Crude oil in the US is on track for the fifth straight month of gains, with US West Texas Intermediate...
Crude oil in the US is on track for the fifth straight month of gains, with US West Texas Intermediate crude was up $2.53 $107.89 per barrelon Friday at @10:54 AM ET, while Brent was up $2.65 at $109.85 per barrel. The prices are rising due to the strengthening likelihood that Germany will join with other European Union members in the embargo on Russian oil.
Oklahoma is one of at least 17 states in the past few years that adopted laws aimed at protesters who...
Oklahoma is one of at least 17 states in the past few years that adopted laws aimed at protesters who go too far in their opposition to energy projects such as oil and gas pipelines. A federal appeals court prepares to hear one such case where a woman who fought the Dakota Access Pipeline was convicted of being a “terrorist” and sentenced to 8 years in prison.
Oil prices rally on report that Germany drops opposition to Russian oil embargo
Germany’s announcement that it was prepared to end Russian crude oil purchases and support a total...
Germany’s announcement that it was prepared to end Russian crude oil purchases and support a total ban prompted an increase Thursday in the world’s crude oil prices.
In the U.S., West Texas Intermediate crude rose more than 3% or $3.34 to finish the day’s trading at $105.36 a barrel while global benchmark Brent crude went up $2.27 or about 2% and closed at $107.59 a barrel.
While oil prices rose, natural gas prices fell more than 6%. June natural gas dropped 45 cents to $6.89 per 1,000 cubic feet.
Continental Resources Raises Annual Output Forecast on High Oil Prices
U.S. shale producer Continental Resources Inc. on April 27 raised its annual...
U.S. shale producer Continental Resources Inc. on April 27 raised its annual forecast for oil and natural gas production, as it benefits from high crude oil prices.
Russia, one of the biggest exporters of crude, has been hit by a slew of sanctions for its invasion of Ukraine, lifting oil prices to multi-year highs during the quarter.
The company now expects 2022 oil output of between 200,000 bbl/d and 210,000 bbl/d of oil from 195,000 bbl/d to 205,000 bbl/d of oil earlier.
Continental also raised its annual natural gas production forecast to 1.10 Bcf/d to 1.20 Bcf/d from 1.04 Bcf/d to 1.14 Bcf/d.
Hess Beats Profit Estimates But Warns of Rising Costs
U.S. oil and gas producer Hess Corp. on April 27 topped Wall...
U.S. oil and gas producer Hess Corp. on April 27 topped Wall Street estimates for first-quarter profit as oil prices surged, but warned of rising costs and a production hit due to weather-related issues in the Bakken.
Hess said net income attributable to the company jumped 65% to $417 million, or $1.34 per share, in the three months ended March 31, from last year.
The company warned that inflation may require it to add $80 million to $100 million to its capital program during the year. It said drilling and completion costs in the Bakken have increased about 7% from last year to $6.2 million per well.
