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• WTI Crude Surges Above $92 On Permian Freeze
  Oil prices surged to seven-year highs on Friday, extending their rally into a seventh...

  Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.

  
  

  Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70.

  
  

  U.S. West Texas Intermediate crude ended $2.04, or 2.3%, higher at $92.31 a barrel after trading as high as $93.17, its highest since September 2014.

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• ConocoPhillips Putting Brand on Shell’s Former Permian Acreage
  ConocoPhillips plans to keep the number of rigs steady on Permian Basin...
  ConocoPhillips plans to keep the number of rigs steady on Permian Basin acreage recently acquired from Shell plc.
  
  “We plan to continue running four rigs on that property, the same activity rate that Shell was running, through the remainder of this year,” Executive Vice President Tim Leach who oversees Lower 48 operations told analysts during the fourth quarter and full-year 2021 earnings call.
  
  The Permian transaction, which closed in December, gave ConocoPhillips ownership of 225,000 net acres producing about 175,000 boe/d. Shell’s proceeds were $5.5 billion.
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• Cost of Net Zero? An Extra $9.5 Trillion Annually, Report Shows
  Capital spending on physical...
  
  

  
  
  Capital spending on physical assets for energy and land-use systems in the net-zero transition between 2021 and 2050 would amount to about $275 trillion, or $9.2 trillion per year on average, an annual increase of as much as $3.5 trillion from today.
  
  “While these spending requirements are large and financing has yet to be established, many investments have positive return profiles and should not be seen as merely costs. Technological innovation could reduce capital costs for net-zero technologies faster than expected,” a report by consultancy firm McKinsey & Co. said.
  
  The amount needed to reach net-zero is equivalent to half of the global corporate profits, a quarter of world tax revenues, and 7% of household spending. Additionally, McKinsey expects $1 trillion would need to be reallocated from high-emission to low-carbon assets.  Credit ~ McKinsey & Co., via Hart Energy
  
  

  
  
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• Oil hits seven-year highs as U.S. storm heightens supply concerns
  London, Feb 4 Oil prices reached seven-year highs on Friday as geopolitical tensions...

  London, Feb 4 Oil prices reached seven-year highs on Friday as geopolitical tensions and a winter storm in the United States fueled concerns over supply disruptions.

  
  

  Brent crude rose $1.71, or 1.9%, to $92.82 a barrel by 1348 GMT, having earlier touched its highest since October 2014 at $93.05.

  
  

  U.S. West Texas Intermediate crude rose by $1.84, or 2%, to $92.11 after also scaling a seven-year peak at $92.33.

  
  

  Both benchmarks were on course for a seventh consecutive weekly gain.

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• Brighter outlook seen for 800-mile Alaska LNG line
  Lower construction costs and rising demand for liquefied natural gas contributed to a more upbeat outlook...
  Lower construction costs and rising demand for liquefied natural gas contributed to a more upbeat outlook for Alaska LNG's proposed 800-mile line in Alaska. Consultant Wood Mackenzie has lowered the estimated cost to $38.7 billion from $45 billion for the project, which will benefit from an 80% federal loan guarantee under the new infrastructure law.
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