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Is FTC Scrutiny of ExxonMobil, Pioneer Natural a Warning Sign? Sheffield Responds

Is FTC Scrutiny of ExxonMobil, Pioneer Natural a Warning Sign? Sheffield Responds

ExxonMobil on Friday clinched its $65 billion tie-up with Permian Basin heavyweight Pioneer Natural Resources Co., but the merger has not come without drama. The transaction, announced last October, moves ExxonMobil to the top of the heap in the Permian, with control of 1.4 million-plus net acres in the Delaware and Midland sub-basins. Estimated output…

May 6, 2024
OPEC-Plus Oil Cuts May Drive U.S. Associated Natural Gas Production Momentum, Dampen Prices

OPEC-Plus Oil Cuts May Drive U.S. Associated Natural Gas Production Momentum, Dampen Prices

OPEC-plus, the consortium of major oil producers led by Saudi Arabia, agreed to a substantial production cut late last week that could bolster prices and fuel more demand for Permian Basin crude. This, by extension, could drive continued lofty levels of associated natural gas from the prolific basin. Associated gas, produced alongside oil, contributed to…

December 5, 2023
Natural Gas Futures Rally Endures Amid LNG Strike Fears, War in Middle East, Solid Spot Prices

Natural Gas Futures Rally Endures Amid LNG Strike Fears, War in Middle East, Solid Spot Prices

Natural gas futures rallied for a fifth straight session Monday, powered by a tightening domestic market and global supply worries spawned by threats of an LNG worker strike and the sudden eruption of war in the Middle East, a key energy producing region. At A Glance: Front month gains 3.8 cents Global supply threats intensify…

October 9, 2023
U.S. Oil Production Flattens as Saudi Arabia, Russia Cut Output

U.S. Oil Production Flattens as Saudi Arabia, Russia Cut Output

U.S. exploration and production (E&P) firms kept crude output even last week amid an uncertain demand outlook and expectations for steep cuts to global supplies. E&Ps produced 12.2 million b/d for the week ended March 31, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) on Wednesday. The result was flat…

April 5, 2023
OPEC-Plus Oil Cuts Keep Pressure on European Natural Gas Prices – LNG Recap

OPEC-Plus Oil Cuts Keep Pressure on European Natural Gas Prices – LNG Recap

The surprise decision over the weekend by OPEC-plus countries to further cut crude production helped keep a rally in European natural gas prices alive as concerns over fuel supplies again bubbled up as the week got underway. The slump in natural gas prices amid a mild winter has made the fuel more competitive with oil…

April 3, 2023
Saudi Arabia, Allied Producers Announce Steep Oil Output Cuts; $110 Price Potential

Saudi Arabia, Allied Producers Announce Steep Oil Output Cuts; $110 Price Potential

Saudi Arabia said Sunday it would further scale back crude production by 500,000 b/d from May through the end of the year, leading a broader OPEC-plus effort to curb supplies and bolster prices. In total, the Saudi energy ministry said the group of producer countries would cut more than 1 million b/d. This would come…

April 3, 2023
U.S. Oil Production Returns to 2023 Peak Level; Demand Rises Despite Fresh Worries

U.S. Oil Production Returns to 2023 Peak Level; Demand Rises Despite Fresh Worries

Domestic crude production climbed back to the high mark of the pandemic era as U.S. consumption of petroleum products increased and mounting Chinese demand fueled global growth expectations. American exploration and production (E&P) firms boosted output by 100,000 b/d to 12.3 million b/d for the week ended March 17, according to the U.S. Energy Information…

March 22, 2023
U.S. Crude Production Steady But Off 2023 Peak; Russia Pulls Back

U.S. Crude Production Steady But Off 2023 Peak; Russia Pulls Back

American exploration and production firms’ (E&P) continued to drive oil output at strong levels over the last two weeks, though activity slipped from the highs of the year. E&Ps generated 12.2 million b/d for the week ended March 10, even with the prior week, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status…

March 15, 2023
American E&Ps Maintain Pandemic-Era Peak Oil Production; Inventories Mount

American E&Ps Maintain Pandemic-Era Peak Oil Production; Inventories Mount

U.S. crude output last week held at robust levels as American exploration and production (E&P) companies remained active to bolster domestic supplies and help meet global demand. E&Ps generated 12.3 million b/d for the week ended Feb. 24. That was on par with the highest level since March 2020, when the pandemic was declared. U.S.…

March 1, 2023
Russia Vows Oil Production Cuts, Compounding Natural Gas Retaliation Against Europe

Russia Vows Oil Production Cuts, Compounding Natural Gas Retaliation Against Europe

Russia said it would cut its roughly 10 million b/d oil production by 5% in retribution of Western sanctions amid the Kremlin’s nearly year-long war in Ukraine. The decision follows steps by Russia in 2022 to slash the bulk of natural gas exported via pipeline to the European Union (EU) – moves that hastened calls…

February 10, 2023
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