Brent

U.S. natural gas prices are looking weaker over the longer term, despite the recent rally, and the crude oil outlook, at least for now, is waning as well, energy analysts said Monday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, could ramp up more oil to global markets “in the near future” to fill the gap from U.S. sanctions on Iran and the loss of Venezuela output, the Saudi Arabia energy minister said Friday.

The world’s markets were in a tailspin Friday following a referendum vote by Great Britain to leave the European Union (EU), with the oil and gas sector suffering collateral damage.

ExxonMobil Corp., Chevron Corp., BP plc, Royal Dutch Shell plc and their integrated peers are facing a world of pain as this year’s earnings contract by 20%, with only a modest recovery expected in 2016, Moody’s Investors Service said Wednesday.

The supply behind the global Brent crude oil benchmark is declining at the same time natural gas buyers are increasingly rejecting oil as the index for their natural gas trades.

The supply behind the global Brent crude oil benchmark is declining at the same time natural gas buyers are increasingly rejecting oil as the index for their natural gas trades.

U.S. natural gas production and prices will be higher in 2014, but overall consumption will remain flat at or near 70 Bcf/d, according to the Energy Information Administration (EIA) Short-Term Energy Outlook issued on Wednesday.

Brent J. Smolik, currently president of ConocoPhillips Canada, will take over as president of El Paso Exploration & Production Co. on Nov. 1, replacing Lisa Stewart, who resigned in August. Smolik earned a bachelor’s degree in petroleum engineering from Texas A&M University in 1983 and worked for ARCO as a drilling and reservoir engineer. In 1990, he joined Burlington Resources as a reservoir engineer and acquisition coordinator. He went on to hold engineering supervisory and management positions in the Denver, Offshore, San Juan and Gulf Coast Divisions. He then served as vice president, chief engineer in Houston until relocating to Calgary in 2004, where he became president of Burlington Resources Canada. Following the merger in March, he remained in Calgary and became president of ConocoPhillips Canada.

Brent J. Smolik, currently president of ConocoPhillips Canada, will take over as president of El Paso Exploration & Production Co. on Nov. 1, replacing Lisa Stewart, who resigned in August (see Daily GPI, Aug. 4). Smolik earned a bachelor’s degree in petroleum engineering from Texas A&M University in 1983 and worked for ARCO as a drilling and reservoir engineer. In 1990, he joined Burlington Resources as a reservoir engineer and acquisition coordinator. He went on to hold engineering supervisory and management positions in the Denver, Offshore, San Juan and Gulf Coast Divisions. He then served as vice president, chief engineer in Houston until relocating to Calgary in 2004, where he became president of Burlington Resources Canada. Following the merger in March, he remained in Calgary and became president of ConocoPhillips Canada.