Oil

The U.S. oil and natural gas industry need not fear a federal drilling ban — for now — but royalty rates may be hiked for the first time in a century and leasing terms could be tightened based on an analysis by the Department of Interior. After taking office in January, President Biden issued Executive…

The U.S. exploration sector delivered its fourth straight quarter of outperformance in 3Q2021, setting the sector up for what should be solid growth in 2022, according to energy prognosticators. Solid cash flow by the domestic exploration and production (E&P) companies was accelerated by the high commodity prices. However, the three-month period also represented a “stabilized…

Reinvestment rates by Lower 48 oil and natural gas producers hit an all-time low in the third quarter while free cash flow (FCF) hit a record high, according to new analysis by Rystad Energy. The Oslo-based consultancy examined 21 publicly listed U.S. oil producers, excluding the majors, that together account for 40% of expected 2021…

With gasoline prices recently hovering near multi-year highs and crude production lagging demand in 2021, President Biden on Tuesday said his administration would tap the Strategic Petroleum Reserve (SPR) as part of a broader international move to boost supply and curb costs at the pump. The United States is coordinating the release along with similar…

President Biden, joined by Canadian Prime Minister Justin Trudeau and Mexico President Andrés Manuel López Obrador on Thursday pledged to create a “North American strategy on methane and black carbon” during a trilateral summit this week in Washington, DC. The strategy will aim “to reduce methane emissions from all sectors, especially oil and gas,” the…

Led by growth out of the Haynesville Shale, natural gas production from seven key U.S. onshore regions is set to climb from November to December, according to updated projections from the Energy Information Administration (EIA). Total natural gas production from the Anadarko, Appalachia and Permian basins, as well as from the Bakken, Eagle Ford, Haynesville…

A federal auction for oil and natural gas leases in the Gulf of Mexico (GOM) drew more participants and money than a year ago, but the Biden administration, under court order to hold the sale, pledged that changes still would be made. Lease Sale 257, the eighth offshore auction and first in a year, was…

U.S. oil stocks fell for the first time in four weeks as Americans shrugged off lofty prices and demand rose, the U.S. Energy Information Administration (EIA) said Wednesday. EIA said crude inventories for the week ended Nov. 12, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 2.1 million bbl from the previous week.…

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…