Saudis Cut Oil Prices from Record Highs Amid China Lockdowns
(Bloomberg) Saudi Arabia cut oil prices for buyers in Asia as coronavirus lockdowns...
(Bloomberg) Saudi Arabia cut oil prices for buyers in Asia as coronavirus lockdowns in China weigh on demand, countering uncertainty around Russia’s supplies as the Ukraine war drags on.
Saudi Aramco is lowering prices for the first time in four months. The state-controlled company dropped its key Arab Light crude grade for next month’s shipments to Asia to $4.40 a barrel above the benchmark it uses, from $9.35 in May. That’s in line with a Bloomberg survey of refiners and traders from late April that forecast a $5 decrease.
Aramco also lowered all grades for the northwest Europe region and almost all for the Mediterranean. Prices for U.S. customers were kept unchanged from May.
Brigham Minerals, Inc. Reports Record First Quarter 2022 Operational and Financial Results
During the first quarter of 2022, the Company executed eight transactions acquiring approximately...
During the first quarter of 2022, the Company executed eight transactions acquiring approximately 2,100 net royalty acres (standardized to a 1/8th royalty interest) and deployed $43.7 million in capital. The Company deployed over 99% of its mineral acquisition capital in the first quarter to the Permian Basin.
HIGHLIGHTS:
Record daily production volumes of 12,031 Boe/d (71% liquids, 51% oil) -Production up 31% sequentially from Q4 2021 including a 21% increase in Permian volumes
Record royalty revenues of $70.0 million -Up 49% sequentially from Q4 2021 driven by 31% higher volumes and 16% higher realized prices
Record Net income totaling $39.1 million - Record Adjusted EBITDA(1) totaling $60.7 million up 53% sequentially from Q4 2021
Rocketing prices at the pump fuel surge in profits at US refiners
The sharp rise in the cost of fuel at the pump in recent months has prompted a backlash from the Biden...
The sharp rise in the cost of fuel at the pump in recent months has prompted a backlash from the Biden administration, which has warned oil companies against profiteering amid the war in Ukraine and spiraling inflation. Some in Washington have looked to levy windfall taxes on the industry.
The tight supplies are likely to deliver months of high prices to consumers and profits to refiners, say industry executives and analysts.
“Right now, our market looks wonderful,” David Lamp, chief executive of Texas-based CVR Energy, a refiner, told his investors last week.
Crude supply cuts from Russian sanctions just a 'drop in the ocean:' Vitol's Muller
Western economic and financial sanctions on Russia have reduced its crude supply by an estimated 1 million...
Western economic and financial sanctions on Russia have reduced its crude supply by an estimated 1 million b/d, a "relative drop in the ocean compared to the intended impact," the head of Vitol Asia said on May 8.
"If only one million b/d has gone missing so far before the EU shuts the door on Russia crude if they indeed succeed in getting unanimity over there, that's indeed not the intended consequence of sanctions," Mike Muller told the Gulf Intelligence daily energy markets podcast.
