IEA: Output decline rate for oil, gas fields increasing
The International Energy Agency reports that the natural decline rate...
The International Energy Agency reports that the natural decline rate of oil and natural gas field output is increasing because of a reliance on shale and deepwater resources. The average annual post-peak decline rate is 5.6% for oil and 6.8% for natural gas, the IEA says, noting that 80% of oil production and 90% of natural gas production come from fields that have passed peak production.
Will CRC Sell Berry’s 100K Oily Uinta Acres After Deal Closes?
California Resources Corp. agreed on Sept. 15 to acquire...
California Resources Corp. agreed on Sept. 15 to acquire Berry Corp. for about $717 million, including net debt, creating a larger California-focused producer while raising questions about Berry’s 100,000 net acres in Utah’s Uinta Basin. TD Cowen estimates CRC could divest the Uinta position in 2026 for $400 million to $500 million, and Jefferies also sees divestiture potential given CRC’s California focus. Uinta activity has accelerated, with more than $4.6 billion in 2024 transactions, including SM Energy and Northern Oil & Gas buying XCL Resources for $2.6 billion and Ovintiv selling to FourPoint Resources for $2 billion. Other Uinta operators include Crescent Energy, Scout Energy Partners, and Uinta Wax Operating. Berry, which retains 20,000 net acres in California, has advanced Uinta development via farm-ins. In the third quarter, four Uteland Butte horizontal wells came online at about 3,800 boe/d gross, 93% oil, with peak rates expected late September or early October. Second quarter Uinta output averaged 4,200 boe/d, and Berry added a 30% farm-in at Castle Peak.
Following weeks of heavy bombardment and calls for civilians to evacuate,...
Following weeks of heavy bombardment and calls for civilians to evacuate, Israel began its ground incursion in Gaza’s most populous city, arguing it was necessary to stop Hamas from planning more attacks. Hundreds of thousands of Palestinians were photographed fleeing southward, clogging roadways. The operation, which Israeli Prime Minister Benjamin Netanyahu admitted will take “several months” and could leave the country isolated from allies, was condemned by the UK, Germany, and other European nations. Axios reported that the US supports the operation, but prefers that it end quickly. When asked about the news yesterday, President Trump did not offer a view. “I have to see,” he said. “I don’t know too much about it.”
Robert Redford died at 89. The Oscar-winning director...
Robert Redford died at 89. The Oscar-winning director of Ordinary People and star of countless iconic films like Butch Cassidy and the Sundance Kid and All the President’s Men died at his home in Utah “surrounded by those he loved,” his publicist said. Widely considered one of history’s greatest actors and among the most influential people in Hollywood, Redford leveraged his stardom in the late 1970s to create the Sundance Institute and accompanying film festival to support independent cinema. “The industry was pretty well controlled by the mainstream, which I was a part of,” he told the Associated Press in 2018. “But I saw other stories out there that weren’t having a chance to be told and I thought, ‘Well, maybe I can commit my energies to giving those people a chance.’” He was awarded the Presidential Medal of Freedom by President Obama in 2016.
Tyler Robinson, the suspect in Charlie Kirk’s killing, was charged with aggravated murder yesterday. Prosecutors said they will seek the death penalty.
The New York Times is being sued by President Trump, who alleges that the newspaper defamed him. The NYT called the suit “an attempt to stifle and discourage independent reporting.”
AOL is up for sale by its owner, Apollo Global Management, the Wall Street Journal reported.
Delta and Aeromexico are being ordered to unwind their partnership by the Trump administration over competition concerns.
Terrorism charges against Luigi Mangione were tossed by a New York judge, though he kept other charges, including second-degree murder, in the killing of UnitedHealthcare CEO Brian Thompson.
The Trump administration plans to appeal to the Supreme Court to let the president fire Federal Reserve Governor Lisa Cook after a lower court affirmed that she could remain in her post while her lawsuit against Trump proceeded.
API reports larger-than-expect draw in US crude oil stocks
U.S. crude oil futures rose from post-settlement levels...
U.S. crude oil futures rose from post-settlement levels Tuesday after the American Petroleum Institute reported a larger-than-expected decline in weekly domestic crude oil inventories.
Crude Oil WTI Futures, the U.S. benchmark, recently traded at $64.55 a barrel following the report after settling up $1.22 at $64.42 a barrel.
U.S. crude inventories fell by 3.4M barrels for the week ended Sept. 5, compared with a build of 1.3M barrels reported by the API for the previous week. That beat expectations for a draw of 1.6M barrels.
