ExxonMobil’s natural gas, crude, power and petroleum products trading as of June 1 will become “one centralized trading organization for the whole corporation,” able to stand with any global competitor, CEO Darren Woods said Friday. The new Global Trading arm has been in the works in some form or fashion since 2018, Woods said during…
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Oil, Natural Gas Company Financial Chiefs Forecasting Continued Growth in 2023
Most of the top financial officers of oil and natural gas companies expect 2023 to bring increases to profitability as a result of post-Covid demand recovery and investors “warming to the industry,” according to a recent survey from BDO USA LLP. In the face of a potential economic downturn this year, energy companies are still…
Third-Party Issues Seen Challenging EQT Operations Into 2023
Supply chain issues, midstream constraints and adverse weather combined to curb EQT Corp.’s third quarter natural gas output and are likely to impact the company’s operations through the middle of next year, management said last week. “These third-party constraints, along with water restrictions due to drought conditions in parts of the [Appalachian] basin, negatively impacted…
EQT Forced to ‘Claw Back’ Natural Gas Production After Third Quarter Setbacks
Supply chain issues, midstream constraints and adverse weather combined to curb EQT Corp.’s third quarter natural gas output and are likely to impact the company’s operations through the middle of next year, management said Thursday. “These third-party constraints, along with water restrictions due to drought conditions in parts of the [Appalachian] basin, negatively impacted our…
Natural Gas, Oil Players Eyeing Lithium to Build ESG Cred
More than a new source of revenue, extracting lithium from produced water could allow natural gas and oil industry players to achieve environmental, social, and governance (ESG) goals, informed sources told NGI. The level of interest in lithium extraction produced water, aka brines, among exploration and production companies, oilfield services firms and others is “growing,”…
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…
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…
‘Too Many Constraints’ to Rapidly Boost Lower 48 Oil, Natural Gas Production, Experts Say
Lower 48 oil and natural gas production is on the rise, particularly in the Permian Basin, but shortages of labor, materials and equipment will prevent a rapid supply response to current market tightness, according to experts. The Biden administration has called on U.S. producers to ramp up supply in order to lower gasoline prices and…
North Dakota’s Oil, Gas Supply Chain Said ‘Badly Broken,’ Limiting Output Upside
North Dakota oil and natural gas producers are facing multiple roadblocks to increasing production amid a historically tight global oil market, the state’s top regulator said this week. Department of Mineral Resources (DMR) director Lynn Helms discussed the challenges, along with the state’s production, drilling, permitting and natural gas flaring statistics for January, in his…
U.S. Oil, Natural Gas Projects Said Likely to Face 10% Hike in Wages, Supply Chain Inflation to 2023
U.S. oil and natural gas projects are forecast to face higher costs going forward as wages rise along with supply chain inflation. The engineering, procurement, construction and installation (EPCI) segment may be the “first to record a double-digit percentage hike in costs,” according to a new analysis by Rystad Energy. Domestic EPCI costs, driven by…