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U.S. Crude Inventories Rise Again Alongside Production; Travel Fuel Demand Declines

U.S. Crude Inventories Rise Again Alongside Production; Travel Fuel Demand Declines

Domestic oil stocks increased for a third straight week as producers held output at elevated levels – at least by 2021 standards — while high prices curbed gasoline and jet fuel demand. The U.S. Energy Information Administration (EIA) said Wednesday crude inventories for the week ended Nov. 5, excluding those in the Strategic Petroleum Reserve…

November 10, 2021
Alliance Natural Gas Increasingly Looking to Gulf Coast LNG Export Markets, Says Pembina

Alliance Natural Gas Increasingly Looking to Gulf Coast LNG Export Markets, Says Pembina

A recent open season for short-term natural gas capacity on the Alliance Pipeline was “nearly three times oversubscribed,” and the system is now fully contracted for 2022, according to Pembina Pipeline Corp. CEO Michael Dilger discussed third quarter results during a recent earnings conference call and offered some insight into 2022 expectations.  Alliance over the…

November 10, 2021
Colgate Bolts On Acreage in Permian Delaware for $190M

Colgate Bolts On Acreage in Permian Delaware for $190M

Private-equity backed Colgate Energy Partners III LLC is adding to its arsenal in the Permian Basin of New Mexico in a $190 million deal with an undisclosed seller. The 22,000 net acres “directly offset” the Midland, TX-based producer’s position in the Parkway area of New Mexico’s Eddy and Lea counties, the management team.  “Building on…

November 10, 2021
U.S. Energy Services Sector Adds 17,000-Plus Jobs, Led by Texas and Louisiana

U.S. Energy Services Sector Adds 17,000-Plus Jobs, Led by Texas and Louisiana

The U.S. energy technology and services sector added more than 17,000 positions from August through October, the Houston-based Energy Workforce & Technology Council reported last week. More than one-third of the new jobs in the three-month period — an estimated 6,051 positions — were added in October, marking the eighth straight monthly increase, the Council…

November 9, 2021
EOG Eyeing ‘Incredible Value’ for LNG Exports from Permian, Eagle Ford and Dorado

EOG Eyeing ‘Incredible Value’ for LNG Exports from Permian, Eagle Ford and Dorado

Houston-based EOG Resources Inc., one of the Lower 48’s biggest oil and natural gas producers, is looking to give back to shareholders instead of boosting volumes, with discipline still the mantra going into 2022. The independent delivered better-than-expected natural gas, oil and liquids production during 3Q2021, along with sharply higher profits, CEO Ezra Yacob said…

November 8, 2021
Domestic Oil Stocks Gain Ground as Production Ticks Up; OPEC-Plus Weighs Output Bump

Domestic Oil Stocks Gain Ground as Production Ticks Up; OPEC-Plus Weighs Output Bump

U.S. crude inventories increased last week as producers boosted supplies and demand only nudged ahead amid lofty fuel prices that kept consumption in check, albeit at solid levels. It marked the second consecutive weekly increase in stockpiles.  The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 29, excluding those…

November 3, 2021
Williams Gathering Volumes Hit Record, as Natural Gas Demand Drives Northeast Expansions

Williams Gathering Volumes Hit Record, as Natural Gas Demand Drives Northeast Expansions

Williams continues to see strong demand for natural gas services on its midstream assets despite the higher price environment, with another record quarter of gathering and transmission volumes driving an increase in earnings guidance for 2021. CEO Alan Armstrong said he was surprised at how inelastic demand for natural gas was during the third quarter,…

November 2, 2021
Top-of-The-Line U.S. Drilling Equipment ‘Essentially Sold Out,’ Says Patterson-UTI Chief

Top-of-The-Line U.S. Drilling Equipment ‘Essentially Sold Out,’ Says Patterson-UTI Chief

With U.S. oil prices likely to remain above $70/bbl in the near term, expect to see a lot more Lower 48 drilling activity into 2022, according to Patterson-UTI Energy Inc.  CEO Andy Hendricks helmed a conference call to discuss third quarter results and the outlook for the Houston-based oilfield services operator. He said there’s little…

November 2, 2021
BP Gains on Natural Gas Trading, Forecasts Tight Supply Through Winter

BP Gains on Natural Gas Trading, Forecasts Tight Supply Through Winter

Global natural gas markets are likely to remain tight through the winter, with oil prices continuing to climb as well, BP plc executives predicted on Tuesday. CEO Bernard Looney was joined in a conference call by CFO Murray Auchincloss to discuss the London-based integrated energy major’s third quarter results and the near-term outlook.  “It was…

November 2, 2021
Suncor Sees ‘Significantly Improved’ Oilsands, Offshore Markets Heading into 2022

Suncor Sees ‘Significantly Improved’ Oilsands, Offshore Markets Heading into 2022

Calgary-based Suncor Energy Inc.’s upstream production during the third quarter climbed from a year ago on strong performance from its oilsands portfolio. Total production rose to 698,000 boe/d from 616,200 boe/d in 3Q2020, propelled by the northern Alberta facilities, where 91% of the upstream output originates at mines and in-situ underground extraction plants.  “We continue…

November 2, 2021