Each week, XI Technologies scans its unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you’d like to receive our Word to the Wise in your inbox, subscribe here. Last week, XI Technologies published an overview of the Canadian portion of the Bakken formation, looking at the production, liabilities, and emissions in the area. This week, we’ll look at drilling activity in the area. This follows similar [Read more]
Headlines
Equinor fourth quarter and full year 2022 results
Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted earnings* of USD 15.1 billion and USD 5.80 billion after tax in the fourth quarter of 2022. Net operating income was USD 16.6 billion and net income was USD 7.90 billion. The fourth quarter and full year were characterised by: Solid operational performance, contributing to energy security. Strong adjusted earnings*. High value creation from marketing and trading. Strong cash flow, further strengthening of balance sheet. Cost [Read more]
Big Oil doubles profits in blockbuster 2022
Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia's invasion of Ukraine reshaped global energy markets and, in some cases, the industry's climate ambitions. The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply. The combined $219 billion in profits allowed BP, [Read more]
U.S. natgas futures slide 2% on rising output, lower LNG exports
U.S. natural gas futures lost about 2% on Wednesday on a slow rise in output as warmer weather thaws frozen oil and gas wells, liquefied natural gas (LNG) exports decline and on forecasts for mostly mild weather to keep heating demand low through late February. That price decline came despite a growing belief in the market that Freeport LNG's export plant in Texas would start pulling in more gas in coming weeks to produce LNG for export. Many analysts, however, do not expect Freeport to [Read more]
Western Canada Select discount tightens to less than $20/bbl
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) narrowed on Tuesday to less than $20 a barrel: * WCS for March delivery in Hardisty, Alberta, traded between $19.60 and $18.75 a barrel below WTI, according to brokerage CalRock, strengthening from Monday, when it traded between $21.80 and $20.00 a barrel under the benchmark. * The ARC Energy Research Institute said that was the tightest differential since September last year. * Canadian heavy [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Feb. 7 Journeyperson Electrician Strike Group Saskatoon Feb. 7 Apprentice Electrician Strike Group Saskatoon Feb. 7 Plant Operator - Fort McMurray, [Read more]
U.S. crude output to rise in 2023, while demand to stay flat -EIA
U.S. crude production will rise in 2023 even as demand flattens, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short Term Energy Outlook. EIA's latest forecast calls for crude oil production to rise by 590,000 barrels per day, to 12.49 million barrels per day (bpd) in 2023, and by another 160,000 barrels to 12.65 million bpd next year. The gains still mark a slowdown in volume growth, which has been constrained by rising costs, dwindling reserves and pressures [Read more]
U.S. natgas output to hit record high in 2023, demand to fall
U.S. natural gas production will rise to a record high in 2023, while demand will fall, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise to 100.27 billion cubic feet per day (bcfd) in 2023 and 101.68 bcfd in 2024 from a record 98.09 bcfd in 2022. The agency also projected domestic gas consumption would fall to 87.04 bcfd in 2023 and 86.10 bcfd in 2024 from a record 88.63 bcfd in 2022. If [Read more]
Oilsands veteran Mike Macsween to join board of McKay Métis Group – Adds Decades of Oilsands Experience
FORT McKAY, AB - The McKay Métis Group (MMG) is pleased to announce the appointment of Mike Macsween to its board of directors. This appointment signals the next phase of MMG's growth strategy. Mike MacSween retired from Suncor Energy in 2022. Previously, he held the position of Suncor's Executive Vice President of Upstream since 2017. He led Suncor's oil sands, in situ, and exploration and production assets. Since joining Suncor in 1996, Mike held a variety of leadership roles, including [Read more]
U.S. natgas futures jump 5% with output slow to return, profit taking
U.S. natural gas futures jumped about 5% to a one-week high on Tuesday as short sellers took profits for a second day after prices last week fell to a 25-month low and as output remains lower than last month following recent extreme cold that froze oil and gas wells in several producing basins. Also supporting prices was a growing belief that Freeport LNG's export plant in Texas was on track to start pulling in a lot more gas in coming weeks once it starts producing liquefied natural gas [Read more]