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• Closing Oil Prices
  Oil prices tumbled Wednesday to take some heat off inflation. WTI...
  Oil prices tumbled Wednesday to take some heat off inflation. WTI Benchmark U.S. crude fell $5.01 to settle at $84.22 per barrel for its worst drop in just over a year. It’s been pulling back since topping $93 last week. Brent crude, the international standard, lost $5.11 to $85.81.
  
  
  
  On the losing end of Wall Street were big oil and gas companies, which fell with the price of crude. Exxon Mobil dropped 3.7%, Chevron lost 2.3% and ConocoPhillips slid 3.6%.
  
   
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• BP launches first US biogas plant since Archaea acquisition
  Reuters - BP (BP.L) on...

  Reuters - BP (BP.L) on Wednesday launched its first plant processing renewable gas from landfill since its $4 billion acquisition of the largest U.S. biogas producer Archaea Energy last December.

  
  

  The renewable natural gas (RNG) plant in Medora, Indiana, can process 3,200 cubic feet of landfill gas per minute (scfm) into RNG – enough gas to heat around 13,026 homes annually, BP said.

  
  

  Landfill gas, a natural byproduct of the decomposition of waste, is a form of greenhouse gas.

  
  

  The plant, located near a landfill owned by Rumpke Waste and Recycling, captures gas and converts it to electricity, heat, or renewable natural gas.

  
  

  The plant's technology is modular, meaning it can be replicated and deployed faster than previous technologies, BP said.

  
  

  "This is a powerful step forward in our net zero journey to capture landfill emissions and provide customers with lower emission, lower carbon fuel," Starlee Sykes, CEO of Archaea Energy, said in a statement.

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• Russian oil and gas budget revenues up 15% in September m/m
  Reuters - The Russian state's oil and gas revenues rose by around 15% in September,...

  Reuters - The Russian state's oil and gas revenues rose by around 15% in September, month-on-month, to 739.9 billion roubles ($7.44 billion), finance ministry data showed on Wednesday, thanks to a rise in proceeds from the mineral extraction tax.

  
  

  Revenues from oil and gas sales, crucial for Russia's commodity-oriented economy, were also up 7.5% compared to the same month in 2022.

  
  

  This was broadly in line with Reuters' preliminary calculations.

  
  

  Oil and gas revenues in the entire January-September period declined by 34.5% to 5.576 trillion roubles, year-on-year.

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• Oil price surge fuels oil, gas job growth in Texas
  Following a July decrease, employment in Texas' oil and natural gas extraction and services industry...
  Following a July decrease, employment in Texas' oil and natural gas extraction and services industry rose by 1,293 to over 208,000 in August, spurred by rising oil prices, Texas Alliance of Energy Producers figures show. "There was a peak a' coming, and this price increase turned around the rig count and may have saved the day there," says TAEP economist Karr Ingham
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• Shale E&Ps adapt to evolving investor priorities
  Experts at the Energy Capital Conference 2023 in Dallas predict that shale investors' newfound preference...
  Experts at the Energy Capital Conference 2023 in Dallas predict that shale investors' newfound preference for returns over production growth is here to stay. Consequently, shale producers are laser-focused on maintaining production levels, an endeavor that's becoming increasingly capital-intensive amid accelerating decline rates and shrinking drilling inventories.
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