Marathon Oil Corp. (NYSE: MRO) beat analysts’ estimates for fourth-quarter profit on Feb. 13, on the back of higher oil production at...
After witnessing a bombing in Iraq, the Army Reserves veteran and newspaper columnist decided to work through her P.T.S.D. in the fields...
FORT WORTH, Texas–(BUSINESS WIRE)–Feb 11, 2019–Pegasus Resources, LLC (Pegasus), a mineral and royalty company based in Fort Worth, Texas, announced today that...
FORT WORTH, Texas, Feb. 7, 2019 /PRNewswire/ — Kimbell Royalty Partners, LP (NYSE: KRP) (“Kimbell Royalty Partners” or “Kimbell”), a leading owner of oil and natural gas...
Denver — As natural gas production volumes in the SCOOP/STACK struck a record high this week, operators in the Oklahoma play are indicating...
Innovation, investment and inviting geology have given new life to an oil patch that once seemed spent. The oil field is now...
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Chesapeake Energy Corporation and WildHorse Resource Development Corporation jointly announced today the preliminary results of the elections made by holders of shares...
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U.S. energy firms kept the combined land rig count steady at 589 for the week ending December 13, unchanged from the prior week but still down 34 rigs, or 5%, compared to last year, according to Baker Hughes. Oil rigs remained at 482, while gas rigs rose by one to 103, their highest since July. The miscellaneous rig count was down 1.
In South Texas’ Eagle Ford shale, drillers cut two rigs, lowering the basin’s count to 46, the lowest since January 2022.
The rig count dropped 20% in 2023, reversing gains of 33% in 2022 and 67% in 2021, amid weaker energy prices, inflation-driven costs, and a corporate focus on financial discipline over production growth.
U.S. crude output is projected to rise from 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025, per the EIA. Meanwhile, natural gas output is expected to decline to 103.2 billion cubic feet per day (bcfd) in 2024 from 2023’s record 103.8 bcfd, as reduced drilling activity begins to impact supply.
Oil futures are down 1% in 2024, while gas futures are up 30% after last year’s steep losses.
Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the U.S. could boost fuel demand.
Brent futures rose $1.08, or 1.5%, to settle at $74.49 a barrel. U.S. West Texas Intermediate crude rose $1.27, or 1.8%, to settle at $71.29.
That was Brent's highest close since Nov. 22 and put the contract up 5% for the week. WTI posted a 6% gain for the week and closed at its highest since Nov. 7.
"This strength is being driven by ... expectations of tighter sanctions against Russia and Iran, more supportive Chinese economic guidance, Mideast political havoc and prospects for a Fed (U.S. Federal Reserve) rate cut next week," analysts at energy advisory firm Ritterbusch and Associates said in a note.
Fermi America, a Texas-based company co-founded by former U.S. Energy Secretary and former Texas...
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President Donald Trump used his address at the United Nations General Assembly this week...
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