Exxon takes Canadian oil sands off its books in historic reserves revision
In practical terms, the oil sands revision clipped Exxon’s future growth prospects until oil prices rise, costs slide or technological advances make it profitable to drill those fields.
Energean proposes $500MM carbon storage facility in northern Greece
The project would be the first of its kind in the Mediterranean, Energean CEO Matthaios Rigas said at a conference Wednesday.
Exxon to sell down North Sea assets as focus narrows on key opportunities
The company will sell most of its non-operated upstream assets in the UK central and northern North Sea to NEO Energy, according to a statement Wednesday. NEO is an oil producer backed by Norwegian private equity firm HitecVision AS.
Crude price gains continue on signs of scarce oil supply worldwide
The oil futures curve is continuing to indicate tightness. The market is in a backwardation of almost $6 a barrel for the next 12 months, a structure that indicates scarce supplies.
Oxy’s Permian output slump drives millions in midstream losses
Occidental has long held more pipe space than it needs from the Permian, in the hope that its shale business would eventually grow big enough to make use of it. But last year’s oil-price crash, and, more recently, the winter freeze in Texas, caused the company to cut investment and production in an effort to prioritize near-term cash flow for...
U.S. shale no longer threatens OPEC, says Pioneer CEO
“I’m still a strong believer that demand is going to come back strong, both on airlines and also driving around the world once we get herd immunity,” Pioneer Natural Resources CEO Scott Sheffield said on a conference call Feb. 24.