Oil

The Port of Corpus Christi in South Texas, one of the nation’s top oil and natural gas exporters, has signed a memorandum of understanding (MOU) with Europe’s largest port in the Netherlands to advance global maritime operations.  Co-developing trade and commercial opportunities, exchanging information and advancing the development and deployment of technologies related to navigational…

Following a slump in dealmaking last year, the oil and gas industry is hitting the reset button in 2021, as operators are making deals with an eye to consolidate and reduce their carbon footprints. Although the year is young, two recent analyses demonstrate the difference between the slumping activity last year and what may be…

In the wake of last month’s record-high natural gas prices in the physical market, the Energy Information Administration (EIA) is raising its projected 2021 Henry Hub spot price average to $3.14/MMBtu. The updated projection, issued on Tuesday as part of the agency’s latest Short-Term Energy Outlook (STEO), is nearly 20 cents higher than the $2.95…

U.S. oil inventories jumped last week, marking a second consecutive spike as refineries continued to operate well below capacity in the aftermath of the February Arctic freeze that upended the Texas energy system. Domestic commercial crude oil inventories for the week ended March 5 — excluding those in the Strategic Petroleum Reserve — increased by…

California’s oil and natural gas hotspot Kern County is set to resume issuing permits to drill in  April after adopting enhanced rules that could allow more wells to be permitted every year.  The five-member Board of Supervisors on Monday unanimously adopted the ordinance, which includes restrictions that could increase the costs for oil and natural…

Chevron Corp. CEO Michael Wirth during the annual investor meeting on Tuesday said the supermajor’s message to investors could best be summed up in four words: higher returns, lower carbon.  Wirth, together with his executive team, laid out a broad global development plan centered around increasing returns on capital employed while slicing the carbon intensity…

Eagle Ford Shale pure-play Penn Virginia Corp. plans to maintain its current two-rig program through 2021 to grow production after it temporarily suspended drilling last year because of the Covid-19 pandemic. During a conference call Wednesday to discuss 4Q2020 results, CEO Darrin Henke said continuing with two rigs “makes sense” in light of the recent…

Domestic crude oil production in 2020 dropped 8% from the prior year in response to the demand hits caused by the coronavirus pandemic, the U.S. Energy Information Administration (EIA) said Tuesday. A record hurricane season further complicated matters.  The 935,000 b/d decline to an average 11.3 million b/d last year marked the steepest annual decrease…

Following Saudi Arabia’s surprise announcement last week that it would cut another 1.0 million b/d in crude oil output in April – after similar cuts in February and March – Raymond James & Associates Inc. analysts raised their price expectations as supply/demand further tightens this spring. In addition to Saudi Arabia’s efforts, members of the…