Natural Gas Well Leads Arkansas Discoveries - April 22, 1920
Although natural gas was first discovered in 1887 at Fort Smith, the...
Although natural gas was first discovered in 1887 at Fort Smith, the first commercial production began in southern Arkansas with a well completed southeast of El Dorado. Drilled to a depth of almost 2,250 feet, the well produced up to 60 million cubic feet of natural gas a day and showed signs of oil from the Nacatoch formation sandstone. The first Arkansas oil wells arrived one year later at El Dorado and at Smackover in 1922.
Oil Prices Settle Up Nearly 2% on New Iran Sanctions, Equities Rally
(Reuters) - Oil prices settled more than $1 per barrel...
(Reuters) - Oil prices settled more than $1 per barrel higher on Tuesday as new U.S. sanctions against Iran and rising equity markets helped spark a recovery rally from the prior session's steep selloff.
Brent crude futures rose $1.18, or 1.8%, to settle at $67.44 per barrel. The U.S. West Texas Intermediate crude contract for May, which expired on Tuesday's settlement, gained $1.23, or 2%, to close at $64.32.
The more actively traded WTI June contract also gained 2% to settle at $63.47.
The U.S. on Tuesday issued fresh sanctions targeting an Iranian liquefied petroleum gas and crude oil shipping magnate and his corporate network.
Although talks between Washington and Tehran over Iran's nuclear program made progress over the weekend, failure to reach a deal could weigh heavily on Iran's oil exports amid tightening U.S. sanctions, said John Kilduff, partner at New York-based Again Capital.
"Either some nuclear deal is agreed or the U.S. tries to drive Iran's oil flows to zero, and it's increasingly looking like a zero-flow scenario," Kilduff said.
New U.S. Plan to Bring Steep Fees on Chinese Supertankers
Oil supertankers built and...
Oil supertankers built and operated by China could be charged up to $5.2 million per US port call under a new US plan to introduce escalating fees on Chinese vessels based on net tonnage or containers, according to Arrow Shipbroking Group. The move, part of a strategy to revive US shipbuilding, is already reshaping oil shipping choices, with traders steering clear of Chinese-made vessels.
Crescent Energy Sells $83MM in Permian Assets to Reduce Debt
Crescent Energy Co. has closed on its divestment of non-operated Permian...
Crescent Energy Co. has closed on its divestment of non-operated Permian Basin assets for $83 million as part of the company’s plans to sell $250 million of non-core divestures, Crescent CEO David Rockecharlie said April 22.
The assets, going to an undisclosed private buyer, are in Reeves County, Texas, with 3,000 boe/d (~35% oil) in expected production in 2025.
The oil and gas industry was rattled by President Donald Trump’s early April tariff announcements, prompting a sharp pause in market activity as commodity prices dropped, equity markets faltered, and investor confidence waned. WTI crude prices plummeted 15% in just a few days, and major publicly traded companies, such as Diamondback Energy and Occidental Petroleum, saw their shares decline by approximately 20%. With uncertainty clouding economic and policy outlooks, operators began forecasting a contraction in U.S. production, particularly if oil prices remain below $60/bbl. The LNG sector also felt the pinch, with liquefaction costs rising due to tariff-driven spikes in materials such as steel and aluminum, which increased construction costs and forced developers to reconsider EPC contracts. Industry experts warned that the tariffs could dampen demand, reduce investment, and delay reinvestment cycles, which are crucial for maintaining the global oil supply.
