Oil

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,…

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…

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…

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…

The Saudi Arabian Oil Co., better known as Aramco, recorded a substantial increase in profits during the third quarter on rebounding global energy demand, which is likely to “remain healthy for the foreseeable future,” CEO Amin H. Nasser said. Higher oil volumes sales and prices, combined with stronger refining and chemicals margins, were underpinned by…

CNX Resources Corp. took a big loss on its hedge book during the third quarter, but management defended its strategy and pointed to consistent returns for shareholders during the period when other results surpassed expectations. The company reported a $1.5 billion loss on derivatives. Its projections also show it losing more in the months ahead…

Chevron Corp. said it reaped big benefits from surging natural gas and crude prices in the third quarter, bolstering free cash flow (FCF) and paying down debt while positioning the company to further increase production. The San Ramon, CA-based integrated major produced $6.7 billion in free cash flow in the quarter, more than at any…

Domestic oil stocks climbed while demand for gasoline and other fuels derived from crude slowed last week as Americans scaled back consumption following recent price surges. The U.S. Energy Information Administration (EIA) said Wednesday oil inventories for the week ended Oct. 22, excluding those in the Strategic Petroleum Reserve, increased by 4.3 million bbl from…

Crestwood Equity Partners LP said Tuesday it has agreed to pay $1.8 billion in equity and cash, including debt, for Oasis Midstream Partners LP, expanding its foothold in two of the Lower 48’s prized oil basins.  The deal expands Crestwood’s midstream footprint in the Williston Basin and the Permian Basin’s Delaware sub-basin. The firms said…