Hess Corp. will spend $100 million to deploy a fourth rig in North Dakota's Bakken Shale next month,...
Hess Corp. will spend $100 million to deploy a fourth rig in North Dakota's Bakken Shale next month, which is expected to lift the company's production in the region to 200,000 barrels of oil equivalent per day by 2024. Hess plans to spend $2.8 billion on exploration and production this year, up from $2.6 billion in 2021.
The Bureau of Land Management has delayed until June 29-30 three oil and natural gas lease sales originally...
The Bureau of Land Management has delayed until June 29-30 three oil and natural gas lease sales originally scheduled to take place this week in Wyoming, Colorado and New Mexico. The agency said the deferral was necessary to allow time for the completion of National Environmental Policy Act analyses and protest resolution.
$2.4 trillion put into energy in 2022 not enough to tackle supply crunch - IEA
The $2.4 trillion set to be invested in energy this year includes record spending on renewables...
The $2.4 trillion set to be invested in energy this year includes record spending on renewables but falls short of plugging a supply gap and tackling climate change, the International Energy Agency (IEA) said on Wednesday.
Rising 8% from the previous year when the pandemic was more severe, the investment includes big increases in the power sector and efforts to bolster energy efficiency, the Paris-based watchdog said in its annual report on investment.
"A massive surge in investment to accelerate clean energy transitions is the only lasting solution," said IEA Executive Director Fatih Birol.
"This kind of investment is rising, but we need a much faster increase to ease the pressure on consumers from high fossil fuel prices, make our energy systems more secure, and get the world on track to reach our climate goals."
U.S. oil futures log a second consecutive day of losses
Oil futures fell for a second consecutive session on...
Oil futures fell for a second consecutive session on Thursday, with U.S. prices marking their lowest settlement in more than six weeks. Oil has declined on "concern that slowing economic activity will prompt a falloff in demand," said Michael Hewson, chief market analyst at CMC Markets UK. West Texas Intermediate crude for August delivery CLQ22, -1.90% fell $1.92, or 1.8%, to settle at $104.27 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish since May 10, FactSet data show.
A pipeline carrying crude oil from the Cushing oil hub in Oklahoma to south Texas is...
A pipeline carrying crude oil from the Cushing oil hub in Oklahoma to south Texas is one of two crude oil pipeline projects completed nationwide as of early June according to the U.S. Energy Information Administration.
The Energy Transfer Cushing South Phase II is a 55,000 barrel a day expansion of the Cushing South Project. The Cushing South project includes three existing Energy Transfer pipelines and a reversal and interconnection with the Centurion pipeline that transports crude oil from terminals in Platteville, Colorado, and Cushing, Oklahoma, to Energy Transfer’s terminal in Nederland, Texas. Phase I was completed in the second quarter of 2021.
The second pipeline is another Energy Transfer project. Called the Ted Collins Pipeline, it is a 275,000 barrel a day line that transports crude oil along the Gulf Coast from the Nederland terminal to the Houston Ship Channel, which are both in Texas.
