Deloitte: US shale's debt pile could vanish by 2024
The US shale industry could see profits climb to a record of nearly $200 billion this year, freeing...
The US shale industry could see profits climb to a record of nearly $200 billion this year, freeing up enough cash for operators to repay all debt by 2024, reward shareholders and boost investments in natural gas production and low-carbon fuels, according to a Deloitte analysis. The tide is also turning for US liquefied natural gas operators, which are expected to see their profits double from last year to $59 billion, recouping the $45 billion in losses incurred between 2013 and 2020, the report notes.
Flywheel Energy to acquire shale gas assets from Exxon
ExxonMobil has agreed to sell some assets in Arkansas' Fayetteville Shale...
ExxonMobil has agreed to sell some assets in Arkansas' Fayetteville Shale to Oklahoma City-based Flywheel Energy for an undisclosed amount, part of the oil major's plan to divest $15 billion worth of non-core properties. The asset package includes about 5,000 natural gas wells and pipeline and processing infrastructure spread over around 381,000 acres.
U.S. stocks open lower as Wall Street selloff continues
U.S. stocks opened lower on Monday as the selloff on Wall Street continued following Friday's 1,000-point...
U.S. stocks opened lower on Monday as the selloff on Wall Street continued following Friday's 1,000-point drop in the Dow Jones Industrial Average. The Dow Jones Industrial Average DJIA, -0.58% pulled back 255 points, or 0.8%, to 32,027. The S&P 500 SPX, -0.47% dropped 32 points, or 0.8%, to 4,026. The Nasdaq Composite COMP, -0.50% fell 93 points, or 0.8%, to 12,042. The Dow saw its biggest daily drop since May 18 on Friday, while the S&P 500 and the Nasdaq each recorded their worst days since mid-June. All three benchmarks also finished in the red for the second straight week. Stocks plunged on Friday after Federal Reserve Chairman Jerome Powell said the Fed would continue its battle against inflation even if tighter monetary policy causes financial harm to U.S. households and businesses.
Oil prices buoyed on prospect of OPEC production cut
Oil futures moved higher early Monday, building on the previous week’s gains as investors...
Oil futures moved higher early Monday, building on the previous week’s gains as investors weighed the prospect of a cut in production by the Organization of the Petroleum Exporting Countries.
West Texas Intermediate crude for October delivery CL00, rose 69 cents, or 0.7%, to $93.75 a barrel on the New York Mercantile Exchange, building on a gain of 2.9% last week.
October Brent crudeBRNV22, the global benchmark, was up 40 cents, or 0.4%, at $101.39 a barrel on ICE Futures Europe. The most actively traded November contract BRNX22, rose 55 cents, or 0.6%, to $93.61 a barrel.
September gasoline RBU22, was down 1.6% at $2.805 a gallon, while September heating oilHOU22, hed 1.6% to $3.945 a gallon.
September natural-gas futures NGU22, advanced 1.6% to $9.445 per million British thermal units.
The world must continue to extract oil and gas in order to sustain civilization, while also developing...
The world must continue to extract oil and gas in order to sustain civilization, while also developing sustainable sources of energy, Tesla founder Elon Musk told reporters at a conference in Norway on Aug. 29.
“Realistically I think we need to use oil and gas in the short term, because otherwise, civilization will crumble,” Musk said on the sidelines of an energy conference in the southern city of Stavanger.
Asked if Norway should continue to drill for oil and gas, Musk said: “I think some additional exploration is warranted at this time.”
“One of the biggest challenges the world has ever faced is the transition to sustainable energy and to a sustainable economy,” he said. “That will take some decades to complete.”
