Oil

Houston-based Marathon Oil Corp. will stick to its $1 billion capital expenditures (capex) budget in 2021 even if oil prices keep rising, according to management.  Assuming a $60/bbl West Texas Intermediate (WTI) oil price, the independent expects to generate $1.6 billion of free cash flow (FCF) this year, CEO Lee Tillman said during a call…

U.S. petroleum demand jumped along with a continued rise in gasoline consumption, while domestic oil production held even, according to the latest federal data. Overall petroleum demand for the period ended May 14 jumped 10% week/week, the U.S. Energy Information Administration (EIA) said Wednesday. Gasoline demand, up substantially this year, increased 5% week/week to 9.2…

Crescent Point Energy Corp. regained profitability and emerged as an unconventional natural gas producer during the first three months of this year. The Calgary producer predicted steady improvement for the rest of 2021 would result from the C$900 million ( $720 million) purchase in February of 500 square miles of liquids-rich Duvernay formation acreage from…

After multiple ownership changes and unsuccessful attempts to land overseas sales contracts since 2008, the first Canadian effort to pioneer entry into the global liquefied natural gas (LNG) trade is losing its last participant. Australian producer Woodside Petroleum Ltd. announced Monday it would exit Kitimat LNG (KLNG) following the March decision by senior operating partner…

The U.S. oil and natural gas sector could thrive with federal stimulus packages and with the resumption of fair trade worldwide, a top Federal Reserve Bank (Fed) executive said Tuesday in North Dakota. Fed President Neel Kashkari of the Minneapolis branch spoke at the Williston Basin Petroleum Conference. He discussed the Biden administration’s proposed stimulus…

The Port of Corpus Christi, a leading U.S. oil and natural gas export hub, has unveiled plans to explore green hydrogen production at its facilities in South Texas. Under a memorandum of understanding (MOU), the Corpus Christi port is partnering with finance giant Ares Management Corp. to look into the potential for building the hydrogen…

Alberta oilsands specialist Cenovus Energy Inc. staged a recovery during the first three months of this year, fueled by its C$3.8 billion ($3 billion) all-stock takeover of Husky Energy Inc. Oil and natural gas liquids production, 90% dominated by northern Alberta bitumen extraction, jumped by 49% to 620,090 b/d from 416,802 b/d a year earlier.…

Natural gas futures surged on Monday, as bulls seized upon forecasts for a burst of early summer heat in the heavily populated Northeast and early predictions for a relatively modest storage injection. The June Nymex contract spiked 14.8 cents day/day and settled at $3.109/MMBtu. July rose 14.6 cents to $3.164. Cash prices climbed, too, led…

Following the six-day shutdown of the Colonial Pipeline Co. after a ransomware attack, a bi-partisan group of U.S. House lawmakers has revived legislation aimed at formalizing federal agencies’ responsibilities for securing pipelines against threats. In addition to codifying the responsibility of both the Transportation Security Administration (TSA) and the Cybersecurity and Infrastructure Security Agency for…