U.S. energy firms added oil and natural gas rigs for the sixth time in seven weeks as oil prices rose...
U.S. energy firms added oil and natural gas rigs for the sixth time in seven weeks as oil prices rose to their highest since 2018, although gas drillers have slowed down their activity.
The oil and gas rig count, an early indicator of future output, rose five to 461 in the week to June 11, its highest since April 2020, energy services firm Baker Hughes Co. said June 11.
That put the total rig count up 182 rigs, or 65%, over this time last year. It was also up 89% since falling to a record low of 244 in August 2020, according to Baker Hughes data going back to 1940.
In their biggest increase in a month, oil rigs rose six to 365 this week, their highest since April 2020.
Gas rigs fell one to 96, their fifth weekly cut in a row for the first time since May 2020.
Investors With $41 Trillion Ask G-7 to Stop Subsidizing Fossil Fuels
A coalition of investors overseeing a combined $41 trillion of assets has called on world leaders to...
A coalition of investors overseeing a combined $41 trillion of assets has called on world leaders to set more ambitious greenhouse gas emissions targets and end support for fossil fuels.DWS Group, Legal and General Investment Management and Pacific Investment Management Co. were among 457 investors that wrote a joint letter to heads of state ahead of the Group of Seven leaders summit that will start on Friday in Cornwall, England. The money managers requested all governments commit to net zero emissions by mid-century, increase their 2030 emissions reductions targets in line with limiting global warming to 1.5° Celcius, remove fossil fuel subsidies and phase out thermal coal-based electricity generation.
In an 8-K filing, Chesapeake says Executive VP of Exploration and Production Frank Patterson, Executive VP and General Counsel James Webb, and Senior VP and Chief Accounting Officer William Buergler are departing.
Each case is a "termination without cause," but no further details are provided.
The Energy Information Administration expects US oil production...
The Energy Information Administration expects US oil production to decline by 230,000 barrels per day this year to 11.08 million bpd, a smaller drop than previously forecast, and average 11.8 million bpd in 2022. Natural gas production is seen climbing to 9.38 billion cubic feet per day in 2021 and 9.22 Bcfd in 2022, while liquefied natural gas exports are projected to hit a record 6.53 Bcfd this year.
Interior moves to scrap revised royalty calculations rule
The Interior Department has proposed axing a Trump-era...
The Interior Department has proposed axing a Trump-era regulation that would have changed how royalty payments for oil and natural gas production on public lands are calculated, arguing that the rule would "shortchange" taxpayers.
