Oil

On the strength of growth in the oil patch, and in the Permian Basin in particular, the U.S. rig count continued its ascent during the week ending Friday (Jan. 29), climbing six units to 384, according to oilfield services provider Baker Hughes Co. (BKR). All of the net gains on the week were in oil-directed…

General Motors on Thursday set a goal to become carbon neutral by 2040, with a vision of an all-electric future and aspirations to eliminate tailpipe emissions from new light-duty vehicles by 2035.  The goal is to offer 30 all-electric models globally by mid-decade, with 40% of the U.S. models battery electric by the end of…

Houston-based Murphy Oil Corp. reported solid results in North America during 4Q2020, but the CEO put them aside Thursday morning, opening a conference call by criticizing President Biden for imposing a federal leasing ban that may impact the independent’s onshore and offshore development. CEO Roger W. Jenkins shared a microphone with his executive team to…

Oil and gas supply and demand appears now to be heading in opposite directions, setting the stage for a potential upcycle in the industry, RPC Inc. CEO Richard A. Hubble said Wednesday. Hubble, who runs the Atlanta-based oilfield services (OFS) giant, discussed the fourth quarter performance and outlook for 2021 during a conference call. RPC…

The United States’ crude oil inventories — excluding those in the Strategic Petroleum Reserve — declined by 9.9 million bbl last week as imports fell and demand was met increasingly with domestic supplies, according to the Energy Information Administration (EIA). In its Weekly Petroleum Status Report for the period ended Jan. 22, EIA said that,…

Lower 48 oil and gas producers have drawn down their inventory of drilled but uncompleted (DUC) wells to pre-pandemic levels, reflecting an improved commodity pricing and demand outlook, according to new analysis by Rystad Energy. After reaching a multiyear high of 6,548 wells last June, the DUC count in the country’s major oil regions fell…

Hess Corp. remains laser-focused on developing assets in the Bakken Shale of North Dakota and offshore Guyana, directing the lion’s share of its $1.9 billion exploration and production (E&P) capital and exploratory budget to the “high return, low cost” assets for 2021. The New York City-based producer in the first quarter is set to increase…

The Port of Corpus Christi, a growing gateway for energy exports, ended 2020 with record tonnage, mainly attributed to a 65% increase in oil shipments, authorities said.  In addition to increased oil shipments totaling 96.4 million tons, the port saw a 26% increase year/year in liquefied natural gas (LNG) shipments at 8.7 million tons. The…

TC Energy Corp. called an immediate halt today to work on Keystone XL (KXL) as President Biden was expected to keep an election promise to revoke the U.S. construction permit for the $8 billion oil pipeline on Wednesday. “Advancement of the project will be suspended,” said the Calgary firm. Unless attempts to recover costs to…