Upstream oil companies ramped up hiring in February, the Texas Independent Producers and Royalty Owners Association (TIPRO) said on Friday, marking the second straight month of growth. WHY IT'S IMPORTANT Hiring in the upstream sector, which includes activities related to drilling and producing oil, can serve as an indicator of the health of the oil and gas industry. Companies bringing on more employees could imply more drilling to come. TIPRO represents nearly 3,000 independent [Read more]
US drillers cut oil and gas rigs for first time in three weeks, Baker Hughes says
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 one to 592 in the week to March 28. Baker Hughes said this week's decline puts the total rig count down 29 rigs, or 5% below this time last year. Baker Hughes said oil rigs fell by two to 484 this week, while gas rigs rose [Read more]
US gas players refocus on Haynesville basin, buoyed by Trump LNG plans
U.S. natural gas producers and investment firms are gearing up for more activity in Louisiana's Haynesville shale basin, positioning themselves for a boom in liquefied natural gas exports boosted by new approvals from President Donald Trump. Gas prices are rising as LNG producers in the United States, already the world's largest LNG exporter, bring new projects online in Texas and Louisiana. U.S. gas demand is expected to hit record highs in 2025 and 2026. Energy companies are planning and [Read more]
India weighs scrapping import tax on US LNG, boosting purchases, sources say
India is considering a proposal to scrap import tax on U.S. liquefied natural gas (LNG) to boost purchases and help cut the trade surplus with Washington, a key irritant for President Donald Trump, four government and industry sources said. The United States is India's second biggest supplier but the two sides are looking to ramp up volumes for India's energy-hungry economy, one of the fastest growing in the world. During Prime Minister Narendra Modi's U.S. visit last month, India pledged [Read more]
Elliott takes big short position in Shell amid BP campaign
U.S. activist hedge fund Elliott Management, currently campaigning for more change at BP in its capacity as a BP shareholder, has taken a big short position in Shell, according to financial filings. Elliott's short position, which is designed to make money if Shell's share price falls, amounts to about 0.5% of Shell, according to data published on the website of the Financial Conduct Authority (FCA) on Thursday. That is the biggest short position in the company since 2016, the data [Read more]
Iran speaker says US bases will be struck if Trump attacks Iran
Tehran would strike U.S. bases in the region if Washington follows through on its warning of military consequences for Iran in the absence of a new nuclear deal, the speaker of the Iranian parliament said on Friday. U.S. President Donald Trump said earlier this month that he had sent a letter to Iran’s Supreme Leader Ayatollah Ali Khamenei, warning that "there are two ways Iran can be handled: militarily, or you make a deal." "If the Americans attack the sanctity of Iran, the entire region [Read more]
Russia says Ukraine “virtually destroys” key Sudzha gas station
Russia accused Ukraine on Friday of attacking its energy facilities despite a moratorium on such strikes, saying a key piece of gas infrastructure in the town of Sudzha had been practically destroyed. A Ukrainian official said it was Russia that attacked the gas transit point in Sudzha. Reuters could not independently confirm which side was responsible. The United States announced separate agreements with Ukraine and Russia on Tuesday to pause their strikes in the Black Sea and against [Read more]
Oil holds near one-month high, set for third week of gains amid supply woes
Oil prices eased a touch but held near one-month highs on Friday as they headed for a third weekly gain on a tightening global supply outlook after the U.S. imposed tariffs against countries buying oil from Venezuela and placed curbs on Iranian oil trade. Brent crude futures lost 14 cents, or 0.2%, at $73.89 a barrel. U.S. West Texas Intermediate crude futures were down 12 cents, or 0.2%, to $69.80 a barrel at 0431 GMT. The moves were minor compared with the gains of over 2% for both [Read more]
Liberty CEO Gusek sees modest impact of steel tariffs on oilfield services
Oilfield service providers will face modest hits to earnings from U.S. President Donald Trump's decision to impose tariffs on steel imports, Liberty Energy Chief Executive Ron Gusek said on Thursday. Trump imposed 25% tariffs on steel and aluminum on March 12, and more could be coming April 2. A Dallas Federal Reserve survey on Wednesday showed executives are concerned that the levies could drive inflation in the oilfield, and raise drilling costs. The tariffs have already pushed suppliers [Read more]
Suncor says it is responding to incident involving St. Clair River
Suncor Energy Inc is responding to an incident involving the St. Clair River near its 85,000-barrels-per-day refinery in Sarnia, Ontario, the company said in an online community alert. "As part of this response, community members will notice an odour in the vicinity of the Suncor dock," Suncor added. In another community alert, St. Clair Township reported "a spill to St. Clair river that could result in unsafe water conditions." Members from Shell Canada's Sarnia Manufacturing Centre in [Read more]
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