IEA Details Plan to Release 120 Million Barrels of Oil
The International Energy Agency (IEA) last week listed members’ contributions to a...
The International Energy Agency (IEA) last week listed members’ contributions to a 120 million-barrel release of crude and oil products from emergency stockpiles aimed at cooling global oil prices following Russia’s invasion of Ukraine.
The release of stocks by the U.S.-allied members of the IEA, which is made up of 31 mostly industrialized countries but not Russia, would be their second coordinated release in a month and would be the fifth in the agency’s history to confront oil market disruption.
It is the largest release from non-U.S. IEA countries on top of the biggest release by the United States.
Equinor Outlines Q1 Gas Derivatives Loss of up to $500 Million
Norway’s Equinor warned on April 8 that its first-quarter results would be negatively...
Norway’s Equinor warned on April 8 that its first-quarter results would be negatively impacted by between $400 million and $500 million from trade in natural gas derivatives used to hedge its physical deliveries.
“The high volatility and price increase in European gas markets in 1Q have resulted in larger than expected mark to market results for our European gas and LNG business,” the company said in a regular quarterly guidance to analysts.
Equinor has earned record profits from soaring oil and gas prices and is widely expected to see a further increase in earnings this year, forecasts by analysts show.
Exxon, Chevron Paid their CEOs Over $22 Million Each Last Year
Exxon Mobil Corp. and Chevron Corp. ...
Exxon Mobil Corp. and Chevron Corp.paid their chief executives more than $22 million each last year, according to securities filings released on April 7, the day after U.S. lawmakers accused oil companies of price gouging at a time of high gasoline prices.
Exxon paid CEO Darren Woods $23.6 million last year, up from $15.6 million in 2020. Woods also received a $3.1 million cash bonus, the filing showed.
Chevron CEO Michael Wirth was paid $22.6 million in 2021, down from $29 million in 2020, according to Thursday's filing. Wirth received a $4.5 million cash bonus.
New Fortress Energy vies for a slice of the LNG market
New Fortress Energy founder Wes Edens is hoping to grow the company into a player capable...
New Fortress Energy founder Wes Edens is hoping to grow the company into a player capable of supplying 12 million short tons per year of liquefied natural gas, or 16% of total US exports, by building offshore LNG production facilities made from recycled jack-up rigs and deepwater drillships. Such projects would enjoy faster-permitting processes than onshore terminals, according to Edens, who is aiming to complete the company's first development, a $1.4 billion, 3-million-short-ton-per-year facility off the Louisiana coast, in less than a year.
BLM pauses oil, gas development around Chaco Canyon
The Bureau of Land Management has suspended approvals for new oil and natural gas activity on federal...
The Bureau of Land Management has suspended approvals for new oil and natural gas activity on federal lands around the Chaco Culture National Historical Park in New Mexico while it takes a second look at a Trump-era decision to open 45,000 acres in the area to hydraulic fracturing. The area is sacred to Indigenous people, yet some Navajo leaders contend that restricting oil and gas activities would exacerbate poverty and unemployment in their communities.
