OPEC+ Sticks to Oil Output Hikes, Avoids Debate on September Plan
OPEC+ said on June 30 that it would stick to its planned oil output hikes in August but avoided discussing...
OPEC+ said on June 30 that it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards even as prices have risen on tight global supplies and worries that the group has little ability to pump more crude.
The June 30 meeting of the group that includes Saudi Arabia, Russia and other major oil producers was held days before U.S. President Joe Biden travels to the Middle East, including Riyadh where he is expected to press the kingdom for more oil.
At its last gathering on June 2, OPEC+ decided to increase output each month by 648,000 bbl/d in July and August, up from a previous plan to add 432,000 bbl/d per month.
U.S. stocks end sharply lower as S&P 500 posts worst first half since 1970
U.S. stocks closed lower Thursday, ending the second quarter with steep losses that left the S&P...
U.S. stocks closed lower Thursday, ending the second quarter with steep losses that left the S&P 500 suffering its worst first half of a year since 1970. The Dow Jones Industrial Average DJIA, -0.82% fell around 250 points to close 0.8% lower, while the S&P 500 SPX, -0.88% dropped 0.9% and the Nasdaq Composite COMP, -1.33% slid 1.3%, according to preliminary FactSet data. All three major benchmarks ended down after economic data released Thursday showed U.S. consumer spending in May increased less than expected as high inflation rises faster than wages. The S&P 500 dropped more than 20% during the first six months of 2022.
High energy prices prompt BlackBrush to pursue asset sale
Seeking to capitalize on strong energy prices, BlackBrush...
Seeking to capitalize on strong energy prices, BlackBrush Oil and Gas is reportedly looking to auction off over 30,000 net acres in the Eagle Ford Shale, with production around 11,800 barrels of oil equivalent per day. The assets include production with a baseline value estimated at $430 million as well as significant blocks of undeveloped acreage, which could push the sale price in the "high hundreds of millions of dollars," sources said.
Shell Buys Operating Stake in Equinor’s North Platte in US Gulf of Mexico
Shell Plc agreed on June 29 to acquire a 51% interest and operatorship in Equinor ASA’s North Platte...
Shell Plc agreed on June 29 to acquire a 51% interest and operatorship in Equinor ASA’s North Platte deepwater development project in the U.S. Gulf of Mexico.
North Platte, discovered in 2012 by Cobalt International Energy, is located in the Garden Banks area in the subsalt Paleogene reservoir at depths of roughly 30,000 ft (9,100 m). France’s TotalEnergies SE, previously the operator of North Platte with a 60% stake, withdrew from the project in February, releasing all its equity to Norwegian oil major, Equinor.
Following the sale to U.K.-based Shell for undisclosed terms, Equinor will retain 49% interest in the project and transfer operatorship. To reflect the change, Equinor said the companies have agreed to rename the North Platte development to Sparta.
More detailed testimony to come in OGE rate hike case
The fourth day of testimony will be heard Thursday by a judge in the Oklahoma Gas and Electric rate increase...
The fourth day of testimony will be heard Thursday by a judge in the Oklahoma Gas and Electric rate increase case after Wednesday’s hearing resulted in a failed attempt to produce a negotiated settlement.
OGE originally filed a request last year for a $163.5 million rate increase but earlier in June agreed with some involved business entities and civic groups to lower the request to $45 million. Much of Wednesday afternoon was spent with all sides in negotiations and at least four continued recesses, each lasting 30 minutes as announced by Administrative Law Judge Linda Foreman.
