Biden Energy secretary says US will be at ‘record’ oil production next year
Energy Secretary Jennifer Granholm on Sunday said the U.S. will see “record” oil production starting...
Energy Secretary Jennifer Granholm on Sunday said the U.S. will see “record” oil production starting next year.
Granholm told “Fox News Sunday” host Trace Gallagher the U.S. will be producing around 12.7 million barrels per day by 2023, up from the current rate of less than 12 million barrels per day.
“This is all about supply and demand. When Russia invaded Ukraine, that pulled millions of barrels off of the global market,” she said. “Since oil is traded globally, we have to make up for that lost amount of fuel.”
US refinery utilization to stay elevated this quarter
US refiners are shrugging off recession fears, with plans...
US refiners are shrugging off recession fears, with plans to continue running their facilities at near-maximum capacity this quarter, which should keep a lid on gasoline prices and bolster refining earnings, analysts say. Marathon Petroleum is aiming for 97% utilization of its refining capacity, while Valero Energy, citing no signs of demand destruction, is targeting 90% to 93%.
Pantheon Completes Drilling First Horizontal Well on Alaska's North Slope
Pantheon Resources Plc concluded drilling operations and preparations for the stimulation...
Pantheon Resources Plc concluded drilling operations and preparations for the stimulation and flow testing at the Alkaid #2 well on the Alaska North Slope, a company press release announced on Aug. 18.
Marking Pantheon's first horizontal well on the North Slope, the wellbore reached a total measured depth of 14,300 ft, including a lateral length of 5,300 ft. According to the release, the company ran, set, and cemented a five-and-a-half-inch liner at the bottom of the well that was tested for integrity.
Warren Buffett Gets FERC OK to Buy Half of Occidental’s shares
The Federal Energy Regulatory Commission (FERC) authorized Warren Buffett’s Berkshire Hathaway Inc....
The Federal Energy Regulatory Commission (FERC) authorized Warren Buffett’s Berkshire Hathaway Inc. to purchase up to 50% of Occidental Petroleum Corp., according to an order made public on Aug. 19. The order responds to a Berkshire Hathaway application filed by the company on July 11 when it then owned 18.72% of Occidental.
