Williams continues to see strong demand for natural gas services on its midstream assets despite the higher price environment, with another record quarter of gathering and transmission volumes driving an increase in earnings guidance for 2021. CEO Alan Armstrong said he was surprised at how inelastic demand for natural gas was during the third quarter,…
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Articles from NGL
Global Oil, Natural Gas Demand Strong into ‘Foreseeable Future,’ Says Aramco CEO
The Saudi Arabian Oil Co., better known as Aramco, recorded a substantial increase in profits during the third quarter on rebounding global energy demand, which is likely to “remain healthy for the foreseeable future,” CEO Amin H. Nasser said. Higher oil volumes sales and prices, combined with stronger refining and chemicals margins, were underpinned by…
CNX Defends Strategy Following Big 3Q Hedging Loss
CNX Resources Corp. took a big loss on its hedge book during the third quarter, but management defended its strategy and pointed to consistent returns for shareholders during the period when other results surpassed expectations. The company reported a $1.5 billion loss on derivatives. Its projections also show it losing more in the months ahead…
Soaring Natural Gas, Oil Prices Fuel Chevron’s Free Cash Flow to Record Level
Chevron Corp. said it reaped big benefits from surging natural gas and crude prices in the third quarter, bolstering free cash flow (FCF) and paying down debt while positioning the company to further increase production. The San Ramon, CA-based integrated major produced $6.7 billion in free cash flow in the quarter, more than at any…
ExxonMobil Boosts Potential for Guyana’s Offshore Stabroek Oil, Gas Block to 10 Billion Boe
The Stabroek block offshore Guyana holds substantially more discovered oil and natural gas recoverable resource potential, with ExxonMobil notching it 1 billion boe higher from June to 10 billion boe. The updated resource estimate includes a discovery at the Cataback-1 well, the supermajor said. That brings the total significant discoveries in Stabroek to more than…
BP Riding to Higher Offshore Oil, Gas Output with Thunder Horse Expansion
BP plc’s largest production and drilling platform in the Gulf of Mexico (GOM), Thunder Horse, has ramped up an expansion project to boost deepwater output by up to 25,000 boe/d. The Thunder Horse South Expansion Phase 2 project, with an initial two-well tie-back, added a subsea drill center roughly two miles from the main platform,…
U.S. Propane Prices Spike as Europe, Asia Compete for Tight Supplies
Wholesale propane prices at the main U.S. natural gas liquids (NGL) hub have reached their highest level in more than seven years amid tight global supply and strong demand, according to the latest government figures. The Energy Information Administration (EIA) said wholesale propane prices at Mont Belvieu, TX, increased to an average of $1.33/gal during…
Top Global Oil, Natural Gas Producers Set Bigger Targets to Cut Carbon, Methane Intensity
A dozen of the world’s largest oil and natural gas producers, whose goal when they came together was to cut emissions from their upstream businesses, have increased the targets for methane and carbon to 2025. The CEO-led Oil and Gas Climate Initiative (OGCI), launched in 2014, said Tuesday it has set more stringent targets to…
ConocoPhillips Vows to Sweeten Returns, Reduce Carbon in Buying Shell’s Permian Leasehold
Strike while the iron is hot, ConocoPhillips CEO Ryan Lance said Tuesday of the decision to pay $9.5 billion for Royal Dutch Shell plc’s Permian Basin portfolio. The world’s largest exploration and production (E&P) company late Monday agreed to buy Shell’s West Texas portfolio, spread across 225,000 net acres of private land in the Delaware…
Oil Patch Spurs Rise in Domestic Drilling as Natural Gas Rig Count Eases Lower
The U.S. natural gas rig count eased one unit lower to make it an even 100 for the week ended Friday (Sept. 17), while higher drilling totals in the oil patch saw the overall domestic tally climb sharply for the period, the latest figures from Baker Hughes Co. (BKR) show. A 10-rig increase in oil-directed…