Denver company's shareholders approve merger creating $6 billion oil and gas producer
Shareholders in a longstanding Denver oil company voted Tuesday to merge the business with a Texas oil...
Shareholders in a longstanding Denver oil company voted Tuesday to merge the business with a Texas oil producer in a deal that shifts the company headquarters out of Denver. Whiting Petroleum stock owners overwhelmingly favored the deal to combine the company with Houston-based Oasis Petroleum Inc. (Nasdaq: OAS), creating an oil and gas producer worth $6 billion and focused on developing wells in the Williston oil fields of North Dakota. Oasis Petroleum shareholders approved the merger in a vote taken Tuesday, too.
EIA: Fossil fuel industry employment declined in 2021
US energy sector employment increased by 300,000 jobs in...
US energy sector employment increased by 300,000 jobs in 2021, but the oil and natural gas industry shed more than 31,000 jobs -- a 6.4% drop -- despite increasing fossil fuel production, an Energy Information Administration report reveals. However, Energy Secretary Jennifer Granholm expects oil and gas employment to increase this year as companies accelerate production to address the energy crisis.
Oil industry decries downsized oil, gas lease sales
The Interior Department this week will hold the Biden administration's first onshore oil and natural...
The Interior Department this week will hold the Biden administration's first onshore oil and natural gas drilling auctions, but the oil industry is displeased with the reduced size of the auctions and the higher royalty rates it will have to pay. American Petroleum Institute Senior Vice President of Policy, Economics and Regulatory Affairs Frank Macchiarola said, "We are concerned about the reduction in available parcels, we're concerned about royalty rate increases, we're concerned that the administration's approach … is limited at a time when we really need something bold."
The American Petroleum Institute (API) reported a large draw this week for crude oil of 3.799...
The American Petroleum Institute (API) reported a large draw this week for crude oil of 3.799 million barrels, while analysts predicted a draw of 110,000 barrels.
U.S. crude inventories have shed some 71 million barrels since the start of 2021 and about 15 million barrels since the start of 2020, according to API data.
In the week prior, the API reported a build in crude oil inventories of 5.607 million barrels—the biggest increase since February—after analysts had predicted a draw of 1.433 million barrels.
Distillate stocks saw an inventory build of 2.613 million barrels for the week, compared to last week's 1.656-million-barrel decrease.
Cushing saw a decrease of 650,000 barrels this week, compounding last week’s draw.
U.S. economy contracted slightly more than previously estimated in first quarter
The numbers: The first quarter is in the books: The economy shrank at a 1.6% annual...
The numbers: The first quarter is in the books: The economy shrank at a 1.6% annual pace, the government’s final appraisal shows. And the second quarter isn’t looking all that great, either.
The contraction in gross domestic product — the official scorecard for the economy — was the first since the onset of the pandemic in early 2020. Previously the government put the decline at 1.5%.
The drop in the headline number was somewhat misleading. A record surge in the U.S. trade deficit was largely responsible for the decline in first-quarter GDP. All figures are adjusted for inflation.
Consumer spending and business investment, the two biggest pillars of the economy, both rose in the first quarter and indicated the U.S. was still expanding at a modest pace. Consumer spending wasn’t nearly as strong in the first quarter as it previously looked, though.
