Oil

ExxonMobil is discontinuing operations and taking steps to exit the Sakhalin-1 oil and natural gas venture, which it operates with Russia’s state-owned Rosneft. In addition, no future investments in new Russian developments are planned in response to the unprovoked attack on Ukraine. The integrated major operates the Sakhalin-1 project with a 30% stake on behalf…

The energy industry on Tuesday continued its condemnation of Russia’s unprovoked invasion of Ukraine, with TotalEnergies SE joining BP plc, Equinor ASA and Shell plc in withdrawing capital for new projects. Shunning Russia has been nearly universal, with the western energy majors, some with large interests in the country, pulling back resources. ExxonMobil was one…

Plans for the Cedar liquefied natural gas (LNG) project in British Columbia, rising oil and natural gas prices, firming producer demand for deliveries, and other factors signal improved fortunes for Pembina Pipeline Corp., according to management. The Calgary-based company is “working very diligently” on its front end engineering and design work for Cedar LNG with…

Strong demand for oil and refined products, as well as the startup of a new diluent recovery unit (DRU), fueled earnings growth in 2021 for Gibson Energy Inc., a Calgary-based liquids processing, storage and marketing firm. Gibson started operations in December on the DRUbit, with the facility operating at or above its nameplate 50,000 b/d…

Calgary-based independent Whitecap Resources Inc. called 2021 a “transformational year” as rising oil and natural gas prices rewarded the corporate takeovers and asset purchases completed during the industry slump the previous year. Whitecap, which reports in Canadian dollars (C$1.00/U.S. 78 cents), said its nearly $2 billion in “strategic acquisitions,” which were completed “during the cyclical…

U.S. oil and natural gas leaders on Thursday pledged to support Ukraine in light of Russia’s unprovoked invasion, which roiled financial markets around the world. Russian troops invaded on multiple fronts, leading to volatile jolts to commodity prices. The attack, forewarned by Russian President Vladimir Putin for months, came on the heels of major sanctions…

Plains All American Pipeline LP said a rebound in oil demand and a corresponding jump in Permian Basin crude production bolstered its fourth quarter and full-year 2021 earnings, and the company expects continued momentum in the prolific region through this year and beyond. The Houston-based company’s management team told analysts that the Permian, where Plains…

At a time when oil prices are surging and global supply is struggling to meet fast recovering energy demand, ExxonMobil and its partners have added 220,000 b/d oil production capacity to their offshore Guyana project. Production has begun at the second offshore oil development at the prolific Stabroek block. The Liza Phase 2 development is…

U.S. petroleum demand continued to march higher last week and production held steady, leaving crude stockpiles far below historic averages, the Energy Information Administration (EIA) said Wednesday. Demand rose 4% week/week to average 22.7 million b/d during the week ended Feb. 11, according to the U.S. Energy Information Administration (EIA). The advance was aided by…