The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.835...
The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.835 million barrels—more than undoing last week’s build. U.S. crude inventories have grown by roughly 25 million barrels so far this year, according to API data, but U.S. Strategic Petroleum Reserves fell by more than eight times that figure, at 201 million barrels.
The build in crude oil inventories was partially due to the Department of Energy’s release of 4.1 million barrels from the Strategic Petroleum Reserves in the week ending November 11, leaving the SPR with 392.1 million barrels.
In the week prior, the API reported a large build in crude oil inventories of 5.618 million barrels.
Distillate stocks saw a build this week of 850,000 barrels, compared to last week’s 1.773-barrel decrease.
Cushing inventories fell 842,000 barrels in the week to Nov 11. In the week prior, the API saw a Cushing decrease of 1.848 million barrels.
Hess Completes Libya Asset Sale to TotalEnergies, ConocoPhillips
Hess Corp. completed the sale of its interests in Libya, the...
Hess Corp. completed the sale of its interests in Libya, the U.S.-based independent E&P company said Nov. 15.
TotalEnergies SE and ConocoPhillips Co. acquired Hess’ 8.16% interest in the Waha Concession in Libya in equal shares, according to the company’s release. Terms of the transaction, which was initially announced in November 2021, were not disclosed.
Industry doing its part to solve abandoned wells problem
Oil companies such as Chevron and Diversified Energy are helping address the nation's abandoned well...
Oil companies such as Chevron and Diversified Energy are helping address the nation's abandoned well problem, with programs in place to plug old wells across several US states. Chevron is focused on Colorado, where it's sealed 3,400 wells since 2016 and is planning to tackle another 2,200 in the coming years, while Diversified has set up a commercial well-plugging business to plug its own wells as well as those left behind by other companies.
Jeff Bezos, the world’s fourth richest man, told CNN that he will ...
Jeff Bezos, the world’s fourth richest man, told CNN that he will give away the majority of his $124 billion fortune in his lifetime. It’s the first time the former Amazon CEO has made this kind of commitment.
Bezos’s announcement comes after years of criticism that his ex-wife, MacKenzie Scott, has lapped him in charitable donations.
Scott is worth an estimated $24 billion and gave away over half of her net worth in less than three and a half years.
Bezos’s most notable charitable donations so far include his promise to distribute $10 billion over 10 years (~8% of his net worth) through the Bezos Earth Fund to fight climate change.
Bezos has also caught flak for not signing the Giving Pledge, a promise made by the world’s richest people to give away most of their wealth.
But now that Bezos has come around, how will he disburse the funds? Not sure yet. A “lifetime” for a megabillionaire could be pretty long, and he hasn’t revealed a plan.
Biden and Xi Jinping Agree to Resume Talks on Climate Change
World’s two biggest polluters to restart climate talks. The US and China agreed to ...
World’s two biggest polluters to restart climate talks. The US and China agreed to resume talks on climate change after Presidents Joe Biden and Xi Jinping met for three hours yesterday in Bali ahead of the G-20 summit (talks had been stalled since Nancy Pelosi visited Taiwan in August). The two also discussed other issues, including Taiwan, and Biden came away from the meeting saying “there need not be a new Cold War.”
