Oil

Natural gas and oil industry executives across Texas, northern Louisiana, and southern New Mexico expect a Henry Hub natural gas price of $7.55/MMBtu and a West Texas Intermediate (WTI) oil price of $108/bbl by the end of this year, according to the Federal Reserve Bank of Dallas. The Dallas Fed, as it is known, obtained…

While investments in the global energy industry are expected to jump 8% from 2021 to 2022, investments in fossil fuels have not returned to pre-pandemic levels, according to the International Energy Agency (IEA). Investments in upstream oil and natural gas activities are projected to rise 10% year/year in 2022, but are likely to fall short…

Domestic crude output reached a new high for the year as producers continue to gradually ramp up to meet summer demand, the U.S. Energy Information Administration (EIA) reported Wednesday. Production climbed to 12.1 million b/d for the week ended June 24, up 100,000 b/d week/week, according to the EIA’s Weekly Petroleum Status Report (WSPR). Exploration…

Leaders of the Group of Seven (G7) nations on Tuesday culminated a three-day summit emphasizing they were united in a commitment to back Ukraine for “as long as it takes” to expel Russia, though they stopped short of finalizing the centerpiece of new sanctions that would cap prices on Kremlin-backed oil. Members of the consortium…

The U.S. Energy Information Administration (EIA) said it would report two weeks’ worth of petroleum supply/demand data on Wednesday following a burst in power that damaged the agency’s hardware and forced the postponement of several reports. EIA said early Tuesday that it would publish its Weekly Petroleum Status Report (WSPR) at its regularly scheduled time…

A growth cycle is underway for the global natural gas and oil industry, with the offshore looking particularly inviting, according to Schlumberger Ltd. CEO Olivier Le Peuch. As the world’s largest oilfield services (OFS) company, Schlumberger is attuned to the needs of its exploration and production (E&P) customers, which have begun pouring into the offshore,…

The search for lithium, a key ingredient used to build batteries for electric vehicles, is underway by Imperial Oil Ltd. and E3 Lithium, which are piloting an Alberta development in a well first drilled by the Calgary producer in 1947. Imperial, majority owned by ExxonMobil, said Thursday the C$6.35 million ($5 million) investment in Calgary-based…

Exploration and production (E&P) operators in the U.S. onshore are ramping up drilling activity, particularly in the Permian Basin, to offset the shrinking drilled but uncompleted (DUC) well inventory, according to ESAI Energy LLC. Crude oil prices topping $100/bbl “have incentivized more rigs, especially from private companies, and the diminishing inventory of DUCs means more…

Double Eagle Energy has secured private equity (PE) funding of $1.7 billion-plus to pursue upstream opportunities in the Permian Basin through two new entities. In partnership with EnCap Investments LP, Double Eagle has formed Double Eagle Energy Holdings IV LLC and Tumbleweed Royalty IV LLC. The plan is for Double Eagle IV to invest in…