Oil

ConocoPhillips joined other exploration and production (E&P) companies in reporting rising earnings, thanks to geopolitical impacts to oil and gas prices, but management said it should move on “full value chain” opportunities in liquefied natural gas (LNG) to further enhance its gas business. The Houston-based independent, the world’s largest, has substantial global holdings in gas.…

American oil producers were active by 2022 standards last week. However, total output held flat for the third straight period and remained far below pre-pandemic levels, the U.S. Energy Information Administration (EIA) said Wednesday. Production for the week ending April 29 totaled 11.9 million b/d, according to EIA. That was on par with the high…

The European Union (EU), eager to distance itself from the Kremlin following its invasion of Ukraine, proposed Wednesday an embargo on Russian crude within six months. The measure, anticipated for weeks, would also cut off refined oil products from Russia by the end of 2022. EU members were debating the proposal Wednesday. It would follow…

Calgary-based oilsands giant Suncor Energy Inc. is facing pushback from activist investor Elliott Investment Management, which is calling for an overhaul of the board, management, operations and assets ahead of the May 10 annual meeting. A letter sent by Elliott to the board, along with a 45-page presentation posted on the internet, called Suncor a…

Growth in the Permian Basin, Guyana’s offshore and the global liquefied natural gas (LNG) market are gaining momentum, along with low-carbon opportunities, ExxonMobil CEO Darren Woods said last week. During the 1Q2022 conference call on Friday (April 29), Woods told investors that “recent events” have clarified the direction for oil and gas producers.  New investments…

For all the fear of lofty prices curbing demand, U.S. consumption of petroleum products rebounded for the week ended April 22 and producers maintained output at elevated levels by pandemic-era standards, the U.S. Energy Information Administration (EIA) said Wednesday. Demand climbed 4% week/week to 19.8 million b/d. It marked the second consecutive weekly gain after…

The White House on Tuesday restored three core elements of the National Environmental Policy Act (NEPA) that had been rolled back under the Trump administration, heralding tighter environmental scrutiny for energy projects during the federal review process. “The specific changes made by today’s ‘Phase 1’ rule restore longstanding provisions that were modified for the first…

Lofty energy prices, driven by steady demand and global supply shocks imposed by Russia’s invasion of Ukraine, present U.S. exploration and production (E&P) companies both profit opportunity and potential hazard. As the first quarter E&P earning season gets in full swing over the coming weeks, markets are expected to focus on whether companies are able…

U.S. oil production for the week ended April 15 climbed to 11.9 million b/d, setting a new highpoint for the year, the U.S. Energy Information Administration (EIA) said Wednesday. That marked a 100,000 b/d increase from the prior week and a notable bump from the level maintained through much of the first quarter, EIA’s latest…