China suspends military ties and talks on key issues with the US
China is halting all dialogue with the US on a range...
China is halting all dialogue with the US on a range of areas, including military defense, climate, illegal drugs, and transnational crimes. The action follows House Speaker Nancy Pelosi's (D, CA-12) visit to Taiwan, which China views as de facto recognition of the island's sovereignty. See more on China and Taiwan here.
U.S. oil rig count falls by the most since September
Even though the total rig count has climbed for a record 24 months through July, weekly increases have...
Even though the total rig count has climbed for a record 24 months through July, weekly increases have mostly been in the single digits and oil production is only forecast to recover to pre-pandemic record levels next year. read more
The number of oil rigs, an early indicator of future output, fell seven to 598 in the week to Aug. 5, the first weekly decline in 10 weeks. Gasrigs rose four to 161, their highest since August 2019,
The total or combined oil and gas rig count fell by three to 764, which puts the total rig count up 273, or 56%, over this time last year,
Energy Transfer to Acquire Woodford Express, LLC in $485 Million Deal
Dallas-based Energy Transfer signed an agreement to acquire Woodford Express,...
Dallas-based Energy Transfer signed an agreement to acquire Woodford Express, LLC, a Mid-Continent gas gathering and processing system for approximately $485 million. The acquisition was revealed by the company’s Co-Chief Executive Officer, Tom Long, during Energy Transfer’s Q2 2022 earnings conference held this week.
The transaction is expected to close by the end of the third quarter of this year, subject to regulatory review and other customary closing conditions.
Occidental Petroleum Extends Permian Basin JV through 2025
Occidental Petroleum Corp. said this week it will extend its joint venture (JV) in the...
Occidental Petroleum Corp. said this week it will extend its joint venture (JV) in the Permian Basin with Columbia’s Ecopetrol SA through the first quarter of 2015, with the Columbian company earning additional interest in the Delaware Basin.
Occidental President and CEO Vicki Hollub said on its second-quarter earnings call on Aug. 3 that the two companies would enhance their JV in the Midland and Delaware Basins to encompass 20,000 net acres.
The Ecopetrol JV includes 17,000 acres in the Texas Delaware that Hollub said would utilize Occidental’s infrastructure. In the Midland Basin, “Oxy will benefit from the opportunity to continue development with an extension to the capital carry through the end of this agreement in the first quarter of 2025.”
Benchmark U.S. crude oil for September delivery rose 47 cents to $89.01...
Benchmark U.S. crude oil for September delivery rose 47 cents to $89.01 a barrel Friday. Brent crude for October delivery rose 80 cents to $94.92 a barrel.
Wholesale gasoline for September delivery rose 7 cents to $2.86 a gallon. September heating oil fell 12 cents to $3.22 a gallon. September natural gas fell 6 cents to $8.06 per 1,000 cubic feet.
