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• Exxon Mobil CEO Predicts Resurgence of Investment in Fossil Fuels
  Exxon Mobil’s CEO predicted a resurgence of investment in fossil fuel production as he blamed soaring...
  Exxon Mobil’s CEO predicted a resurgence of investment in fossil fuel production as he blamed soaring oil and gas prices on pressure to move to cleaner energy at a time of relentless demand.
  
  Darren Woods, the head of the biggest western oil and gas supermajor, said efforts to reduce emissions by cutting production before addressing consumption had left the world struggling to meet energy needs, pointing to an “optimistic view” about how quickly the energy transition can happen.
  
  Governments had not only failed to deal “with the demand side of the equation” but also did not recognize “that you need a fairly robust set of alternative solutions if you’re going to reliably and affordably meet the needs of people”, Woods told the Financial Times.
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• Mountain Valley Pipeline seeks more time to complete
  The developers of the 2-billion-cubic-feet-per-day Mountain...
  The developers of the 2-billion-cubic-feet-per-day Mountain Valley Pipeline in Appalachia have asked the Federal Energy Regulatory Commission for four more years, until Oct. 13, 2026, to complete the long-delayed project, citing ongoing litigation and permitting hurdles. Mountain Valley remains committed to placing the pipeline into full service in the second half of 2023, a spokesperson said.
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• Outlook bright for US Gulf Coast oil exports
  US Gulf Coast crude oil exports are on track to reach a record 3.3 million barrels per day this quarter,...
  US Gulf Coast crude oil exports are on track to reach a record 3.3 million barrels per day this quarter, with Europe expected to account for roughly 1.4 million bpd of the total, and climb to close to 4 million bpd in the first quarter of 2023, according to Kpler and Rystad Energy analysts. Constrained refining capacity and government actions to boost crude supplies are among the factors driving the export surge, Rystad says.
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• What Else is Brewing
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  • Pinterest CEO Ben Silbermann, who is also the company’s co-founder, is stepping down and being replaced by Google’s president of commerce Bill Ready.
  
  
  • China reduced its Covid quarantine requirements for inbound travelers by half, and Shanghai Disneyland said it will reopen tomorrow.
  
  
  • The growth in US home prices cooled in April for the first time since November of last year.
  
  
  • US health officials ramped up their fight against the monkeypox outbreak, expanding the group eligible to get vaccines and deploying more doses and testing capabilities.
  
  
  • Sri Lanka, which is in the midst of a severe economic crisis, blocked sales of fuel for nonessential services, shut down schools in cities, and told people to work from home in order to conserve depleted energy supplies.
  
  

  
  
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• Earthstone Launches Another Deal to Add Titus’ Delaware into the Fold
  Roughly four weeks after proclaiming itself the “new” Earthstone Energy Inc., The...
  Roughly four weeks after proclaiming itself the “new” Earthstone Energy Inc., The Woodlands, Texas-based company announced yet another transaction June 28: the acquisition of Titus Oil & Gas and a 26% increase in production in the Delaware Basin.
  
  The $627 million acquisition adds 86 net locations in the Permian Basin in Eddy and Lea counties, N.M., on 7,900 net acres of leasehold. It isn’t clear how much of the leasehold might be on federal acreage.
  
  The deal also marks Earthstone’s seventh acquisition since 2021, a span that includes the closing of roughly $1.89 billion in acquisitions in the Permian Basin.
  
  Earthstone agreed to pay Titus Oil & Gas Production LLC and Titus Oil & Gas Production II LLC, privately held companies backed by NGP Energy Capital Management LLC, $575 million in cash and the equivalent of $52 million in stock (3.9 million shares of its Class A common stock based on the June 24 closing price).
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