Oil

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…

Enterprise Product Partners LP has $3.6 billion of assets scheduled to begin commercial operations this year to expand natural gas, liquids and crude oil systems across the United States, with almost $2 billion more rolling off the boards through 2025, executives said Wednesday. Co-CEOs Jim Teague and Randy Fowler shared a microphone with the executive…

U.S. oil producers remained active through January, with output last week holding at a pandemic-era high as it did across the month and in late 2022. The U.S. Energy Information Administration (EIA) said Wednesday production for the period ended Jan. 27 stood at 12.2 million b/d – on par with the prior week and the…

The global natural gas and oil exploration sector had its strongest year in 2022 in a decade as national oil companies and majors focused on taking advantage of what might be a short-term window of opportunity. The sector created some $33 billion of value at $60/bbl Brent prices last year, according to a report from…

After the city moved last month to ban new oil and natural gas drilling within its borders, the Los Angeles County board has followed suit, banning new drilling activity beginning this month.  County officials unanimously voted to adopt an ordinance amending the zoning law, banning any new oil and gas wells or production facilities in…

The legacy Permian Basin operations guided Chevron Corp. to record U.S. production in 2022, with natural gas and oil output from the play rising 16%. CEO Mike Wirth led a conference call last week with the executive team to discuss fourth quarter and full-year performance.  “We delivered record earnings and cash flow in 2022, while…

ExxonMobil leaned in when some competitors leaned out, and the supermajor has used the advantage to capture the upside, CEO Darren Woods said Tuesday. Woods and his executive team shared 4Q2022 and full-year results during a wide-ranging conference call.  “Our results clearly benefited from a favorable market,” Woods told investors. “But to take full advantage…

A private equity (PE)-backed oil and gas partnership formed last year has secured about $600 million in additional capital commitments to acquire and develop drilling opportunities in the Permian Basin. EnCap Investments LP, Double Eagle Energy Holdings IV and Tumbleweed Royalty IV LLC on Sunday announced a “successful equity commitment upsize” to $2.3 billion, and…

Texas produced 11.2 Tcf of natural gas last year, a new record, according to the Texas Independent Producers and Royalty Owners Association (TIPRO). Natural gas production in Texas dwarfed other states. Pennsylvania at 7.6 Tcf was the second highest producer in 2022, followed by Alaska (3.6 Tcf), Louisiana (3.6 Tcf) and Oklahoma (2.7 Tcf). In…