Inflation

OPEC Downgrades Crude Demand Outlook; IEA Says Gas-to-Oil Switching Impacts Forecast

OPEC Downgrades Crude Demand Outlook; IEA Says Gas-to-Oil Switching Impacts Forecast

Oil demand shows signs of waning as the global economy slows, bringing the world crude market close to balance, OPEC officials said Thursday in a new outlook. The Saudi Arabia-led cartel cut its world oil demand outlook by 260,000 b/d from an earlier forecast to about 100 million b/d for 2022. It held its expectation…

August 11, 2022
Why Is Inflation Reduction Act a Big Deal for Natural Gas, Oil Industries?

Why Is Inflation Reduction Act a Big Deal for Natural Gas, Oil Industries?

The U.S. Senate on Sunday passed a massive spending bill that would invest hundreds of billions of dollars to reshape the energy sector and try to slow climate change, creating far-reaching implications for oil and natural gas, as well as the economy broadly. The Inflation Reduction Act includes an estimated $370 billion over 10 years…

August 8, 2022
Pioneer’s Sheffield Sees ‘More Upside than Downside’ for Oil Prices

Pioneer’s Sheffield Sees ‘More Upside than Downside’ for Oil Prices

Pioneer Natural Resources Co. CEO Scott Sheffield said Wednesday he is optimistic “that the oil price is going to continue to march forward, with probably more upside than downside.” The always-candid executive hosted a conference call to discuss second quarter earnings for Irving, TX-based Pioneer, the largest producer in the Permian Basin.  “Demand’s coming back…

August 4, 2022
CNX Increases Spending to Stay Ahead of Inflation

CNX Increases Spending to Stay Ahead of Inflation

CNX Resources Corp. will increase this year’s capital expenditures (capex) as it battles through inflationary pressures and works to keep its operations stable heading into next year. The Appalachian pure-play is now guiding for a 2022 capex range of $550-590 million, up $70 million at the midpoint from its previous forecast.  “We are planning to…

August 1, 2022
Canadian, U.S. Energy Leaders Warn Strict Environmental Policies Contributing to Inflation

Canadian, U.S. Energy Leaders Warn Strict Environmental Policies Contributing to Inflation

Canadian oil and gas leaders and a former U.S. ambassador warned Monday that inflationary pressure and volatile energy markets impacting North America and Europe are directly related to restrictive environmental policies. “The influence of energy is so large it’s difficult to comprehend,” Alberta industry elder statesman Mac Van Wielingen said Monday during the Pacific NorthWest…

July 26, 2022
Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Permian Pure-Play Laredo Sees Diesel, Chemical Costs as Wildcards

Laredo Petroleum Inc. has locked in pricing for most of its oilfield services operations through the rest of this year to counter inflation, but costs for the diesel fuel and chemicals needed to sustain them remain harder to predict. “We worked with our service partners to lock in 85% of expected drilling, completions, equipment and…

May 20, 2022
NOV Navigating Inflation, Messy Supply Chains, but Energy Upcycle Seen ‘Lasting A While’

NOV Navigating Inflation, Messy Supply Chains, but Energy Upcycle Seen ‘Lasting A While’

More demand for oil and gas equipment has put oilfield technology expert NOV Inc. in a sweet spot for 2022, with the bitter sting of rising costs and broad supply chain issues likely to continue for some time, according to the management team. CEO Clay Williams held the microphone to discuss 1Q2022 results and the…

May 5, 2022
Coterra CEO Says Government, Investors Must Do More to Encourage Production Growth

Coterra CEO Says Government, Investors Must Do More to Encourage Production Growth

Coterra Energy Inc.’s CEO Thomas Jorden called for the government and investors to provide the proper signals in response to an energy crisis “unlike anything the world has seen in almost 50 years.” In order for the U.S exploration and production (E&P) sector to “respond with increased U.S. supply, we need well-thought-out regulation and policies…

May 4, 2022
Permian-Focused Ring Energy Exceeds 1Q Production Guidance

Permian-Focused Ring Energy Exceeds 1Q Production Guidance

Ring Energy Inc. is off to a strong start to the year, drilling six Permian Basin wells during the first quarter and placing four new wells into production, the independent exploration and production (E&P) company reported. “Our operations teams continue to perform efficiently and effectively maintaining our base production and bringing on new development wells…

April 29, 2022
Recessionary Headwinds Gather Force, Possibly Curtailing Natural Gas, Oil Demand

Recessionary Headwinds Gather Force, Possibly Curtailing Natural Gas, Oil Demand

Fresh global recession fears have emerged amid intensifying inflation, rising interest rates and the specter of new pandemic-driven lockdowns in China that could further disrupt supply chains. A downturn could diminish demand for oil and natural gas after a robust start to 2022 fueled energy market rallies. Most recently, Chinese officials in Beijing on Monday…

April 26, 2022
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