Oil

Saudi Arabia’s state-owned oil and gas company is raising its capital spending, but whether it increases production is another story despite record profits in the first quarter. Unlike most of its oil and gas peers, Saudi Arabian Oil Co., aka Aramco, plans to increase this year’s capital expenditures to $40-50 billion from nearly $32 billion…

U.S. producers boosted output back up to the 2022 peak, but domestic demand also accelerated last week and is expected to continue climbing as Americans increase travel during the summer months. The U.S. Energy Information Administration (EIA) said Wednesday production for the period ended May 13 totaled 11.9 million b/d, up by 100,000 b/d from…

Project Canary announced in early May it has produced a measure for the impact from oil and natural gas operations on local water supplies in a study published alongside Colorado State University (CSU). The Denver-based independent natural gas certifier’s Fresh Water Replacement Ration (FR2) has already been applied to some of Project Canary’s partners’ responsibly…

While reporting a strong first three months to the year, Suncor Energy Inc. management made a vow to keep its refineries and service stations despite a request by an activist investor to sell the national network. “We think we have the best downstream business in North America, and we think it’s important that it stays…

Magnolia Oil and Gas Corp. may be at the beginning of a year-long surge in production growth after a strong showing in the first three months of the year in the Eagle Ford Shale and Austin Chalk formation. The Houston-based independent previously launched development programs for parts of its South Texas assets, including the Giddings…

Ovintiv Inc. is exploring options to increase the exposure of its multi-basin upstream portfolio to a dynamic global natural gas market, CEO Brendan McCracken said.  The Denver-based independent works in numerous onshore plays throughout North America, including in the Montney Shale, Anadarko Basin, Permian Basin, Bakken Shale and Uinta Basin. On a call to discuss…

Brent crude oil prices are on track to average $107/bbl in the second quarter and $103 in the second half of this year, with low inventories creating the potential for “significant price volatility,” according to the latest projections from the Energy Information Administration (EIA). Brent spot prices averaged $105 in April, a $13 sequential decrease,…

After reaching 2022 highs in April, U.S. oil producers posted a modest decline in activity last week, while demand also ticked down amid high prices, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the period ended May 6 totaled 11.8 million b/d, according to EIA’s latest Weekly Petroleum Status Report. That was down…

Calfrac Well Services Ltd. put its Russian oil and gas field branch up for sale Tuesday after suspending operations in March after the country invaded Ukraine. The Calgary firm disclosed a book value of $58.8 million and liabilities of $13.9 million for its Russian assets but did not predict a sale price. Calfrac’s Russian operations…