Williams Companies to provide services for Whale deepwater project
Williams Companies Inc said on Wednesday it had reached an agreement with Shell Offshore Inc and Chevron...
Williams Companies Inc said on Wednesday it had reached an agreement with Shell Offshore Inc and Chevron USA Inc to provide offshore natural gas gathering and crude oil transportation services for the Whale development project.
Royal Dutch Shell last month announced plans to develop a new oilfield in the Gulf of Mexico. The Whale development, operated by Shell which owns 60% of the project, alongside Chevron Corp with 40%, is expected to reach peak production of around 100,000 barrels of oil equivalent per day (boed).
Whale, which was discovered in 2017, holds a recoverable resource of 490 million barrels of oil equivalent and is scheduled to begin production in 2024.
Shale Driller Callon Plunges After Permian Deal Is Panned
(Bloomberg) -- Callon Petroleum...
(Bloomberg) -- Callon Petroleum Co. disappointed investors with its biggest-ever acquisition aimed at expanding in America’s most prolific shale patch.
The Houston-based oil explorer agreed to buy closely held Primexx Energy Partners Ltd. for about $788 million in cash and stock, while separately agreeing to swap debt for equity with Callon’s largest shareholder, Kimmeridge Energy Management Co. Callon lost almost one-fifth of its market value on Wednesday, as the stock posted its steepest daily loss in more than a year.
Oil Up, but Surprise Build in U.S. Crude Supply Caps Gains
Oil was up Thursday morning, with investors surprised by a build in U.S. crude oil supply, but still...
Oil was up Thursday morning, with investors surprised by a build in U.S. crude oil supply, but still supported by ongoing tensions in the Middle East.
Brent oil futures were up 53 cents at $70.91 by 10:01 AM ET and WTI futures were up 50 cents to $68.65. Both Brent and WTI futures fell by more than $2 a barrel on Wednesday.
U.S. crude oil supply data from the U.S. Energy Information Administrationon Wednesday showed a build of 3.636 million barrels in the week to Jul. 30. Forecasts prepared by Investing.com had predicted a 3.102-million-barrel draw, while a 4.089-million-barrel draw was recorded during the previous week.
Brent oil prices are now expected to rise to $85 a barrel by the fourth quarter as oil demand outpaces supply growth, according to the Commonwealth Bank of Australia.
September Natural Gas Prices Lose Steam Ahead of Modest EIA Storage Build
After a steep 13-cent rally during the prior trading session, natural gas futures pedaled back a bit...
After a steep 13-cent rally during the prior trading session, natural gas futures pedaled back a bit early Thursday as major weather models showed slightly less heat in mid-August. The September Nymex gas futures contract was trading two-tenths of a cent lower at $4.156 early this morning.
Weather aside, natural gas traders are on pins and needles awaiting the latest round of government storage data, which is scheduled to be released at 10:30 a.m. ET. Ahead of the report, analysts and market observers did not appear to have a firm grasp on the size of the injection that may be reported by the Energy Information Administration (EIA).
Energy stocks are set to open higher, being aided by another slew of earnings across the sector, along...
Energy stocks are set to open higher, being aided by another slew of earnings across the sector, along with higher broader index futures and oil prices. Earnings continue to exhibit restrained production guidance plans with the focus remaining steadfast on growing shareholder return and spending within cash flow.
Oil prices rose towards $71 a barrel for Brent on Thursday on rising Middle East tensions, while fresh movement restrictions imposed by countries to counter a surge in COVID-19 cases threatened the demand recovery. Israeli jets struck what its military said were rocket launch sites in Lebanon early on Thursday in response to two rockets fired towards Israel from Lebanese territory, in an escalation of cross-border hostilities amid heightened tensions with Iran.
