Oil

Interest in the final oil and natural gas auction in the Gulf of Mexico for the year – and potentially the only one until 2025 – was strong on Wednesday, with the highest bid total since 2015. Following a series of delays because of lawsuits, the Interior Department’s Bureau of Ocean Energy Management (BOEM) held…

Privately held Fury Resources Inc. is acquiring publicly traded Permian Basin oil and gas producer Battalion Oil Corp. in a cash deal valued at about $450 million, the companies said Friday. The transaction, slated to close in early 2024, would see Fury acquire all outstanding shares of common stock in Battalion, which operates in the…

Occidental Petroleum Corp. (Oxy) has agreed to acquire privately held Permian Basin oil and natural gas producer CrownRock L.P. in a deal valued at roughly $12 billion. Oxy plans to finance the acquisition by incurring $9.1 billion in new debt, issuing about $1.7 billion of common equity and assuming CrownRock’s $1.2 billion of existing debt,…

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…

The Biden administration’s final revisions to the nation’s methane regulations, launched on Saturday, drew sharp criticism from energy trade groups, even as 50 of the world’s largest natural gas and oil producers pledged more emissions cuts. Long expected, the U.S. Environmental Protection Agency (EPA) final rulemaking revised the Clean Air Act (CAA) methane and volatile…

Alberta and Saskatchewan have secured a Canadian court victory, to turn back environmental challenges and support the petrochemicals sector, which is a top natural gas customer. Federal Court Justice Angela Furlanetto revoked as “unreasonable and unconstitutional” an April 2021 Canadian cabinet regulation that rated all petrochemical items as “toxic” and launched restrictions on popular product…

Production of associated natural gas – fuel produced in concert with oil – surged in the prolific Permian Basin over the past five years, supporting strong total supplies and, for much of this year, helping to keep U.S. prices in check. Associated gas produced from the top three oil plays in the Permian region –…

Calgary-based Precision Drilling Corp., whose oilfield expertise is concentrated in North America, is anticipating “a sustained period of elevated natural gas drilling activity” in advance of the sooner-than-later wave of LNG export facilities, both in Canada and the Lower 48. CEO Kevin Neveu discussed the third results and the forecast for the year ahead during…

Texas production of natural gas and oil reached all-time highs for the second month in a row in September, according to the latest monthly analysis by Texas Oil & Gas Association (TXOGA). Marketed natural gas production totaled 34.6 Bcf for the month, while oil production was 5.9 million bbl, according to the report prepared by…