U.S. drillers add oil and gas rigs for seventh week
U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row...
U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row for the first time since February 2021 after crude prices this week soared to their highest since 2014.
The oil and gas rig count, an early indicator of future output, rose 10 to 645 in the week to Feb. 18, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. I
That puts the total rig count up 248 rigs, or 62%, over this time last year.
U.S. oil rigs rose by four to 520 this week, their highest since April 2020, while gas rigsrose six, their biggest weekly gain since May 2021, to 124, their highest since December 2019.
Here comes $7 gas prices, warns oil strategist in dire outlook
Drivers best start bracing for another surge in gas prices amid the conflict between Russia and Ukraine...
Drivers best start bracing for another surge in gas prices amid the conflict between Russia and Ukraine and years of under-investment by the oil industry, warns one veteran energy strategist.
"My guess is that you are going to see $5 a gallon at any triple-digit [oil prices] ... as soon as you get to $100. And you might get to $6.50 or $7. Forget about $150 a barrel, I don't know where we will be by then," Energy Word founder Dan Dicker said on Yahoo Finance Live.
The average price nationally for gas currently stands at $3.47.
Canada to stop funding Trans Mountain oil line project as costs soar 70%
Canada said on Friday it will halt any further public funding for the Trans Mountain oil pipeline...
Canada said on Friday it will halt any further public funding for the Trans Mountain oil pipeline expansion after the government-owned company behind the project said costs had surged 70% to C$21.4 billion ($16.8 billion).
With the latest cost overrun, the government has told TMC to secure the necessary financing from public debt markets or financial institutions, Finance Minister Chrystia Freeland said.
The company now expects to finish the expansion in the third quarter of 2023, when it will nearly triple the capacity of the pipeline running from Alberta to the Pacific Coast to 890,000 barrels per day. That would be a boost for Canada's oil producers, which are keen to export more crude.
Private-equity-backed Permian Basin operator Colgate Energy is considering a sale that...
Private-equity-backed Permian Basin operator Colgate Energy is considering a sale that could value it at up to $5 billion, among strategic alternatives, according to sources familiar with the matter. In the meantime, the company is pushing ahead with preparations for a potential initial public offering.
Colgate Energy is among dozens of private equity-backed explorers established in recent years in the Permian. It was started in 2015 with backing from Pearl Energy and NGP Energy and has built a large position in a fast-growing patch of the Permian known as the Delaware Basin, where it operates on more than 100,000 net acres, according to its website.
It grew aggressively last year with its purchase of assets from Occidental Petroleum Corp. and Luxe Energy LLC.
Energy Transfer weighs building new Permian gas pipeline
Energy Transfer is evaluating a new pipeline project that would expand the natural gas...
Energy Transfer is evaluating a new pipeline project that would expand the natural gas takeaway capacity from the Permian Basin to Gulf Coast markets by up to 2 billion cubic feet per day and could come online two years after a final investment decision has been reached. The company also announced that construction has begun on the 1.65-Bcf/d Gulf Run gas pipeline from the Haynesville Shale in Louisiana to the Gulf Coast, with completion expected by the end of this year.
