The U.S. Gulf of Mexico can continue growing oil output even amid geopolitical volatility not seen in decades, oil and gas industry leaders said on Monday. U.S. President Donald Trump's global tariff announcements have since last month contributed to a decline in oil prices and fears of an economic downturn, making it more difficult for oil producers to follow his call of "drill, baby, drill." "We've never been in a situation where we have so much geopolitical volatility," said Occidental [Read more]
News
Shell EVP Gulf of America appointed President, Shell USA
HOUSTON, May 5, 2025 /PRNewswire/ -- Gretchen Watkins, President, Shell USA since July 1, 2018, will step down, effective July 31, 2025, after seven years in role. Colette Hirstius, currently Executive Vice President, Gulf of America, will take on the responsibility of President, Shell USA, in addition to her current role as Executive Vice President, Gulf of America, effective August 1, 2025. Wael Sawan, Chief Executive Officer, Shell, said: "I would like to thank Gretchen for her service [Read more]
Power Up: OPEC+ rolls out the barrels
(Power Up is published on Mondays and Thursdays. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.) May 5 - By Liz Hampton U.S. energy markets editor Hello Power Up readers! Oil futures are down more than 1% today after the Organization of the Petroleum Exporting Countries and allies decided to speed up oil output hikes. This comes after Brent shed more than 8% last week, and U.S. West Texas Intermediate (WTI) fell by 7.5% [Read more]
Commonwealth LNG signs 20-year supply deal with major Asian buyer
Commonwealth LNG announced on Monday that it has signed a Sale and Purchase Agreement with a major Asian energy company. Under the 20-year agreement, the buyer will purchase 1 million tonnes per annum (mtpa) of liquefied natural gas (LNG) from Commonwealth's planned 9.5 mtpa facility in Cameron, Louisiana, the company said. Last week, Reuters reported that Malaysian state-owned oil and gas firm Petroliam Nasional, or Petronas, was in talks with Commonwealth LNG to buy liquefied natural [Read more]
Receivership Sale: Long Run Exploration Ltd.
On March 5, 2025, pursuant to section 12(2) of the Judicature Act, RSA 2000, c J-2, section 99(a) of the Business Corporations Act, RSA 2000, c B-9 and section 106.1 of the Oil and Gas Conservation Act, RSA 2000, c O-6, further to an order application by the Orphan Well Association (“OWA”), PricewaterhouseCoopers Inc. LIT was appointed as Receiver and manager (the “Receiver”) of Long Run Exploration Ltd. (“Long Run” or the “Company”). Sayer Energy Advisors has been engaged to assist the Receiver [Read more]
Energy projects occupy less than three per cent of Alberta’s oil sands region, report says
‘Much of the habitat across the region is in good condition’ By Will Gibson The footprint of energy development continues to occupy less than three per cent of Alberta’s oil sands region, according to a report by the Alberta Biodiversity Monitoring Institute (ABMI). As of 2021, energy projects impacted just 2.6 per cent of the oil sands region, which encompasses about 142,000 square kilometers of boreal forest in northern Alberta, an area nearly the size of Montana. “There’s a mistaken [Read more]
The heart of the US oil boom is slowing
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Robert Cyran NEW YORK, May 5 (Reuters Breakingviews) - Oil fields are just as quick to make fortunes as break them. The 1901 Spindletop gusher in Texas jumpstarted the petroleum age, crashing oil prices. A mere two years later, over-extraction drove the field into decline. Sure, today’s industry is far larger and more sophisticated. But even in the mighty Permian Basin, which turned the United States [Read more]
Saudi Arabia raises Arab Light June OSP for Asia
Saudi Arabia, the world's top oil exporter, increased its prices for Asian buyers despite crude prices falling on Monday after producer group OPEC+ over the weekend agreed another accelerated boost to output. State oil company Saudi Aramco raised the June official selling price for its flagship Arab Light crude by $0.20 to $1.40 a barrel above the average of Oman and Dubai prices, a pricing document from the producer showed. The price increase follows two months of consecutive decreases [Read more]
Sunoco to buy Parkland in $9 billion deal in Americas fuel supplier consolidation
Sunoco LP will buy Canada-based Parkland in a deal valued at about $9.1 billion, including debt, the U.S. fuel supplier said on Monday, in a move the companies said would create the largest independent fuel distributor in the Americas. The deal follows Parkland's strategic review, initiated in March, following persistent pressure from Simpson Oil, Parkland's largest shareholder with a nearly 20% stake, and supported by activist investor Engine Capital. Simpson Oil did not immediately [Read more]
Parkland Corporation to be Acquired by Sunoco LP
CALGARY, AB, May 5, 2025 /CNW/ - Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") announced today that they have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately U.S.$9.1 billion, including assumed debt (the "Transaction"). "This strategic combination is a compelling outcome for Parkland shareholders," said Michael [Read more]
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