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.
US Oil, Gas Rig Count Falls for Third Consecutive Week
U.S. energy firms this week cut the number of oil and natural gas rigs for a third week in a row even...
U.S. energy firms this week cut the number of oil and natural gas rigs for a third week in a row even as they slowly increase production to pre-pandemic levels with shale oil output expected to hit its highest since March 2020.
The U.S. total oil and gas rig count, an early indicator of future output, fell by one to 762 in the week to Aug. 19, energy services firm Baker Hughes Co. said in its closely followed report. Oklahoma remains at 65 rigs drilling.
That was the first time drillers cut the rig count for three consecutive weeks since July 2020.
U.S. oil rigswere unchanged at 601 this week, while gas rigs fell one to 159.
