Oil

Mexico’s president Andrés Manuel López Obrador cited oil production, hydroelectricity and a tree-planting program as pillars of his country’s climate strategy during the Leaders Summit on Climate organized by the White House. In contrast to his fellow world leaders, López Obrador made no mention of specific emissions targets, nor did he mention wind and solar…

U.S. oil stocks increased for a second consecutive week, albeit modestly, despite a bump in demand alongside a recovery in economic activity and ongoing coronavirus vaccine rollouts. In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said Wednesday that crude inventories for the week ended April 23 — excluding those in…

Oil and natural gas industry leaders and politicians railed against President Biden’s decision to freeze oil and gas lease sales on federal lands and waters through at least June during a Senate Energy and Natural Resources Committee hearing on Tuesday. Government officials, meanwhile, defended the pause as a necessary step as they review the program…

Range Resources Corp. got a boost from improved commodity pricing in 1Q2021, including a 44% rise in natural gas prices and a 77% increase in natural gas liquids (NGL) prices. The Appalachian Basin pure-play on Tuesday reported an average realized natural gas price of $2.58/Mcf compared to $1.74/Mcf a year ago.  Range also reported an…

U.S. drilling activity has improved “a little faster than we expected,” with more customers opting to activate rigs using natural gas and blended gas systems, Precision Drilling Corp. CEO Kevin Neveu said last week.  Sharing a microphone with his management team, Neveu held court last Thursday to discuss the Calgary-based operator’s performance in the first…

With natural gas and oil trading crushing it in the first quarter, BP plc proved that even as it transitions to net zero emissions, it’s still a major fossil fuel producer, with rising global demand likely to accelerate profits through the year. The London-based operator, which now prefers to be tagged as an “integrated energy…

The Alberta government has won an epic court battle with its British Columbia (BC) counterpart over rights of oil- and natural gas-producing provinces to control pipeline flows. The Canadian Federal Court of Appeal dismissed a BC lawsuit against a 2018 Alberta bill nicknamed the “turn-off-the-taps act,” formally titled the Preserving Canada’s Economic Prosperity Act. BC…

Moody’s Investors Service upgraded its outlook for the global energy industry on Monday, citing a sustained increase in commodity prices and expectations for global economic growth to drive increased oil and gas demand over the next 12 to 18 months. The firm said it expects that, as vaccine programs become prevalent and the coronavirus outbreaks…

A 171-acre site at the Port of Columbia in Caldwell Parish, LA, could be the site of a 32 million gallons/year renewable diesel plant, Gov. John Bel Edwards said Friday. Strategic Biofuels LLC CEO Paul Schubert, who joined Edwards in the announcement, said subsidiary Louisiana Green Fuels (LGF) is developing the site on the Ouachita…