Exxon sets the stage for shale drilling breakthroughs
ExxonMobil is developing new extraction technologies that could double oil production from its...
ExxonMobil is developing new extraction technologies that could double oil production from its US shale assets within five years and boost oil recovery rates, said CEO Darren Woods at a recent conference. Woods acknowledged the untapped potential of hydraulic fracturing and highlighted two key areas of focus: extending the duration of open fractures and enhancing fracking precision.
The energy sector is off to a lower start, reeling amid steep declines in the underlying commodities and in the major equity futures which slipped lower on lingering uncertainty around the Federal Reserve’s policy outlook following yesterday’s mixed economic data. Sector news is thin and there are no major economic drivers on tap for today.
WTI and Brent crude oil futures turned lower in early trading, erasing yesterday’s gains as worries about global economic growth outweighed Saudi Arabia's pledge to deepen output cuts. The mood was dented by data that showed German industrial orders fell unexpectedly in April mixed with reports showing the U.S. services sector barely grew in May as new orders slowed, shifting attention back to the Fed to see if they will hike or hold interest rates in June. Backwardation in Brent crude oil futures retreated with the six-month spread falling to around $1.96/bbl this morning. Traders will be looking to the EIA short-term energy outlook later today, tomorrow’s Chinese May trade data and next round of inventory data for fresh demand indicators.
Natural gas futures turned lower this morning, retreating following two-consecutive days of strong gains after overnight forecasts for the next two weeks turned slightly cooler.
VTX Energy Partners is expanding its footprint in the Permian Basin following a major acquisition earlier this year.
VTX agreed to acquire another 12,000 net leasehold acres in the Permian’s southern Delaware Basin, the company announced on June 5.
VTX, which is backed by Swiss energy trader Vitol, will grow its position to 47,000 net acres in the southern Delaware Basin when the deal closes. Closing is expected to occur by mid-July.
A widely anticipated counteroffensive by Ukrainian forces...
A widely anticipated counteroffensive by Ukrainian forces to recapture territory after 15 months of fighting may be underway, with Russian officials reporting intense fighting at multiple points along the battlefront in eastern Ukraine. The efforts come weeks after a protracted battle led to Ukraine ceding the mostly demolished city of Bakhmut.
Reports suggest Ukrainian forces have focused efforts near the partially occupied Zaporizhzhia region—potentially in an effort to cut off Russian access to a land bridge connected to the strategic Crimean Peninsula. See an updated map of the current state of the war here.
Shell to Exit European Home Retail Energy Businesses
Shell said on June 6 that it had decided to exit its home retail energy businesses in Britain, Germany...
Shell said on June 6 that it had decided to exit its home retail energy businesses in Britain, Germany and the Netherlands due to their poor returns.
Shell launched a strategic review of its European retail businesses in January, shortly after Chief Executive Officer Wael Sawan took office.
"That review has now concluded and as a consequence, we intend to exit those businesses. A sales process is already underway, with the intent to reach an agreement with a potential buyer in the coming months," Shell said in a statement.
