Energy stocks have opened mixed, with E&Ps continuing to be the primary beneficiary of rising...
Energy stocks have opened mixed, with E&Ps continuing to be the primary beneficiary of rising oil prices, while integrated and OFS are more mixed. Oil prices continued their unrelenting ascent this morning amid expectations of further global supply tightening due to the Ukrainian invasion and still existent supply chain shortages. Broader index futures are higher.
Benchmark Brent crude oil prices climbed above $113 a barrel on Thursday, with Russian oil exports disrupted as traders try to avoid becoming entangled in sanctions. Brent has jumped by about 37% in the past 30 days and the contract's six-month spread hit a record high on Thursday at more than $21 a barrel, indicating very tight supplies. The gains followed a fresh round of U.S. sanctions that target Russia's oil refining sector, raising concerns that Russian oil and gas exports could be targeted next.
DUG Midcontinent: Why Devon Energy is Betting on an Anadarko Basin Comeback
OKLAHOMA CITY—Devon Energy Corp. aims to use its Anadarko Basin position...
OKLAHOMA CITY—Devon Energy Corp. aims to use its Anadarko Basin position to fuel a robust cash return model and establish the company as an industry leader in promoting ESG.
“The Anadarko Basin is making a comeback,” said Aaron Ketter, a vice president at Devon Energy, during a keynote address at Hart Energy’s DUG Midcontinent conference and exhibition on March 2.
“Rig count’s up roughly 180%, productivity per rig is up,” continued Ketter, who oversees Devon’s Midcontinent and South Texas business unit. “It’s driven by technology improvements, longer laterals optimized completions. We're very excited about the Anadarko Basin. While others are getting reacquainted with this basin, we’ve been here, and we plan to continue to be here, and we plan to follow through on the 300,000 net acres that we have in this basin.”
Exxon Mobil Outlines New Cost Cutting to Drive Profit after Russia Exit
Exxon Mobil Corp. on March 2 said it will further slash expenses and its oil and...
Exxon Mobil Corp. on March 2 said it will further slash expenses and its oil and gas production portfolio to boost returns, but offered no updates on shareholder returns.
The company began its annual update to investors a day after disclosing it would exit its last Russian operations in response to the invasion of Ukraine that sent oil prices to their highest level in eight years.
Exxon Mobil said it expects to cut annual costs by $9 billion in by 2023, $3 billion more than a previous target, in a drive to quickly pay down debt taken on during the pandemic and double earnings by 2027, over 2019 levels.
Europe was the top destination for US liquefied natural gas for a third consecutive month in...
Europe was the top destination for US liquefied natural gas for a third consecutive month in February, accounting for nearly 75% of the total volume of LNG the US exported, preliminary data from Refinitiv Eikon showed. Refinitiv and consultancy Kpler previously reported that the number of LNG tankers berthed at US Gulf Coast LNG export terminals reached a daily peak of 28 on Monday, and Venture Global announced that it shipped the first commissioning cargo from its Calcasieu Pass facility in Louisiana on Tuesday.
World crude oil prices soared Wednesday as Russian soldiers expanded their invasion of...
World crude oil prices soared Wednesday as Russian soldiers expanded their invasion of Ukraine, pounding civilian and residential areas of cities and increasing the number of dead.
Global benchmark Brent crude futurespeaked at nearly $114 a barrel, then settled up $7.96 or 7.6% at $112.93 on ICE Futures Europe. It was Brent’s highest close since June 2014 as the global benchmark rose more than 15% this week.
Here in the states, West Texas Intermediate crude climbed as high as $112.51 a barrel before finishing the day up $7.19 or 7% at $110.60 a barrel on the New York Mercantile Exchange. It was the highest mark for US crude oil since May 2011.
