Petroleos Mexicanos is measuring crude production at a warmer temperature than government regulators, inadvertently inflating the oil giant’s output figures, according to people familiar with the practice. SourceContinue Reading
“One of the negatives of this quarter has been some horrible hedging; guys locked in at $42 a barrel,” Paul Sankey, the veteran oil-industry analyst and founder of Sankey Research LLC. SourceContinue Reading
Benchmark U.S. oil futures have advanced 45% this year and at that pace are on track for the biggest annual increase since 2016. In returning so much cash to shareholders, shale drillers are showing they will pass on gains from higher crude prices rather than use them to increase production. SourceContinue Reading
The Permian basin, the largest oil producing basin in the US, was the most affected play in the country during the COVID-19 pandemic times. However, production of crude oil and natural gas from this play is likely to exceed the pre-pandemic levels by 2022 amid market recovery from the pandemic, says GlobalData, a leading data...Continue Reading
Iran’s oil comeback, already taking longer than many traders expected, will be further complicated by last week’s deadly drone attack on a tanker in the Gulf of Oman, which the U.S., U.K. and Israel all blamed on Tehran. SourceContinue Reading
ConocoPhillips beat estimates as rising commodity prices led America’s biggest independent oil producer to the highest profit in nearly three years. SourceContinue Reading
The nation estimates it will need as much as $1.3 billion to buy a 37% stake in the Deep Water Tano/Cape Three Points asset operated by Aker Energy AS and 70% stake of the South Deep Water Tano field operated by AGM Petroleum Ghana Ltd., according to a parliamentary proceeding on Monday. SourceContinue Reading
The virus is clouding the outlook for consumption as China faces a fresh outbreak, Thailand expands its quasi-lockdown measures and infections in Sydney matched a record. Meanwhile, data indicated China’s economic activity eased in July and U.S. manufacturing data also showed some weakness. SourceContinue Reading
Devon Energy and ConocoPhillips are among potential suitors studying Royal Dutch Shell’s portfolio of Permian Basin oil fields, which could be worth as much as $10 billion in a sale, people familiar with the matter said. Chevron is also among companies considering bids for the assets, which are largely located in West Texas, the people...Continue Reading
New Mexico’s oil production surged to a record in May highlighting the Permian basin’s role as the shale industry sees some recovery from the pandemic. SourceContinue Reading
