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Oil Demand, Production Fall Under Pandemic’s Weight in Final Week of October, EIA Says

Oil Demand, Production Fall Under Pandemic’s Weight in Final Week of October, EIA Says

U.S. demand for fuels derived from crude oil declined last week as cases of the coronavirus mounted and travel decreased, the Energy Information Administration (EIA) said Wednesday. Overall demand fell 6% week/week and was 13% below year-earlier levels, EIA said in its Weekly Petroleum Status Report for the week ended Oct. 30. Driving the year/year…

November 4, 2020
Phillips 66 Sees Midstream Consolidation as ‘Likely to Happen’

Phillips 66 Sees Midstream Consolidation as ‘Likely to Happen’

After the recent flurry of mergers and acquisitions in the upstream space across North America, Phillips 66 thinks the midstream space is ripe for consolidation. The Houston-based management group discussed third quarter performance for the energy manufacturing and logistics firm during a conference call with analysts Friday. CFO Kevin Mitchell thinks the company could position…

November 2, 2020
Chevron Nears Ramp of One Gorgon LNG Train, Eyes Opportunities for Eastern Med Natural Gas

Chevron Nears Ramp of One Gorgon LNG Train, Eyes Opportunities for Eastern Med Natural Gas

Chevron Corp. continues to see lower demand for oil and natural gas from Covid-19, but it is focusing on what it can control, CEO Michael Wirth said. The San Ramon, CA-based major issued its third quarter results Friday, highlighting the completion of its takeover of Noble Energy Inc. and the startup of some alternative energy…

October 30, 2020
Matador Not Looking for Merger, but Any ‘Serious Offer’ Gets ‘Serious Consideration’

Matador Not Looking for Merger, but Any ‘Serious Offer’ Gets ‘Serious Consideration’

Dallas-based independent Matador Resources Co., in sync with its midstream affiliate, pulled out all stops in the third quarter by reducing costs at a record rate while it boosted its oil and natural gas production. The portfolio stretches across oil- and natural gas-rich basins of Louisiana and Texas, but operations primarily are directed to the…

October 28, 2020
Global Oil Production Costs Seen Down 35% Since 2014

Global Oil Production Costs Seen Down 35% Since 2014

Breakeven costs for all unsanctioned oil projects have fallen to around $50/bbl on average, down around 10% over the last two years and 35% since 2014.  With oil production less expensive to produce versus six years ago, the “clear cost savings winner” is offshore deepwater development, according to Rystad Energy’s latest assessment.  Rystad’s cost of…

October 21, 2020
E&P, OFS Earnings Season Likely Stronger, but Uncertainty on Covid

E&P, OFS Earnings Season Likely Stronger, but Uncertainty on Covid

Natural gas and oil operators are likely to report a return to normalcy — but not growth — when they unveil their third quarter results in the coming weeks, and demand forecasts may be hazy amid a historic hurricane season and the expanded wave of damaging Covid-19 infections.  Schlumberger Ltd., the world’s largest oilfield services…

October 20, 2020
U.S. Oil Inventories Decline Further, but Coronavirus Threats Lurk

U.S. Oil Inventories Decline Further, but Coronavirus Threats Lurk

Demand for petroleum products mounted early in October, cutting into U.S. inventories of crude and refined products, but a resurgence of the coronavirus pandemic across swaths of the Lower 48 and Europe threaten to thwart the trend and weigh down oil prices. Demand for fuel derived from oil was crushed earlier this year by the…

October 16, 2020
Diamondback’s Stice Cautions E&Ps to Hold Oil, Natural Gas Output Steady ‘Until Commodity Prices Recover’

Diamondback’s Stice Cautions E&Ps to Hold Oil, Natural Gas Output Steady ‘Until Commodity Prices Recover’

Permian Basin pure-play Diamondback Energy Inc. saw its oil and natural gas output bottom in the third quarter, and it is eyeing a slight increase through the end of the year — but not by much until  prices recover. Fourth quarter output is expected to meet a production target of 170,000-175,000 b/d of oil, CEO…

October 14, 2020
Natural Gas in Demand, but Response to Covid Crisis to Reshape Global Energy, Says IEA

Natural Gas in Demand, but Response to Covid Crisis to Reshape Global Energy, Says IEA

Amid the deep disruption and uncertainty caused by the Covid-19 pandemic, global energy demand is set to drop by 5% in 2020, with oil and gas investments falling by an estimated 18%, and the pain could linger into 2023 depending on whether the virus is controlled, according to the International Energy Agency (IEA). The global…

October 13, 2020
Oil Demand, Prices Unlikely to Hit Pre-Covid Levels Before 2022, Says Kansas City Fed Survey

Oil Demand, Prices Unlikely to Hit Pre-Covid Levels Before 2022, Says Kansas City Fed Survey

Oil demand and prices are unlikely to return to pre-Covid levels until 2022 or 2023, according to the latest quarterly energy survey conducted by the Federal Reserve Bank of Kansas City. The Kansas City Fed, as it is known, every quarter surveys current and expected energy activity across the Midcontinent, as well as expectations for…

October 12, 2020