Oil

Refineries and service stations stood out as Suncor Energy Inc.’s 2021 profits champion, even with strong gains from oilsands production and higher commodity prices, the Calgary-based producer said.  Northern Alberta mining and extraction operations only took over the lead in Suncor ledgers as oil prices climbed in late 2021, according to the fourth quarter results.…

The supply chain disruptions that began to trickle into the oil and gas world with the emergence of Covid-19 are not ending anytime soon and in fact could get worse, according to NOV Inc. CEO Clay Williams, as is his usual bent, offered a no-holds barred assessment of the oilfield services (OFS) industry during a…

Citing robust demand and fading pandemic worries, an alliance of major oil producing countries agreed on Wednesday to extend production increases into March. Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said they aim to boost output by 400,000 b/d…

Refining heavyweight Valero Energy Corp. ended 2021 with gasoline demand at pre-pandemic levels and diesel demand higher than pre-pandemic levels across its system, CEO Joe Gorder said Thursday. “We also saw a significant jet fuel recovery as domestic and international travel opened up, increasing from approximately 60% of pre-pandemic levels at the beginning of the…

The Lone Star State’s exploration and production (E&P) economy enjoyed a year of recovery in 2021 on the heels of nearly two years of contraction, according to the latest Texas Petro Index (TPI). The TPI, created by petroleum economist Karr Ingham of the Texas Alliance of Energy Producers (TAEP), measures growth rates and cycles of…

With demand rising in the United States and forecasts calling for robust increases in crude consumption globally through 2022, more analysts are betting that oil prices this year could exceed $100/bbl. Bank of America (BofA) and Morgan Stanley analysts both said they expect Brent crude, the international benchmark, to reach triple digits in 2022, as…

A steady recovery in global energy demand, combined with tighter natural gas and oil supplies,  are creating favorable conditions for activity in the year ahead, Schlumberger Ltd. CEO Olivier Le Peuch said Friday. The largest oilfield services (OFS) company in the world unveiled its strong fourth quarter results, with Le Peuch detailing the outlook and…

Even as the Omicron variant of the coronavirus spreads rapidly and threatens to at least stall travel and economic activity, forecasters are sticking to bullish expectations for demand in the year ahead while eyeing potential supply challenges. Brent crude, the international benchmark for oil prices, eclipsed $88/bbl in Wednesday trading, reaching a high last seen…

Natural gas and oil producers in the United States are likely to increase their overall capital spending this year as they face a supply chain squeeze, labor issues and higher prices for services, but the mantra to remain disciplined has not changed.