Devon Energy CEO 'mystified' that Biden has not asked for more oil output
Devon Energy (NYSE:...
Devon Energy(NYSE:DVN) CEO Rick Muncrief tells Bloomberg he is "mystified" that President Biden has not reached out to discuss raising oil production to help contain surging gasoline prices and inflation.
A request from the Biden administration could make it easier for companies such as Devon to increase output without angering shareholders who been have demanding investment discipline, Muncrief maintains, saying "if they were to reach out and maybe be a little more collaborative, it might provide some cover," according to the Bloomberg interview.
Devon Energy to Integrate Renewable Energy into Permian Basin Operations
U.S. shale producer Devon Energy Inc. will integrate renewable energy into the...
U.S. shale producer Devon Energy Inc. will integrate renewable energy into the operations of its Stateline field located in the Delaware Basin within the Permian.
Omnia Midstream Partners LLC, which announced the project on Feb. 28, said in the release it had worked with Devon to integrate emissions-reducing renewable energy and battery storage into its power supply to supplement a highly dynamic upstream and midstream power demand.
“Renewables can drive responsible growth in the traditional energy sector,” Chad Cagle, Omnia’s co-founder, commented in the release. “Our approach combines experience, data analytics and renewable technologies to deliver sustainable energy transformations for oil and gas companies.”
Ukrainian and Russian delegations met yesterday...
Ukrainian and Russian delegations met yesterday at the Belarusian border, the first direct talks since Russia's invasion of Ukraine last week. No agreement was met, though both sides reportedly agreed to continue talks.
Russia continued its assault on major cities, including extensive shelling on Kharkiv, Ukraine's second-largest city. Officials have confirmed more than 100 civilian deaths across the country since fighting began six days ago, though the figure is likely higher. By yesterday, satellite images suggested a 40-mile-long Russian convoy was less than 15 miles from the center of the capital of Kyiv.
Analysts say sanctions have begun to hit the Russian economy. About half of the country's central bank's foreign assets have been frozen, with the bank raising benchmark interest rates to 20%. The value of the ruble fell almost 30%, dropping below $0.01, as Russian citizens flocked to ATMs to withdraw cash. The country's stock exchanges will be closed for a second consecutive day today.
Crude finishes above $100 a barrel amidst Russian invasion of Ukraine
Crude oil prices in Europe settled above the $100 mark in Monday’s trading as the...
Crude oil prices in Europe settled above the $100 mark in Monday’s trading as the fighting grows in Ukraine where Russian soldiers attempt to surround the capital of Kyiv.
Global benchmark Brent crude for April delivery went up $3.06 and finished the day at $100.99 a barrel on ICE Futures Europe. The more heavily traded May contract increased $3.85 and closed at $97.97 a barrel.
West Texas Intermediate crude for April delivery had an even bigger increase at $4.13 and finished Monday’s trading at $95.72 a barrel in trading on the New York Mercantile Exchange.
The global oil industry is “under siege” by climate campaigners who have “seized...
The global oil industry is “under siege” by climate campaigners who have “seized the momentum” to dictate the energy transition with misguided talk about halting investment in oil and gas, OPEC Secretary-General Mohammad Barkindo said on Monday, as carried by Reuters.
The oil and gas industry needs predictable investment and “the right enabling environment in addressing global energy needs,” according to a readout of his speech published by OPEC.
Upstream oil and gas investment must rise to the pre-pandemic levels of around $525 billion per year through the end of the decade so that the industry can ensure a demand-supply balance, Saudi Arabia-based International Energy Forum (IEF) and IHS Markit said in a report in December.
