged 13.71 million barrels per day, whereas exports rose to 5.73 million bpd from the prior record of 5.59 million bpd, the data showed. U.S. oil companies have ramped up exports sharply since the beginning of the Iran war, taking advantage of a [Read more]
Oil price rises after Iran says it stops ships in Hormuz
Oil prices rose on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, underscoring concerns over global energy supplies following a drone attack on ships in a Mediterranean Egyptian port this week. Iran said four other tankers turned back after its forces intervened, although the Iranian reports could not be independently confirmed. Two large tankers carrying oil loaded from the Gulf were recorded passing through the strait, a narrow waterway between [Read more]
ExxonMobil says LNG projects diversify portfolio, won’t ‘shy away’ from Middle East
ExxonMobil said on Friday its pipeline of liquefied natural gas (LNG) projects would diversify its production away from the Middle East, but the company said it remains committed to pursuing opportunities in the region because of its long-term importance to global energy markets. "We won't shy away from the region," CEO Darren Woods said on the company's post-earnings conference call, adding that the region would remain an important source of natural gas. The company hopes to make a final [Read more]
Brookfield Infrastructure explores $5 billion sale of Canadian pipeline operator NorthRiver, sources say
Brookfield Infrastructure Corp is exploring a potential sale of NorthRiver Midstream in a deal which could value the Canadian natural gas-focused pipeline operator at around C$7 billion ($5 billion), people familiar with the matter said. The investment firm has been working with bankers in recent weeks to solicit potential buyer interest in NorthRiver, said the sources, who spoke on condition of anonymity to discuss private deliberations. Rising demand for energy infrastructure assets from [Read more]
ExxonMobil misses second quarter profit estimates despite hitting four-year high
ExxonMobil missed Wall Street estimates for second-quarter profit on Friday, even as high oil prices and improved refining margins brought by the Iran war led to its biggest quarterly profit in four years. Adjusted earnings for the largest U.S. oil major by market capitalization rose 67% from the first quarter to $14.7 billion, or $3.52 per share, but were below the consensus analyst estimates compiled by LSEG of $3.60 per share. Still, the quarterly profit more than doubled compared with last [Read more]
Enbridge pipeline trespassed on Wisconsin tribal land, must be moved, US appeals court finds
A U.S. appeals court found Enbridge liable for trespass for running a pipeline under land belonging to a northern Wisconsin tribe, but gave the Canadian energy company more time to reroute the pipeline and ordered a recalculation of damages. Thursday's decision by the 7th U.S. Circuit Court of Appeals in Chicago addressed appeals from a federal district judge's June 2023 order that Enbridge pay the Bad River Band of the Lake Superior Tribe of Chippewa Indians $5.15 million in restitution plus [Read more]
China’s shifting energy mix weakens pillar of global LNG growth
For years, China was viewed by liquefied natural gas (LNG) producers as the key driver of future demand growth, helping to justify billions of dollars in export infrastructure investment from the U.S. Gulf Coast to Qatar. But China's appetite for the super-chilled fuel is flagging, even as producers prepare a wave of new supply in coming years, potentially undermining the viability of some future projects that depend on long-term import needs from Asia and Europe. The Iran war has [Read more]
Argentina’s growth paradox: Shale riches grow as jobs disappear elsewhere
Ramiro Ramirez, a trained mechanic, found work in just a month at Argentina's Vaca Muerta, home of one of the world's largest shale oil and gas reserves, where he earns 10 times his previous salary as a cook. His new life operating a gas compressor is not easy. Ramirez, 25, leaves his city in Neuquen province at 5 a.m. for a daily two-hour ride to oil fields by the small, dusty town of Añelo, which has swelled with newcomers seeking work since the formation's production rose sharply in recent [Read more]
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